Zerify Announces Settlement Agreement in Derivative Lawsuit

Zerify, an industry leader in cybersecurity, recently disclosed the resolution of a significant legal matter. In a statement issued on December 12, 2024, the company revealed the conclusion of a legal case styled Constantino Zanfardino, Derivatively on Behalf of Nominal Defendant Zerify, Inc., formerly known as Strikeforce Technologies, Inc. v. Mark L. Kay, Ramarao Pemmaraju, and George Waller, Defendants, and Zerify, Inc., formerly known as Strikeforce Technologies, Inc., Nominal Defendant.

The case, known as the Derivative Action, took place in the U.S. District Court, District of New Jersey, under Civil Action No. 2:22-cv-07258-MCA-AME, with an effective Judgment Date of November 20, 2024. As part of the proceedings, Zerify, a Wyoming corporation, entered into a Stipulation and Agreement of Settlement with the parties involved, which included the company’s directors Mark L. Kay, Ramarao Pemmaraju, and George Waller.

Under the terms of the Settlement Agreement, several key provisions were outlined, including the appointment of an independent overseer to oversee transactions involving the company and its directors. Additionally, certain company shares were to be returned, payments towards expenses and fees were stipulated, and notifications to shareholders were required.

The filing of the current report was mandated as part of the notice requirements specified in the Settlement Agreement. Alongside this, a Notice of Pendency and Proposed Settlement of Shareholder Derivative Action, dated December 3, 2024, was included as an exhibit to the report.

On December 12, 2024, Zerify issued a press release to announce the Settlement Agreement, providing a summary of the key details. This press release is intended to be considered alongside the company’s SEC filings and other public disclosures, offering a comprehensive view of the situation. Zerify emphasized that the release was not an admission regarding the materiality of the information shared.

The company’s management committed to updating information as deemed necessary but clarified that the information from the press release and the Form 8-K filing should not be treated as filed information under specific SEC regulations.

Zerify’s dedication to transparency was further underscored with the provision of Exhibits, including the Stipulation and Agreement of Settlement, the Notice of Pendency and Proposed Settlement of Shareholder Derivative Action, and the aforementioned press release date December 12, 2024.

For more extensive information and a complete understanding of the Settlement Agreement and related documents, interested parties were encouraged to refer to the full text of the exhibits filed with the Form 8-K.

Please note that the full content of the Settlement Agreement and related notices can be found in the exhibit materials accompanying the Form 8-K filing.

Zerify Contact:
Mark L. Kay
[email protected]
(732) 661-9641

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Zerify’s 8K filing here.

Zerify Company Profile

Zerify, Inc provides software development and services worldwide. The company develops and licenses various identification protection software products to protect computer networks from unauthorized access, as well as to protect network owners and users from cyber security attacks and data breaches. It offers ProtectID, an authentication platform to authenticate computer network users by various methods, including traditional passwords combined with a telephone, iPhone, Droid, Blackberry, PDA, multiple computer secure sessions, biometric identification, and encrypted devices, as well as through a push authentication method; and GuardedID that prevents the use of spyware/malware to collect user information.