Legal Proceedings
−Removed: From time to time, the Company may become involved in legal proceedings or is subject to claims arising in the ordinary course of business including the following:
−Removed: On February 23, 2021, the Company and certain of its officers and other employees were served with grand jury subpoenas wherein the Antitrust Division of the Department of Justice (the “DOJ”) was seeking documents and information in connection with an investigation of the Company’s hiring and wage practices under U.S.
−Removed: federal antitrust laws.
−Removed: On February 8, 2023, the DOJ informed the Company that the investigation is closed.
−Removed: No fines, sanctions, actions, or penalties were imposed or taken against the Company or its officers or other employees in connection with this matter, and the costs the Company was incurring cooperating with the investigation have now ceased.
−Removed: On March 12, 2021, a putative class action complaint was filed in the United States District Court for the Eastern District of North Carolina (the "District Court").
−Removed: The sole class representative in the suit is one individual alleging a contract, combination or conspiracy between and among the Company, Live Oak Bancshares, Inc.
−Removed: ("Live Oak") and Apiture, Inc.
−Removed: ("Apiture") not to solicit or hire each other’s employees in violation of Section 1 of the Sherman Act and N.C.
−Removed: 75-1 and 75-2.
−Removed: The complaint seeks treble damages and additional remedies, including restitution, disgorgement, reasonable attorneys’ fees, the costs of the suit, and pre-judgment and post judgment interest.
−Removed: The complaint does not allege any specific damages.
−Removed: On November 23, 2021, the District Court approved preliminary settlements between the plaintiff and defendant Live Oak in the amount of approximately $3.9 million, and unnamed party Apiture in the amount of approximately $0.8 million.
−Removed: Although there can be no assurance with respect to the outcome of this matter, the Company believes the alleged claims are not meritorious and intends to defend itself vigorously.
−Removed: On September 26, 2022, a purported stockholder of the Company filed a complaint in the Delaware Court of Chancery in connection with the series of mergers in which the Company became the parent of nCino OpCo and SimpleNexus.
−Removed: The complaint, captioned City of Hialeah Employees’ Retirement System, Derivatively on Behalf of Nominal Defendants nCINO, INC.
−Removed: (f/k/a Penny HoldCo, Inc.) and nCINO OpCo, Inc.
−Removed: (f/k/a nCino, Inc.) v.
−Removed: INSIGHT VENTURE PARTNERS, LLC, et al., C.A.
−Removed: 2022-0846-MTZ, names as defendants, Insight Ventures Partners, LLC., Insight Holdings Group, LLC., the Company’s directors and certain officers, along with nCino, Inc.
−Removed: and nCino OpCo, Inc.
−Removed: as nominal defendants, and alleges that the members of the board of directors, controlling stockholders, and officers violated their fiduciary duties in the course of negotiating and approving the series of mergers.
−Removed: The complaint alleges damages in an unspecified amount.
−Removed: Pursuant to the rights in its bylaws and Delaware law, the Company is advancing the costs incurred by the director and officer defendants in this action, and the defendants may assert indemnification rights in respect of an adverse judgment or settlement of the action, if any.
−Removed: The Company does not presently believe the above matters will have a material adverse effect on its day-to-day operations or the quality of the services, products or innovation it continues to provide to its customers.
−Removed: However, regardless of the outcome, legal proceedings can have an adverse impact on us because of the related expenses, diversion of management resources, and other factors.
−Removed: Given the uncertainty and preliminary stages of these matters, the Company is unable to estimate any possible loss or range of loss that may result.
+Added: We are currently a party to, and may from time to time in the future be involved in, various litigation matters and subject to claims that arise in the ordinary course of business.
+Added: For information regarding legal proceedings, see Note 16 "Commitments and Contingencies" of the notes to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated by reference into this Part I, Item 3.
Mine Safety Disclosures
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