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We may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of business.
−Removed: As of the date hereof, we are not a party to any material legal or administrative proceedings.
−Removed: There are no proceedings in which any of our directors, executive officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.
+Added: As of the date hereof, except as set forth below, we are not a party to any material legal or administrative proceedings nor are there any proceedings in which any of our directors, executive officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.
Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management’s time and attention.
+Added: On May 23, 2024, an alleged stockholder, purportedly on behalf of the persons or entities who purchased or acquired publicly traded securities of the Company between April 2023 and March 2024, filed a filed a putative class action against the Company, certain of our officers and directors, and other defendants in the U.S.
+Added: District Court for the Southern District of Texas, alleging violations of federal securities laws related to alleged false or misleading disclosures made by the Company in its public filings.
+Added: On July 9, 2024, another alleged stockholder filed a similar securities class action against the Company, certain of our officers and directors, also in the Southern District of Texas.
+Added: The two actions have been consolidated.
+Added: Each of these complaints seeks unspecified damages, plus costs, fees, and attorneys’ fees.
+Added: The Company cannot make any predictions about the final outcome of this matter or the timing thereof but believes that plaintiffs’ claims lack merit and intends to vigorously defend these lawsuits.
+Added: On May 10, 2024, the Company was the subject of a defamatory article / blog post which the Company believes was part of a coordinated misinformation campaign.
+Added: In connection with this post, one of the Company’s sell-side customers paused its connection to the Company while the allegations were investigated.
+Added: This customer reconnected the Company on May 22, 2024 and sell-side volumes have resumed but not yet at the levels experienced prior to the pause in May 2024.
+Added: The Company is actively working with its partners to achieve prior volume levels.
+Added: On May 14, 2024, the Company filed a lawsuit against the author of the defamatory article and is vigorously pursuing its rights.
+Added: The Company cannot make any predictions about the final outcome of this litigation matter or the timing thereof.
Mine Safety Disclosures
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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.