CARY, N.C., Sept. 16, 2024 /PRNewswire/ — Fathom Realty, a completely owned subsidiary of Fathom Holdings Inc. (Nasdaq: FTHM), a countrywide, technology-driven, end-to-end actual property products and services platform integrating residential brokerage, loan, identify, and SaaS choices for brokerages and brokers, as of late introduced that it has reached a national agreement indistinguishable to claims asserted in Burnett v. The Nationwide Affiliation of Realtors., et al.
Time we consider the agreement quantity is immaterial in GAAP phrases, Fathom Holdings is disclosing the main points within the spirit of transparency. As a part of the agreement, Fathom Realty pays $500,000 right into a agreement treasure inside 5 days later the agreement is officially licensed by way of the courtroom, $500,000 on or earlier than October 1st, 2025, and $1,950,000 on or earlier than October 1st, 2026. The Corporate believes that it has, and can generate, ample finances to create those bills with out compromising its trade.
Fathom Realty has additionally indubitably to stick to the rule of thumb adjustments set out by way of the Nationwide Affiliation of REALTORS.
“Fathom Realty was founded on the principle of delivering unparalleled support to our agents. We believe that this settlement represents the most prudent way forward, enabling our agents to focus on their clients without the distraction of prolonged litigation,” mentioned Fathom Holdings CEO, Marco Fregenal. “Our unwavering commitment to providing excellent service to our agents, clients, and customers remains steadfast. As we proceed, it is important to note that this settlement is not an admission of liability or an acknowledgment of the validity of any claims made against us. We continue to assert that Fathom never participated in any conspiracy to inflate commissions and continue to believe that due to our flat-fee model, there was no incentive to join any such conspiracy. Entering into a settlement now has the benefits of avoiding ongoing legal fees and removing the demand on the executive team’s time, allowing us to focus on growing our business and ensuring our agents continue to have the opportunity to excel in their service to clients.”
About Fathom Holdings Inc.
Fathom Holdings Inc. is a countrywide, technology-driven, actual property products and services platform integrating residential brokerage, loan, identify, and SaaS choices to brokerages and brokers by way of leveraging its proprietary cloud-based tool, intelliAgent. The Corporate’s manufacturers come with Fathom Realty, Surround Lending, intelliAgent, LiveBy, Actual Effects, and Verus Identify. For more info, consult with www.FathomInc.com.
Cautionary Observe Regarding Ahead-Taking a look Statements
This press loose accommodates “forward-looking statements,” made pursuant to the Personal Securities Litigation Reform Employment of 1995. Ahead-looking statements are topic to diverse situations, lots of which can be past the regulate of the Corporate, together with: liquidity possibility and the likelihood the Corporate may have to lift extra money; dangers indistinguishable to acquisitions and the mixing of acquisition; dangers indistinguishable to common financial situations, together with rates of interest; dangers in successfully managing speedy expansion in our trade; reliance on key team of workers; aggressive dangers; and the alternative possibility elements all set forth from while to while in our SEC filings, copies of which can be to be had at the SEC’s web page, www.sec.gov. The Corporate undertakes disagree legal responsibility to replace those statements for revisions or adjustments later the year of this loose, apart from as required by way of regulation.
Investor Touch:
Matt Glover
Gateway Group, Inc.
949-574-3860
[email protected]
SOURCE Fathom Holdings Inc.
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