Settlement Agreement

9 Months Ended

Sep. 30, 2019

Settlement Agreement

Settlement Agreement

15.  Settlement Agreements

On August 7, 2018, the Company entered into a confidential settlement agreement and mutual release (the “Settlement Agreement”) with its former CEO, former CFO and a former and then current director.  For more details see Note 10 in Form 10-K filed on March 18, 2019. This resulted in a net settlement expense of approximately $1.0 million for the nine month ended September 30, 2018.

On August 7, 2019, the Company entered into a settlement agreement relating to the class action lawsuits described below. This resulted in a settlement expense of approximately $0.4 million for the nine months ended September 30, 2019. See Note 16 below for further details. The settlement is subject to court review and approval, which is scheduled for February, 2020.