Item 1. Legal Proceedings
ITEM 1. LEGAL PROCEEDINGS
On April 25, 2022, we, and certain of our officers, were named as defendants in a federal securities class action lawsuit filed in the United States District Court District of New Jersey. The lawsuit was purportedly brought on behalf of purchasers of our common stock. The lawsuit alleges that we and certain of our officers made false or misleading statements regarding our business. Defendants seek monetary damages and other relief. We intend to defend the lawsuit vigorously.
We may, from time to time, be a party to other legal proceedings, which arise in the ordinary course of our business. Although the results of these proceedings, claims, inquiries, and investigations cannot be predicted with certainty, we do not believe that the final outcome of these matters is reasonably likely to have a material adverse effect on our business, financial condition, or results of operations. Regardless of final outcomes, however, any such proceedings, claims, inquiries, and investigations may nonetheless impose a significant burden on management and employees and may come with significant defense costs or unfavorable preliminary and interim rulings.
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