What changed in this filing

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Item 3. Legal Proceedings

2025-02-28 compared with 2024-04-01 · 47 added, 22 removed, 14 unchanged (83% of the section changed)

8 unchanged sentences

The complaint seeks unspecified economic and non-economic losses, as well as attorneys’ fees.

In response to the Complaint, defendants

filed a motion to compel arbitration asking the court to order Plaintiff to submit his claims to binding individual arbitration based

on an arbitration agreement signed by Plaintiff at the outset of his employment.

The motion was unfortunately denied, and in response,

defendants filed an appeal.

The appeal was also denied.

Trial for this matter is not set, nor has discovery been conducted.

We have conducted written discovery,

depositions, and expert discovery.

We have a motion for summary judgment set to be heard on June 17, 2025.

Trial for this matter is set

for August 6, 2025.

AVX intends to vigorously contest this matter.

Further, AVX disputes that the other defendants are proper parties to the litigation.

litigation and investigations are inherently uncertain, but the outcome could have a material impact on the Company.

On or about April 14, 2020, Devesa Sarria, the

Sales and Marketing Director, was terminated.

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 discrimination, 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.

We have completed written discovery and most of the non-expert discovery.

for October 11, 2023.

Further, AVX disputes that the other defendants are proper parties

to the litigation.

However, litigation and investigations are inherently uncertain, but the outcome could have a material impact on the

Similarly, on or about April 14, 2020, Devesa

Sarria, the Sales and Marketing Director, was terminated.

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 discrimination, 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.

We have conducted written discovery, depositions, and expert discovery.

for this matter is set for August 13, 2025.

AVX intends to vigorously contest this matter.

Further, AVX disputes that the other defendants are proper

parties to the litigation.

However, litigation and investigations are inherently uncertain, but the outcome could have a material impact

Further, AVX disputes that the other defendants

are proper parties to the litigation.

However, litigation and investigations are inherently uncertain, but the outcome could have a material

impact on the Company.

On August 26, 2024, a former software engineer

filed an action against Perfecular Inc., a wholly owned subsidiary of the Company, in the Superior Court for the County of San Bernardino,

State of California alleging wrongful termination and other violations of the California Labor Code.

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.

The case has currently been stayed until a status conference on September 17, 2025, which is when the expected trial

date will be set.

However, litigation and investigations are inherently uncertain.

The Company does possess EPLI insurance, and the legal

team as selected by the insurance company is currently handling the matter.

The Company vigorously disputes these allegations.

On October 28, 2024, MGR Real Estate, Inc.

corporation, filed an action in the Superior Court of the State of California, County of San Bernardino, against the Company.

The complaint

alleges a variety of things including breach of contract and declaratory relief.

The complaint is in connection with a listing agreement

executed between the Company and the plaintiff, which plaintiff alleges gave it exclusive rights to list and sale the property located

Locust St., Ontario, CA 91761 (the “Premises”).

The complaint seeks damages in a minimum amount of $373,025, plus

interest at a rate of 10% per annum.

The Company is negotiating a resolution and if such resolution falls through then the Company intends

to contest this matter.

However, since litigation and investigations are inherently uncertain, the outcome may have a material impact

on the Company.

2 unchanged sentences

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.

What changed 10-K

Item 3. Legal Proceedings