secwatch.observer — SEC 8-K summary
======================================

Issuer:     Cloudflare, Inc. (NET)
CIK:        0001477333
Form:       8-K
Filed at:   2022-05-25T23:59:59+00:00
Accession:  0001477333-22-000035
Event type: litigation
Sentiment:  neutral
Materiality: 0.30
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1477333/000147733322000035/0001477333-22-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1477333/000147733322000035/cloud-20220518.htm
  HTML page:      https://secwatch.observer/filing/0001477333-22-000035

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer