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Social Reality, Tronc Settle Lawsuit For $2.25M

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Social Reality, Tronc Settle Lawsuit For $2.25M
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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.

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Posted-In: legal Social Reality troncNews Offerings Legal

 

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