PR Newswire | Oct 21, 2020 08:54PM EDT

10/21 19:54 CDT

SHAREHOLDER ALERT: WeissLaw LLP Investigates Cleveland BioLabs, Inc. NEW YORK, Oct. 21, 2020

NEW YORK, Oct. 21, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Cleveland BioLabs, Inc. ("CBLI" or the "Company") (NASDAQ: CBLI) in connection with the proposed merger of the Company with privately-held biopharmaceutical company, Cytocom, Inc. ("Cytocom"). Under the terms of the merger agreement, the two companies will combine their businesses in an all-stock transaction that will result in one combined entity that will continue to trade publicly on the Nasdaq. At close of the transaction, Cytocom shareholders will own 61% of the newly- combined company, with CBLI stockholders owning the remaining 39%.

If you own CBLI shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:

https://www.weisslawllp.com/CBLI/

Or please contact:Joshua Rubin, Esq.WeissLaw LLP1500 Broadway, 16th FloorNew York, NY 10036(212) 682-3025(888) 593-4771stockinfo@weisslawllp.com

WeissLaw is investigating whether CBLI's board acted in the best interest of CBLI's public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of the proposed acquisition of the Company, whether the deal's equity split is fair to CBLI shareholders, and whether all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed. Notably, stockholders holding approximately 50% of the Company's stock have essentially locked up the deal, agreeing to vote their shares in favor of the merger.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

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SOURCE WeissLaw LLP