Stockholder Sues Alliqua Biomedical Over Allegedly Misleading Proxy Statement

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Alliqua Biomedical, Inc. and its board of directors are facing a proposed class action lawsuit alleging violations of the Securities Exchange Act of 1934. The suit concerns a potential merger between Alliqua and Celularity Inc. about which the defendants allegedly published a misleading proxy statement. The plaintiff in the case claims the statement was missing information regarding the valuation analyses performed by Alliqua’s financial advisor and the background of the sales process. In particular, the complaint alleges, the defendants failed to disclose whether other interested parties were prohibited in their confidentiality agreements from making superior offers for the company.