The Toronto-based legaltech said it has reached an agreement with Proud’s activist investor fund, Plantro, to dismiss litigation between the two companies. Proud said in a press release that he plans to push the firm to focus on product development. (The Logic)

Talking point: Plantro and another investor, EdgePoint, have signed onto “standstill and voting support agreements,” which the press release said will provide “clear, stable” governance for the company through 2027. It also raises questions about Plantro’s path forward if it wanted to revive plans to acquire Dye & Durham, which was under consideration before litigation over a previous standstill agreement kicked off last year. The company’s board was already shuffled this spring, after Proud’s brother, Tyler Proud, led his own campaign to return as a director. The company is still searching for a CEO. Interim chief executive Todd Schulte said in the press release that “with our board and our largest shareholders behind us, our teams can put their full attention where it belongs.” Shares fell roughly three per cent on the Toronto Stock Exchange Friday afternoon.

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