MBI on NYSE

MBIA

Logo: MBIA, Public domain, via Wikimedia Commons6

American financial services company

MBIA Inc. is an American financial services company. It was founded in 1973 as the Municipal Bond Insurance Association. It is headquartered in Purchase, New York, and as of January 1, 2015 had approximately 180 employees.3 Wikipedia text CC BY-SA 4.0

$4.42 up 0.02 (0.45%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

1973Founded1

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  • TickerMBI on NYSE1
  • Industryfinance1
  • HeadquartersArmonk1
  • Websitewww.mbia.com
  • Incorporated inCT7
  • Business address1 Manhattanville Road, Suite 202, Purchase, Ny7
  • Filer categoryNon-accelerated filer, Smaller reporting company7
  • Legal formStock Corporation4
  • LEI54F1KGFE2KNP3VAL3P424
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O C T CORPORATION SYSTEM, 06040 Manchester, United States4
  • Registered withSecretary of the State's Commercial Recording Division, 02429064

MBIA Inc. is an American financial services company. It was founded in 1973 as the Municipal Bond Insurance Association. It is headquartered in Purchase, New York, and as of January 1, 2015 had approximately 180 employees.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-221.2%Net margin10
90.5%Revenue growth, 202510

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

U S Public Finance Insurance brought in 55% of the revenue MBIA broke down this way in fiscal 2025.

  1. U S Public Finance Insurance$83.0M1055%down 16% from 2024
  2. Corporate Operations$69.0M1045%down 28% from 2024
Business segments by year
Business segments202320242025
U S Public Finance Insurance$86.0M$99.0M$83.0M
Corporate Operations$51.0M$96.0M$69.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Interest100¢$196.0M

Out of $80.0M in revenue.10 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks18¢$7.0M
  • Kept or used elsewhere82¢$31.0M

Out of $38.0M of cash from operations.10

Financial statements

Revenue1112131410$80.0M in 2025−71% since 2019
0$100.0M$200.0M$300.0M2019: $280.0M$280.0M20192020: $282.0M$282.0M2020+1%2021: $189.0M$189.0M2021−33%2022: $154.0M$154.0M2022−19%2023: $7.0M$7.0M2023−95%2024: $42.0M$42.0M2024+500%2025: $80.0M$80.0M2025+90%
Net income1112131410-$177.0M in 2025−51% since 2019
-$1.0B-$500.0M0$500.0M2019: -$359.0M-$359.0M20192020: -$578.0M-$578.0M2020+61%2021: -$445.0M-$445.0M2021−23%2022: -$195.0M-$195.0M2022−56%2023: $477.0M$477.0M20232024: $435.0M$435.0M2024−9%2025: -$177.0M-$177.0M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.10

Period ending2025-12-312024-12-312023-12-31
Net realized investment gains (losses)-$6.0M-$3.0M-$76.0M
Net gains (losses) on financial instruments at fair value and foreign exchange-$29.0M-$42.0M$4.0M
Total revenues$80.0M$42.0M$7.0M
Losses and loss adjustment-$20.0M$184.0M$177.0M
Interest$196.0M$208.0M$210.0M
Total expenses$261.0M$483.0M$491.0M
Income (loss) from continuing operations before income taxes-$181.0M-$441.0M-$484.0M
Provision (benefit) for income taxes$0$0$0
Income (loss) from continuing operations-$181.0M-$441.0M-$484.0M
Income (loss) from discontinued operations, net of income taxes-$2.0M-$3.0M-$3.0M
Net income (loss)-$183.0M-$444.0M-$487.0M
Less: Net income (loss) attributable to noncontrolling interests-$6.0M$3.0M$4.0M
Net income (loss) attributable to MBIA Inc.-$177.0M-$447.0M-$491.0M
Continuing operations - basic-$4-$9-$10
Continuing operations - diluted-$4-$9-$10
Discontinued operations - basic-$0-$0-$0
Discontinued operations - diluted-$0-$0-$0
Net income (loss) per common share attributable to MBIA Inc. - basic-$3.58-$9.43-$10.18
Net income (loss) per common share attributable to MBIA Inc. - diluted-$3.58-$9.43-$10.18
Basic49.3M shares47.4M shares48.2M shares
Diluted49.3M shares47.4M shares48.2M shares

Compare MBIA with another company

Corporate structure

MBIA sits at the top of its group. 11 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MBIA

