Advanced Photonix, Inc.

Shareholder Corporation Litigation

Rigrodsky & Long, P.A. Announces Investigation Of Advanced Photonix, Inc. (NYSE MKT: API) Buyout

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Advanced Photonix, Inc. (“API” or the “Company”) (NYSE MKT: API) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Luna Innovations Incorporated (“Luna”) (NASDAQ CM: LUNA).

Under the terms of the agreement, shareholders of API will receive 0.31782 of a Luna common share for each share of API common stock.  Based on Luna’s closing stock price on January 30, 2015, API shareholders would have received consideration valued at approximately $0.53 per share.

The investigation concerns whether API’s board of directors failed to adequately shop the Company and obtain the best possible value for API’s shareholders before entering into an agreement with Luna.  According to Yahoo! Finance, at least one analyst has issued a price target for API’s stock at $0.65 per share.

If you own the common stock of API and purchased your shares before February 2, 2015, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to info@rl-legal.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.

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