Item 1. Legal Proceedings
ITEM 1. LEGAL PROCEEDINGS
As previously disclosed, Afilias Domains No. 3 Limited (now called Altanovo Domains Limited) (“Afilias”), a competitor and losing bidder in the .web auction, filed a form of arbitration proceeding against ICANN, an Independent Review Process (“IRP”) under ICANN’s bylaws, on November 14, 2018. In response to the Final Decision issued by the IRP Panel, the ICANN Board of Directors directed its Board Accountability Mechanism Committee (“BAMC”) to evaluate Aflias’ objections and Nu Dotco, LLC’s auction blackout period claim. On May 19, 2022, the BAMC requested that the parties submit detailed summaries of their claims along with supporting materials. Initial submissions are due on July 29, 2022, and replies are due on August 29, 2022.
We are also involved in various investigations, claims and lawsuits arising in the normal conduct of our business, none of which, in our opinion, will have a material adverse effect on our financial condition, results of operations, or cash flows. We cannot assure you that we will prevail in any litigation. Regardless of the outcome, any litigation may require us to incur significant litigation expense and may result in significant diversion of management attention.
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