Item 1. Legal Proceedings
ITEM
1. LEGAL PROCEEDINGS
The
Company is aware of a lawsuit filed in New York State Court asserting that approximately 70 different IPO issuers and underwriters violated
Sections 11, 12 and 15 of the federal securities laws. The Company has not yet been served with the lawsuit, and although it appears
to have been named as a defendant, there are no allegations specific to the company in the complaint. The Company denies any allegations
of wrongdoing of the type alleged vaguely in the complaint. Because the allegations are vague and general, out of an abundance of caution
the Company believes it is premature for to determine whether the lawsuit is material.
We
are not currently a party to any material litigation or governmental or other proceeding. However, from time to time, we have been, are
and will likely continue to be involved in legal proceedings, administrative proceedings and claims that arise in the ordinary course
of business with customers, subcontractors, suppliers, regulatory bodies or others. In general, litigation claims or regulatory proceedings
can be expensive and time consuming to bring or defend against, which may result in the diversion of management’s attention and
resources from our business and business goals and could result in settlement or damages that could significantly affect financial results
and the conduct of our business.
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