According to the Complaint, RealNetworks, Inc. is a technology Company that was instrumental in creating the streaming media category in the mid-1990s and is involved in numerous lines of technology-related business today.

On July 28, 2022, the Company announced it had signed a definitive agreement to sell the Company to its CEO for $0.73 per share for each share of Company stock that the CEO did not already own. At the time, the Company had over 47 million shares of common stock issued and outstanding and the CEO owned approximately 39% of the outstanding shares of RealNetworks’s stock. The Transaction closed on December 21, 2022.

The Complaint alleges that Defendants solicited stockholder approval of the Transaction by causing the filing of the materially misleading Proxy, which omitted material information that was required to be disclosed to RealNetworks’s shareholders to enable them to cast an informed vote with respect to the Transaction.

On October 31, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a redacted amended Complaint on January 24, 2025.