1. Articles in category: Securities

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    1. Carnival Cruise Line Pays High Price to Get Credit Investors On Board

      Carnival Cruise Line Pays High Price to Get Credit Investors On Board

      Carnival Corp the world’s largest cruise operator, said it has raised $6.25 billion by issuing new debt and equity on Wednesday, borrowing at a high cost to weather the economic storm of the coronavirus pandemic.

      Despite having its cruise ships idled to comply with coronavirus travel restrictions, the company was able to attract enough investors that its capital raising was oversubscribed several times over, albeit at a steep price, sources told Reuters. 

      Carnival priced $4 billion in bonds maturing in 2023 - upsized from the $3 billion originally planned - with a yield at par value of 11.5%, it said in a statement. 

      By comparison, Carnival paid a 1% yield in October, when it borrowed 600 million euros ($657 ...

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      Mentions: Coronavirus
    2. Oil And Gas M&A Deals Crash Along With Prices

      Oil And Gas M&A Deals Crash Along With Prices

      A new report from Enverus (formerly DrillingInfo) shows that mergers and acquisitions activity within the oil and gas industry crashed during the first quarter along with the price for crude oil. The report details just $770 million in domestic M&A activity, less than 1/10th of the average quarterly activity seen in the industry over the previous ten years.

      “Even before oil prices collapsed on COVID-related demand issues and the surge in global production led by Saudi Arabia, M&A markets were highly challenged,” commented Enverus Senior M&A Analyst Andrew Dittmar. “Responding to Wall Street pressures, E&Ps had slashed spending and refocused from growth to cash flow dampening the appetite for acquisitions.”

      The largest dollar transaction Enverus ...

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    3. Class Action Lawsuit Against Six Flags Entertainment Corporation Over Investor Losses

      Class Action Lawsuit Against Six Flags Entertainment Corporation Over Investor Losses

      A class-action lawsuit was filed against Six Flags Entertainment Corporation for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

      The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

      According to the Complaint, the Company made false and misleading statements to the market. Six Flags suffered from park development delays in China with partner Riverside. The delays were not "short-term" by any reasonable definition; in fact, the delays were both long-term and material in nature. Riverside ...

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    4. Synchrony Beats Securities Lawsuit Over Lost Walmart Partnership

      Synchrony Beats Securities Lawsuit Over Lost Walmart Partnership

      Private label credit card maker Synchrony Financial defeated a securities lawsuit claiming it covered up problems with its underwriting practices that caused it to lose a $9 billion partnership with Walmart Inc., after the District of Connecticut cited a lack of misrepresentations. 

      The proposed class action, led by institutional investors Stichting Depositary APG Developed Markets Equity Pool and Stichting Depositary APG Fixed Income Credits Pool, accused Synchrony and top executives and board members of misleading investors about the worsening status of its underwriting practices and the deterioration of its decades-long relationship with Walmart, which was once the company’s “most important” client.

      Judge Victor A. Bolden dismissed the lawsuit, saying the investors failed to identify material misrepresentations on which a ...

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    5. A Securities Class Action Lawsuit was Filed Against Gulfport Energy Corporation

      A Securities Class Action Lawsuit was Filed Against Gulfport Energy Corporation

      A class action lawsuit was filed in the United States District Court for the Southern District of New York against Gulfport Energy Corporation (NASDAQ: GPOR). Federman & Sherwood reminds current and former shareholders of Gulfport Energy Corporation that they only have until Monday, May 18, 2020 to move the court for appointment as a lead plaintiff in this case. The Complaint alleges violations of Section 10(b) and Section 20(a) of the Securities Exchange Act, and Rule 10b-5 promulgated thereunder.

      Our firm seeks to recover damages on behalf of the Class. Federman & Sherwood has extensive experience and expertise in prosecuting securities litigation involving financial fraud. We represent investors throughout the country in shareholder litigation.

      According to the lawsuit, defendants throughout ...

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    6. Global M&A Dwindles as Coronavirus Batters World’s Economies

      Global M&A Dwindles as Coronavirus Batters World’s Economies

      Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in March, compounding a slow start to the year for dealmakers.

      Deal activity in the United States dropped by half to $252 billion in the first three months from a year ago, driving global volumes down to $698 billion from $964 billion in the first quarter of 2019, according to Refinitiv data. Asia volumes dropped 17% year-on-year to $142.9 billion.

