Cloudflare settles proxy lawsuit for $1.6M in attorneys' fees; court closes case

Cloudflare, Inc.

Putative class action filed in Delaware Chancery on Apr 6, 2022 alleged fiduciary duty breaches over proxy disclosures.
Company took corrective actions: supplementing proxy statement and amending performance award vote definition.
Plaintiff dismissed suit with prejudice as to herself only; company agreed to pay $1.6M in attorneys' fees.
Court of Chancery closed the action on May 18, 2022; no judgment on reasonableness of fees.
Lawsuit challenged stock-option awards to co-founders Prince and Zatlyn and related stockholder vote.

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