Namaste Technologies (TSXV:N,OTCMKTS:NXTTF) announced Thursday (July 25) that it has reached settlements of the securities class actions that were commenced against it in Canada and the US in 2018.
As quoted in the press release:
$2.15 million US will be paid to settle all claims in the Canadian action and $2.75 million US will be paid to settle all claims in the US action. Namaste’s contribution to the settlement amounts, which are principally being funded by Namaste’s insurance, will be less than $500,000 US. The settlements are made without any admission or finding of liability and are subject to court approval.
“Settling these class action lawsuits removes a major business and capital markets distraction, while clearing our path ahead to increase resources and focus on what will grow the Company,” said Meni Morim, Interim CEO of Namaste Technologies. “We’re on track to becoming the world’s most customer focused cannabis marketplace, and this settlement is a win-win for Namaste Shareholders and business partners alike.”