Subsequent Event

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Event

12. SUBSEQUENT EVENT

On April 30, 2015, Firerock Global Opportunity Fund LP filed a complaint in the Northern District of Illinois asserting federal securities claims against the Company, certain officers, its directors and the underwriters in the Company’s March 2014 stock offering (the “Complaint”). The Complaint seeks as a remedy either money damages or rescission of the March offering, plus attorneys’ fees. On October 29, 2015, after mediation and subsequent discussions, the parties reached a settlement agreement in principle, which has not been finalized or executed. The settlement agreement is expected to include a release of all defendants, and dismissal of the case against all defendants with prejudice. The Company recorded for the three and nine months ended September 30, 2015, a general and administrative expense of $900,000 which is the amount the Company expects to contribute to the settlement. The Company anticipates that the remaining costs of the settlement will be covered by insurance. The proposed settlement remains subject to approval by the United States District Court for the Northern District of Illinois.