Enzo Biochem Inc.

01/15/2025 | Press release | Distributed by Public on 01/15/2025 15:32

Material Event Form 8 K

Item 8.01 Other Events.

On January 13, 2025, Enzo Biochem, Inc. (the "Company") entered into a Class Action Settlement Agreement and Release (the "Settlement Agreement") for the settlement of the consolidated class action civil suit against the Company, In re Enzo Biochem Data Security Litig., 2:23-4282 (the "Consolidated Action"). The Consolidated Action was initiated in regards to the ransomware attack that the Company suffered in April 2023, as previously disclosed in the Company's public filings.

The Settlement Agreement provides for the full and final release of the Company and its subsidiaries from any and all claims that were asserted in or could have been asserted in the Consolidated Action in exchange for (i) the establishment of a settlement fund by the Company in the amount of $7,500,000, an amount equal to the amount already accrued in relation to the Consolidated Action in the Company's financial statements as of October 31, 2024 and (ii) the Company's commitment to make certain upgrades to its data protection systems, which have been made. The effectiveness of the Settlement Agreement is subject to the approval of the District Court for the United States, Eastern District of New York.