Advanced Cell settles warrant lawsuit

|By:, SA News Editor

Advanced Cell Technology (ACTC) settles the lawsuit brought against the company by Gary Aronson and John Gorton in 2011 claiming the company breached an anti-dilution provision in the warrants held by the two men as a result of certain transactions between the company and other third-party investors.

Pursuant to the settlement, the company will issue Aronson 269,766,667 shares of ACTC common stock. It will issue Gorton 33,133,333 shares of common stock.

As compensation for legal fees, it will issue 68,266,667 shares of common stock to the attorneys for Aronson (Herron), 8,533,333 to the attorneys for Gorton (Miller/Steele) and 4,300,000 shares to another attorney that represented both men (Bourke).