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Domo’s Noncash Deal Ends Challenge to $19 Million Founder Grants

Sept. 22, 2022, 5:49 PM

Domo Inc. will adopt a series of governance and oversight reforms to end investor litigation challenging about $19 million in equity awards to the business intelligence company’s founder, Joshua James, according to court filings in Delaware.

Chancellor Kathaleen St. Jude McCormick dismissed the case Wednesday from the state’s Chancery Court, where a Domo investor last year accused its board of rubber-stamping stock grants worth $11.4 million and $7.5 million.

The brief court order came two days after McCormick approved the noncash settlement from the bench. The deal, first disclosed in June, generally requires Domo’s board to put in place a ...