United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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Item 8.01 Other Events
On May 17, 2022, CalAmp Corp. (the “Company”) entered into a Settlement Agreement (the “Settlement Agreement”) by and among the Company and Omega Patents, LLC (“Omega”) to settle all claims and counterclaims related to a patent infringement lawsuit filed by Omega against the Company in December 2013 (the “Lawsuit”). Pursuant to the Settlement Agreement, the Company agreed to pay Omega $4.9 million in cash and the parties have agreed to dismiss the Lawsuit, with prejudice. In addition, Omega agreed to release the Company from certain claims, including those arising out of the Lawsuit.
The Company previously recorded charges aggregating $3.0 million associated with the Lawsuit as of and through February 28, 2022. Such amount was reflected in other current liabilities in the consolidated balance sheet that was included in the Company’s Annual Report on Form 10-K for the period ended February 28, 2022.
The Settlement Agreement was unanimously approved by the Company’s Board of Directors.
The Settlement Agreement does not constitute an admission of liability, culpability, negligence, or wrongdoing on the part of the Company or Omega. The Company believes the settlement is in the best interests of the Company and its shareholders. The settlement reflects the Company’s desire to forgo further litigation uncertainty, risk, expense, and potential damages, and to eliminate further distraction from business focus associated with continuing lengthy and complex litigation and possible appeals.
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.
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Dated: May 23, 2022 |
CALAMP CORP. |
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By: |
/s/ Kurtis Binder |
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Kurtis Binder |
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Executive Vice President and Chief Financial Officer (Principal Financial Officer) |