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Subsequent Events | 6 Months Ended
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Jun. 30, 2024
Subsequent Events [Abstract] |
Subsequent Events | 20. Subsequent Events Settlement of Insurance Claim In July 2024, pursuant to a previously filed business interruption claim, the Company received the remaining settlement amount of $7.3 million. The Company recorded the payment received as other income, net in the third quarter of 2024. Class Action Lawsuits On July 15, 2024, the Company entered into a settlement agreement (the “Settlement Agreement”) with the plaintiffs in connection with the Class Action Lawsuit. Pursuant to the Settlement Agreement, the Company will make a cash payment upon the receipt of an executed release of all claims by the plaintiffs. The payment will have no material impact on results of operations, financial condition or cash flow of the Company. The Settlement Agreement is subject to approval by the United States District Court for the Northern District of California. If the court does not grant final approval of the Settlement Agreement, or the settlement does not otherwise become final or effective, proceedings in the Class Action Lawsuit will continue. See Note 13 - Commitments and Contingencies - Legal Proceedings for further discussion of the Class Action Lawsuit. On July 24, 2024, a former part-time employee filed a class action lawsuit against Purple LLC in California Superior Court in the County of Alameda alleging failure to pall all wages, failure to pay overtime pay rate, failure to provide all meal periods, and other employment-related causes of action. The suit seeks damages, interest, attorneys’ fees, costs and other relief on behalf of all non-exempt California employees of Purple LLC during the applicable statutory periods.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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