Alignment Healthcare Inc.
04/11/2025 | Press release | Distributed by Public on 04/11/2025 15:47
Material Event (Form 8-K)
Item 8.01 Other Information.
As previously disclosed, on April 30, 2024, Alignment Healthcare, Inc. (the "Company") entered into an amended and restated stockholders agreement with funds managed by General Atlantic and Warburg Pincus LLC, which, among other things, had the effect of rendering moot the stockholder lawsuit captioned Maglione v. Konowiecki, et. al., C.A. No. 2023-0691-JTL (Del. Ch.) (the Action").
As previously disclosed, on May 24, 2024, the Court of Chancery of the State of Delaware entered an order dismissing the Action as moot, but retained jurisdiction solely for the purpose of resolving the plaintiff's counsel's anticipated motion for an award of attorneys' fees and expenses.
Without admitting any fault or wrongdoing, the Company subsequently agreed to pay $950,000 in attorneys' fees and expenses to the plaintiff's counsel in full satisfaction of any and all claims for fees and expense in the Action by plaintiff or plaintiff's counsel. In entering the order, the Court did not review, and did not pass judgment on, the payment of the attorneys' fees and expenses.
On April 9, 2025, the Court entered an order closing the Action, subject to the Company filing an affidavit with the Court confirming that this notice has been issued. In entering the order, the Court was not asked to review, and did not pass judgment on, the payment of the attorneys' fees and expenses or their reasonableness.