March 14, 2014 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Agenus Inc (NASDAQ:AGEN) was initiated concerning whether certain Agenus officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Agenus officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders' approval for the 2009 Equity Incentive Plan.

In the Proxy Statement filed by Agenus Inc with the Securities and Exchange Commission the Board of Directors recommends that Agenus's shareholders vote to approve the issuance of shares of the common stock from 6,200,000 to 10,200,000 under the 2009 Equity Incentive Plan.

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

Agenus Inc reported that its Total Revenue declined from $15.96 million in 2012 to $3.04 million in 2013 and that its respective Net Loss increased from $11.32 million to $30.07 million.

Shares of Agenus Inc (NASDAQ:AGEN) declined from $6.67 per share in April 2012 to as low as $2.44 per sare in late 2013.

On March 14, 2014, NASDAQ:AGEN shares closed at $4.32 per share.