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Yahoo Finance’s Julie Hyman, Myles Udland and Brian Sozzi discuss the stock price and short selling boom of Rocket Companies Inc.
Yahoo Finance’s Julie Hyman, Myles Udland and Brian Sozzi discuss the stock price and short selling boom of Rocket Companies Inc.
For the second time since the COVID-19 pandemic began, London's Muslim community is shifting the prayer and reflection of Ramadan to digital offerings amid the provincewide lockdown. “It’s not going to be the same, but on the level of the inner self, as we call it, the opportunity to work on the spiritual component of fasting is there,” said Munir El-Kassem, director of religious affairs at the Islamic Centre of Southwest Ontario. “The thing that will be definitely missing for the second year in a row is … the communal component of celebration.” The holy month of Ramadan, based on the Islamic lunar calendar, begins Tuesday and lasts until May 12. During Ramadan, Muslims go without food or drink from dawn to dusk. In a normal year, friends and families gather to break fast and pray each night. “We had high hopes a few weeks ago, before the lockdown. Like any spiritual community, we all need that spiritual fix,” said Ali Chahbar, a member of the London Muslim Mosque’s outreach committee. “When we found out about the lockdown, people became depressed because it’s the second time around. People are feeling a little downtrodden and bleak.” Friday prayer will continue at the London Muslim Mosque. In the current lockdown, religious services are permitted with a strict 15 per cent capacity limit, and distancing is required. Most other services, including nightly Ramadan prayer, are going digital for the second year in a row. Virtual activities to connect community members also are ramping up. El-Kassem is running virtual talks twice weekly about fasting and Ramadan, while the imam at the London Muslim Mosque has prepared digital readings of the Qur’an. The Muslim Association of Canada is offering online programming for kids during Ramadan. El-Kassem said during a typical Ramadan, spaces such as the mosque on Oxford Street or the Islamic Centre near Pond Mills would be teeming with people nightly. “It’s a month-long festival that will be missed, but we’re hoping that things will get better for future years and we’ll be able to resume those community activities,” he said. Chahbar said although the community is disappointed most of the in-person traditions have been scrapped, the pandemic restrictions have spurred creativity. He’s heard of some members converting rooms in their houses into prayer halls to use with family. “There’s a lot of compensation going on, but nothing is like the real thing, seeing people and meeting with them,” Chahbar said. “People of faith understand this is God’s will. We have to make lemonade out of those lemons.” Max Martin, Local Journalism Initiative Reporter, London Free Press
Air Canada announced today that it has entered into a series of debt and equity financing agreements with the Government of Canada, which will allow Air Canada to access up to $5.879 billion in liquidity through the Large Employer Emergency Financing Facility (LEEFF) program.
George Floyd's younger brother was among those who testified on Monday in the Derek Chauvin trial.
SAN FRANCISCO, April 12, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Ebang International Holdings (NASDAQ: EBON) investors with significant losses to submit your losses now. The firm is investigating possible securities fraud and certain investors may have valuable claims. Class Period: June 26, 2020 – Apr. 5, 2021Lead Plaintiff Deadline: June 7, 2021Visit: www.hbsslaw.com/investor-fraud/EBON Contact An Attorney Now: EBON@hbsslaw.com 844-916-0895 Ebang International Holdings (NASDAQ: EBON) Investigation: The investigation focuses on the accuracy of Ebang’s statements concerning its use of capital raised from investors and its claim to be a leading manufacturer of bitcoin mining machines. More specifically, over the past year, Ebang raised approximately $374 million from investors in public offerings and represented it would use these proceeds to “further expand our operations” in cryptocurrency mining, exchange platforms, and general corporate purposes. These statements were brought into question on Apr. 6, 2021, when analyst Hindenburg Research published a scathing report entitled “Ebang: Yet Another Crypto ‘China Hustle’ Absconding With U.S. Investor Cash.” According to Hindenburg, the company directed much of the cash out of the company through a series of opaque deals with entities linked to Ebang’s Chairman/CEO and its underwriter. Specifically, Hindenburg concludes the company directed (1) $103 million into bond purchases linked to its underwriter which has a track record of fraud allegations levied against it, and (2) $21 million to a relative of its Chairman/CEO coincident with raising that amount from investors. Hindenburg also concludes Ebang is not a leading bitcoin mining machine producer, only sold a pittance compared to other large Chinese producers, and is slated for a 97% decline in such sales for FY 2020. In response, the price of Ebang shares declined sharply. “We’re focused on investors’ losses and whether Ebang lied to investors about its true operations and use of capital,” said Reed Kathrein, the Hagens Berman partner leading the investigation. If you are an Ebang investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman. Whistleblowers: Persons with non-public information regarding Ebang should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email EBON@hbsslaw.com. About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.Contact: Reed Kathrein, 844-916-0895
Cellcom today announced it is increasing its minimum wage to $16 for all full-time, part-time and seasonal employees across Ontario and Quebec. —effective April 1st. The new Cellcom $16 minimum wage will benefit more than 170 Cellcom employees.
