Item 1. Legal Proceedings
ITEM 1.
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 claimed 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 filed a motion to dismiss the complaint on December 14, 2020. The court has not
yet ruled on the Company’s motion.
From
time to time, the Company may become a party to other legal actions or proceedings in the ordinary course of its business. At June 30,
2021, there were no such actions or proceedings, either individually or in the aggregate, that, if decided adversely to the Company’s
interests, it believes would be material to its business.
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.