VERB Technology (VERB) Announces Court’s Preliminarily Approval of Proposed Settlement of Stockholder Derivative Lawsuit
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Verb Technology Company, Inc. (“Verb” or the “Company”) (NASDAQ: VERB), a leader in interactive video-based sales enablement applications, including interactive livestream ecommerce, webinar, CRM and marketing applications for entrepreneurs and enterprises, issued the following announcement:
On March 2, 2021, the United States District Court for the Central District of California (the “Court”) entered an order preliminarily approving a derivative settlement and providing for notice of the settlement to stockholders of the Company in the matter captioned Richard Moore, Individually and on Behalf of All Others Similarly Situated, Plaintiff, v. Verb Technology Company, Inc., and Rory J. Cutaia, James P. Geiskopf, and Jeff Clayborne, Defendants, Case Number 2:19-CV-08393-AB-SS (the “Derivative Action”). The proposed settlement is subject to final approval by the Court. A final settlement hearing is scheduled for April 29, 2021 at 8:30 a.m.
The proposed settlement agreement preliminarily approved by the Court provides that, among other things, the Company will pay plaintiff’s counsel $75,000 for its fees and expenses and the Company will institute certain changes and/or modifications to its corporate governance . Upon the Court’s final approval of the proposed settlement, the Derivative Action will be dismissed with prejudice. The Company believes that the settlement of the Derivative Action preliminarily approved by the Court is favorable to the Company and ultimately benefits its stockholders.
The Stipulation and Agreement of Settlement preliminarily approved by the Court and the full Notice to Current Verb Technology Company, Inc. Stockholders can be found on the Company’s website at https://www.verb.tech/legal.
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