      Europe saw its deal volume more than double to $232 billion thanks to a handful of mega-deals clinched just weeks before the virus started battering the continent's economies.

      With large ...

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      Mentions: Coronavirus
    7. Global Stocks Fall as Investors Brace for Another Uncertain Week in Markets

      Global Stocks Fall as Investors Brace for Another Uncertain Week in Markets

      Global markets sank again on Monday as the coronavirus pandemic continued to worsen and after President Donald Trump announced that social distancing measures would be extended at least through April 30.

      Oil was also slammed by the prospect of further disruption to the US economy and with Saudi Arabia apparently determined to pursue a price war with Russia and American producers to regain market share. 
      Japan's Nikkei 225 (N225) fell 3.7%, Hong Kong's Hang Sang Index (HSI) dropped 1.3% and China's Shanghai Composite (SHCOMP) fell 0.9%. Germany's DAX (DAX) dropped 1.4% in early trading, while France's CAC 40 (CAC40) fell 2.4%. The FTSE 100 (UKX) shed 2.3% in London ...
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      Mentions: Coronavirus
    8. Alnylam Beats Investor Lawsuit Over Rare Treatment

      Alnylam Beats Investor Lawsuit Over Rare Treatment

      A federal judge has dismissed a lawsuit accusing Alnylam Pharmaceuticals Inc of misleading investors about the effectiveness and safety of a therapeutic injection it developed called Onpattro used to treat a rare hereditary disease. 

      U.S. District Judge Nathaniel Gorton in Boston on Monday ruled the complaint in the proposed class action failed to show that Alnylam knew it could not obtain U.S. regulatory approval to market Onpattro to treat one of the disease’s main symptoms.

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    9. Lawsuit Filed Against HF Foods Group, Inc. for Securities Laws Violations

      Lawsuit Filed Against HF Foods Group, Inc. for Securities Laws Violations

      Block & Leviton LLP a national securities litigation firm, announces that a class action lawsuit has been filed against HF Foods Group, Inc. and certain of its officers for potential securities fraud.  Investors who purchased HF Foods shares between August 23, 2018 and March 23, 2020 are encouraged to contact the firm for a free case evaluation.

      On March 23, 2020, Hindenburg Research issued a critical report alleging that HF Foods engaged in “massive undisclosed related-party transactions,” that shareholder cash was “spent on exotic supercars,” and that the Company had an “outrageous fundamental valuation.”

      The lawsuit, filed in the U.S. District Court for the Central District of California, alleges that the Company made false and misleading statements and/or failed ...

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    10. Economists and Investors Are Flying Blind Through a Pandemic

      Economists and Investors Are Flying Blind Through a Pandemic

      Faced with an unprecedented crisis, economists and investors are racing to understand the depth of the coronavirus recession and its aftershocks. The problem is, the datasets they'd typically rely on are practically useless.

      Take the monthly US jobs report, which is due out for March this Friday. In normal times, it provides crucial information: How many jobs were added to the economy? What's the unemployment rate? Did wages go up?
      A vital snapshot of America's economic health, it's usually a must-read. But because the survey was conducted in the second week of March, before many of the shutdowns aimed at controlling the spread of the novel coronavirus came into effect, it's already outdated.
      "This is ...
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      Mentions: Coronavirus
    11. U.S. Fed Hires BlackRock to Help with Mortgage-Backed Securities

      U.S. Fed Hires BlackRock to Help with Mortgage-Backed Securities

      Over the past week, the central bank has released a volley of measures to boost liquidity in the financial markets and get cash into the hands of small businesses and consumers amid growing worries the coronavirus outbreak would wreak economic havoc across the country. 

      As part of that program, the Fed has committed to purchasing billion of dollars of commercial mortgage-backed securities (CMBS) secured primarily by multifamily home mortgages guaranteed by housing giants Fannie Mae and Freddie Mac. 

      The New York Fed said in a statement on Tuesday it had retained BlackRock Financial Markets Advisory to purchase the assets on the Fed’s behalf from primary dealers in the market.

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      Mentions: Coronavirus
    12. Class Action Lawsuits Have Been Filed Against Southwest Airlines

      Class Action Lawsuits Have Been Filed Against Southwest Airlines

      The complaint, filed on February 19, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.

      Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Southwest’s operations were non-compliant with government maintenance and safety regulations; (ii) the foregoing issues were exacerbated by Southwest’s undue influence over FAA officials and, consequently, lax regulatory oversight of the Company’s operations; (iii) all of the foregoing significantly increased the safety risks to passengers traveling on Southwest flights and heightened governmental scrutiny into the Company; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant ...

