• April 16, 2024

22nd Century settles litigation with former CEO

22nd Century Group, a leader in tobacco harm reduction, announced Nov. 9 that the company and its former CEO and founder, Joseph Pandolfino, have settled all litigation and disputes between the parties.

“As the founder of 22nd Century and as a major stockholder, Joe’s interests are closely aligned with those of other shareholders,” Henry Sicignano III, 22nd Century’s CEO and president stated in a press release. “We look forward to Joe’s helpful input going forward as a strategic consultant who will be tasked with assisting 22nd Century on special projects such as commercialization of Red Sun, Magic and our extraordinary modified risk tobacco products in development: ‘Brand A’ and ‘Brand B.’”

Joseph Pandolfino said, “I am thrilled that all disagreements between me and the company have been resolved. As a strategic consultant, I look forward to working with Henry and the team to create shareholder value. 22nd Century is a unique company with an important public health mission and I remain dedicated to its success.”

The details of the settlement have been disclosed by the 22nd Century in its filing with the U.S. Securities and Exchange Commission (SEC) of a current report on Form 8-K, which is publicly available on the SEC’s EDGAR database on the SEC website, www.sec.gov.