XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
The Company evaluated subsequent events in accordance with ASC Topic 855 and determined that the following qualifies as a recognized Type 1 subsequent event.
On November 7, 2022, the Company entered into the MOU to settle and resolve the previously disclosed shareholder class action lawsuit. The MOU memorializes the parties’ agreement to execute and submit a formal, binding settlement agreement for the Court’s approval, setting forth all of the material terms of the settlement reached by the plaintiffs and defendants. The settlement provides for a payment to the plaintiffs of $15.0 million, to which the Company has agreed to contribute $13.0 million. The settlement agreement will include a mutual release of all claims against all parties, and the lawsuit will be dismissed with prejudice. The MOU does not include any admission of wrongdoing by any party. As a result of the agreed upon settlement, the Company recorded a $13.0 million provision for legal settlement, a corresponding liability, and related tax effects in its unaudited condensed consolidated financial statements as of September 30, 2022. See Note 12, Contingencies, for additional information.