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    13. Central Banks Take Over Securities Markets Amid Covid-19

      Central Banks Take Over Securities Markets Amid Covid-19

      There are only a handful of global experts on how eurodollar markets, dollar swaps, shadow banks and money market funds interact with central banks. International monetary and economic expert Robert McCauley, a senior research associate at the Global History of Capitalism project, is one of them. He’s sent us a useful account of the extraordinary moves central banks like the Federal Reserve are now taking to stabilise securities markets and how exceptional they are in relation to recent precedents.

      A key observation is that while the Fed hasn’t yet exhausted its options in this arena, some of the moves it is now experimenting with are on the verge of opening a new chapter in central bank support for ...

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    14. Comcast And Disney Are Raising Cash And Selling $4 Billion In Debt Securities

      Comcast And Disney Are Raising Cash And Selling $4 Billion In Debt Securities

      Comcast has raised $4 billion from the sale of debt securities, according to an SEC filing in the midst of an escalating economic crisis, following Disney, which raised $6 billion last Friday.

      “This goes to the saying that use raise money when you can, not when you need it. Disney and Comcast are the two strongest companies in the media space and investors are happy to lend to them, so it is not surprising that the two of them tapped the bond market,” said one Wall Streeter.

      NBCUniversal’s theme parks are closed, movie releases shifted and TV production largely shut down. The Summer Olympics in Tokyo slated to start in July were delayed, putting $1.25 billion of advertising ...

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      Mentions: Coronavirus
    15. Shareholder Sues to Block TD Ameritrade-Schwab Merger

      Shareholder Sues to Block TD Ameritrade-Schwab Merger

      Another TD Ameritrade Holding Corp. shareholder has filed a lawsuit attempting to derail the discount brokerage firm’s acquisition by Charles Schwab Corp.

      Shiva Stein, who has a history of working with plaintiffs’ attorneys to litigate against merger targets, filed a complaint Monday in U.S. District Court in Delaware seeking to rescind the all-stock deal that Schwab valued at $26 billion when it was announced in November. The merger registration statements urging shareholder approval are “materially incomplete and misleading” in omitting explanations of financial projections, the lawsuit says.

      The complaint asks the court to temporarily and permanently enjoin the merger, rescind it “to the extent already implemented,” order an accounting of all damages Stein suffered and award attorneys’ and ...

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    16. Lawsuit Alleges Securities Fraud in Sen. Richard Burr's Stocks Sell-Off

      Lawsuit Alleges Securities Fraud in Sen. Richard Burr's Stocks Sell-Off

       Senate Intelligence Chairman Richard Burr (R-N.C.) was hit with a federal lawsuit Monday over his sell-off of shares before the market crashed over concerns about the novel coronavirus pandemic.

      Wyndham Hotels and Resorts shareholder Alan Jacobson alleges "acts of securities fraud committed by [Burr]" and "abuse of his powers as a U.S. Senator" when he sold his $150,000 stake in the business. Burr strongly denies any wrongdoing and asked the Senate Ethics Committee Friday to review the sell-offs.

      Burr had been receiving daily coronavirus updates from the intelligence community in his role as committee chairman, per a Feb. 27 report by Reuters. After writing a Feb. 7 Fox News op-edthat said the U.S. is "better ...

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      Mentions: Coronavirus
    17. Lawsuit Over Security Laws Violations Against Signet Jewelers Ltd.

      Lawsuit Over Security Laws Violations Against Signet Jewelers Ltd.

      The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in shares of Signet Jewelers Ltd.

      A lawsuit was filed against Signet Jewelers Ltd. (NYSE: SIG over alleged securities laws violations. The plaintiff claimed that the defendants failed to disclose that the Company’s efforts to convert IT systems in connection with the credit portfolio transition were negatively impacting sales, that the magnitude of in-store process changes related to the new credit program were negatively impacting sales, that, as such, the Company was experiencing systems and process disruptions associated with the outsourcing of its credit portfolio, that the disruptions were negatively impacting the Company’s performance, and that, as a result of the foregoing, Defendants’ positive statements ...

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    18. Class Action Lawsuit Against Sterling Bancorp, Inc. Over Investor Losses

      Class Action Lawsuit Against Sterling Bancorp, Inc. Over Investor Losses

      According to the Complaint, the Company made false and misleading statements to the market. Sterling repeatedly touted its strict underwriting, quality of its assets, and its Advantage Loan Program.

