Intrusion Inc 8-K, filed Apr 13, 2022
Intrusion Inc (INTZ)
About this 8-K
Intrusion Inc filed this 8-K on April 13, 2022, reporting on events of April 5, 2022.
Items reported
- Item 8.01: Other events
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Item 8.01 Other Events.
As previously disclosed, in April and May 2021, Intrusion Inc. (the “Company”), its current chief financial officer B. Franklin Byrd, and its now-former chief executive officer Jack Blount were named in two purported class action lawsuits filed in the United States District Court, Eastern District of Texas, Sherman Division. The lawsuits were captioned Celeste v. Intrusion Inc. et al., Case No. 4:21-cv-00307 (E.D.Tex) and Neely v. Intrusion Inc., et al., Case No. 4:12-cv-00374 (E.D. Tex.). In November 2021, the Celeste and Neely actions were consolidated and a lead plaintiff appointed. The lead plaintiff filed his amended complaint on February 7, 2022, which named as additional defendants current and former officers and directors of the Company James Gero, T. Joe Head, Gary Davis, and Michael Paxton.
Following a mediation held on April 5, 2022, the parties to the consolidated action entered into a term sheet to resolve the action. The terms and conditions of the settlement will be set forth in a stipulation of settlement that will be filed with the court in connection with a motion for approval of the settlement. The finality of the settlement is subject to certain terms and conditions and is also subject to court approval.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The Company uses words and phrases such as “an agreement,” “subject to,” “would,” “expects,” “provides” and similar expressions to identify forward-looking statements in this report, including forward-looking statements regarding the Company’s ability to settle the matters raised in the subject lawsuits. Such forward-looking statements are based on information available to the Company as of the date of this report and involve a number of risks and uncertainties, some beyond the Company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the ability to finally document the settlement with the plaintiffs; (ii) the ability to secure final approval from the Court; and (iii) other risks described in the Company’s Annual Report on Form 10-QK for the year ended December 31, 2021, and future filings and reports by the Company. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated: April 12, 2022
| INTRUSION INC. | ||
| By: | /s/ B. Franklin Byrd | |
| B. Franklin Byrd | ||
| Chief Financial Officer | ||
| 2 |