Court Schedules Hearing To Consider Approval Of Settlement Of Derivative Action
NEW YORK, NY -- (Marketwired) -- 01/27/17 -- iBio, Inc. (NYSE MKT: IBIO) On January 20, 2017, the Supreme Court for the State of New York, County of New York, scheduled a hearing to consider approval of a settlement of the derivative action captioned Spencer Savage and Yousef Barakat, Derivatively on Behalf of iBio, Inc., Plaintiffs, v. Robert B. Kay, Arthur Y. Elliott, James T. Hill, Glenn Chang, Philip K. Russell, John D. McKey, and Seymour Flug, Defendants, and iBio, Inc., Nominal Defendant, Index No. 162407 / 2015 (N.Y. Sup. Ct.). That action has been settled according to the terms of a Stipulation of Settlement dated as of September 20, 2016 (the "Stipulation"). The Stipulation provides, among other things, for the implementation of certain "Corporate Governance Changes," and that iBio will not oppose an application by the plaintiffs' attorneys to the Court for an award, not to exceed $160,000, of fees, expenses, and $2,000 for each of the two named plaintiffs, inclusive. iBio expects that the payment of such an award will be funded by the Company's insurance carrier.
The Court will conduct a hearing to determine, among other things, whether the proposed settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate to iBio and should be approved by the Court. That hearing is scheduled to be held on April 24, 2017 at 3:00pm at the Supreme Court of the State of New York, County of New York, 60 Centre Street, Part 49, Room 252, New York, NY 10007.
The Stipulation and related papers, including the Notice of Pendency of Proposed Settlement of Shareholder Derivative Action and the Court's Order Preliminarily Approving Settlement and Providing for Notice, may be accessed on iBio's website at www.ibioinc.com.
Source: iBio, Inc.