      The Company admitted on December 9, 2019, that it "voluntarily and temporarily suspended its Advantage Loan program in connection with an ongoing internal review of the program's documentation." Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Sterling, investors suffered damages.

      The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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    19. Inovio Pharmaceuticals Face Class Action Lawsuit

      Inovio Pharmaceuticals Face Class Action Lawsuit

      The Thornton Law Firm alerts INO investors that a lawsuit has been filed against Inovio Pharmaceuticals on behalf of shareholders (INO). There is no minimum number of shares required to be a class member.

      Interested INO shareholders have until May 12, 2020 to apply to be lead plaintiff. The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

      The lawsuit alleges that Inovio had not developed a COVID-19 vaccine. The lawsuit states that on March 9, 2020, before trading commenced, Citron Research exposed Defendants' misstatements, calling for an SEC ...

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    20. Lawsuit Filed Against Tupperware Brands Corporation on Behalf of Shareholders

      Lawsuit Filed Against Tupperware Brands Corporation on Behalf of Shareholders

      Thornton Law Firm LLP announces that a lawsuit has been filed against Tupperware Brands Corporation on behalf of Tupperware shareholders (TUP). There is no minimum number of shares required to be a class member and the lead plaintiff window is open.

      The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

      Tupperware Brands Corporation operates as a direct-to-consumer marketer of various products across a range of brands and categories in Europe, Africa, the Middle East, the Asia Pacific, North America, and South America. The Company manufactures and sells an ...

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    21. 2008 Financial Crisis Did Not Prepare US for 2020 Coronavirus Crisis

      2008 Financial Crisis Did Not Prepare US for 2020 Coronavirus Crisis

      The coronavirus is exposing potential flaws in America’s financial regulatory system, a decade after a massive overhaul was designed to prevent the next crisis.

      While U.S. banks have much stronger balance sheets than they did during the 2008 financial crisis, some of the reforms in the so-called Dodd-Frank law passed in 2010 did not anticipate that a devastating pandemic would virtually shut down the global economy. Here’s just one example of the limits of the law: The Federal Reserve is no longer allowed to bail out individual companies, which some argue may hamper the central bank’s power to help mission-critical institutions.

      "It could all catch up to us," said Amanda Fischer, a former aide to the ...

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      Mentions: Coronavirus
    22. Beyond Meat Faces Another Investor Lawsuit

      Beyond Meat Faces Another Investor Lawsuit

      According to the filed complaint, during the class period, Beyond Meat, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) Beyond Meat's termination of its supply agreement with Don Lee constituted a breach of that agreement, thus exposing the Company to foreseeable legal liability and reputational harm; (ii) Beyond Meat and certain of its employees had doctored and omitted material information from a food safety consultant's report, which the Company represented as accurate to Don Lee; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

      Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following ...

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    23. Securities Class Action Lawsuit Filed Against Gulfport Energy Corporation

      Securities Class Action Lawsuit Filed Against Gulfport Energy Corporation

      Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Gulfport Energy Corporation  between May 3, 2019 and February 27, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Gulfport investors under the federal securities laws.

      Gulfport disclosed that its previously issued financial statements for the three and nine months ended September 30, 2019, “should no longer be relied upon due to material misstatements.” Gulfport further advised investors that “the Company has reassessed its conclusions regarding its disclosure controls and procedures as of September 30, 2019 in light of the misstatements,” and, “[a]s a result, the Company has determined that a ...

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    24. Boeing Stock Plunges as Bailout Prospects Fail to Comfort Investors

      Boeing Stock Plunges as Bailout Prospects Fail to Comfort Investors

      Shares of Boeing Co. plunged Wednesday to a seven-year low, as the prospects of a taxpayer bailout of the aerospace giant failed to allay investor fears of potential liquidity issues, as the COVID-19 pandemic continues to cripple the aerospace industry.

      Analyst Robert Stallard at Vertical Research Partners suggested a government bailout would be far from a panacea for Boeing, as it would leave the company saddled with debt and subject to stringent regulatory oversight.

      Boeing’s stock BA, -8.31% dropped 17.9% in active trading to $101.89, the lowest close since July 12, 2013. Trading volume swelled to 61.6 million shares, compared with the average volume of 11.8 million shares over the past 30 days. 

      The ...

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