RADNOR, Pa., April 12, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Ebang International Holdings Inc. (NASDAQ: EBON) (“Ebang”) on behalf of those who purchased or acquired Ebang securities between June 26, 2020 and April 5, 2021, inclusive (the “Class Period”). Investor Deadline Reminder: Investors who purchased or acquired Ebang securities during the Class Period may, no later than June 7, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at email@example.com; or click https://www.ktmc.com/ebang-international-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=ebang Ebang is a leading application-specific integrated circuit chip design company and a leading manufacturer of Bitcoin mining machines. The Class Period commences on June 26, 2020, when Ebang filed its prospectus in connection with its initial public offering (the “IPO”). On October 23, 2020, Ebang filed its registration statement on a Form F-1 for an offering of Class A ordinary shares and warrants to purchase Class A ordinary shares. It was subsequently amended on October 26, 2020, November 6, 2020, and November 16, 2020 before Ebang filed a related prospectus on a Form 424b4 on November 20, 2020. According to the complaint, on April 6, 2021, before the market opened, Hindenburg Research published a report alleging, among other things, that Ebang was directing proceeds from its IPO last year into a “series of opaque deals with insiders and questionable counterparties.” According to the report, Ebang raised $21 million in November 2020, claiming the proceeds would go “primarily for development,” and that instead the funds were directed to repay related-party loans to a relative of Ebang’s Chief Executive Officer, Dong Hu. The report also noted that Ebang’s earlier efforts to go public on the Hong Kong Stock Exchange had failed due to widespread media coverage of a sales inflation scheme with Yindou, a Chinese peer-to-peer online lending platform that defrauded 20,000 retail investors in 2018, with $655 million “vanish[ing] into thin air.” Following this news, Ebang’s share price fell $0.82, or approximately 13%, to close at $5.53 per share on April 6, 2021. Then, on April 6, 2021, after the market closed, Ebang issued a statement stating that, though it believed the report “contain[ed] many errors, unsupported speculations and inaccurate interpretations of events,” the “Board, together with its Audit Committee, intends to further review and examine the allegations and misinformation therein and will take whatever necessary and appropriate actions may be required to protect the interest of its shareholders.” Following this news, Ebang’s share price fell $0.12, or 2.17%, to close at $5.41 per share on April 7, 2021. The stock price continued to decline over the next trading session by $0.38, or 7%, to close at $5.03 per share on April 8, 2021. The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) the proceeds from Ebang’s public offerings had been directed to low yield, long term bonds to an underwriter and to related parties rather than used to develop Ebang’s operations; (2) Ebang’s sales were declining, and Ebang had inflated reported sales, including through the sale of defective units; (3) Ebang’s attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures; (4) Ebang’s purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and (5) as a result of the foregoing, the defendants’ positive statements about Ebang’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Ebang investors may, no later than June 7, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com. CONTACT: Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.Adrienne Bell, Esq.280 King of Prussia RoadRadnor, PA 19087(844) 887-9500 (toll free)firstname.lastname@example.org