  • MBIA Harrison, New York, United States
    • MBIA Capital Corp. Subsidiary · Delaware, United States
    • MBIA GLOBAL FUNDING, LLC Subsidiary · Harrison, New York, United States
    • MBIA Insurance Corporation Subsidiary · New York, United States
    • MBIA Services Corporation Subsidiary · Delaware, United States
    • MZ FUNDING LLC Subsidiary · Harrison, New York, United States
    • National Public Finance Guarantee Corporation Subsidiary · Purchase, New York, United States
    • National Public Finance Guarantee Holdings, Inc. Subsidiary · Delaware, United States
    • New Phoenix II, LLC Subsidiary · Delaware, United States
    • Phoenix II Intermediate, LLC Subsidiary · Delaware, United States
    • Phoenix II Recovery, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MBIA reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$2.0M10 Dec 31, 2025$1.0M14 Dec 31, 2024+100.0%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$1.3B10 Dec 31, 2025$1.2B10 Dec 31, 2024+8.6%

Properties, in its own words

The Company leases office space located in Purchase, New York, in which the Company has its headquarters. The Company generally believes that its office space is adequate and suitable for its current needs.

Item 2 of the 10-K filed Feb 26, 2026.20

The story

History

A consortium of insurance companies (Aetna, Fireman's Fund, Travelers, Cigna, and Continental) formed the Municipal Bond Insurance Association in 1973 to diversify their holdings in municipal bonds. The company went public in 1987.

In 2002, Bill Ackman, a hedge fund manager, began research which concentrated on challenging MBIA's AAA rating, despite an ongoing probe of his trading by New York State and federal authorities. He was charged copying fees for copying 725,000 pages of statements regarding the financial services company, in his law firm's compliance with a subpoena. Ackman has called for a division between MBIA's bond insurers' structured finance business and their municipal bond insurance side, despite statements from the insurance companies that this would not be a viable option.

He argued that the billions of dollars of credit default swap (CDS) protection MBIA had sold against various mortgage backed CDOs was going to be a problem. He also argued that it was not proper for MBIA, which was legally restricted from trading in CDS, to instead do it through a second corporation, LaCrosse Financial Products, which MBIA described as an "orphaned subsidiary". Ackman bought CDS against MBIA corporate debt as a way to bet that it would crash. When MBIA did, in fact, crash as the 2008 financial crisis climaxed, he sold the swaps for a large profit. Ackman reportedly attempted to warn regulators, rating agencies and investors about the bond insurers' high risk business models. The story of Ackman's battle with MBIA was turned into a book called Confidence Game (Wiley, 2010) by Bloomberg News reporter Christine Richard. He reported covering his short position on MBIA on January 16, 2009 according to the 13D filed with the SEC.

In January 2017, MBIA UK was acquired by Assured Guaranty Ltd together with its subsidiary Assured Guaranty Corp.

Credit rating history

April 4, 2008. Fitch Ratings cut MBIA's Insurance Corp rating to AA from AAA with a negative outlook. Fitch issued the new, lower rating even though MBIA had asked the ratings company, the month before, to stop assessing its credit worthiness.

June 4, 2008. Moody's Investors Service announced that it would review MBIA's rating for possible downgrade for the second time in the year. Four months before this announcement, in February 2008, Moody's had affirmed the AAA rating after MBIA raised $2.6 bn in capital and announced that would stop insuring structured finance securities for six months.

June 6, 2008. Despite having affirmed MBIA's AAA rating in February 2008, Standard and Poor's decided to downgrade MBIA's Insurance Financial Strength (IFS) rating from AAA to AA.

June 19, 2008. Moody's downgraded MBIA's credit rating 5 notches to A2.

Read the full text

November 7, 2008. Moody's further downgraded the IFS rating to "Baa1" from "A2".

June 25, 2009. Moody's downgraded MBIA from "Ba3" to "Ba1" which is a speculative grade.

March 5, 2010. Moody's referred to MBIA's IFS rating as "B3".

November 19, 2012. Moody's downgraded MBIA Inc. from "B3" to "Caa1".

May 21, 2013. Moody's upgraded MBIA Inc. from "Caa1" to "B3".

May 21, 2014. Moody's upgraded MBIA Inc. from "Ba3" to "Ba1".

