LEGAL PROCEEDINGS
−Removed: On April 20, 2023, a putative class action lawsuit entitled Chad Key, et al.
+Added: As of April 20, 2023, a putative class action lawsuit entitled Chad Key, et al.
Horizon Bancorp, Inc., et al., Case No.
2 unchanged sentences
The Securities Action asserts claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 alleging, among other things, the Company made materially false and misleading statements and failed to disclose material adverse facts which allegedly resulted in harm to a putative class of purchasers of our securities from March 9, 2022 and March 10, 2023.
−Removed: Based on our initial review of the complaint, management believes the lawsuit is without merit and intends to vigorously defend against it.
−Removed: As of June 30, 2023, no liability related to above matter was recorded because we have concluded such liabilities are not probable and the amounts of such liabilities are not reasonably estimable.
−Removed: In addition to the matter described above, from time to time, Horizon and its subsidiaries are involved in various legal proceedings incidental to the conduct of their business.
+Added: As of (1) August 28, 2023, a lawsuit related to the Securities Action was filed by Sally Hundley, derivatively on behalf of the Company, against the Company, as nominal defendant, and 2 of the Company's officers and 10 of its directors and (2) August 31, 2023, a lawsuit also related to the Securities Action was filed by Aziz Chowdhury, derivatively on behalf of the Company, against the Company, as nominal defendant, and 2 of the Company's officers and 10 of its directors (the “Derivatives Actions”) in the U.S.
+Added: District Court for the Eastern District of New York.
+Added: The Derivative Actions allege, among other things, breach of the officers and directors' fiduciary duties.
+Added: The Derivative Actions have been consolidated and stayed pending resolution of any motion to dismiss in the Securities Action.
+Added: Based on our initial review of these actions, management believes that the Company has strong defenses to the claims and intends to vigorously defend against them.
+Added: As of September 30, 2023, no liabilities related to the above matters were recorded because we have concluded such liabilities are not probable and the amounts of such liabilities are not reasonably estimable.
+Added: In addition to the matters described above, from time to time, Horizon and its subsidiaries are involved in various legal proceedings incidental to the conduct of their business.
Management does not expect that the outcome of any such proceedings will have a material adverse effect on our consolidated financial position or results of operations.
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.