Impinj, Inc., a globally renowned provider and pioneer of RAIN RFID solutions has announced that on February 26, 2021, the United States District Court for the District of Delaware (the ‘Court’) issued an order (the ‘Preliminary Order’), providing for preliminary approval of the proposed settlement of the claims, asserted nominally on behalf of the company, against the individual defendants, named in the previously disclosed stockholder derivative action, entitled ‘In re Impinj, Inc.
Derivative Litigation’ (C.A. No. 18-cv-01686-RGA), pending before the Court, in accordance with the Stipulation of Settlement, dated July 10, 2020 (the ‘Stipulation of Settlement’).
The Stipulation of Settlement
The Stipulation of Settlement calls for the company to adopt certain governance changes and for the insurer to pay the plaintiff’s counsel up to US$ 900,000 in attorneys’ fees. The Preliminary Order set a final settlement approval hearing for May 11, 2021.
As required by the Preliminary Order, the Stipulation of Settlement and the Notice of Proposed Settlement of Derivative Action (the ‘Notice’) have been posted on the Investor Relations section of the company’s official website.
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