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 December 31, 2020.
−Removed: As of December 31, 2020, the Company was a party to two shareholder lawsuits, as described below.
−Removed: Shareholder Class Action Litigation
+Added: As of June 30, 2021, the Company and one of its officers are parties to the following litigation matters:
+Added: Apogee Financial Investments, Inc., et al.
India Globalization Capital, Inc., et al., Civil Action No.
1:21-cv-03809 (U.S.
+Added: District Court for the Southern District of New York).
+Added: On April 29, 2021, Apogee Financial Investments, Inc.
+Added: (“Apogee”) and John R.
+Added: Clarke (“Clarke”) filed a complaint against the Company and IGC’s President and Chief Executive Officer, Ram Mukunda (“Mukunda”) (the “Apogee Litigation”).
+Added: The litigation was originally initiated by IGC on February 8, 2021 (India Globalization Capital, Inc.
+Added: Apogee Financial Investments, Inc., Civil Action No.
+Added: 1:21-cv-01131, U.S.
+Added: District Court for the Southern District of New York), wherein IGC alleged that Apogee breached a purchase agreement dated December 18, 2014 related to IGC’s intended purchase of a business known as Midtown Partners & Co., LLC (“Midtown”).
+Added: In response to the original lawsuit filed by IGC, Apogee and Clarke filed a counterclaim as well as the Apogee Litigation.
+Added: On May 21, 2021, IGC and Mukunda filed a partial motion to dismiss both the counterclaim and the Apogee Litigation.
+Added: Before the Court ruled on the motion to dismiss, on June 28, 2021, Apogee and Clarke filed an amended complaint claiming that IGC and Mukunda fraudulently induced Apogee into entering the purchase agreement for the sale of Midtown and breached the purchase agreement.
+Added: Apogee and Clarke also seek a declaratory judgment and indemnification for certain alleged losses they claim to have suffered.
+Added: Finally, Clarke claims that he is entitled to shares of IGC common stock as wages.
+Added: On July 23, 2021, IGC and Mukunda again moved to partially dismiss the counterclaim and the Apogee Litigation.
+Added: The Company considers the counterclaim and the Apogee Litigation to be ordinary, routine litigation incidental to the business.
+Added: The Company and Mukunda deny any and all liability and, in particular, deny many of the factual allegations contained in the Apogee Litigation.
+Added: Both the Company and Mukunda intend to vigorously defend the litigation and are represented by counsel for that purpose.
+Added: As of June 30, 2021, the Company and two of its officers are parties to two shareholder lawsuits:
+Added: India Globalization Capital, Inc., et al., Civil Action No.
+Added: 8:18-cv-03396 (U.S.
District Court for the District of Maryland).
4 unchanged sentences
On February 28, 2019, all pending shareholder class actions were consolidated, and the Tchatchou litigation was designated as the lead case.
−Removed: On October 11, 2019, Company and the other the Class Action Defendants filed a motion to dismiss the consolidated shareholder class action litigation.
−Removed: On January 29, 2021, the court denied the motion to dismiss.
−Removed: The Company’s responsive pleading is due on February 15, 2021.
−Removed: The Company denies any and all liability and intends to vigorously defend the litigation.
+Added: Throughout the Tchatchou litigation, the Class Action Defendants have denied any and all liability and denied any violation of the law.
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: | December 31, 2020 Form 10-Q
+Added: Throughout the Harris-Carr litigation, the Class Action Defendants have denied any and all liability and denied any violation of the law.
+Added: On April 6, 2021, the plaintiffs and the Class Action Defendants reached a preliminary agreement in principle to settle all pending shareholder litigation, including the Tchatchou and Harris-Carr matters described above.
+Added: The settlement is subject to the agreement and execution of formal settlement documentation and approval by the United States District Court for the District of Maryland.
+Added: At present, a significant portion of the settlement is expected to be paid by the Company’s insurance policy.
+Added: The Company and the Class Action Defendants are represented by counsel in the litigation.
+Added: | June 30, 2021 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.