ImmunoCellular Therapeutics Announces Settlement of Derivative Action Lawsuit
Los Angeles, CA – October 16, 2019 – ImmunoCellular Therapeutics, Ltd. (“ImmunoCellular”) (OTC: IMUC), today announced that pursuant to an Order of the Superior Court of California, County of Los Angeles, entered on October 3, 2019, in the matter of David Wiener, derivatively and on behalf of ImmunoCellular Therapeutics, Ltd. v. Fractor et al., Case No. BC670134, the final approval of the derivative settlement is granted and the complaint is dismissed with prejudice. The Court approved the settlement amount of one hundred forty-five thousand dollars ($145,000.00) to be paid by ImmunoCellular’s insurer to Plaintiff’s Counsel, and for a Service Award of one thousand dollars ($1,000.00) to be paid to Plaintiff from the Fee and Expense Award.
With the successful conclusion of the derivative action and the recently completed sale of various company assets, ImmunoCellular plans to continue to pursue additional strategic alternatives, including a potential reverse merger with a private company seeking an expedited route to the public markets. The Company welcomes inquiries by parties interested in such a potential collaboration. As of September 30, 2019, ImmunoCellular’s balance sheet reflected a cash position of approximately $1.9 million with no debt or other liabilities other than ongoing trade payables related to its limited operations. The Company cannot guarantee that any ongoing or future strategic discussions will be successfully concluded.
The Stipulation of Settlement and Notice of Proposed Settlement of Derivative Action press release and related materials announced on August 9, 2019 are available for reference on the Company’s homepage at https://www.imuc.com.
Forward-Looking Statements for ImmunoCellular Therapeutics
This press release contains certain forward-looking statements, including statements regarding ImmunoCellular's intentions and current expectations concerning, among other things, the likelihood, timing and outcome of the pursuit of potential additional strategic alternatives, including a reverse merger. Forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties. Additional risks and uncertainties are described under the heading "Risk Factors" in ImmunoCellular's quarterly report on Form 10-Q for the period ended June 30, 2018 and subsequent filings with the Securities and Exchange Commission. Except as required by law, ImmunoCellular undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.