Item 3. Legal Proceedings
Item 3. LEGAL PROCEEDINGS
On April 13, 2020, Ian Patterson resigned
from his position as Chief Operations Officer of AVX. On May 5, 2020, Mr. Patterson filed an action in the Superior Court for the
County of Los Angeles, State of California, against the Company et al. We believe neither the Company nor Dr. Wang has been served
properly and venue is improper. The complaint alleges claims including wrongful termination, retaliation and various other provisions
of the California Labor Code, and various other claims under California state law. The complaint seeks unspecified economic and
non-economic losses, as well as attorneys’ fees. The Company is investigating and intends to vigorously defend itself in
the foregoing matter. However, litigation and investigations are inherently uncertain. Accordingly, the Company cannot predict
the outcome of this matter.
On April 13, 2020, AVX terminated an employee
from her position as Sales and Marketing Director. On May 13, 2020, she filed an action in the Superior Court for the County of
Los Angeles, State of California. The Complaint alleges claims including wrongful termination, retaliation and various other provisions
of the California Labor Code, and various other claims under California state law. The complaint seeks unspecified economic and
non-economic losses, as well as attorneys’ fees. The Company is investigating and intends to vigorously defend itself in
the foregoing matters. However, litigation and investigations are inherently uncertain but the outcome could have a material impact
on the Company.
Item 4. MINE SAFETY DISCLOSURES
Not applicable to our Company.
42
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.