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Should put a memo in the financial statement

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Point 1: CI is currently engaged in a legal case over the patent for Check Me Out. Mark Ramsey, the ex-boyfriend of one of CPS founders, has filed suit against CI. Ramsey claims that Check Me Out was his idea. He is suing CI for $2,500,000. C1 claims that the suit is preposterous and completely impossible to prove. Nothing has been recorded in the financial statements with respect to this lawsuit. Legal advice has yet to be sought.

Question 1: Should put a memo in the financial statement? or Do just ignore this issue?

Reference no: EM132477168

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