From Wikipedia’s article on MBIA, shared under CC BY-SA 4.0.8

Leadership

Who has led MBIA, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (40)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • MBIA Capital Corp. Delaware9
  • MBIA Global Funding, LLC Delaware9
  • MBIA Insurance Corporation New York9
  • MBIA Services Corporation Delaware9
  • National Public Finance Guarantee Corporation New York9
  • National Public Finance Guarantee Holdings, Inc. Delaware9
  • New Phoenix II, LLC Delaware9
  • Phoenix II Intermediate, LLC Delaware9
  • Phoenix II Recovery, LLC Delaware9

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 6, 20268-K Results of operations; Regulation FD disclosure73
  2. May 7, 20268-K Results of operations; Regulation FD disclosure74
  3. Feb 26, 20268-K Results of operations; Regulation FD disclosure75
  4. Nov 4, 20258-K Results of operations; Regulation FD disclosure76
  5. Aug 19, 20258-K Other events77
  6. Aug 6, 20258-K Results of operations; Regulation FD disclosure78
  7. May 8, 20258-K Results of operations; Regulation FD disclosure79
  8. Feb 27, 20258-K Results of operations; Regulation FD disclosure80
  9. Feb 13, 20258-K Executive or director change81
  10. Nov 7, 20248-K Results of operations; Regulation FD disclosure82
  11. Aug 6, 20248-K Results of operations; Regulation FD disclosure83
  12. May 9, 20248-K Results of operations; Regulation FD disclosure84
  13. Jan 3, 2018New chief executive William C. Fallon becomes CEO21
  14. Feb 28, 2008New chief executive Joseph W. Brown becomes CEO22
  15. Feb 9, 2006New chief executive Gary C. Dunton becomes CEO23
  16. 1973Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.15) a share, on Nov 4, 2025.85

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results73
  2. May 7, 2026Reported quarterly or annual results74
  3. Feb 26, 2026Reported quarterly or annual results75
  4. Nov 4, 2025Reported quarterly or annual results76
  5. Aug 6, 2025Reported quarterly or annual results78
  6. May 8, 2025Reported quarterly or annual results79
  7. Feb 27, 2025Reported quarterly or annual results80
  8. Nov 7, 2024Reported quarterly or annual results82

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

267 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 37 major events, 154 insider forms, 33 large holders, 23 other. The latest 20:

  1. Aug 14, 2026SCHEDULE 13G EDGAR
  2. Aug 13, 2026SCHEDULE 13G/A EDGAR
  3. Aug 6, 202610-Q EDGAR
  4. Aug 6, 20268-K EDGAR
  5. Jul 23, 2026SCHEDULE 13G EDGAR
  6. Jun 9, 202611-K EDGAR
  7. May 14, 2026SCHEDULE 13G/A EDGAR
  8. May 13, 20264 PRIMARY DOCUMENT EDGAR
  9. May 13, 20264 PRIMARY DOCUMENT EDGAR
  10. May 13, 20264 PRIMARY DOCUMENT EDGAR
  11. May 13, 20264 PRIMARY DOCUMENT EDGAR
  12. May 13, 20264 PRIMARY DOCUMENT EDGAR
  13. May 7, 202610-Q EDGAR
  14. May 7, 20268-K EDGAR
  15. Apr 2, 2026DEFA14A EDGAR
  16. Mar 27, 2026SCHEDULE 13G/A EDGAR
  17. Mar 23, 2026ARS EDGAR
  18. Mar 23, 2026DEF 14A EDGAR
  19. Mar 5, 20264 PRIMARY DOCUMENT EDGAR
  20. Mar 5, 20264 PRIMARY DOCUMENT EDGAR

