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We are a party to actions and proceedings in the ordinary course of business, including challenges to the enforceability or validity of our intellectual property, claims that our products infringe on the intellectual property rights of others, and employment matters.
−Removed: We have been subject to litigation initiated by our stockholders.
+Added: We are also subject to litigation initiated by our stockholders.
These proceedings often involve complex questions of fact and law and may require the expenditure of significant funds and the diversion of other resources to prosecute and defend.
We defend ourselves vigorously against any such claims.
−Removed: As of March 31, 2025 , there were no material pending legal proceedings to which we were a party.
+Added: Based on current information, we do not believe that a material loss from known matters is probable as of June 30, 2025.
On February 4, 2025, a purported class action lawsuit was filed against us and certain of our executives.
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Wash.) (the “Securities Action”) and alleges that we violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, by making material misstatements or omissions relating to our business, including with respect to our business relationship with Nvidia.
+Added: We believe the lawsuit is meritless and intend to defend against it vigorously.
Related to the Securities Action, two shareholder derivative suits were also filed, against current – and one former – director, and certain executives, alleging breaches of their fiduciary duties (Miller v.
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The Securities Action and Derivative Litigation seek unspecified amounts of damages and/or attorneys’ fees and other relief.
−Removed: We believe the lawsuits are meritless and intend to defend against them vigorously.
+Added: The Derivative Litigation is stayed pending developments in the Securities Action.
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.