2 unchanged sentences
Such matters are subject to many uncertainties, and outcomes are not predictable with assurance.
−Removed: There are no such matters that are deemed material to the consolidated financial statements as of June 30, 2020.
−Removed: During the quarter ended September 30, 2019, the Company reached a preliminary agreement to resolve all derivative suits then- and currently-pending against the Company and various directors and officers.
−Removed: In January 2020, the Company and the named defendant directors and officers executed a formal settlement agreement with the plaintiffs in all pending derivative lawsuits on specific final terms of settlement.
−Removed: Pursuant to the settlement agreement, which was filed with the Court as an exhibit to an Amended Consent Motion for Preliminary Approval of Derivative Settlement on April 30, 2020, the Company will adopt certain corporate governance modifications, and the derivative plaintiffs will receive $200,000 from the Company’s insurer to cover their attorneys’ fees and a nominal service award.
−Removed: The Company has created a provision for $200,000 as of June 30, 2020.
−Removed: Shareholders were given notice of the proposed settlement through the Company’s filing of an SEC Form 8-K report, the issuance of a press release, publication in Investor’s Business Daily, and posting in the “Investors” section of the Company’s website, all of which were deemed by the court to constitute sufficient notice to shareholders of the settlement.
−Removed: Shareholders were given the opportunity to assert objections to the final settlement, and no objections were received by the parties to the derivative suit or filed with the court.
−Removed: On June 30, 2020, the Court held a hearing to evaluate the fairness and reasonableness of the settlement and to determine whether the settlement will be approved.
−Removed: On July 6, 2020, the Court entered an order formally and finally approving the settlement and resolving all pending derivative suits.
−Removed: As of June 30, 2020, the Company was a party to three shareholder lawsuits, as described below.
+Added: There are no such matters that are deemed material to the consolidated financial statements as of September 30, 2020.
+Added: As of September 30, 2020, the Company was a party to two shareholder lawsuits, as described below.
Shareholder Class Action Litigation
11 unchanged sentences
and that the Class Action Defendants’ alleged conduct did not cause any loss allegedly suffered by the class action plaintiffs.
−Removed: The motion to dismiss remains pending before the United States District Court for the District of Maryland, and the Company anticipates that a decision is likely to be issued during calendar 2020, although it can provide no assurances of the same.
+Added: The motion to dismiss remains pending before the United States District Court for the District of Maryland, and the Company anticipates that a decision may be issued by March 31, 2021, although it can provide no assurances of the same.
Harris-Carr v.
6 unchanged sentences
On May 13, 2019, the plaintiff in the Tchatchou litigation filed an amended complaint, which becomes the operative complaint for the consolidated matter and supersedes the Harris-Carr complaint.
−Removed: | June 30, 2020 Form 10-Q
−Removed: Shareholder Derivative Action Litigation
−Removed: Mukunda, et al., Civil Action No.
−Removed: 1:18-cv-03698 (U.S.
−Removed: District Court for the District of Maryland).
−Removed: On November 30, 2018, IGC shareholder Gene Erny instituted a shareholder derivative complaint on behalf of IGC in the United States District Court for the District of Maryland.
−Removed: Ram Mukunda, Claudia Grimaldi, Rohit Goel, Richard Prins, and Sudhakar Shenoy were named as defendants, and IGC was named as a nominal defendant.
−Removed: The Erny litigation represents a claim made by a shareholder on behalf of the Company (as opposed to against the Company).
−Removed: The complaint in the Erny litigation alleges that the Company should have filed suit against the individual defendants – Mukunda, Grimaldi, Goel, Prins, and Shenoy (collectively referred to as the “Individual Defendants”) – for securities fraud and breach of fiduciary duty.
−Removed: Because the claims made in Erny are asserted against the individual defendants, as opposed to the Company, the Company is merely a nominal defendant.
−Removed: On May 9, 2019, Erny and Hamdan, described below, were consolidated, and the Erny litigation was designated as the lead derivative case.
