BALA CYNWYD, Pa., Jan. 17, 2023 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Angion Biomedica Corp (“Angion” or the “Company”) (Nasdaq – ANGN) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the Company’s agreement to merge with Elicio Therapeutics, a privately-held, clinical-stage biotechnology company. Under the terms of the Merger Agreement, Elicio will merge with a wholly-owned subsidiary of Angion, and stockholders of Elicio will receive newly issued shares of Angion common stock. Current Angion stockholders are expected to own approximately 34.5% of the newly combined company while Elicio stockholders will own 65.5% of the newly combined company.
The investigation concerns whether the Angion Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to Angion shareholders in the combined company.
If you own shares of Angion stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/angion-biomedica-corp-nasdaq-angn/, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.