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See “Note 12—Commitments and Contingencies” in the notes to the audited financial statements .
−Removed: This item should be read in conjunction with the Legal Proceedings disclosures in our final prospectus related to our IPO filed with the SEC pursuant to Rule 424(b) under the Securities Act.
In November 2018, Chanel filed a lawsuit against us in the U.S.
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Chanel alleges, among other things, that we have misrepresented certain counterfeit Chanel products as authentic Chanel products, that our resale of Chanel products confuses consumers into believing that Chanel is affiliated with us and involved in authenticating consignors’ goods and that only Chanel is capable of authenticating second-hand Chanel goods.
+Added: The Court issued an Opinion & Order on March 30, 2020 denying in part and granting in part the Company’s motion to dismiss.
+Added: The Company filed its answer and affirmative defenses on May 29, 2020.
+Added: Chanel’s claims are now in the discovery phase.
+Added: On November 3, 2020, with the court’s permission, the Company filed a motion to amend its answer to add counterclaims against Chanel alleging anticompetitive conduct in violation of the federal and state antitrust laws as well as tortious interference.
+Added: That motion was granted on February 24, 2021, permitting the Company to file its amended pleading.
This litigation is in its early stages and the final outcome, including our liability, if any, with respect to Chanel’s claims, is uncertain.
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The San Mateo case was voluntarily dismissed, refiled in Marin County Superior Court and consolidated with the cases there.
−Removed: On January 10, 2020, the Marin County plaintiffs filed a consolidated amended complaint and defendants’ demurrer is due on March 13, 2020.
+Added: On January 10, 2020, the Marin County plaintiffs filed a consolidated amended complaint.
The plaintiffs in the San Francisco Superior Court case have filed a request for dismissal.
Separately an additional purported class action was filed in the United States District Court for the Northern District of California on November 25, 2019.
−Removed: On February 12, 2020, a lead plaintiff was appointed in the federal action and on February 18, 2020, the Court ordered a schedule for the filing of an amended complaint and any motion to dismiss that amended
−Removed: The se complaints allege claims under the Securities Act of 1933 on behalf of a purported class of those who acquired our stock pursuant to or traceable to the registration statement for our IPO.
−Removed: The complaints allege, among other things, that the defendants violated federal securities laws by issuing false or misleading statements in the registration statement regarding certain of our key financial and operatin g metrics , and related to the Company’s authentication processes .
−Removed: The complaints seek, among other things, damages and interest, rescission, and attorneys’ fees and costs.
−Removed: While we intend to vigorously defend against this litigation, the cases are at a v ery early stage and there can be no assurance that we will be successful in our defense.
+Added: On February 12, 2020, a lead plaintiff was appointed in the federal action and an Amended Consolidated Complaint was filed on March 31, 2020.
+Added: Defendants’ filed a demurrer and motion to strike in the state court action on March 13, 2020 and filed a motion to stay the proceedings in favor of the federal action on May 1, 2020.
+Added: On August 4, 2020, the court granted defendants’ motion to stay the state court action and deferred ruling on the demurrer and motion to strike pending the outcome of the federal court action.
+Added: A motion to dismiss the federal court action was filed on May 15, 2020, which motion remains pending.
+Added: The state and federal complaints each allege claims under the Securities Act of 1933 on behalf of a purported class of shareholders who acquired our stock pursuant to or traceable to the registration statement for our IPO.
+Added: The federal complaint also alleges claims under the Securities Exchange Act of 1934 on behalf of a purported class of shareholders who purchased our stock from June 27, 2019 through November 20, 2019.
+Added: The complaints each allege, among other things, that the defendants violated federal securities laws by issuing false or misleading statements in the registration statement regarding certain of our financial and operating metrics, and related to the Company’s authentication processes.
+Added: The complaints seek, among other things, damages and interest, rescission, and attorneys’
+Added: fees and costs.
+Added: On September 10, 2020 and December 7, 2020, purported shareholders filed putative derivative actions in the United States District Court for the District of Delaware.
+Added: The de rivative complaints allege factual allegations largely tracking the above referenced lawsuits.
+Added: The two derivative cases have been consolidated and the consolidated case has been stayed pending a ruling on the motion to dismiss in the federal securities cas e.
+Added: While we intend to vigorously defend against the litigation described above, the cases are at a very early stage and there can be no assurance that we will be successful in our defense.
For this same reason, we cannot currently estimate the loss or the range of possible losses we may experience in connection with this litigation.
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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.