Adverum Biotechnologies (ADVM) has released an update.
The Delaware Court of Chancery scheduled a hearing on April 9, 2024, to consider a proposed settlement in the stockholder derivative action against certain directors of Adverum Biotechnologies for allegedly awarding themselves excessive compensation. The directors have denied any wrongdoing but have agreed to a settlement to avoid further litigation, which includes changes to the company’s director compensation policies and could involve the company paying the plaintiff’s legal fees. The settlement awaits the Court’s final approval, and if sanctioned, it will resolve and dismiss all claims related to the action with prejudice.
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For a comprehensive understanding of the announcement, you can read the full document here.