SAN FRANCISCO, April 12, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges XL Fleet Corp. (NYSE: XL) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims. Class Period: Oct. 2, 2020 – Mar. 2, 2021Lead Plaintiff Deadline: May 7, 2021Visit: www.hbsslaw.com./investor-fraud/XL Contact An Attorney Now: XL@hbsslaw.com 844-916-0895 XL Fleet Corp. (NYSE: XL) Securities Fraud Class Action: The complaint alleges that: (1) XL’s sales pipelines was materially inflated; (2) XL grossly overstated its customer base; (3) XL’s technology had been materially overstated and did not provide customers the represented cost savings; and (4) that XL lacks the supply chain and engineers to roll out new products on the announced timelines. The truth emerged on Mar. 3, 2021, when analyst Muddy Waters published a report calling XL “More SPAC Trash.” Based on interviews with former employees, Muddy Waters claimed that salespeople “were pressured to inflate their sales pipelines materially,” and that “customer reorder rates are in reality quite low” due to “poor performance and regulatory issues.” The report also alleged that “at least 18 of 33 customers XL featured were inactive.” Muddy Waters also claimed that XL has “weak technology” and that “XL’s announcement of future class 7-8 upfits seems highly promotional” because the task is “too technologically complex for XL engineers to deliver on the promised timeline.” Then, on Mar. 4, 2021, after XL issued a denial, Muddy Waters criticized XL’s “placeholder response,” tweeting, “We spoke to a fleet manager for one of the companies XL brags about in its response. He said MPG gains only ~10%, not 25%. He said didn’t help for highway driving. Also his company bought at a deep discount. Tell. The. Truth.” In response, the Company’s share price declined $5.55, or 33% over three trading days. Then, on Mar. 10, 2021, after XL issued a more detailed response, Muddy Waters released another report, observing that XL did not deny key allegations, including (1) its inflated pipeline, (2) overstated customer base, and (3) low customer reorder rates. Finally, on Mar. 31, 2021, XL announced its Q4 and FY 2020 financial results missing Q4 consensus revenue expectations by nearly 10%. Moreover, XL forecasted Q1 2021 revenues of just $1 million, or just over 90% lower than Q4 2020 and just 1% of the $75 million total FY 2021 the company previously forecasted on Nov. 12, 2020, blaming the dim outlook on chip shortages. Muddy Waters tweeted that during the earnings call, “Cannacord analyst asked about 90% sales drop QoQ in Q1, saying that doesn’t square with chip shortage-related issues he’s seen elsewhere.” In response, the price of XL shares sharply dropped in after-hours trading. “We’re focused on investors’ losses and proving XL misled investors by exaggerating its order backlog,” said Reed Kathrein, the Hagens Berman partner leading the investigation. If you are an XL investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman. Whistleblowers: Persons with non-public information regarding XL Fleet should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email XL@hbsslaw.com. About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw. Contact: Reed Kathrein, 844-916-0895
New York, New York--(Newsfile Corp. - April 12, 2021) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Ontrak, Inc. (NASDAQ: OTRK) alleging that the Company violated federal securities laws.Class Period: November 5, 2020 and February 26, 2021Lead Plaintiff Deadline: May 3, 2021Learn more about your recoverable losses in OTRK:http://www.kleinstocklaw.com/pslra-1/ontrak-inc-loss-submission-form?id=14602&from=5The filed complaint alleges that Ontrak, Inc. made materially false and/or misleading statements and/or failed ...
Vancouver, British Columbia--(Newsfile Corp. - April 12, 2021) - 1169077 B.C. Ltd. (the "Company") is pleased to announce that on April 1, 2021 it entered into an asset purchase agreement with various U.S. parties holding certain patents with respect of athletic footwear and completed the acquisition on April 5, 2021. The assets are valued at CAD $50,000 and the Company has completed the transaction effective April 5, 2021 and acquired the assets by issuing ...
