Bianca Walkden thinks the Olympic Games can provide the perfect tonic to unify the nation this summer as she prepares to go for gold in Tokyo, writes Paul Martin.
The U.S. Food and Drug Administration (FDA) approved Pfizer Inc.’s (NYSE: PFE) supplemental New Drug Application (sNDA) for LORBRENA® (lorlatinib), expanding the indication to include first-line treatment of people with anaplastic lymphoma kinase (ALK)-positive non-small cell lung cancer (NSCLC). LORBRENA is now indicated for adults with metastatic NSCLC whose tumors are ALK-positive as detected by an FDA-approved test. The FDA action also converts the 2018 accelerated approval to full approval. The application was approved under the FDA’s Real-Time Oncology Review (RTOR) pilot program.
Washington [US], March 4 (ANI): US President Joe Biden on Wednesday (local time) called Texas and Mississippi's decision to lift the mask mandate as "Neanderthal thinking".
UK government may start offering financial rewards for becoming healthier. NHS and councils in England also being given £70m towards weight loss and fitness courses
NEW YORK, March 03, 2021 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Clover Health Investments, Corp. f/k/a Social Capital Hedosophia Holdings Corp. III (NASDAQ: CLOV, CLOVW) (NYSE: IPOC) who: (1) purchased or otherwise acquired publicly traded Clover securities between October 6, 2020 and February 4, 2021, inclusive (the “Class Period”); and/or (2) purchased or otherwise acquired Clover securities pursuant or traceable to the registration statement and prospectus issued in connection with the December 2020 merger of Clover and Social Capital III of the important April 6, 2021 lead plaintiff deadline. SO WHAT: If you purchased Clover securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Clover class action, go to http://www.rosenlegal.com/cases-register-2030.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action. If you wish to serve as lead plaintiff, you must move the Court no later than April 6, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period and in the registration statement made false and/or misleading statements and/or failed to disclose that: (1) Clover’s Clover Assistant platform was under active investigation by the Department of Justice (“DOJ”) for at least 12 issues ranging from kickbacks to marketing practices to undisclosed third-party deals; (2) the DOJ’s investigation presented an existential risk to the Company, since it derives most of its revenues from Medicare; (3) Clover’s sales were driven by a major undisclosed related party deal and misleading marketing targeting the elderly, not its purported “best-in-class” technology; (4) a significant portion of Clover’s sales were by way of an undisclosed relationship between Clover and an outside brokerage firm controlled by Clover’s Head of Sales; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Clover class action, go to http://www.rosenlegal.com/cases-register-2030.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm. Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq.Phillip Kim, Esq.The Rosen Law Firm, P.A.275 Madison Avenue, 40th FloorNew York, NY 10016Tel: (212) 686-1060Toll Free: (866) 767-3653Fax: (212) firstname.lastname@example.org@email@example.com www.rosenlegal.com
VANCOUVER, British Columbia, March 03, 2021 (GLOBE NEWSWIRE) -- Serengeti Resources Inc. (TSX-V: SIR) (“Serengeti”) and Sun Metals Corp. (TSX-V: SUNM) (“Sun Metals”) are pleased to announce that Sun Metals has obtained the final order from the Supreme Court of British Columbia with respect to the previously announced proposed plan of arrangement, pursuant to which Serengeti will acquire all of the issued and outstanding shares of Sun Metals, on the basis of 0.215 of a post-Consolidation (as defined below) Serengeti share for each Sun Metals share, which is 0.43 of a pre-Consolidation Serengeti share for each Sun Metals share on a pre-Consolidation basis (the “Transaction”). The Transaction was approved by Serengeti shareholders and Sun Metals securityholders at their respective meetings on February 26, 2021 and subject to receipt of all requisite approvals, including final TSX Venture Exchange approval, and waiver or satisfaction of all relevant conditions, closing of the Transaction is expected to be on or about March 5, 2021. Serengeti also intends to proceed with a name change to Northwest Copper Corp. in connection with the closing of the Transaction. The common shares of Serengeti are expected to trade at the open of the market on March 5, 2021 on a post-Consolidation and post-name change basis with the ticker symbol “NWST”. In addition to approving the Transaction, at the February 26, 2021 meeting Serengeti shareholders approved resolutions to consolidate its common shares on a two for one basis (the “Consolidation”). The Consolidation is anticipated to be completed immediately prior to closing of the Transaction. Following the Consolidation, the 112,053,368 outstanding common shares of Serengeti will be consolidated such that there will be approximately 56,026,684 outstanding common shares, not including any Serengeti common shares to be issued pursuant to the Transaction. The Transaction will consolidate the contiguous copper-gold exploration and development assets of Kwanika and Stardust, both of which will benefit from operational synergies as the projects advance with a combined development strategy, along with the robust portfolio of British Columbia copper-gold assets held by the companies. The combined company