US District Court Dismisses AIM’s “Baseless” Section 13(d) Complaint –

US District Court Dismisses AIM’s “Baseless” Section 13(d) Complaint –


Court rulings that allowing the claim to proceed would be unlawful
Purpose of investor protection

AIM’s stock price continued its dramatic decline, closing at a new 52-week low of $0.479 on October 12, 2022, down more than 35% since July 18, 2022, when AIM’s now dismissed lawsuit filed against the ASFV committee

Concerned AIM Board is selectively disclosing incomplete information regarding pending cases
Action by Delaware to distract from mistakes

NEW YORK, Oct. 13, 2022 (GLOBE NEWSWIRE) — Jonathan Jorgl, an AIM ImmunoTech Inc. TARGET (“AIM”) Shareholder, along with its nominees Robert L. Chioini and Michael Rice (collectively, the “AIM Stockholder Full Value Committee” or the “ASFV Committee”), announced today that the U.S. District Court, Middle District of Florida , dismissed the complaint (the “Florida Complaint”) brought by AIM (the “Florida Complaint”) against the ASFV Committee members and others (the “Florida Complaint”) in its entirety and without prejudice to the unsubstantiated allegation that the ASFV Committee members as Group with certain shareholders of AIM acted in violation of Section 13(d) of the Securities Exchange Act of 1934.

The court ruled that AIM was not entitled to bring the lawsuit based on longstanding binding precedent. Citing that precedent and the purpose of Section 13(d) to protect investors and potential investors, rather than the company and incumbent management, the court found that “…outsiders who challenge incumbent management contribute to it to protect the interest of the small shareholders in the supervision – through potentially challenging – acting management.” Further, “[t]The threat of such litigation could throw off a player whose self-interest is overseeing management.”

“We are pleased with the judge’s ruling, which confirms that AIM’s incumbent board, consistent with its pattern, has squandered company resources for the past six years as part of a desperate bid to entrench, enrich and maintain shareholder accountability to avoid, in this case try to use …

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