A lawyer for of the two people arrested on charges of possessing a stolen Confederate monument that was taken from an Alabama cemetery said the pair had nothing to do with the theft of the artifact, calling it a misunderstanding. The chair-shaped monument was recovered in New Orleans after it was r emoved from a cemetery in Selma, Alabama. New Orleans police said last week that Jason Warnick and Kathryn Diionno were arrested on charges of having stolen property in their possession.
A teenager who was stabbed to death in Sydenham has been named, as police arrested a woman on suspicion of murder. Metropolitan Police officers were called to the junction of Hazel Grove and Sydenham Road at around 7.20pm on Saturday following reports of a 17-year-old boy lying on the ground with stab wounds. Crews from the London Ambulance Service and London Air Ambulance also arrived at the scene, but he was pronounced dead shortly after 8pm.
Community members expressed anger with city officials after the killing, as well as with the police reponse to protests that followed
SAN FRANCISCO, April 12, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Canoo Inc. f/k/a Hennessy Capital Acquisition Corp. IV (NASDAQ: GOEV) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims. Class Period: Aug. 18, 2020 – Mar. 29, 2021Lead Plaintiff Deadline: June 1, 2021 Visit: www.hbsslaw.com/investor-fraud/GOEV Contact An Attorney Now: GOEV@hbsslaw.com 844-916-0895 Canoo Inc. (NASDAQ: GOEV) Securities Fraud Class Action: The complaint alleges Canoo misled investors before and after going public through a SPAC closing on Dec. 21, 2020. Specifically, Defendants repeatedly touted a three-pronged strategy to generate revenue and growth: (i) an engineering services segment; (ii) the sales of subscriptions of vehicles to consumers; and (iii) the sale of vehicles to other businesses. Canoo also emphasized its agreements with established OEMs, including with Hyundai for the co-development of a future EV platform In truth, defendants concealed that Canoo (1) had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (2) would de-emphasize its engineering services business; and (3) did not have partnerships with OEMs and no longer engaged in the previously announced partnership with Hyundai. On Mar. 29, 2021, the truth emerged when Canoo abruptly announced its CFO was being replaced, that it would deemphasize its engineering services business, would no longer focus on subscription sales to consumers, and try to make and sell its own vehicles to commercial operators. Moreover, on a call with investors, Canoo’s Chairman characterized senior management’s statements concerning the company’s partnerships as “aggressive” and that “they weren’t at our standard of representation to the public markets.” In response to this news, analyst Roth Capital downgraded the company’s shares from buy to neutral buy and slashed its price target, and the price of Canoo shares crashed. “We’re focused on investors’ losses and proving defendants intentionally misrepresented the viability of Canoo’s business model and business partnerships,” said Reed Kathrein, the Hagens Berman partner leading the investigation. If you are a Canoo investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman. Whistleblowers: Persons with non-public information regarding Canoo should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email GOEV@hbsslaw.com. About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw. Contact:Reed Kathrein, 844-916-0895
Walmart’s 2018 acquisition of a majority stake in Indian e-commerce business Flipkart is opening doors for the retailer.
The exception is not yet available, as it will need to be accepted by Maj. Gen. Kenneth S. Hara, director of the Hawaii Emergency Management Agency
New York, New York--(Newsfile Corp. - April 12, 2021) - The following statement is being issued by Levi & Korsinsky, LLP:To: All persons or entities who purchased or otherwise acquired securities of Lordstown Motors Corp ("Lordstown Motors") (NASDAQ: RIDE) between August 3, 2020 and March 24, 2021. You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Northern District of Ohio. To get ...