will be well positioned and capitalized as a result of the recently completed $10,350,000 upsized subscription receipt financing of Sun Metals (the “Financing”) to take advantage of a strengthening copper market. Upon completion of the Transaction, Mark O’Dea will assume the role of Executive Chairman of Serengeti and the Serengeti board of directors will comprise Mark O’Dea, David Moore, Lewis Lawrick, Teodora Dechev, Sean Tetzlaff and Richard Bailes. David Moore will continue as Interim President and Chief Executive Officer until such time as a full time CEO is appointed, and Lauren McDougall will assume the role of Chief Financial Officer and Ian Neill the role of Vice President Exploration. Following the Transaction, Sun Metals shareholders, including holders of Sun Metals common shares issued on conversion of the subscription receipts issued from the Financing, will hold approximately 49.6% of the combined company. About Serengeti Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its majority-owned, advanced Kwanika copper-gold project and exploring its extensive portfolio of properties in north-central British Columbia. Additional information can be found on the Company’s website at www.serengetiresources.com. About Sun Metals Sun Metals is advancing its 100% owned flagship, high-grade copper-gold rich Stardust Project located in north-central British Columbia, Canada. Sun Metals also owns the Lorraine copper-gold project, and the OK copper-molybdenum project. On Behalf of the Board of Directors of Serengeti Resources Inc. “David W. Moore” President, CEO & Director On Behalf of the Board of Directors of Sun Metals Corp. “Steve Robertson” President, CEO & Director For further information, please contact: Serengeti Resources Inc.Tel: 604-605-1300Email: firstname.lastname@example.orgSun Metals Corp.Tel: 604-683-7790Email: email@example.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statement Regarding Forward Looking Information All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding anticipated benefits of the Transaction, the closing of the Transaction, the Financing, the Consolidation, the Kwanika and Stardust (the “Projects”), including anticipated operational synergies between the properties, are forward-looking statements. Although Serengeti and Sun Metals (the "Companies") believe that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Companies can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Companies' periodic filings with Canadian securities regulators, and assumptions made with regard to: the Companies' ability to complete the proposed Transaction; the Companies' ability to secure the necessary legal and regulatory approvals required to complete the Transaction and meeting the other conditions to the closing of the Transaction; and the Companies' ability to achieve the synergies expected as a result of the Transaction. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Companies’ expectations include risks associated with the business of Serengeti and Sun Metals; risks related to the satisfaction or waiver of certain conditions to the closing of the Transaction; non-completion of the Transaction; risks related to reliance on technical information provided by Serengeti and Sun Metals; risks related to exploration and potential development of the Projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Serengeti and Sun Metals’s filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Neither Serengeti nor Sun Metals undertakes any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
The automotive wiring harness market size is predicted to be worth around US$ 79 billion by 2027, growing with a CAGR of 4.6% over forecast period 2020 to 2030. OTTAWA, March 03, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Automotive Wiring Harness Market (By Type: Engine Harness, HVAC Wiring Harness, Chassis Wiring Harness, Body & Lighting Harness, Dashboard/Cabin Harness, Others; By Material: Metallic and Optical Fiber; By Propulsion Type: Electric Vehicle and IC Engine Vehicle; By Transmission Type: Electric Wiring and Data Transmission; By Vehicle Type: Commercial Vehicle and Passenger Vehicle; By Sales Channel: OEM and Aftermarket) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”. Wire harnesses combine wiring of several electronic and electrical devices into a single system. Thus, they benefit in signal transmission and powering up of many electrical and electronic devices. Automotive wire harnesses utilize a range of wire harnesses for the finest possible performance. They are employed to set up electrical circuits in automobiles and are intended to operate in extreme conditions efficiently. They are utilized in two wheelers, cars, three wheelers, commercial vehicles and utility vehicles. Harnesses are manufactured according the geometrical and electrical needs of automobiles, and then implanted in the engine, body, and chassis of that particular vehicles. Body wiring harnesses are implanted in door locks, dashboards, interior electrical components and power windows. Engine wiring harnesses are embedded inside lock breaking systems, fuel injection systems, cruise control systems, speed sensors. Chassis wiring consists of the main, rear and front harnesses. Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1008 Growth Factors Escalating GDP and continuous technological advancements are prime influences stimulating the demand for automotive wiring harness worldwide. Adoption of electric cars such as mild hybrids is expected to grow substantially around the world during coming few years. This will indirectly spur the demand for high voltage wiring harness. Additionally, numerous government regulations and norms executed for vehicle safety are projected to lift the demand for automotive wiring harness. Safety regulations are considered to propel installation of safety devices in vehicles that require substantial usage of body wiring harness. Demand for automotive wiring harnesses is directly proportionate to augmented manufacturing of different types of vehicles. Elevated disposable income, improved government initiatives including Make in India, and prevalent low labor cost in countries such India and China have augmented light commercial vehicles and of passenger cars manufacturing in different developing nations. This results in substantial demand for automotive wiring harnesses in these economies. Report Highlights At present, automotive wiring harness market is concentrated on technology advancements including Ethernet cables and heat insulated wires. OEMs are stressing on the advanced automotive wiring harnesses development and to improve vehicles performance at finest level and to guarantee appropriate functioning of all electronic devices tailored in vehicles.Globally, sale of higher voltage wires is projected to surge due to augmentation in the need for electric vehicles. Mild hybrid and 48V vehicles are estimated to achieve acceptance that offers lucrative prospect for the automotive wiring harness market.Geographically, Asia Pacific emerged as extremely potential market for automotive wiring harness on account of prevailing awareness for incorporation of navigation and safety devices in vehicles those needs body wiring harness and different other kinds of wiring harness. Get Customization on this Research Report@ https://www.precedenceresearch.com/customization/1008 Regional Snapshots Rising disposable income and augmented GDP in Asian economies is fuelling the growth of automotive market in this region. This supports the sale of automotive wiring harness, as current vehicles necessitate safety features and cutting-edge electronic devices. This will in turn pushes the sale for wires and cables to be employed in vehicles. In Asia Pacific, India has emerged asprime market for light vehicles followed by China. Additionally, favorable government norms executed for vehicle safety are anticipated to increase the demand for automotive wiring harness.Further, elevated automobile production, invention in terms of drive technologies, and flourishing acceptance of electric vehicles are expected to stimulate demand for automotive wiring harness in Europe. Escalating manufacturing facilities in Middle East and Africa, on account of low-cost labor force, is a vital factor urging the growth of automotive industry in regional market. Related Reports Automotive Electronics Market - Global Industry Analysis, Size, Share, Growth, Trends Analysis, Regional Outlook and Forecasts, 2021 - 2030Automotive Aftermarket - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027Automotive Logistics Market - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027 Key Players & Strategies Several players involved in the automotive wiring harness market are progressively concentrating on the design facets of the harness in accordance with electrical and geometrical necessities of a vehicle. The design of automotive wire harnesses is kept in the central database in order to rationalize the designing process in the near future. Some players such as Yazaki are adopting strategies of partnerships and expansions to preserve their prominent position in the automotive wiring harness market. Similarly, a Sumitomo electric industry is looking forward with partnerships as the crucial strategy to endure its position in the market. The expansion strategy by key companies in emergent economies is projected to propel demand for automotive wiring harness. For example, MothersonSumi Systems, the flagship company of SamvardhanMotherson Group, is anticipated to unveil3 production facilities by 2020. The 2 new plants are situated in Madhya Pradesh (India). One of the plants at Pithampur will produce wires, a process of backward integration, and the other will fabricate wiring harness. The third plant is to be located in Chennai (India) for the purpose of other auto parts. Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1008 You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org | +1 774 402 6168 About Us Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally. For Latest Update Follow Us: https://www.linkedin.com/company/precedence-research/ https://www.facebook.com/precedenceresearch/ https://twitter.com/Precedence_R
