Paltalk Estimates It Would Receive No More Than One Third Of Gross Proceeds In Connection With $65.7M Jury Verdict Against Cisco

On August 29, 2024, the jury awarded the Company $65.7 million in a jury verdict in connection with the Lawsuit, which remains subject to post-trial proceedings (including any potential appellate proceedings by Cisco) and the entry of a final judgment by the Court.

The exact amount of the Award proceeds to be received by the Company will be determined based on a number of factors and will reflect the deduction of significant litigation-related expenses, including legal fees.

Consequently, the Company estimates that it would receive no more than one third of the gross proceeds in connection with the Award, subject to post-trial proceedings (including any potential appellate proceedings by Cisco) and the entry of a final judgment by the Court.

Susman Godfrey LLP and Waco-based Cherry Johnson Siegmund James served as legal counsel to Paltalk in connection with the Lawsuit.