The latest news on COVID-19 developments in Canada (all times eastern): 6:30 p.m. B.C.’s top doctor says about half of the COVID-19 cases in the province are variants of concern. Provincial health officer Dr. Bonnie Henry says the variants are making some spaces riskier when it comes to transmission of the illness that’s now linked to more than 1,500 deaths in the province. B.C. has recorded 3,289 new cases of COVID-19 over the last three days, pushing the number of active cases over 9,900, including 368 people who are hospitalized. Henry is urging B.C. residents not to travel for non-essential purposes and to stay vigilant as the province battles what she called the third wave of the pandemic. More than 1,112,000 doses of COVID-19 vaccine have been administered in the province. --- 5:50 p.m. Alberta is reporting a slight dip in new COVID-19 cases with 1,136 infections. The province says there have been five additional deaths and 679 new variant cases have also been identified. Variant cases currently make up about 51 per cent of the 14,849 active cases in Alberta. There are 390 people in hospital because of the virus and 90 are in intensive care. --- 3:55 p.m. Saskatchewan is reporting 300 new cases of COVID-19 and one more death of a person in their 60s. Ninety-six of the cases are in Regina, which is a hot spot for variants of concern. There are 198 people in hospital and 41 are in intensive care. The province also announced first responders will now be targeted through mobile vaccination units once current priority populations, including those in group homes and shelters, have received a dose. --- 3:45 p.m. Prince Edward Island is reporting three new cases of COVID-19 today. Chief public health officer Dr. Heather Morrison says the new cases involve people who had recently travelled outside Atlantic Canada. Prince Edward Island has seven active reported cases of COVID-19. The Island has reported a total of 165 infections and no deaths linked to the virus. --- 3:40 p.m. Ontario classes will move online next week. Premier Doug Ford says community spread of COVID-19 is too high to risk having students return to classes after spring break. He says the province will decide based on COVID-19 data when in-person classes can resume. The government says child care will remain open for non-school-aged children and for children of front-line workers. --- 3 p.m. Nova Scotia is reporting seven new cases of COVID-19. All of the cases were recorded in the province's central zone, which includes Halifax. Five cases are related to travel outside Atlantic Canada, and the other two are close contacts of previously reported cases. As of today, Nova Scotia has 46 active cases of COVID-19. --- 2 p.m. The Ontario Hospital Association says nearly all Greater Toronto Area hospitals are closing their pediatric units to help accommodate a surge in COVID-19 cases. Association president Anthony Dale says 12 out of 14 GTA hospitals will send their pediatric patients to Toronto's Hospital for Sick Children for care. Dale says the closure, which takes effect today, was ordered over the weekend by the GTA Hospital Incident Management System Command Centre. He says hospital staff from the pediatric units will be redeployed to care for a rising number of COVID-19 patients. --- 1:40 p.m. The Manitoba government says it may impose more restrictive public health orders very soon. Chief public health officer Dr. Brent Roussin says case counts and test positivity rates are rising, and there are more signs of house parties and other gatherings. Roussin is recommending mask use outdoors whenever people gather, and says that is among possible new rules being considered. --- 1:40 p.m. Manitoba is reporting 114 new COVID-19 cases and no additional deaths today. The percentage of people testing positive is rising. The five-day average now stands at 6.2 per cent provincially and 5.6 per cent in Winnipeg. --- 1:35 p.m. Health officials in New Brunswick are reporting two cases of a variant of the novel coronavirus first identified in South Africa. Officials say the two variant cases were reported in the Saint John region earlier this month. The province is reporting 10 new cases of COVID-19 today: four in the Moncton region and six in the Edmundston area. New Brunswick has 145 active reported cases of COVID-19 and 18 patients in hospital with the disease, including 13 in intensive care. --- 11:20 a.m. Toronto's top doctor says at the current rate of transmission, the city could see 2,500 new COVID-19 cases per day by the end of April. Chief medical officer of health Dr. Eileen de Villa said today the surging rates are being driven by more transmissible variants of concern. De Villa says the current record for daily cases in Toronto is 1,642, which was