Linea HS TDI camera Teledyne DALSA's Linea HS TDI camera Live demos highlighting new AI and deep learning solutions at the booth SHANGHAI, China, March 04, 2021 (GLOBE NEWSWIRE) -- Teledyne Imaging will exhibit at the upcoming Vision China (Shanghai), in Hall W1, W1-1800, at the Shanghai New International Expo Centre from March 17-19. Visitors to the combined Teledyne Imaging booth can expect to see a broad range of leading-edge line and area scan sensors, frame grabbers, vision systems, software, and smart cameras targeted at vision inspection, logistics, robotics and packaging applications. Here are the highlights: 1. Line Scan Cameras & Embedded Vision The industry’s first Multifield™ CMOS TDI camera, Teledyne DALSA’s award-winning Linea HS captures brightfield, darkfield, and backlit images at once in a single scan. When combined with the Xtium™2 CLHS high-performance frame grabbers, these models achieve unmatched data throughput.Linea Lite is the newest addition to the Linea family, the Linea Lite brings high performance in a small package.Featured “live demo” of the Z-Trak 3D scanners that support up to 16 3D sensors, help remove occlusion and deliver real-time height measurement using laser triangulation and robust In-line measurement.Sherlock8 - next generation vision application software with support for 1D, 2D, 3D and thermal cameras. Includes support for “rules based” and “learning based” AI deep learning vision tools, parallel processing, factory protocols and custom user interfaces.VICORE – New Generation Smart Camera system supports up to 25M. The VICORE system has integrated software, I/O, PLC support and can handle traditional 2D and 3D, as well as infrared inspections.BOA Spot-XL – New Smart sensor is easy to use and contains all vision functionalities from gauging, flaw detection and robotic guidance to product identification (1D/2D/OCR). 2. Smart Sensors Teledyne e2v’s Emerald™ 67M image sensor achieves ultra-high resolution for electronics inspection, high-end surveillance and aerial imaging. Its 8K square resolution combined with its high frame rate enables increased throughput and improved detection ratio.The new high resolution Hydra3D™ Time-of-Flight CMOS image is tailored for 3D detection and distance measurement. It features a 10 µm three-tap cutting-edge pixel and supports the latest industrial applications, including vision guided robotics, logistics and automated guided vehicles. 3. sCMOS cameras Teledyne Photometrics features its latest back-illuminated sCMOS cameras Prime BSI Express and Kinetix. Both achieve 95% quantum efficiency, low read noise and extremely high speed (95 fps for Prime BSI Express and 500fps for Kinetix, full frame).Prime BSI Express camera’s small form factor and USB interface make it fit into the broadest range of configurations. Kinetix camera’s 10-megapixel sensor provides a 29.4 mm field of view, opening up possibilities for new discoveries. 4. Area scan cameras Teledyne’s first CXP camera, designed for performance and built on Genie Nano's proven, industry-leading reputation.Teledyne Lumenera’s new Lt Series Cameras provides high performance USB3 models, from 2 to 20 Mpixels, in both board level and enclosed versions. Subject matter experts will be on hand to discuss planned product development and advanced, enabling technology for your vision challenges. Media Note: For interview requests, please email email@example.com or visit our booth in Hall W1, W1-1800 during the show. About Teledyne Imaging Teledyne Imaging is a group of leading-edge companies aligned under the Teledyne umbrella. Teledyne Imaging forms an unrivalled collective of expertise across the spectrum and decades of experience. Individually, each company offers best-in-class solutions. Together, they combine and leverage each other’s strengths to provide the deepest, widest imaging and related technology portfolio in the world. From aerospace through industrial inspection, microscopy, spectroscopy, radiography and radiotherapy, geospatial surveying, and advanced MEMS and semiconductor solutions, Teledyne Imaging offers world-wide customer support and the technical expertise to handle the toughest tasks. Their tools, technologies, and vision solutions are built to deliver to their customers a unique and competitive advantage. Media Contact:Yuki Chan, Marketing Manager, Teledyne e2vYuki.Chan@teledyne.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/425956dc-0a5b-4a0b-b742-1c3c10ae17c5
NEW YORK, March 03, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Jianpu Technology, Inc. (NYSE: JT), Ebix, Inc. (NASDAQ: EBIX), Apache Corporation (NASDAQ: APA), and MultiPlan Corporation (NYSE: MPLN). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Jianpu Technology, Inc. (NYSE: JT) Class Period: May 29, 2018 to February 16, 2021 Lead Plaintiff Deadline: April 19, 2021 On February 16, 2021, Jianpu announced the results of its review into “transactions carried out by the Credit Card Recommendation Business Unit” with third-party business entities. The Company concluded that previously reported revenue and associated expenses had been inflated due to “certain transactions [that] involved third-party agents (including both upstream agents and downstream suppliers) with undisclosed relationships and some transactions [that] lacked business substance.” Jianpu stated that it “anticipates the total amount of overstated revenue for the fiscal years 2018 and 2019 to be approximately, RMB 90 million and RMB 164 million, respectively, representing approximately 4.5% and 10.1% of the total revenue previously reported.” On this news, the Company’s share price fell $0.60, or 13%, to close at $3.94 per share on February 16, 2021. The complaint, filed on February 17, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that certain of the Company’s transactions carried out by the Credit Card Recommendation Business Unit involved undisclosed relationships or lacked business substance; (2) that, as a result, Jianpu’s revenue and costs and expenses for fiscal 2018 and 2019 were overstated; (3) that there were material weaknesses in Jianpu’s internal control over financial reporting; (4) that, as a result of the foregoing, the Company’s fiscal 2018 Form 20-F was reasonably likely to be restated; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. For more information on the