February 28, 2014 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Advaxis, Inc. (NASDAQ:ADXS) was initiated concerning whether certain Advaxis officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Advaxis officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders' approval for an amendment to the 2011 Omnibus Incentive Plan (the 'Plan').

In the Proxy Statement filed by Advaxis, Inc. with the Securities and Exchange Commission the Board of Directors recommends that Advaxis shareholders vote to approve an amendment to the Plan to increase the aggregate number of shares of common stock reserved for issuance under the plan by 2,000,000 shares.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Advaxis, Inc..

Advaxis, Inc. reported that its Net Loss increased from $8.12 million for the 12 months period that ended on Oct. 31, 2011 to $19.99 million for the 12 months period that ended on Oct. 31, 2013.

Shares of Advaxis, Inc. (NASDAQ:ADXS) declined from $7.96 per share in September 2013 to $3.18 per share in November 2013.

On February 28, 2014, NASDAQ:ADXS shares closed at $4.90 per share.