Legal Proceedings
−Removed: On July 31, 2020, a putative stockholder class action was filed in the Court of Chancery of the State of Delaware styled Stahlman v.
−Removed: Pharmaceuticals, Inc., et al., Case No.
−Removed: Additionally, on August 3, 2020, a putative stockholder class action was filed in the United States District Court for the District of Delaware styled Thompson
−Removed: Rexahn Pharmaceuticals, Inc., et al.
−Removed: 1:20-cv-01036-UNA (D.
−Removed: On August 7, 2020, a putative stockholder class action was filed in the United States District Court for the Southern District of New York styled Manes v.
−Removed: Rexahn Pharmaceuticals, Inc., et al., Case No.
−Removed: 1:20-cv-06227 (S.D.N.Y.) (together with the Stahlman and Thompson
−Removed: actions, the “Stockholder Actions”).
−Removed: The Stockholder Actions assert claims against us and members of our board of directors (the “Individual Defendants”).
−Removed: The Stahlman and Manes complaints allege that the Individual Defendants breached their
−Removed: fiduciary duties owed to our stockholders.
−Removed: The Thompson and Manes complaints allege that we and the Individual Defendants violated Section 14(a) of the Exchange
−Removed: Act, and Rule 14a-9 promulgated thereunder, by failing to disclose in the Registration Statement on Form S-4 that we filed with the SEC on July 6, 2020 (File No.
−Removed: 333-239702) (the “Registration Statement”) certain information regarding, among
−Removed: other things, financial projections for us and Ocuphire, the valuation analyses performed by our financial advisor, Oppenheimer & Co., Inc., in support of its fairness opinion and the process leading to the execution of the Merger Agreement.
−Removed: The Thompson and Manes complaints also allege that the Individual Defendants violated Section 20(a) of the Exchange Act, as control persons who had the ability
−Removed: to prevent the Proxy Statement from being false and misleading.
−Removed: The Stockholder Actions seek, among other things, an injunction preventing consummation of the Merger, an award of damages, and an award of costs and expenses, including attorneys’
−Removed: Additionally, on August 6, 2020, another party sent a letter to our counsel demanding that we and the Individual Defendants amend the Registration Statement to provide additional
−Removed: disclosures that the party alleges were improperly omitted from the Registration Statement in violation of Sections 14(a) and 20(a) of the Exchange Act, including certain information regarding financial data and the background and process leading
−Removed: to the execution of the Merger Agreement (the “Demand Letter”).
−Removed: We intend to defend against the Stockholder Actions and the Demand Letter, however it is reasonably possible that a loss may be incurred.
−Removed: At this time, we are unable to estimate
−Removed: the potential loss or range of losses.
+Added: The information set forth under the heading “e) Legal Proceedings” in Note 12, Commitments and Contingencies and under Note 14, Subsequent Events , in the Notes to Condensed Financial Statements in this report is incorporated herein by reference.
+Added: From time to time, we are engaged in litigation or other legal proceedings as part of our ordinary course of business.
+Added: Except for the proceedings described in Notes 12 and 14, we
+Added: are not party to any material legal proceedings.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.