Market Overview

Social Reality, Tronc Settle Lawsuit For $2.25M

Share:
Social Reality, Tronc Settle Lawsuit For $2.25M

Social Reality Inc (NASDAQ: SRAX) announced late Friday a litigation settlement with tronc Inc (NASDAQ: TRNC) and Tribune Content Agency over an alleged breach of contract and deceptive business practices.

The settlement agreement saw neither party admitting fault or liability and resolution involving a mutual release.

Tronc, which owns more than 150 publications including the Chicago Tribune and Los Angeles Times, agreed to pay Social Reality $2.25 million owed for advertisements and related costs as well $300,000 in media coverage over the next year.

The sum is a fraction of that originally sought by Social Reality, which proposed about $35 million in damages and costs when filing its initial lawsuit in September. Social Reality’s stock has traded up 109 percent since the filing date, although more on exposure to cryptocurrency rather than legal positioning.

Also on Friday, Social Reality filed for an offering of more than 4.7 million shares from selling shareholders.

At the time of publication, shares were set to open down 3.5 percent.

Related Links:

Social Reality Spikes 70% After Announcing Initial Coin Offering Called BIGtoken

8 Ways To Play The AI Boom

Posted-In: legal Social Reality troncNews Offerings Legal

 

Related Articles (TRNC + SRAX)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

The Market In 5 Minutes: Bitcoin Futures Arrive, Economists On Monetary Policy, US Steel Upgrade

Is The Old School 'Dow Theory' Flashing A Big 'Buy' Signal?