nCino, Inc. (NCNO) says certain of its officers and other employees were served with grand jury subpoenas

February 24, 2021 5:24 PM EST

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nCino, Inc. (NASDAQ: NCNO) disclosed:

On February 23, 2021, the Company and certain of its officers and other employees were served with grand jury subpoenas wherein the Antitrust Division of the Department of Justice is seeking documents and information in connection with an investigation of the Company’s hiring and wage practices under US federal antitrust laws. The Company is fully cooperating with the authorities.

Previously, the Company received a letter from a law firm representing one individual seeking to resolve potential civil antitrust claims against the Company and Live Oak Bank, a business based in Wilmington, North Carolina, relating to an alleged unlawful agreement not to solicit or hire certain employees.

Although there can be no assurance with respect to the outcome of these matters, the Company believes its hiring and wage practices do not violate antitrust laws. In addition, the Company does not presently believe any of the foregoing will have a material adverse effect on its day-to-day operations or the quality of the services, products or innovation it continues to provide to its customers.



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