The 267 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 0 buys and 13 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 27, 2025Shasta TheodoreDirectorSale6,382$7.90$50.4KForm 4
Aug 21, 2025DEWBREY DIANE LDirectorSale4,975$7.15$35.6KForm 4
Aug 19, 2025Shasta TheodoreDirectorSale8,361$6.71$56.1KForm 4
Aug 12, 2025Shasta TheodoreDirectorSale20,000$6.15$123.0KForm 4
Aug 11, 2025VAUGHAN RICHARD CDirectorSale25,086$6.07$152.3KForm 4
Jan 2, 2025Shasta TheodoreDirectorSale9,570$6.74$64.5KForm 4
Dec 30, 2024Shasta TheodoreDirectorSale11,261$6.13$69.0KForm 4
Nov 20, 2024VAUGHAN RICHARD CDirectorSale3,821$6.45$24.6KForm 4
Nov 19, 2024VAUGHAN RICHARD CDirectorSale9,000$6.59$59.3KForm 4
Jun 13, 2024Shasta TheodoreDirectorSale21,405$5.52$118.2KForm 4
Dec 28, 2023VAUGHAN RICHARD CDirectorSale3,000$6.08$18.2KForm 4
Dec 27, 2023VAUGHAN RICHARD CDirectorSale12,000$6.31$75.7KForm 4
Apr 4, 2022GILBERT STEVEN JDirectorSale85,141$15.58$1.3MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025William C. Fallon$900.0K$4.3M94
2025Adam T. Bergonzi$500.0K$2.2M94
2025Christopher H. Young$375.0K$1.5M94
2025Daniel M. Avitabile$375.0K$1.5M94
2025Joseph R. Schachinger$370.8K$1.3M94
2024Chief Executive Officer$900.0K$3.9M94
2024AVP and National’s Chief Risk Officer$500.0K$2.0M94
2024AVP and National’s Chief Financial Officer$366.7K$1.3M94
2024AVP and MBIA Insurance’s President and$366.7K$1.3M94
2024EVPChief Financial Officer and Treasurer$345.8K$880.7K94
2023Chief Executive Officer$900.0K$17.1M94
2023AVP and National’s Chief Risk Officer$500.0K$8.5M94
2023AVP and National’s Chief Financial Officer$325.0K$5.7M94
2023Chief Risk Officer$325.0K$5.5M94

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Kahn Brothers Group Inc4,213,920$27.5M4.3%+2,157,486
BlackRock, Inc.3,673,151$23.9M0.0%+280,169
Wolf Hill Capital Management, LP2,118,014$13.8M1.3%−427,529
Vanguard Capital Management LLC1,991,235$13.0M0.0%+15,996
Valueworks LLC1,967,228$12.8M2.7%+35,338
Hosking Partners LLP1,549,265$10.1M0.3%−35,648
Geode Capital Management, LLC1,142,258$7.4M0.0%+55,737
State Street Corp1,092,959$7.1M0.0%+24,206
Cerity Partners LLC1,087,425$7.1M0.0%+655,209
Tcw Group Inc1,065,260$6.9M0.0%+26,800
Russell Investments Group, Ltd.459,085$3.0M0.0%+29,052
Northern Trust Corp444,082$2.9M0.0%+39,741
UBS Group AG400,226$2.6M0.0%−266,347
Charles Schwab Investment Management Inc376,149$2.5M0.0%+9,419
Chou Associates Management Inc.321,000$2.1M1.0%No change
Vanguard Portfolio Management LLC311,198$2.0M0.0%+47,122
Renaissance Technologies LLC310,892$2.0M0.0%−99,000
Whitebox Advisors LLC304,461$2.0M0.1%No change
Vanguard Fiduciary Trust Co302,691$2.0M0.0%−7,922
Tudor Investment Corp Et Al298,409$1.9M0.0%−50,596
Goldman Sachs Group Inc289,008$1.9M0.0%−34,671
Morgan Stanley249,088$1.6M0.0%−4,818
Toronto Dominion Bank227,905$1.5M0.0%−4,200
Wells Fargo & Company/mn157,381$1.0M0.0%+21,548
Alta Fundamental Advisers LLC148,662$969.3K0.4%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How MBIA is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMBIA INC2
  • CIK0000814585
  • Employer ID (EIN)06-118570620
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company20
  • Incorporated inConnecticut20
  • Fiscal year endsDecember 312
  • Industry code (SIC)6351 Surety Insurance2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address1 Manhattanville Road, Suite 202, Purchase, NY2
  • Phone914-273-45452
  • Shares outstanding51,016,444 as of Jul 31, 202617
  • Public float$196.0M as of Jun 30, 202520
  • AuditorPricewaterhouseCoopers LLP, New York PCAOB ID 238; it also attests to the company’s internal control over financial reporting20
  • On EDGAR sinceFeb 4, 19942
  • Filings2,109 in all: 4 (1,153), 8-K (293), SC 13G/A (102), 10-Q (98), SC 13G (51), CORRESP (41), 3 (38), 4/A (36)2
    All 48 form types