Jianpu Technology class action go to: https://bespc.com/cases/JT Ebix, Inc. (NASDAQ: EBIX) Class Period: November 9, 2020 to February 19, 2021 Lead Plaintiff Deadline: April 23, 2021 On February 19, 2021, after the market closed, Ebix revealed that its independent auditor, RSM US LLP (“RSM”), resigned “as a result of being unable, despite repeated inquiries, to obtain sufficient appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020” related to the Company’s gift card business in India. RSM had also stated that there was a material weakness related to Ebix’s failure to design controls “over the gift or prepaid card revenue transaction cycle sufficient to prevent or detect a material misstatement.” In addition, Ebix and RSM disagreed over the accounting treatment of $30 million that had been transferred into a commingled trust account of Ebix’s outside legal counsel in December 2020. On this news, the Company’s share price fell as much as $20.24, or approximately 40%, to close at $30.50 on February 22, 2021. The complaint, filed on February 22, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that there was insufficient audit evidence to determine the business purpose of certain significant unusual transactions in Ebix’s gift card business in India during the fourth quarter of 2020; (2) that there was a material weakness in Company’s internal controls over the gift or prepaid revenue transaction cycle; and (3) that the Company’s independent auditor was reasonably likely to resign over disagreements with Ebix regarding $30 million that had been transferred into a commingled trust account of Ebix’s outside legal counsel; and (4) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. For more information on the Ebix class action case go to: https://bespc.com/cases/EBIX Apache Corporation (NASDAQ: APA) Class Period: September 7, 2016 to March 13, 2020 Lead Plaintiff Deadline: April 26, 2021 The Class Period begins on September 7, 2016, when Apache, while under immense pressure to show results from its new strategy and reverse its lagging share price, announced the discovery of a new resource play called Alpine High. Throughout the Class Period, the defendants claimed that Alpine High had valuable oil and gas reserves and promoted Alpine High as the centerpiece of its development business. The truth about Alpine High and its lack of viability emerged in a series of disclosures between April 2019 and March 2020 that caused Apache’s stock price to decline over 83% from its Class Period high. Most recently, on March 16, 2020, a Seeking Alpha article published pre-market explained that Apache was particularly challenged amongst its peers, carrying “the highest debt-to-equity ratio among large-cap independent [exploration and production companies],” and noted that “[t]he company doesn’t have a strong balance sheet” and its “financial health isn’t great.” The article emphasized Apache’s “weak balance sheet marked by high levels of debt” of over $8 billion in 2019, “which translates into a lofty debt-to-equity ratio of almost 250% - the highest among all large-cap independent oil producers.” Regarding Alpine High, the article observed that low gas prices “forced Apache to shift capital away from the wet-gas rich Alpine High play which has been driving the company’s production growth.” The article also noted that “Apache also reduced Alpine High’s value by $1.4 billion.” Following this news, Apache’s stock price fell $3.61 per share, or approximately 45%, over two trading days, from a close of $8.07 per share on March 13, 2020, to close at $4.46 per share on March 17, 2020. For more information on the Apache class action go to: https://bespc.com/cases/APA Multiplan Corporation (NYSE: MPLN) Class Period: Securities purchased between July 12, 2020 and November 10, 2020, inclusive (the “Class Period”) and all holders of Churchill III Class A common stock entitled to vote on Churchill III’s merger with and acquisition of Polaris Parent Corp. and its consolidated subsidiaries (collectively, “MultiPlan”), which was consummated in October 2020 (the “Merger”). Lead Plaintiff Deadline: April 26, 2021 Churchill III is a blank check company that merged with MultiPlan, a healthcare cost specialist. In July 2020, Churchill III announced that it had entered into a preliminary agreement, subject to shareholder approval, to merge with MultiPlan. MultiPlan is a New York-based data analytics end-to-end cost management solutions provider to the U.S. healthcare industry. The Multiplan class action lawsuit alleges that defendants made materially false and misleading statements in connection with the Merger and during the Class Period regarding the business, operation, and prospects of MultiPlan. On November 11, 2020 – only one month after the close of the Merger – Muddy Waters published a report on Churchill III titled “MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab” (the “Muddy Waters Report”). Among other revelations, the Muddy Waters Report revealed that MultiPlan was in the process of losing its largest client, UnitedHealthcare, which was estimated to cost the Company up to 35% of its revenues and 80% of its levered free cash flow within two years. As a result of this news, the price of Churchill III securities plummeted. By November 12, 2020, the price of Churchill III Class A common stock fell to a low of just $6.12 per share, nearly 40% below the price at which shareholders could have redeemed their shares at the time of the shareholder vote on the Merger. For more information on the Multiplan class action go to: https://bespc.com/cases/MPLN About Bragar Eagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes. Contact Information:Bragar Eagel & Squire, P.C.Brandon Walker, Esq. Melissa Fortunato, Esq.Marion Passmore, Esq.(212) firstname.lastname@example.org
