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However, based on facts currently available, management believes such matters will not have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.
−Removed: There were no legal proceedings pending as of August 31, 2021.
−Removed: On July 2, 2020, we received a notice of investigation and subpoena to produce information and documents from the Division of Enforcement of the SEC.
−Removed: The subpoena requested information and documents related to events and circumstances leading up to our March 17, 2020 announcement that we had commenced shipping samples of our COVID-19 IgG/IgM Rapid Test to countries outside of the United States, and had initiated the application process with the United States Food and Drug Administration under the COVID-19 Emergency Use Authorization for approval to market and sell the test in the United States.
−Removed: The subpoena also requested information and documents about the identity of any persons who were aware of the substance of the March 17, 2020 announcement prior to that date.
−Removed: In addition, on December 15, 2020, the SEC sent a second subpoena related to this investigation to Zack Irani, the Company’s CEO, requesting documents held by Mr.
−Removed: Irani concerning his past purchases of Company stock, his past communications with certain persons and entities, and other personal and Company documents.
+Added: There were no legal proceedings pending as of November 30, 2021.
+Added: On July 2, 2020, we received a notice of investigation and subpoena from the Division of Enforcement of the SEC.
+Added: The subpoena requested information and documents related to events leading up to our March 17, 2020 announcement that, among other things, we had commenced shipping samples of our COVID-19 IgG/IgM Rapid Test to countries outside of the United States.
+Added: In addition, on December 15, 2020, the SEC sent a second subpoena related to this same investigation to Zack Irani, the Company’s CEO, requesting personal and Company documents and information held by Mr.
The Company and Mr.
−Removed: Irani have cooperated fully with the SEC’s investigation and provided information as requested.
−Removed: At this time, the Company is unable to predict the duration, scope or outcome of these investigations.
+Added: Irani cooperated fully with the SEC’s investigation and provided information as requested.
+Added: On December 2, 2021, the Company was notified by the SEC that they had concluded their investigations with no enforcement action recommendations.
+Added: The notices of investigation conclusion pertain to the Subpoena for information sent to the Company in July 2020, as well as the Subpoena for information sent to the Company’s CEO in December 2020.
RISKS AND UNCERTAINTIES.
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Before making an investment decision, you should carefully consider all the information within this Quarterly Report, including the information contained in Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," as well as in our condensed consolidated financial statements and the related notes contained in Part I, Item 1 within this Quarterly Report.
−Removed: In addition, you should carefully consider the risks and uncertainties described in Part I, Item 1A, “Risk Factors,” of our 2021 Annual Report on Form 10-K, as well as in our other public filings with the SEC.
+Added: In addition, you should carefully consider the risks and uncertainties described in Part I, Item 1A, “Risk Factors,” of our 2021 Annual Report on Form 10-K/A, as well as in our other public filings with the SEC.
If any of the identified risks are realized, our business, results of operations, financial condition, liquidity, and prospects could be materially and adversely affected.
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In addition, other risks of which we are currently unaware, or which we do not currently view as material, could have a material adverse effect on our business, results of operations, financial condition, and prospects.
−Removed: During the three months ended August 31, 2021, there were no material changes to the risks and uncertainties described in Part I, Item 1A, “Risk Factors,” of our 2021 Annual Report on Form 10-K/A.
+Added: During the six months ended November 30, 2021, there were no material changes to the risks and uncertainties described in Part I, Item 1A, “Risk Factors,” of our 2021 Annual Report on Form 10-K/A.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.