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Shareholder Derivative Litigation
−Removed: On November 13, 2020, Naresh Rammohan filed a shareholder derivative action in the United States District Court for the Central District of California against current and former Company officers Tom Smith, James Barnes, Mike Rothans, Marc Thomas, and David Norris, as well as current and former Company directors Messrs.
−Removed: Scot Cohen, Patrick Kinsella, Michael Parris, and Wayne Walker, alleging unjust enrichment, breach of fiduciary duty, waste of corporate assets, and contribution claims under the Securities Exchange Act of 1934, docketed as Case No.
−Removed: 2:20-cv-10444-DMG-PVCx.
−Removed: On January 20, 2021 ,  Ray Westerman filed a second derivative action in the same court against the same parties, alleging breach of fiduciary duty and contribution claims under the Securities Exchange Act of 1934 ,  docketed as Case No. 2:21-cv-00550-DMG-PVCx.
−Removed: On January 22, 2021, Jesse Lowe filed a third derivative action in the same court against the same parties, alleging breach of fiduciary duty and asserting various claims under the Securities Exchange Act of 1934, docketed as Case No.
+Added: On November 13, 2020, Naresh Rammohan filed a shareholder derivative action in the US District Court for the Central District of California against current and former Company officers as well as current and former Company directors alleging unjust enrichment, breach of fiduciary duty, waste of corporate assets, and contribution claims under the Securities Exchange Act of 1934, docketed as Case No.
2:20-cv-10444-DMG-PVCx.
−Removed: The Company was named as a nominal defendant in each of these actions.
−Removed: On February 16, 2021 ,  the Honorable Dolly M.
−Removed: Gee issued an order consolidating the three derivative actions under the caption 
−Removed: In re Wrap Technologies, Inc.
−Removed: Shareholder Derivative Litigation , Case No. 2:20-10444-DMG-PVCx, (the “
−Removed: Derivative Action ”) and stayed the Derivative Action at least until the resolution of the action captioned 
−Removed: In re Wrap Technologies, Inc.
−Removed: Securities Exchange Act Litigation , Case No.
−Removed: 2:20-cv-08760-DMG (the “
−Removed: Securities Action ”). 
−Removed: On December 20, 2021, Judge Gee dismissed the Securities Action with prejudice. 
−Removed: On April 29, 2022 the above-mentioned parties jointly filed a stipulation of voluntary dismissal in order to dismiss the Derivative Action without prejudice to the plaintiffs, the Company, or Wrap shareholders (“
−Removed: the Stipulation ”).
−Removed: The Stipulation was granted by Judge Gee on May 3, 2022. 
+Added: The derivative action was dismissed with prejudice by stipulation of the parties on May 3, 2022.
Other Legal Information
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These provisions are reviewed and adjusted to include the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel, and other information and events pertaining to a particular matter.
−Removed: At September 30, 2022, we had no provision for liability under existing litigation.
+Added: At March 31, 2023, we had no provision for liability under existing litigation.
An unfavorable outcome on any litigation matters could require payment of substantial damages, or, in connection with any intellectual property infringement claims, could require us to pay ongoing royalty payments or could prevent us from selling certain of our products.
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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.