WILMINGTON, Del., March 03, 2021 (GLOBE NEWSWIRE) -- Rigrodsky Law, P.A. announces that it is investigating The Michaels Companies, Inc. (“Michaels”) (NASDAQ GS: MIK) regarding possible breaches of fiduciary duties and other violations of law related to Michaels’ agreement to be acquired by affiliates of Apollo Global Management, Inc. Under the terms of the agreement, Michaels’ shareholders will receive $22.00 in cash per share. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-the-michaels-companies-inc. You may also contact Seth D. Rigrodsky or Gina M. Serra cost and obligation free at (888) 969-4242 or email@example.com. Rigrodsky Law, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide. Attorney advertising. Prior results do not guarantee a similar outcome. CONTACT: Rigrodsky Law, P.A.Seth D. RigrodskyGina M. Serra(888) 969-4242 (Toll Free)(302) 295-5310Fax: (302) firstname.lastname@example.org https://rl-legal.com
Conference call and webcast on March 4, 2021 at 9 a.m. ETRADNOR, Pa., March 03, 2021 (GLOBE NEWSWIRE) -- Safeguard Scientifics, Inc. (NYSE:SFE) (“Safeguard” or the “Company”) today announced financial results for the three months and year ended December 31, 2020. HIGHLIGHTS Exits & Deployments Aggregate 2020 annual sales proceeds were $7.9 million, principally from the sale of Sonobi in the third quarter for $6.6 million.Safeguard deployed $9.2 million in 2020 to Syapse ($4.4 million), Aktana ($2.5 million), meQuilibrium ($1 million) and four other companies ($1.3 million). No material deployments were made during the fourth quarter of 2020. 2020 deployments came in at the low end of the range established at the end of the first quarter. Subsequent to year-end, Safeguard exited WebLinc and QuanticMind. Safeguard generated $3.2 million of initial cash proceeds from the sale of WebLinc with additional amounts possible over the next 24 months based on performance milestones.There were no proceeds to Safeguard from the sale of QuanticMind. Safeguard is committed to maximizing the value of and monetizing its ownership interests in a timely manner, and returning capital to shareholders. Since January 2018, Safeguard realized approximately $198 million in cash proceeds from monetizing its holdings. Safeguard Company Performance The majority of Safeguard’s companies have operated well through the pandemic and are positioned to improve performance in a post COVID-19 environment.The aggregate trailing twelve month revenues ending September 30, 2020 for Safeguard’s remaining twelve companies, excluding Other Ownership Interests and the two entities exited in early 2021, was $352 million, up 6.2% as compared to the comparable 2019 period.Several Safeguard companies raised capital during 2020 which resulted in dilution gains of $4.2 million for the year ended December 31, 2020. These included Moxe (Q4); Aktana (Q3); meQuilibrium (Q2); Syapse (Q2 and Q4).Subsequent to year-end, Syapse raised $68 million in growth capital from two venture capital funds. This transaction brings Safeguard’s ownership percentage to approximately 11% and will result in a non-cash dilution gain. Financial Results Cash and cash equivalents totaled $15.6 million at year end 2020.The carrying value of the Company’s ownership interests at year end totaled $50.4 million, with a total cost of $225.3 million.Net loss for the three months ended December 31, 2020 was $7.4 million, or $0.35 per share, compared with a net loss of $0.7 million, or $0.03 per share, for the same period in 2019.Net loss for the year ended December 31, 2020 was $37.6 million, or $1.81 per share, compared with net income of $54.6 million, or $2.64 per share, for the same period in 2019.Annual results included non-cash impairment charges of $20.0 million, while the prior period included gains from the sales of Propeller and Transactis totaling $85.8 million. Operating Costs Safeguard continued to reduce its operating costs in 2020. General and administrative expenses totaled $1.6 million for the fourth quarter of 2020 as compared to $2.1 million for the fourth quarter of 2019. General and administrative expenses for the year ended December 31, 2020 were $9.5 million as compared to $10.0 million for the year ended December 31, 2019.Safeguard also continued to lower its corporate expenses,1 which totaled $1.2 million for the fourth quarter of 2020 as compared to $1.4 million for the comparable period of 2019. Corporate expenses totaled $5.2 million for the year ended December 31, 2020 as compared to $7.1 million for the year ended December 31, 2019, a 27% annual decline.Our corporate expense reductions have exceeded the expectations set at the beginning of the year for a range of $6.4 to $6.8 million and are consistent with our third quarter expectation to be below the lower updated range of $5.6 to $6.0 million. These reductions have come from a variety of sources, including reductions in cash compensation, the payment of a portion of management bonuses in equity, the payment of Board fees in equity, lower professional fees and lower office costs. Outlook Safeguard continues to expect a declining level of follow-on deployments for its remaining ownership interests and has established an initial range for 2021 of $5 to $7 million.Safeguard