−Removed: On July 31, 2019, the Company and the Individual Defendants reached a preliminary agreement with the plaintiffs in the derivative suits identified herein to resolve all derivative suits, including the Erny litigation and the Hamdan and Patel matters, described below.
−Removed: In January 2020, the Company and the named defendant directors and officers reached agreement with the plaintiffs in all pending derivative lawsuits on specific final terms of settlement, and all parties executed a mutually acceptable settlement agreement.
−Removed: Shareholders were given notice of the proposed settlement through the Company’s filing of an SEC Form 8-K report, the issuance of a press release, publication in Investor’s Business Daily, and posting in the “Investors” section of the Company’s website, all of which were deemed by the court to constitute sufficient notice to shareholders of the settlement.
−Removed: Shareholders were given the opportunity to assert objections to the final settlement, and no objections were received by the parties to the derivative suit or filed with the court.
−Removed: On June 30, 2020, the Court held a hearing to evaluate the fairness and reasonableness of the settlement and to determine whether the settlement will be approved.
−Removed: On July 6, 2020, the Court entered an order formally and finally approving the settlement and resolving all pending derivative suits.
−Removed: The Erny litigation matter was terminated that day.
−Removed: Mukunda, et al., Civil Action No.
−Removed: 8:19-cv-00493 (U.S.
−Removed: District Court for the District of Maryland).
−Removed: On February 20, 2019, IGC shareholder Waseem Hamdan instituted a shareholder derivative complaint on behalf of IGC in the United States District Court for the District of Maryland.
−Removed: Ram Mukunda, Claudia Grimaldi, Rohit Goel, Richard Prins, and Sudhakar Shenoy were named as defendants, and IGC was named as a nominal defendant.
−Removed: The allegations made by the plaintiff in the Hamdan litigation are substantially similar to the allegations made in Erny, and the claims against the individual director defendants are based on the same alleged transactions and/or occurrences as are the claims made in the Erny litigation.
−Removed: Because the claims made in Hamdan are asserted against the individual defendants, as opposed to the Company, the Company is merely a nominal defendant.
−Removed: On May 9, 2019, Erny and Hamdan were consolidated, with the Erny litigation, described above, designated as the lead case.
−Removed: The Hamdan litigation is subject to the same negotiated settlement described in Erny, above, and is resolved effective July 6, 2020.
−Removed: The case was formally closed by the United States District Court for the District of Maryland on or about that July 14, 2020.
−Removed: Mukunda, et al., Civil Action No.
−Removed: 8:19-cv-01673 (U.S.
−Removed: District Court for the District of Maryland).
−Removed: On June 6, 2019, IGC shareholder Dimple Patel instituted a shareholder derivative complaint on behalf of IGC in the United States District Court for the District of Maryland.
−Removed: Ram Mukunda, Claudia Grimaldi, Rohit Goel, Richard Prins, Shajy Mathilakathu, and Sudhakar Shenoy (collectively, with reference to the Patel litigation, “Individual Defendants”) were named as defendants, and IGC was named as a nominal defendant.
−Removed: The Patel litigation represents a claim made by a shareholder on behalf of the Company (as opposed to against the Company).
−Removed: The allegations made by the plaintiff in the Patel litigation are substantially similar to the allegations made in Erny, and the claims against the individual director defendants are based largely on the same alleged transactions and/or occurrences as are the claims made in the Erny litigation.
−Removed: Because the claims made in the Patel litigation are asserted against the individual Defendants, as opposed to the Company, the Company is merely a nominal defendant.
−Removed: The Patel litigation has not been consolidated with Erny and Hamdan to date.
−Removed: The Patel litigation is subject to the same negotiated settlement described in Erny above, and is resolved effective July 6, 2020.
−Removed: On July 8, 2020, the Court dismissed the Patel litigation with prejudice pursuant to the approved settlement.
−Removed: | June 30, 2020 Form 10-Q
+Added: | September 30, 2020 Form 10-Q
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.