Verb Announces Court’s Preliminarily Approval of Proposed Settlement of Stockholder Derivative Lawsuit
March 16 2021 - 04:10PM
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.
About Verb Technology Company, Inc.
Verb Technology Company, Inc. (Nasdaq: VERB) is rapidly emerging
as the market leader in business-focused interactive video sales
and marketing tools, including livestream ecommerce, CRM, and
content management applications. With offices in California and
Utah, USA, VERB provides next-generation software applications to
sales-based organizations in more than 60 countries and 48
languages. The Company’s proprietary, patented, and patent-pending
technology platform produces real-time, measurable results, with
customers reporting greater than 600% increases in conversion
rates. VERB’s software-as-a-service (SaaS) products are
cloud-based, accessible on all mobile and desktop devices, and are
available by subscription for individual and enterprise users. The
Company’s technology is also integrated into popular ERP, CRM, and
marketing platforms.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Examples of such forward-looking statements include, but are
not limited to, statements we make about the timing and completion
of the proposed settlement, the scope of governance changes made as
a result of the settlement, as well as the impacts of the
settlement on the Company’s stockholders. Such forward-looking
statements are based on the reasonable beliefs of the Company’s
management, as well as assumptions made by and information
currently available to the Company’s management. Actual results
could differ materially from those contemplated by the
forward-looking statements as a result of certain factors,
including our failure to satisfy the conditions necessary to
complete the proposed settlement. Any forward-looking statement
made by the Company in this press release speaks only as of the
date of this press release. Unless required by law, the Company
does not undertake to release publicly any revisions to these
forward-looking statements to reflect future events or
circumstances or to reflect the occurrence of unanticipated
events.
Investor Relations
Contact:888.504.9929investors@verb.tech
Media Contact:855.250.2300,
ext.107info@verb.tech
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