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Corbett made materially false and/or misleading statements related to the Company’s clinical programs purportedly causing losses to investors who acquired Company securities between January 7, 2021 and December 10, 2021.
−Removed: The second amended complaint does not quantify any alleged damages but, in addition to
−Removed: attorneys’ fees and costs, lead plaintiff seeks to recover damages on behalf of himself and others who acquired the Company’s stock during the putative class period at allegedly inflated prices and purportedly suffered financial harm as a result.
−Removed: The parties filed a joint status report noting the mediation efforts taken by the parties.
−Removed: The report also proposes a litigation schedule going forward, which the Court adopted:
−Removed: plaintiff's third amended complaint is due on or before June 28, 2024, and any motion to dismiss is due on or before August 27, 2024, with response due on or before October 8, 2024 and any reply due on or before November 5, 2024.
−Removed: Accordingly, the status hearing set for May 22, 2024is reset to July 23, 2024.
−Removed: On March 1, 2022, Kapil Puri filed a shareholder derivative lawsuit on behalf of the Company in the United States District Court for the Northern District of Illinois, against Dr.
+Added: The second amended complaint does not quantify any alleged damages but, in addition to attorneys’ fees and costs, lead plaintiff seeks to recover damages on behalf of himself and others who acquired the
+Added: Company’s stock during the putative class period at allegedly inflated prices and purportedly suffered financial harm as a result.
+Added: On October 8, 2024, the court granted preliminary approval of the settlement in the securities class action and set a schedule for final approval proceedings, including a final approval hearing on January 13, 2025.
+Added: On January 13, 2025, the court entered final judgment approving the settlement.
+Added: The settlement described above will be fully covered by insurance.
+Added: However, the settlement will include a reservation of rights by the insurers against the Company for the unsatisfied portion of its self-insured retainer.
+Added: As a result, the Company recorded an accrual as of September 30, 2024 for the amount of the unsatisfied retainer, approximately $1.14 million.
+Added: In March and April 2022, three different stockholders filed separate shareholder derivative lawsuits on behalf of the Company against Dr.
Giljohann and Mr.
Bock, Jeffrey L.
−Removed: Cleland, Elizabeth Garofalo, Bosun Hau, Bali Muralidhar, Andrew Sassine, Matthias Schroff, James Sulat and Timothy Walbert, captioned Puri v.
+Added: Cleland, Elizabeth Garofalo, Bosun Hau, Bali Muralidhar, Andrew Sassine, Matthias Schroff, James Sulat and Timothy Walbert.
+Added: The cases in the ordered filed are captioned Puri v.
Giljohann, et al., Case No.
1:22-cv-01083;
−Removed: On March 8, 2022, Yixin Sim filed a similar shareholder derivative lawsuit in the same court against the same individuals, captioned Sim v.
Giljohann, et al., Case No.
1:22-cv-01217;
−Removed: On April 25,2022, Stourbridge Investments LLC filed a similar shareholder derivative lawsuit against the same individuals in the United States District Court for the District of Delaware, captioned Stourbridge Investments LLC v.
+Added: and Stourbridge Investments LLC v.
Exicure, Inc.
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1:22-cv-00526.
−Removed: Based on similar factual allegations presented in the Colwell complaint, described above, the Puri, Sim, and Stourbridge complaints (collectively, the “Derivative Complaints”) allege that the defendants caused the Company to issue false and/or misleading statements in the proxy statement for its 2021 Annual Meeting of Stockholders regarding risk oversight, code of conduct, clinical program and compensation matters, among other things, in violation of federal securities law, and committed breaches of fiduciary duties.
−Removed: The Derivative Complaints also assert that Dr.
+Added: Complaints in these cases (collectively, the “Derivative Complaints”) assert, among other things, that the Company included false or misleading statements in its proxy statement for its 2021 Annual Meeting of Stockholders, also alleging certain breaches of fiduciary duties.
+Added: The Derivative Complaints seek contribution from Dr.
Giljohann and Mr.
−Removed: Bock are liable for contribution under the federal securities laws.
−Removed: The Puri and Stourbridge complaints further assert state law claims for unjust enrichment, and the Puri complaint additionally asserts state law claims for abuse of control, gross mismanagement and corporate waste.
−Removed: The plaintiffs do not quantify any alleged damages in the Derivative Complaints, but seek restitution for damages to the Company, attorneys’ fees, costs, and expenses, as well as an order directing that certain proposals for strengthening board oversight be put to a vote of the Company’s shareholders.
+Added: Bock under federal securities laws.
+Added: The Puri and Stourbridge complaints further assert for a variety of related state law claims, including unjust enrichment, abuse of control, gross mismanagement, and corporate waste.
+Added: Plaintiffs seek restitution for damages to the Company, attorneys’ fees, costs, and expenses, as well stockholder adoption of certain board oversight measures.
On March 18, 2022, James McNabb, through counsel, sent a written demand to the Company (the “Demand Letter”) demanding that the Board of Directors investigate certain allegations and commence proceedings on the Company’s behalf against certain of the Company’s current officers and directors for alleged breaches of fiduciary duties and corporate waste.
−Removed: All of the Derivative Cases have been stayed pending a decision on any motion to dismiss that may be filed in the Colwell case.
−Removed: Further, pursuant to agreement, the Demand Letter is being held in abeyance and any related statute of limitations tolled pending such motion and decision.
+Added: The Derivative Complaints and Demand Letter are currently stayed, and the Company is engaged in settlement discussions with plaintiffs’ counsel regarding these matters.
On October 3, 2023, a former employee filed a complaint against the Company and its executives related to the former employee’s separation from the Company in August.
−Removed: The parties will proceed with paper discovery and an in-person settlement conference is scheduled for June 26, 2024.
+Added: The parties proceeded with paper discovery and this matter did not settle at an in-person settlement conference on July 17, 2024.
+Added: As a result, we are in the discovery phase of this litigation.
+Added: The parties exchanged discovery and a status conference was held on February 11, 2025, wherein opposing counsel asserted alleged various discovery deficiencies.
+Added: The parties are working through these alleged discovery deficiencies and anticipate deposing the plaintiff as well as witnesses on behalf of the Company and the individual defendants themselves in the coming months.
We may also be a party to litigation and subject to claims incident to the ordinary course of business.
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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.