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 claimed monetary damages, asserts that certain intellectual property was misappropriated
by IPS and one of its former employees. In October 2021, the Court ruled that the misappropriation claim was invalid. The remaining
allegation is that IPS breached a non-disclosure agreement with a party to the case. IPS denies the allegations, believes the action is
without merit and intends to vigorously defend it. The Company has filed a motion to dismiss.
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, 2021, 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.
19
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.