22 unchanged sentences
After several mediation sessions, the parties were unable to reach a resolution, and the stay was lifted in November 2021.
−Removed: The Court entered an Amended Scheduling Order on December 20, 2021.
−Removed: Under the Amended Scheduling Order, all fact discovery is to be completed by August 1, 2022 and all discovery is to be completed by November 14, 2022.
−Removed: Fact discovery is underway, and the parties are actively working to resolve several ongoing discovery disputes.
−Removed: This litigation is in its early stages and the final outcome, including our liability, if any, with respect to Chanel’s claims, is uncertain.
−Removed: Chanel could in the future assert additional trademark and advertising or other claims against us in this or other proceedings.
+Added: Chanel then sought a partial stay of discovery on the Company's counterclaims and unclean hands defense while Chanel's motion to dismiss and strike those claims are pending, and on March 10, 2022, the Court granted Chanel's request.
+Added: The parties continue to engage in fact discovery regarding Chanel's counterfeiting and false advertising claims against the Company.
+Added: Fact discovery is currently scheduled to be completed by August 15, 2023, and all depositions of fact witnesses will be completed by no later than July 15, 2023.
+Added: The final outcome of this litigation, including our liability, if any, with respect to Chanel’s claims, is uncertain.
An unfavorable outcome in this or similar litigation could adversely affect our business and could lead to other similar lawsuits.
−Removed: On September 10, 2019, a purported shareholder class action complaint was filed against us, our officers and directors and the underwriters of our IPO in the Superior Court of the State of California in the County of San Mateo.
+Added: On September 10, 2019, a purported shareholder class action complaint was filed against the Company, its officers and directors and the underwriters of its IPO in the Superior Court of the State of California in the County of San Mateo.
Three additional purported class actions, also alleging claims arising from the IPO were subsequently filed in Marin County and San Francisco County Superior Courts.
7 unchanged sentences
A motion to dismiss the federal court action was filed on May 15, 2020.
−Removed: On March 31, 2021, the court entered an order on the motion to dismiss, dismissing the Securities Exchange Act of 1934 (the “Exchange Act”) claims and some of the claims alleged under the Securities Act of 1933 (the “Securities Act”).
+Added: On March 31, 2021, the court entered an order on the motion to dismiss, dismissing the Exchange Act claims and some of the claims alleged under the Securities Act.
The court provided plaintiffs with an opportunity to amend the complaint and, on April 30, 2021, plaintiffs filed a Second Amended Complaint in federal court.
4 unchanged sentences
On November 5, 2021, plaintiff filed the executed stipulation of settlement and motion for preliminary approval of the settlement with the federal court.
−Removed: The stipulation of settlement is subject to preliminary and final approval by the court.
+Added: On March 24, 2022, the court entered an order preliminarily approving the settlement.
+Added: On July 28, 2022, the court entered an order finally approving the settlement and dismissing the case.
The financial terms of the stipulation of settlement provide that the Company will pay $11.0 million within thirty (30) days of the later of preliminary approval of the settlement or plaintiff’s counsel providing payment instructions.
−Removed: In connection with the settlement, the Company recorded approximately $11.0 million for the year ended December 31, 2021 under our Operating expenses as a Legal settlement.
−Removed: The Company intends to pay for the settlement with available resources.
+Added: The Company paid the settlement amount on March 29, 2022 with available resources and recorded approximately $11.0 million for the year ended December 31, 2021 under our Operating expenses as a Legal settlement.
+Added: One of the plaintiffs in the state court action opted out of the settlement.
+Added: The stay of the state court case has been lifted, and the opt out plaintiff filed an amended complaint on October 31, 2022 alleging putative class claims under the Securities Act on behalf of the two shareholders who opted out of the settlement and those who purchased stock from November 21, 2019 through March 9, 2020.
+Added: On December 22, 2022, the Company filed a motion to dismiss and a motion to strike class allegations.
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.
14 unchanged sentences
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.