The Lovesac Company has announced a proposed settlement agreement in a consolidated shareholder derivative lawsuit. The settlement, which is awaiting final court approval, involves reforms aimed at enhancing corporate governance and risk management within the company. Key reforms include improvements in executive reporting, financial reporting, and the establishment of a management-level Enterprise Risk Management Committee. Additionally, enhancements will be made to director education, employee training, and the roles of the Chief Financial Officer and General Counsel. The settlement, preliminarily approved by the court on June 3, 2025, aims to bring substantial benefits to Lovesac and its shareholders. Final approval of the settlement will release all claims related to the lawsuit. Further details are available on the Investor Relations page of Lovesac's website.
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