    11-K (33), DEF 14A (33), 10-K (32), UPLOAD (30), 5 (18), S-8 (14), DEFA14A (13), 424B5 (11), SC 13D/A (11), IRANNOTICE (9), S-3 (9), ARS (7), S-3/A (7), PRE 14A (6), SCHEDULE 13G (6), SCHEDULE 13G/A (6), S-3ASR (5), 424B2 (4), 5/A (4), 8-K/A (4), 144 (3), 424B1 (3), 8-A12B (3), 8-A12B/A (3), SC 13D (3), 10-K/A (2), 25 (2), 3/A (2), FWP (2), S-4 POS (2), 10-Q/A (1), 11-K/A (1), 424B3 (1), DEFR14A (1), NT 10-Q (1), NT 11-K (1), RW (1), S-4 (1), S-4/A (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Mar 23, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common StockMBINew York Stock Exchange

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).20

Risk factors and legal proceedings

The risks MBIA names in Item 1A of its 10-K filed Feb 26, 2026: 21 risks under these headings, as written.20

  • Insured Portfolio Loss Related Risk Factors
  • Some of the state, local and territorial governments and finance authorities and other providers of public services, located in the U.S. or abroad, that issued public finance obligations we insured are experiencing fiscal stress that could result in increased credit losses or impairments on those obligations.
  • Loss reserve estimates and credit impairments are subject to additional uncertainties and loss reserves may not be adequate to cover potential claims.
  • Political and economic conditions in the United States and elsewhere may materially adversely affect our business and results of operations.
  • Financial modeling involves uncertainty over ultimate outcomes, which makes it difficult to estimate liquidity, potential claims payments, loss reserves and fair values.
  • Our risk management policies and procedures may not adequately detect or prevent future losses.
  • Legal, Regulatory and Other Risk Factors
  • Regulatory change could adversely affect our businesses, and regulations could limit investors’ ability to affect a takeover or business combination that shareholders might consider in their best interests.
  • Our insurance companies could become subject to regulatory action.
  • Private litigation claims could materially adversely affect our reputation, business, results of operations and financial condition.
  • An ownership change under Section 382 of the Internal Revenue Code could have materially adverse tax consequences.
  • Changes in U.S. federal income tax law could materially adversely affect the value of the Company’s net deferred tax asset.
The other 11 risks
  • Ineffective internal controls, including internal control over financial reporting, could materially and adversely affect our business, financial condition, results of operations and reputation.
  • Capital, Liquidity and Market Related Risk Factors
  • We are a holding company and rely to a significant degree on cash flow from National. A disruption in this cash flow or an inability to access third-party capital could materially and adversely affect our business, operating results and financial condition and ultimately adversely affect liquidity.
  • MBIA Inc. has substantial indebtedness, and may incur additional indebtedness, which could adversely affect our financial condition, and/or our ability to obtain financing in the future, react to changes in our business and/or satisfy our obligations.
  • Adverse developments in the credit markets may materially and adversely affect MBIA Inc.’s ability to post collateral and meet other liquidity needs.
  • The level of interest rates and foreign currency exchange rates could materially and adversely affect our financial condition.
  • MBIA Corp. Risk Factors
  • Continuing elevated loss payments and delay or failure in realizing expected recoveries on insured transactions may materially and adversely affect MBIA Insurance Corporation’s statutory capital and its ability to meet liquidity needs and could cause the NYSDFS to put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding if the NYSDFS concludes that MBIA Insurance Corporation will not be able to pay expected claims.
  • MBIA Corp. insures certain transactions that continue to perform poorly and increased losses or a delay or failure in collecting expected recoveries may materially and adversely affect its financial condition and results of operations.
  • An MBIA Insurance Corporation rehabilitation or liquidation proceeding could accelerate certain of the Company’s other obligations and have other adverse consequences.
  • Revenues and liquidity would be adversely impacted by a decline in realization of installment premiums.
  • General Risk Factors
  • Interruption in information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems, could harm our business.
  • The Company is dependent on key executives and the loss of any of these executives, or its inability to retain other key personnel, could adversely affect its business.

Legal proceedings

For a discussion of the Company’s litigation and related matters, see “Note 18: Commitments and Contingencies” in the Notes to Consolidated Financial Statements of MBIA Inc. and Subsidiaries in Part II, Item 8. In the normal course of operating its businesses, MBIA Inc. may be involved in various legal proceedings. As a courtesy, the Company posts on its website under the section “Legal Proceedings,” selected information and documents in reference to selected legal proceedings in which the Company is the plaintiff or the defendant. The Company will not necessarily post all documents for each proceeding and undertakes no obligation to revise or update them to reflect changes in events or expectations. The complete official court docket can be publicly accessed by contacting the clerk’s office of the respective court where each litigation is pending.

The opening of Item 3, Legal Proceedings.20

Sources

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