Item 3. Legal Proceedings
ITEM 3. LEGAL PROCEEDINGS
On August 21, 2020,
IPS was named a third-party defendant in a patent dispute claim currently pending in the U.S. District Court for the Eastern District
of New York. The complaint, which contains no specific amount of monetary damages, asserts that certain intellectual property was
misappropriated by IPS and one of its former employees. IPS denies the allegations, believes the action is without merit
and intends to vigorously defend it. The Company received permission from the District Court to file a motion to dismiss
the complaint and filed such motion on December 14, 2020.
From time to time,
the Company may become a party to other legal actions or proceedings in the ordinary course of its business. As of September 30,
2020, there were no such actions or proceedings, either individually or in the aggregate, that, if decided adversely to the Company’s
interests, the Company believes would be material to its business.
ITEM 4.
MINE SAFETY DISCLOSURES.
Not Applicable.
18
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.