set during the second wave of the pandemic. She says the city's vaccination program is expanding but says it still won't be enough to offset the impact of the variants. --- 11:15 a.m. Quebec is reporting 1,599 new cases of COVID-19 today and two more deaths attributed to the novel coronavirus, none of which occurred in the past 24 hours. Health officials say hospitalizations rose by 22, to 630, and 142 people were in intensive care, a rise of three. The province says it administered 52,705 doses of vaccine in the previous 24 hours, for a total of 1,944,877 doses. Quebec has reported a total of 304,267 cases of COVID-19 and 10,744 deaths linked to the virus; it has 12,971 active reported cases. --- 10:45 a.m. Ontario is reporting 4,401 new cases of COVID-19 today and 15 more deaths attributed to the novel coronavirus. Health Minister Christine Elliott says there are 1,282 new cases in Toronto, 772 in Peel Region, 564 in York Region, 339 in Ottawa and 224 in Durham. The province says it has conducted 47,929 tests since its last daily report. In total, 1,646 people are hospitalized in Ontario with the disease, including 619 in intensive care; 408 people are on ventilators. This report by The Canadian Press was first published April 12, 2021. The Canadian Press
SAN FRANCISCO, April 12, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Leidos Holdings, Inc. (NYSE: LDOS) investors to submit their losses now. A securities fraud class action has been filed and certain investors may have valuable claims. Class Period: May 4, 2020 – Feb. 23, 2021Lead Plaintiff Deadline: May 3, 2021Visit: www.hbsslaw.com/investor-fraud/LDOSContact An Attorney Now: LDOS@hbsslaw.com 844-916-0895 Leidos Holdings, Inc. (LDOS) Securities Fraud Class Action: The complaint centers on the accuracy of defendants’ statements about Leidos’ SD&A business, which the company acquired from L3Harris Technologies in May 2020 for $1 billion and touted as having compelling strategic and operational benefits. Specifically, defendants materially overstated the benefits of the acquisition and did not disclose that Leidos’ products suffered from numerous product defects that included faulty explosive detection systems at airports, ports and borders. As a result, the company’s financial results were significantly overstated. The truth emerged through a series of partial disclosures beginning on Feb. 16, 2021 when analyst Spruce Point published a scathing report concluding that Leidos had “wasted” $1b on the SD&A acquisition. Spruce Point stated, “We believe Leidos is potentially covering up at least $100m of fictitious sales, mischaracterizing $355 - $367m of international revenue.” Spruce Point also alleged that the company is “concealing numerous product defects from investors, notably faulty explosive detection systems at airports and borders.” Spruce Point further avers that management may be intentionally inflating certain of Leidos’ financial metrics, including operating cash flow and organic sales growth, to obscure strains from investors. Then, on Feb. 23, 2021, Leidos released mixed Q4 2020 financial results and disappointing 2021 outlook, including guided revenue and EPS well below analyst consensus. The same day, Spruce Point highlighted the poor 2021 outlook and picked up on a SD&A accounting discrepancy, tweeting “[t]his asset is a total black box.” Finally, on Feb. 24, 2021 Spruce Point highlighted that Leidos “materially expanded” its risk disclosures in its 2020 annual report, tweeting “[w]e believe it is validating all the major points of our report.” On this news, several analysts reduced their price targets for Leidos shares. For example, on Feb. 26, 2021 Jefferies slashed its price target from $125 to $115 and, on Mar. 10, 2021, Morgan Stanley reportedly lowered its price target from $113 to $105. “We’re focused on investor losses and proving Leidos misled investors about its SD&A business,” said Reed Kathrein, the Hagens Berman partner leading the investigation. If you are a Leidos investor, click here to discuss your legal rights with Hagens Berman. Whistleblowers: Persons with non-public information regarding Leidos should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LDOS@hbsslaw.com. About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw. Contact: Reed Kathrein, 844-916-0895
Multiple people including a police officer have been shot at a school in Knoxville, Tennessee. The Knoxville Police Department tweeted that authorities were on the scene and that an officer was reported to be among the victims. Bob Thomas, the superintendent of Knox County Schools, tweeted that a shooting had occurred - but the building had been secured.
The PM said the announcement paves the way for the next phase of the vaccine rollout in the UK.