will continue to focus on reducing corporate expenses in 2021 and has established a target of $4.4 to $4.9 million for the year.Safeguard remains committed to returning value to shareholders when we exceed our targeted minimum liquidity threshold of $20 million, subject to then prevailing market conditions and expected liquidity needs. We will consider share repurchases and/or dividends at that time. Shareholder Engagement During 2020, Safeguard held virtual discussions with the CEOs of Aktana, Flashtalking and meQuilibrium, with the replay available at Safegaurd’s investor relations site.Safeguard recently held a virtual discussion with CEO of Prognos on February 23. “There is a lot that we are excited about at Safeguard. Our companies have by and large weathered the pandemic relatively well and are positioned to accelerate revenue growth and execute on their business plans in 2021. On the financings and exit front, our companies have been able to access capital to support their operations and growth and we have a number of companies that are in various stages of sales processes. At the Safeguard level, we have taken meaningful steps to reduce our cash operating costs and introduce greater flexibility into our operating structure.” said Eric C. Salzman, Safeguard’s Chief Executive Officer. “While we have achieved a few small asset sales over the past six months, we expect 2021 will be a more robust year for exits that will enable us to return capital to shareholders via stock buybacks or dividends.” ___________________________ 1 Corporate expenses are general and administrative expenses excluding depreciation, severance, stock-based compensation and other non-recurring items. See full reconciliation in the financial section of this statement. OWNERSHIP INTERESTS AT DECEMBER 31, 2020 CompaniesCategoryAcquisition YearPrimary Ownership%Carrying Value(in millions) Cost(in millions) Initial Revenue Stage: Up to $1 million in revenue None Expansion Stage: $1 million to $5 million in revenueMoxe Health CorporationHealthcare201627.6%$ 5.0 $ 7.5QuanticMinc, Inc. ++ *Digital Media201524.2% - 13.7Traction Stage: $5 million to $10 million in revenue meQuilibriumHealthcare201532.0% 3.3 14.0Trice Medical, Inc.Healthcare201416.6% 1.3 10.8Zipnosis, Inc.Healthcare201537.7% 2.3 10.0WebLinc, Inc. *Digital Media201439.9% 3.2 16.2Lumesis, Inc.Financial Services201243.4% 0.9 5.6Clutch Holdings, Inc.++Digital Media201342.3% 5.0 16.9High Traction Stage: $10 million to $15 million in revenue InfoBionic, Inc.Healthcare201425.2% - 22.0Revenue of $20 million to $50 million Aktana, Inc.Healthcare201615.1% 2.9 14.2Prognos Health, Inc.Healthcare201128.5% 3.9 12.6Syapse, Inc.Healthcare201418.9% 2.4 25.0Greater than $50 million in revenue FlashtalkingDigital Media201813.4% 12.5 19.2MediaMath, Inc.Digital Media200913.3% - 15.5Other Ownership Interests T-REX GroupFinancial Services2016 2.2 6.0Velano VascularHealthcare2013 2.0 1.7All othersVarious 3.5 14.4 TOTAL:$50.4 $225.3 ++ Company dropped into a lower revenue stage this quarter.* Company was exited during the first quarter of 2021. CONFERENCE CALL AND WEBCAST DETAILS Please call 10-15 minutes prior to the call to register. Date: March 4, 2021 Time: 9 am ET Webcast: http://www.safeguard.com/events Live Number: 833-968-2224 // (International) 825-312-2064 Replay Number: 800-585-8367 // (International) 416-621-4642 Access Code: 9479064 Speakers: Chief Executive Officer, Eric C. Salzman; and Senior Vice President and Chief Financial Officer, Mark A. Herndon Format: Discussion of the quarter’s financial results followed by Q&A Replay will be available through April 5, 2021 at 11:59 pm ET. For more information please contact IR@safeguard.com. About Safeguard Scientifics Historically, Safeguard Scientifics has provided capital and relevant expertise to fuel the growth of technology-driven businesses. Safeguard has a distinguished track record of fostering innovation and building market leaders that spans more than six decades. Safeguard is currently pursuing a focused strategy to value-maximize and monetize its ownership interests over a multi-year time frame to drive shareholder value. For more information, please visit www.safeguard.com. Forward-looking StatementsExcept for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding Safeguard’s ability to maximize the value of monetization opportunities of its ownership interests and drive total shareholder returns. Safeguard’s initiatives taken or contemplated to enhance and unlock value for all of its shareholders, Safeguard’s efforts to execute on and implement its strategy to streamline its organizational structure, reduce its operating costs, pursue monetization opportunities for ownership interests and maximize the return of value to its shareholders, Safeguard’s ability to create, unlock, enhance and maximize shareholder value, the effect of Safeguard’s management succession plan on driving increased organizational effectiveness and efficiencies, the ability of the management team to execute Safeguard’s strategy, the availability of, the timing of, and the proceeds that may ultimately be derived from the monetization of ownership interests, Safeguard’s projections regarding the reduction in its ongoing operating expenses, Safeguard’s projections regarding annualized operating expenses and expected severance expenses, monetization opportunities for ownership interests, and the amount of net proceeds from the monetization of ownership interests that will enable the return of value to Safeguard