Lovesac reaches derivative settlement; will adopt governance reforms for 4 years

Lovesac Co

Lovesac to implement corporate governance reforms for at least 4 years per settlement agreement.
Settlement resolves claims related to financial restatement and internal control weaknesses.
Company to pay $335,000 in attorneys' fees and expenses; plaintiffs each receive $2,500 service award.
Court granted preliminary approval on June 3, 2025; final approval hearing set for Oct 1, 2025.
Defendants deny all wrongdoing; settlement requires no monetary payment from Lovesac.

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