LEGAL PROCEEDINGS
−Removed: From time to time the Company is involved in various
−Removed: claims and routine litigation matters.
−Removed: In the opinion of management, after consultation with legal counsel, the outcomes of such matters
−Removed: are not anticipated to have a material adverse effect on the Company’s consolidated financial position, results of operations, or
−Removed: EXECUTIVE OFFICERS OF THE REGISTRANT
−Removed: Set forth below is information
−Removed: about the Company’s executive officers.
−Removed: President, and Chief Executive Officer
−Removed: Chief Financial Officer, Secretary and Treasurer
−Removed: GROSSBLATT has been
−Removed: a director of the Company since 1996.
−Removed: He served as Chief Financial Officer from October 1983 through August 2004, Secretary
−Removed: and Treasurer of the Company from September 1988 through August 2004, and Chief Operating Officer from April 2003 through
−Removed: Grossblatt was appointed Chief Executive Officer in August 2004.
−Removed: HUFF was appointed
−Removed: Chief Financial Officer in August 2004 and Secretary and Treasurer in October 2004.
+Added: From time to time the Company is involved in various claims and routine litigation matters.
+Added: In the opinion of management, after consultation with legal counsel, the outcomes of such matters are not anticipated to have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows.
+Added: Subsequent to March 31, 2022, the Company became aware of a lawsuit filed by Thomas Henderson against Universal Security Instruments, Inc.
+Added: and its directors in the U.S.
+Added: District Court for the Southern District of New York, Civil Action No.
+Added: To our knowledge, none of the defendants has yet been served.
+Added: The plaintiff claims to be a shareholder in the Company and alleges that the registration statement on Form S-4 filed by the Company on May 16, 2022 (which, when declared effective, will also be the merger proxy statement distributed to the shareholders of the Company and of Infinite Reality in connection with the proposed Merger) is materially deficient and misleading in omitting material information and, therefore, violates the provisions of the Securities Exchange Act of 1934 (the “Exchange Act”) and the regulations promulgated thereunder.
+Added: The suit seeks to enjoin the Merger, direct the defendants to comply with the provisions of the Exchange Act, award costs and fees to the plaintiff, and grant such other relief as the court may deem just and proper.
+Added: The Company believes that the suit is wholly without merit and, once served, the Company will aggressively defend the suit.
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.