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Walmart Teams Up with Symbotic to Implement Industry-Leading Supply Chain Automation System

Walmart Teams Up with Symbotic to Implement Industry-Leading Supply Chain Automation System

The high-tech automation system will be installed in 25 Walmart regional distribution centers building an efficient and frictionless retail experience

BENTONVILLE, Ark., & WILMINGTON, Mass.–(BUSINESS WIRE)–
Symbotic, a robotics and automation-based company focused on reimagining the traditional consumer goods supply chain and Walmart announced they will partner to reimagine the retailer’s regional distribution network.

Symbotic first implemented its system in Walmart’s Brooksville, Florida distribution center in 2017. Since that time, the companies have worked together to optimize the system. Today, Symbotic will begin the process of outfitting 25 additional regional distribution centers with the high-tech system aimed at furthering Walmart’s mission of operating a best-in-class supply chain.

“There is no greater validation of our efforts to use technology to reimagine the warehouse and supply chain than our work with Walmart,” said Rick Cohen, chief executive officer of Symbotic. “We set out more than 15 years ago to dramatically improve America’s legacy warehouses and supply chain to provide better and faster service to American consumers with new career opportunities for workers. Working with customers like Walmart has enabled us to develop this total solution and with this trust we are now positioned to develop Symbotic-powered warehouses around the country for years to come.”

Walmart’s supply chain is central to ensuring customers can shop when, where and how they want. By implementing Symbotic’s system, Walmart will better modernize and digitize its existing supply chain facilities to support evolving customer demand and create a frictionless experience. All the while, the retailer will create training opportunities for associates that open the door for jobs of the future, increase productivity and reduce costs. Symbotic’s scalable, integrated system deploys a fleet of fully autonomous robots in combination with proprietary software to deliver industry-best throughput and efficiency, while increasing warehouse capacity. With the new system in place, it will help reduce the time it takes to unload, sort, and stock freight in Walmart stores.

“The digital transformation happening today, alongside evolving customer habits, is reshaping the retail industry,” said Joe Metzger, executive vice president of supply chain operations, Walmart U.S. “To serve customers now, and in the future, our business must provide the right tools and training to our associates so they can deliver the items our customers want, when they want them, with unmatched convenience. We’re investing in our supply chain at an unprecedented scale in order to optimize that process end-to-end.”

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.

About Symbotic

Symbotic LLC is a robotics and automation company focused on reimagining the traditional consumer goods supply chain. The company has spent more than a decade perfecting its warehouse automation systems to disrupt the supply chain of goods between manufacturers and consumers. Symbotic’s unique platform, with more than 250 issued patents, is an end-to-end system that reimagines every aspect of the warehouse and is fueled by a unique combination of proprietary software and a fleet of fully autonomous robots. The system enhances storage density, increases available SKUs, reduces product damage and improves throughput and speed to customers. Symbotic is rapidly growing with a pipeline to build its transformative systems for Fortune 100 retailers and wholesalers in new and existing warehouses throughout the United States and Canada. For more information about Symbotic visit https://www.symbotic.com.

Walmart Media Contact:

1-800-331-0085

news.walmart.com/reporter

Symbotic Media Contact:

Pat Tucker, Blair Hennessy

212-371-5999

[email protected]

[email protected]

KEYWORDS: United States North America Arkansas Massachusetts

INDUSTRY KEYWORDS: Supply Chain Management Retail Discount/Variety Technology Department Stores Other Technology Supermarket

MEDIA:

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Moore Kuehn, PLLC Encourages Investors of Lordstown Motors Corp. to Contact Law Firm

PR Newswire

NEW YORK, July 13, 2021 /PRNewswire/ — Moore Kuehn, PLLC, a securities law firm located on Wall Street, is investigating potential claims involving directors and officers regarding possible breaches of fiduciary duties related to whether insiders caused their companies to make false and/or misleading statements and/or failed to disclose, among other things, that:


  • Lordstown Motors Corp. (NASDAQ: RIDE)

Lordstown’s purported pre-orders were non-binding; many of the would-be customers who made these purported pre-orders lacked the means to make such purchases and/or would not have credible demand for Lordstown’s Endurance; Lordstown is not and has not been “on track” to commence production of the Endurance in September 2021; the first test run of the Endurance led to the vehicle bursting into flames within 10 minutes; and as a result, defendants’ public statements were materially false and misleading at all relevant times.

