UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
Pursuant to the settlement documentation discussed further in Item 8.01 below, a copy of a notice and the stipulation of settlement are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K. The information in Exhibits 99.1 and 99.2 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in that filing.
Item 8.01. Other Events.
On July 5, 2024, Tactile Systems Technology, Inc. (the “Company”) announced that on June 6, 2024, it entered into a Stipulation of Settlement in the stockholder derivative lawsuit pending in the United States District Court for the District of Delaware captioned Jack Weaver v. Moen, et al., File No. 1:22-cv-01063-GBW. A description of the lawsuit was set forth in the section entitled “Legal Proceedings” in Note 8 – “Commitments and Contingencies” of the condensed consolidated financial statements contained in the Company’s Form 10-Q filed with the Securities and Exchange Commission on May 6, 2024.
On June 7, 2024, the plaintiff filed an unopposed motion for preliminary approval of the settlement. On June 27, 2024, the Court entered an order granting the motion for preliminary approval of the settlement (the “Preliminary Approval Order”). The Court has scheduled a Settlement Hearing for August 28, 2024 to consider whether to grant final approval to the settlement.
Pursuant to the settlement, the Company will adopt, implement and maintain certain corporate governance reforms and has agreed to file this Form 8-K and provide other disclosures regarding the settlement. The Company has also agreed to pay approximately $0.5 million in fees and expenses related to this lawsuit. The settlement does not constitute an admission of liability or wrongdoing by the Company, or any of the Company’s current or former directors or officers.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Notice of Pendency of Derivative Action, Proposed Agreement of Settlement and Release, and Settlement Hearing | |
| 99.2 | Stipulation of Settlement | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
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.
| TACTILE SYSTEMS TECHNOLOGY, INC. | ||
| Date: July 5, 2024 | By: | /s/ Elaine M. Birkemeyer |
| Elaine M. Birkemeyer | ||
| Chief Financial Officer | ||