Item 8.01 Other Events.
On February 17, 2023, a jury in the U.S. District Court, Western District of
North Carolina, Charlotte Division, issued a verdict against Vivint Smart Home,
Inc. ("Vivint"), in favor of CPI Security Systems, Inc. ("CPI") for
$49.7 million of compensatory damages and an additional $140 million of punitive
damages in a lawsuit filed by CPI in 2020 regarding alleged historical practices
by certain Vivint sales personnel.
Vivint believes the verdict is not legally or factually supported and intends to
pursue post-judgment remedies and file an appeal and will continue to examine
all legal options available to it.
Forward-Looking Statements
This filing contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Some of these statements can
be identified by terms and phrases such as "anticipate," "believe," "intend,"
"estimate," "expect," "continue," "could," "should," "may," "plan," "project,"
"predict" and similar expressions. Vivint cautions readers of this filing that
such "forward-looking statements" are necessarily estimates reflecting the
judgment of Vivint's senior management and involve a number of risks and
uncertainties that could cause actual results to differ materially from those
suggested by the "forward-looking statements." For a more detailed discussion of
factors that could cause Vivint's actual results to differ materially from those
expressed or implied in such forward-looking statements, see the information
under the captions "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in Vivint's most recent Annual
Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the
"SEC") on March 1, 2022 and in subsequent SEC filings. With respect to the
matters addressed in this filing, no assurances can be made regarding the
outcome of Vivint's litigation with CPI.
Vivint's forward-looking statements speak only as of the date of this filing or
as of the date they are made. Except as may be required by applicable law,
Vivint disclaims any intent or obligation to update any "forward-looking
statement" made in this filing to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over time.
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