Hindenburg Research reported that “Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities.” According to Hindenburg, Lordstown “has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck. Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious.”

Following this news, Lordstown stock tanked, closing on March 12th at $14.78 per share, a decline of over 16% from the prior day’s close of $17.71 per share.

Subsequently, on March 17, 2021, after the market had closed, Lordstown held some earnings call on which the defendants disclosed that Lordstown had received an inquiry from the U.S. Securities and Exchange Commission (“SEC”) regarding accounting issues. Following this SEC disclosure, Lordstown’s stock price fell $2.08 per share on March 18, 2021, a decline of an additional 14%.

If you own Lordstown or RIDE please contact Fletcher Moore, Esq. by email at [email protected] or telephone at (212) 709-8245.  There is no cost to you.  Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers.

Please visit http://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/

Attorney advertising. Prior results do not guarantee similar outcomes.

Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
[email protected] 
(212) 709-8245

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/moore-kuehn-pllc-encourages-investors-of-lordstown-motors-corp-to-contact-law-firm-301333215.html

SOURCE Moore Kuehn, PLLC

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Allena Pharmaceuticals Announces $28 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules

NEWTON, Mass., July 13, 2021 (GLOBE NEWSWIRE) — Allena Pharmaceuticals, Inc. (NASDAQ: ALNA), a late-stage, biopharmaceutical company dedicated to developing and commercializing first-in-class, oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders, today announced that it has entered into definitive agreements with several healthcare-focused institutional and accredited investors for the purchase and sale of 21,357,744 shares of the Company’s common stock (or common stock equivalents) and warrants to purchase up to an aggregate of 10,678,872 shares of the Company’s common stock, at a purchase price of $1.311 per share of common stock (or common stock equivalent) and associated warrant, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about July 16, 2021, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The warrants have an exercise price of $1.25 per share, are exercisable immediately and have a term of five years.

The gross proceeds to the Company from this offering are expected to be approximately $28 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. 

The foregoing securities are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-228656) previously filed with the Securities and Exchange Commission (the “SEC”) on December 3, 2018, and declared effective by the SEC on December 26, 2018. The offering of the securities is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC.  Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or e-mail at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Allena Pharmaceuticals

Allena Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to discovering, developing and commercializing first-in-class, oral biologic therapeutics to treat patients with rare and severe metabolic and kidney disorders. Allena’s lead product candidate, reloxaliase, is currently being evaluated in a pivotal Phase 3 clinical program for the treatment of enteric hyperoxaluria, a metabolic disorder characterized by markedly elevated urinary oxalate levels and commonly associated with kidney stones, chronic kidney disease and other serious kidney disorders. Allena is also developing ALLN-346 for the treatment of hyperuricemia in the setting of gout and advanced chronic kidney disease, with a Phase 1 multiple-ascending dose study recently completed and a Phase 2a program planned for the second half of 2021.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the completion of the registered direct offering, the satisfaction of customary closing conditions related to the registered direct offering and the intended use of net proceeds from the registered direct offering. In addition, it should be noted that additional capital will be required to complete the company’s planned URIROX-2 clinical trial, which capital may not be available to Allena on terms that are acceptable to it, if at all. If adequate funds are not available on a timely basis, Allena may be required to delay, limit, reduce or terminate its clinical development of reloxaliase. The impact of the COVID-19 coronavirus on Allena’s business, the biotech sector generally and the broader macroeconomic environment is uncertain and could harm Allena’s business by delaying regulatory review timelines, clinical development plans and our ability to raise necessary capital. Furthermore, Allena does not have sufficient cash to operate its business for the next 12 months, which raises substantial doubt about its ability to continue as a going concern. Allena will require additional capital to fund its planned operations, which may not be available to it on attractive terms or at all. If the company is unable to secure additional capital, it will be forced to delay, limit, reduce or terminate its development of reloxaliase and may not be able to continue as a going concern. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that the results of the URIROX-1 clinical trial may not be replicated in the URIROX-2 or other clinical trials of reloxaliase; the risk that the reduction in 24-hour UOx excretion observed in the placebo arm of the URIROX-1 trial may be observed in the URIROX-2 or other clinical trials of reloxaliase, which may have a negative impact on Allena’s ability to secure regulatory approval for this product candidate; the risk that results of earlier studies, or interim results, may not be predictive of future clinical trial results, and planned and ongoing studies may not establish an adequate safety or efficacy profile for reloxaliase to support regulatory approval or the use of the accelerated approval regulatory pathway; risks related to Allena’s ability to utilize the accelerated approval pathway for reloxaliase, including the risk that available data at the time of any sample size re-estimation or interim analysis conducted during the URIROX-2 trial may not be sufficient to demonstrate an increased probability of kidney stone events in patients with enteric hyperoxaluria and increasing UOx levels; the risk that the FDA may require that Allena increase the sample size or duration of treatment following the sample size reassessments to be conducted in accordance with the adaptive design element of the trial or otherwise collect additional clinical data from the URIROX-2 or other clinical trials prior to submitting a BLA for reloxaliase; risks associated with Allena’s ability to enroll a sufficient number of patients to adequately power URIROX-2 in order to achieve ultimate statistical success for kidney stone disease progression in the long-term follow-up phase of the trial; risks related to Allena’s use of UOx and/or POx as surrogate endpoints in its ongoing clinical trials, neither of which it believes have been previously utilized as biomarkers to support regulatory approval of other drug candidates, and the risks related to validating that reductions in UOx and/or POx correlate with meaningful clinical benefit; risks associated with obtaining, maintaining and protecting intellectual property; risks associated with Allena’s ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties; the risk of competition from other companies developing products for similar uses; risk associated with Allena’s financial condition and its need to obtain additional funding to support its business activities, including the future clinical development of reloxaliase and its ability to continue as a going concern; risks associated with Allena’s dependence on third parties; and risks related to the COVID-19 coronavirus. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Allena’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Item 1A of Part I of Allena’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as well as discussions of potential risks, uncertainties and other important factors in Allena’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Allena undertakes no duty to update this information unless required by law.

