Business Context and Reporting Period
This Form 8-K Current Report was filed by My Size, Inc. on June 29, 2017. The filing addresses corporate governance changes, specifically the resignation of a director and the appointment of a replacement, effective immediately on the report date.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Director Resignation: Zeev Levenberg resigned from the Board of Directors effective June 29, 2017.
- Reason for Resignation: Mr. Levenberg cited a recently filed class action lawsuit and a conflict regarding legal representation (the company's counsel differs from the counsel representing independent directors).
- Director Appointment: Arik Kaufman was appointed to fill the vacancy created by Mr. Levenberg's departure.
Outlook, Risks, and Management Commentary
Legal Contingency: The resignation is directly linked to a class action lawsuit previously reported in an 8-K filed on May 11, 2017. The filing highlights a potential conflict of interest regarding legal counsel for the company versus independent directors.
New Director Profile: Arik Kaufman, age 37, is an attorney specializing in commercial law, corporate law, and capital markets. He holds an LL.B from the Interdisciplinary Center, Herzliya, and has experience in financial reporting and regulation. He currently serves as a director and audit committee chairman for B.G.I. Investments (1969) Ltd.
Term: Mr. Kaufman will serve until the 2018 annual meeting of stockholders or until his successor is elected.
Key Facts for Investor Verification
- Verify the details of the class action lawsuit filed in May 2017 referenced in the resignation letter.
- Confirm the status of legal representation for the company and independent directors regarding the pending litigation.
- Review the background and potential conflicts of interest for the newly appointed director, Arik Kaufman.
- Check for any subsequent filings regarding the outcome of the lawsuit or further board changes.