Cases & Investigations
Advant-e Corporation Stockholder Litigation

Wolf Popper is Class Counsel to the Class Representative and the “Settlement Class” of record holders and beneficial owners of Advant-e Corporation common stock who were paid cash for fractional shares of Advant-e common stock as a result of the 1 for 20,000 reverse stock split of Advant-e common stock that took place in December 2021 (the “2021 Reverse Stock Split”). 
 
The complaint alleges that the defendants Advant-e, Jason Wadzinski (Advant-e’s President, CEO, and Chairman of the Board), and Jason Boone (Advant-e’s CFO and only other Director) conducted the 2021 Reverse Stock Split, and cashed out minority stockholders, at an unfair price of $5.25 per share (on a pre-split basis) (the “2021 Reverse Stock Split Cash Payment”) and through an unfair process, which included approval by neither a majority vote of the minority stockholders nor an independent special committee of Advant-e’s Board.
 
On November 8, 2023, Vice Chancellor Sam Glasscock III of the Delaware Court of Chancery approved the settlement of the Advant-e Stockholder Litigation for a total of $896,973 in cash (the “Settlement”). The Settlement is for the benefit of the non-opt-out Settlement Class. The Settlement amounts to approximately $1.75 per share of Advant-e common stock that was cashed out in the 2021 Reverse Stock Split, or a 33.3% increase to the $5.25 per share 2021 Reverse Stock Split Cash Payment. The Court also awarded Class Counsel attorneys’ fees in the amount of $134,545, or 15% of the Settlement Fund, and expenses in the amount of $19,922.64, and awarded the Class Representative of Service Award of $1,000, to be paid from the Court’s award of attorneys’ fees and expenses.     
 
Once the Settlement is Final, as defined in the Settlement Agreement, each Settlement Class Member will be eligible to receive a pro rata payment from the Net Settlement Fund (the Settlement Fund minus Taxes, Tax Expenses, Notice and Administration Costs, any Fee and Expense Award and Service Award awarded by the Court, and any other costs or fees approved by the Court) based on the number of shares each Settlement Class Member had cashed out in the 2021 Reverse Stock Split.
 
Settlement Class Members do not have to submit a claim form in order to be entitled to receive a payment from the Settlement Fund under the Plan of Allocation. Rather, payment will be made to Settlement Class Members in the same manner in which Settlement Class Members received their 2021 Reverse Stock Split Cash Payment based on the information provided by Defendants, their agents, and the Depository Trust Company (“DTC”).
 
More information on the Settlement is available in the Stipulation of Settlement and through the settlement website, www.advantestockholdersettlement.com.  
 

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