Investor Contact

Ashley Robinson
LifeSci Advisors, LLC
617-430-7577
[email protected]

Media Contact

Adam Daley
Berry & Company Public Relations
212-253-8881
[email protected]



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LeMaitre Announces Pricing of Public Offering of Common Stock

BURLINGTON, Mass., July 13, 2021 (GLOBE NEWSWIRE) — LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of peripheral vascular devices, implants and services, today announced the pricing of an underwritten public offering of 1,000,000 shares of its common stock at a public offering price of $54.50 per share. Gross proceeds to LeMaitre from the offering are expected to be approximately $54.5 million before deducting underwriting discounts and commissions and estimated offering expenses payable by LeMaitre. The offering is expected to close on or about July 16, 2021, subject to customary closing conditions. LeMaitre has granted the underwriters of the offering the right for a period of 30 days to purchase up to an additional 150,000 shares of common stock at the public offering price, less underwriting discounts and commissions.

Jefferies and Stifel are acting as joint book-running managers for the proposed offering. KeyBanc Capital Markets is acting as co-lead manager, and Barrington Research, Lake Street Capital Markets, LLC and Sidoti & Company, LLC are acting as co-managers.

LeMaitre intends to use the net proceeds from the offering to repay in full borrowings outstanding under its senior secured credit facility and for general corporate purposes, including working capital and capital expenditures and payments under its quarterly dividend program. LeMaitre may also use a portion of the net proceeds to fund potential future acquisitions.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on June 1, 2020. The offering is being made only by means of a written prospectus and prospectus supplement that forms a part of the registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to the offering has been previously filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by email at [email protected], or by telephone at (877) 821-7388; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by telephone at 415-364-2720 or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.

About LeMaitre

LeMaitre is a provider of devices for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. LeMaitre develops, manufactures and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon.

Forward-Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding LeMaitre, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Litigation Reform Act of 1995, including LeMaitre’s expected use of the proceeds of the proposed public offering. Such forward-looking statements involve substantial risks and uncertainties that could cause LeMaitre’s future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all. LeMaitre undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to LeMaitre’s business in general, please refer to LeMaitre’s prospectus supplement to be filed with the SEC, including the documents incorporated by reference therein, which include LeMaitre’s Annual Report on Form 10-K filed with the SEC on March 12, 2021, LeMaitre’s Quarterly Report on Form 10-Q filed with the SEC on May 10, 2021, and LeMaitre’s other periodic reports filed with the SEC.

