LEGAL PROCEEDINGS
−Removed: On December 21, 2022, a putative class action lawsuit captioned Settles, et al.
−Removed: Daktronics, Inc., et al., Case No.
−Removed: 22-cv-10793 (“Securities Action”) was filed against the Company and two of its officers in the U.S.
−Removed: District Court for the Southern District of New York.
−Removed: The Securities Action asserts claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 alleging, among other things, the Company made materially false and misleading statements and failed to disclose material adverse facts which allegedly resulted in harm to a putative class of purchasers of our securities from March 10, 2022 through December 6, 2022.
−Removed: We are still evaluating the complaint, which is subject to amendment, but based on current knowledge we believe that the claims are without merit.
−Removed: We believe the likelihood of loss is remote.
−Removed: Accordingly, no accrual has been made.
+Added: We are involved in a variety of legal actions relating to various matters during the normal course of business.
+Added: Although we are unable to predict the ultimate outcome of these legal actions, it is the opinion of management that the disposition of these matters, taken as a whole, will not have a material adverse effect on our financial condition or results of operations.
+Added: Commitments and Contingencies" of the Notes to our Condensed Consolidated Financial Statements included in this Form 10-Q for further information on any legal proceedings and claims.
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.