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MicroStrategy | 8-K: Chairman of the Board of Directors Michael J. Saylor Reached a $40 Million Settlement About Tax Fraud Litigation

SEC announcement ·  Jun 3 19:50
Summary by Futu AI
MicroStrategy Incorporated has reached a settlement with the District of Columbia, concluding a legal dispute over allegations of tax evasion. The District's Office of the Attorney General had filed a civil complaint against Michael J. Saylor, MicroStrategy's Chairman of the Board and Executive Chairman, and the company itself, claiming that Mr. Saylor failed to pay personal income taxes and that the company conspired to assist in this matter. Initially, the court dismissed the claims against both parties, but the District was later allowed to amend its complaint. On May 31, 2024, a Consent Order was stipulated, with MicroStrategy and Mr. Saylor agreeing to pay $40 million to settle the case without admitting to any wrongdoing. According to a separate agreement, Mr. Saylor will cover the entire settlement amount, and MicroStrategy will not contribute to the payment.
MicroStrategy Incorporated has reached a settlement with the District of Columbia, concluding a legal dispute over allegations of tax evasion. The District's Office of the Attorney General had filed a civil complaint against Michael J. Saylor, MicroStrategy's Chairman of the Board and Executive Chairman, and the company itself, claiming that Mr. Saylor failed to pay personal income taxes and that the company conspired to assist in this matter. Initially, the court dismissed the claims against both parties, but the District was later allowed to amend its complaint. On May 31, 2024, a Consent Order was stipulated, with MicroStrategy and Mr. Saylor agreeing to pay $40 million to settle the case without admitting to any wrongdoing. According to a separate agreement, Mr. Saylor will cover the entire settlement amount, and MicroStrategy will not contribute to the payment.
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