According to the Complaint, IronNet, Inc. engages in the provision of cyber security services through its collective defense platform. On August 27, 2021, IronNet became a publicly traded company via a merger (the “Merger”) with LGL Systems Acquisition Corp. (“LGL”), a blank check company otherwise known as a special purpose acquisition vehicle (“SPAC”).

The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements and failed to disclose known adverse facts about IronNet's business, operations, and prospects, including that: (i) the Company had materially overstated its business and financial prospects; (ii) the Company was unable to predict the timing of significant customer opportunities which constituted a substantial portion of its publicly-issued FY 2022 financial guidance; (iii) the Company had not established effective disclosure controls and procedures to reasonably ensure its public disclosures were timely, accurate, complete, and not otherwise misleading; and (iv) as a result, the Company’s public statements were materially false, misleading, and/or lacked any reasonable basis in fact at all relevant times.

On July 15, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 29. Defendants filed a Motion to Dismiss the amended Complaint on October 26. On August 9, 2023, the Court issued an Order denying Defendants' Motion to Dismiss.

On September 23, 2024, the parties entered into a Stipulation and Agreement of Settlement. On March 28, 2025, the Court issued an Order granting preliminary approval of the Settlement.