Item 1. Legal Proceedings
ITEM 1. LEGAL PROCEEDINGS
As previously disclosed, the . web Independent Review Process (“IRP”) panel’s May 2021 ruling recommended that ICANN’s Board of Directors consider the objections made regarding the . web auction and then make a decision on the delegation of . web . On May 2, 2023, ICANN’s Board of Directors announced that it had considered Afilias’ objections and concluded that the Company and Nu Dot Co LLC (“NDC”) did not violate ICANN’s policies in connection with the . web auction. In dismissing Afilias’ objections, the ICANN Board directed NDC’s . web application to be processed. Subsequently, according to ICANN’s website, Afilias filed another IRP complaint. ICANN has placed NDC’s . web application on hold.
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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