Enzo Biochem Agrees to Settlement in Class Action Suit Related to Ransomware Attack

Enzo Biochem, Inc. (NYSE: ENZ) recently announced that it has entered into a Class Action Settlement Agreement and Release in connection with the consolidated class action civil suit brought against the company regarding a ransomware attack that occurred in April 2023. The consolidated class action suit, titled In re Enzo Biochem Data Security Litig., 2:23-4282, led to the establishment of the Settlement Agreement on January 13, 2025.

The Settlement Agreement entails a full and final release of Enzo Biochem and its subsidiaries from all claims arising from or related to the Consolidated Action. As part of the agreement, Enzo Biochem has agreed to establish a $7,500,000 settlement fund, which corresponds to the amount previously accrued in its financial statements as of October 31, 2024. Additionally, the company has committed to implementing certain upgrades to its data protection systems, which have already been completed.

However, the effectiveness of the Settlement Agreement is contingent upon approval from the District Court for the United States, Eastern District of New York. This initiative marks a significant step for Enzo Biochem in resolving the legal implications resulting from the ransomware attack.

Enzo Biochem, headquartered in Farmingdale, New York, is listed on the New York Stock Exchange under the trading symbol ENZ. The company has taken proactive measures to address the aftermath of the cyber incident, showcasing its commitment to enhancing data security protocols.

Following the announcement of the settlement, Enzo Biochem has demonstrated its dedication to fulfilling its obligations and moving forward with strengthened cybersecurity measures. Investors and stakeholders will be keenly observing the developments surrounding the approval of the Settlement Agreement and its subsequent impact on the company’s operations and financial standing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Enzo Biochem’s 8K filing here.

Enzo Biochem Company Profile

Enzo Biochem, Inc develops, manufactures, and markets products and tools for clinical research, translational research, drug development, and bioscience research customers worldwide. The company offers proteins, antibodies, peptides, small molecules, labeling probes, dyes, and kits, which provide life science researchers tools for target identification/validation, content analysis, gene expression analysis, nucleic acid detection, protein biochemistry and detection, and cellular analysis.