shareholders after satisfying working capital needs and the timing of such return of value. Such forward-looking statements are not guarantees of future operational or financial performance and are based on current expectations that involve a number of uncertainties, risks and assumptions that are difficult to predict. Therefore, actual outcomes and/or results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the monetization of our ownership interests for maximum value or at all and the return of value to our shareholders, our ability to successfully execute on our strategy to streamline our organizational structure and align our cost structure to increase shareholder value, whether our strategy will better position us to focus our resources on the highest-return opportunities and deliver enhanced shareholder value, the ongoing support of our existing ownership interests, the fact that our companies may vary from period to period, challenges to achieving liquidity from our ownership interests, fluctuations in the market prices of our publicly traded holdings, if any, competition, our inability to obtain maximum value for our ownership interests, our ability to attract and retain qualified employees, market valuations in sectors in which our ownership interests operate, our inability to control our ownership interests, our need to manage our assets to avoid registration under the Investment Company Act of 1940, risks, disruption, costs and uncertainty caused by or related to the actions of activist shareholders, including that if individuals are elected to our Board with a specific agenda, it may adversely affect our ability to effectively implement our business strategy and create value for our shareholders and perceived uncertainties as to our future direction as a result of potential changes to the composition of our Board may lead to the perception of a change in the direction of our business, instability or a lack of continuity that may adversely affect our business, and risks associated with our ownership interests, including the fact that most of our ownership interests have a limited operating history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard’s companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to predict or control. As a result of these and other factors, the Company’s past operational and financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release. SAFEGUARD CONTACT: Mark HerndonChief Financial Officer(610) email@example.com Safeguard Scientifics, Inc.Condensed Consolidated Balance Sheets(in thousands) December 31, 2020 December 31, 2019 Assets Cash, cash equivalents and restricted cash $15,601 $25,053 Other current assets 462 1,297 Total current assets 16,063 26,350 Ownership interests in and advances 50,398 77,129 Other assets 2,574 4,098 Total Assets $69,035 $107,577 Liabilities and Equity Other current liabilities $3,470 $2,429 Total current liabilities 3,470 2,429 Lease liability - non-current 2,053 2,380 Other long-term liabilities 637 1,027 Total equity 62,875 101,741 Total Liabilities and Equity $69,035 $107,577 Safeguard Scientifics, Inc.Condensed Consolidated Statements of Operations(in thousands, except per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 Operating expenses $1,631 $2,060 $9,466 $9,982 Operating loss (1,631) (2,060) (9,466) (9,982)Other income (loss), net (663) 2,245 (7,708) 12,255 Interest, net 52 174 261 (11,979)Equity income (loss), net (5,111) (1,057) (20,702) 64,267 Net income (loss) before income taxes (7,353) (698) (37,615) 54,561 Income tax benefit (expense) — — — — Net income (loss) $(7,353) $(698) $(37,615) $54,561 Net income (loss) per share: Basic $(0.35) $(0.03) $(1.81) $2.64 Diluted $(0.35) $(0.03) $(1.81) $2.64 Weighted average shares used in computing income (loss) per share: Basic 20,829 20,674 20,751 20,636 Diluted 20,829 20,674 20,751 20,636 Safeguard Scientifics, Inc.Financial Data(in thousands) Additional Financial Information Non-GAAP Measures In discussing financial results and guidance, the Company refers to the measure "corporate expenses" which is not in accordance with Generally Accepted Accounting Principles (GAAP). We use this non-GAAP financial measure internally to make operating and strategic decisions, including evaluating our overall performance and as a factor in determining compensation for certain employees. We have defined corporate expenses as general and administrative costs excluding Depreciation, Stock based compensation, severance and retirement costs, and non-recurring items and other. Non-recurring items and other includes accruals related to the Company's LTIP plan that will not be paid until reaching a specified threshold within that plan. We believe presenting this non-GAAP financial measure provides additional information to facilitate comparison of our historical operating costs and their trends, and provides additional transparency on how we evaluate our cost structure. We also believe presenting this measure allows investors to view our performance using the same measure that we use in evaluating our performance and trends. Corporate expenses reconciliation: Three Months Ended Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 Corporate expenses $1,219 $1,404 $5,216 $7,118 Depreciation — — — 808 Stock based compensation (14) 303 965 1,237 Severance and retirement costs 147 32 2,020 248 Non-recurring items and other 279 321 1,265 571 General and administrative expenses $1,631 $2,060 $9,466 $9,982
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