22nd Century Group settles shareholder derivative suits; insurers pay $768K in fees, governance reforms for 5 years

22nd Century Group, Inc.

Settlement resolves derivative actions alleging breach of fiduciary duties over a stock promotion scheme and false statements.
Insurance carriers will pay plaintiffs' attorneys $768,333; company adopts corporate governance reforms for at least 5 years.
No admission of liability; defendants expressly deny any wrongdoing.
Court hearing for final approval is scheduled for July 16, 2025.
Settlement bars current stockholders from contesting approval and pursuing released claims.

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