Investor Relations Contacts:  
David Roberts J.J. Pellegrino
President Chief Financial Officer
LeMaitre Vascular, Inc. LeMaitre Vascular, Inc.
781-425-1693 781-425-1691
[email protected] [email protected]



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Imara Announces Pricing of Public Offering

BOSTON, July 13, 2021 (GLOBE NEWSWIRE) — Imara Inc. (the “Company”) (Nasdaq: IMRA), a clinical-stage biopharmaceutical company dedicated to developing and commercializing novel therapeutics to treat patients suffering from rare inherited genetic disorders of hemoglobin, announced the pricing of its previously announced underwritten public offering of shares of its common stock at a public offering price of $6.00 per share, for gross proceeds of $50 million, before underwriting discounts and commissions and offering expenses payable by the Company. The offering is expected to close on July 16, 2021, subject to customary closing conditions. All shares are being offered by the Company. In addition, the Company has granted the underwriters an option for a period of 30 days to purchase up to $7.5 million of additional shares of its common stock at the public offering price, less underwriting discounts and commissions.

Morgan Stanley, SVB Leerink and Cantor are acting as joint book-running managers for the offering.

The shares are being offered by the Company pursuant to a shelf registration statement that was filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2021 and declared effective on April 8, 2021. This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

The securities referred to in this release are to be offered only by means of the prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to, and describing the terms of, the offering has been filed with the SEC and is available on the SEC’s web site at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering can be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at [email protected]; or SVB Leerink LLC, One Federal Street, 37th Floor, Boston, Massachusetts, 02110, Attention: Syndicate Department, by telephone at (800) 808-7525, ext. 6105, or by email at [email protected].

About Imara

Imara Inc. is a clinical-stage biotechnology company dedicated to developing and commercializing novel therapeutics to treat patients suffering from rare inherited genetic disorders of hemoglobin. Imara is currently advancing IMR-687, a highly selective, potent small molecule inhibitor of PDE9 that is an oral, once-a-day, potentially disease-modifying treatment for sickle cell disease and beta-thalassemia. IMR-687 is being designed to have a multimodal mechanism of action that acts on red blood cells, white blood cells, adhesion mediators and other cell types.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected closing of the public offering. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the Company’s most recent Quarterly Report on Form 10-Q, which is on file with the SEC and in other filings that the Company makes with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Contact:

Marin Bergman
Ten Bridge Communications
818-516-2746
[email protected]

Investor Contact:

Michael Gray
617-835-4061
[email protected]



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FILING DEADLINE–Kuznicki Law PLLC Announces Class Actions on Behalf of Shareholders of RLX, UI and WISH

CEDARHURST, N.Y., July 13, 2021 (GLOBE NEWSWIRE) — The securities litigation law firm of Kuznicki Law PLLC issues this alert to shareholders of the following publicly traded companies.

ContextLogic Inc. (WISH)

Class Period: December 16, 2020 and May 12, 2021, or purchase of shares issued either in or after the December 2020 Initial Public Offering
Lead Plaintiff Motion Deadline: July 16, 2021
SECURITIES FRAUD, MISLEADING PROSPECTUS
To learn more, visit https://kclasslaw.com/cases/securities/nasdaqgs-wish/

Ubiquiti Inc. (UI)

Class Period: January 11, 2021 and March 30, 2021
Lead Plaintiff Motion Deadline: July 19, 2021
SECURITIES FRAUD
To learn more, visit https://kclasslaw.com/cases/securities/nyse-ui/

RLX Technology Inc. (RLX)

Class Period: Shares issued in connection with the January 2021 initial public stock offering
Lead Plaintiff Motion Deadline: August 9, 2021
MISLEADING PROSPECTUS
To learn more, visit https://kclasslaw.com/cases/securities/nyse-rlx/

Shareholders who purchased shares in these companies during the dates listed are encouraged to contact us via the case links above, by calling toll-free at 1-833-835-1495 or by email ([email protected]).

If you wish to serve as lead plaintiff with the goal of overseeing the litigation to obtain a fair and just resolution, you must petition the Court on or before the deadlines provided above.

Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Kuznicki Law PLLC
Daniel Kuznicki, Esq.
445 Central Avenue, Suite 344
Cedarhurst, NY 11516
Email: [email protected]
Phone: (347) 696-1134
Cell: (347) 690-0692
Fax: (347) 348-0967
https://kclasslaw.com



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FILING DEADLINE–Kuznicki Law PLLC Announces Class Actions on Behalf of Shareholders of ATHA, DIDI, LOTZ, and RKT

CEDARHURST, N.Y., July 13, 2021 (GLOBE NEWSWIRE) — The securities litigation law firm of Kuznicki Law PLLC issues this alert to shareholders of the following publicly traded companies.

Athira Pharma, Inc.
(ATHA)

Class Period: September 18, 2020 and June 17, 2021, or purchase of shares issued either in or after the September 2020 Initial Public Offering
Lead Plaintiff Motion Deadline: August 24, 2021
SECURITIES FRAUD, MISLEADING PROSPECTUS
To learn more, visit https://kclasslaw.com/cases/securities/nasdaqgs-atha/

Rocket Companies, Inc. (RKT)

Class Period: February 25, 2021 and May 5, 2021
Lead Plaintiff Motion Deadline: August 30, 2021
SECURITIES FRAUD
To learn more, visit https://kclasslaw.com/cases/securities/nyse-rkt/

CarLotz, Inc. (LOTZ, LOTZW)

Class Period: December 30, 2020 and May 25, 2021
Lead Plaintiff Motion Deadline: September 7, 2021
SECURITIES FRAUD
To learn more, visit https://kclasslaw.com/cases/securities/nasdaqgs-lotz/

DiDi Global Inc. (DIDI)

Class Period: June 30, 2021 and July 2, 2021, or purchase of shares issued either in or after the June 2021 Initial Public Offering
Lead Plaintiff Motion Deadline: September 7, 2021
SECURITIES FRAUD, MISLEADING PROSPECTUS
To learn more, visit https://kclasslaw.com/cases/securities/nyse-didi/

Shareholders who purchased shares in these companies during the dates listed are encouraged to contact us via the case links above, by calling toll-free at 1-833-835-1495 or by email ([email protected]).

If you wish to serve as lead plaintiff with the goal of overseeing the litigation to obtain a fair and just resolution, you must petition the Court on or before the deadlines provided above.

Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Kuznicki Law PLLC
Daniel Kuznicki, Esq.
445 Central Avenue, Suite 344
Cedarhurst, NY 11516
Email: [email protected]
Phone: (347) 696-1134
Cell: (347) 690-0692
Fax: (347) 348-0967
https://kclasslaw.com



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ViacomCBS Celebrates 66 Primetime Emmy Award Nominations

ViacomCBS Celebrates 66 Primetime Emmy Award Nominations

CBS Television Network, CBS Studios and Paramount+ Score 35 Total Nominations

Stephen Colbert’s The Late Show, The Election Night Special and Tooning Out the News Receive 9 Nominations, the Most of Any Late Night Brand

ViacomCBS’ MTV Entertainment Group Earns 20 Nominations, Including First-Time Nominations for Paramount Network’s “Yellowstone” and MTV Documentary Films’ “76 Days”

SHOWTIME® Receives Six Nominations, Including “Shameless” star William H. Macy for Outstanding Lead Actor In A Comedy Series

LOS ANGELES–(BUSINESS WIRE)–
ViacomCBS earned 66 Academy of Television Arts & Sciences 73rd Primetime Emmy Award nominations across its combined portfolio.

CBS Television Network, CBS Studios and Paramount+ together received a total of 35 Primetime Emmy nominations.

  • CBS’ “The Late Show with Stephen Colbert” – the #1 late night talk show on television – received five nominations, marking the series’ 18th Emmy nomination to date.
  • CBS landed several nominations for talent and special programming, including “Oprah With Meghan And Harry: A CBS Primetime Special” and “John Lewis: Celebrating A Hero.” “The Pepsi Super Bowl LV Halftime Show Starring The Weeknd” and “The 63rd Annual Grammy Awards” also received multiple nods this year. For her starring role in “Mom,” Allison Janney was nominated for Outstanding Lead Actress in a Comedy Series.
  • CBS Studios received 21 nominations, among them an Outstanding Competition Series nod for “The Amazing Race.” Short-form series “Carpool Karaoke: The Series” was also nominated.
  • Paramount+, together with CBS Studios, picked up six nominations this season, including four nominations for “Star Trek: Discovery.” “Star Trek: Lower Decks” and “Stephen Colbert Presents Tooning Out the News” each received their first-ever Emmy nominations.

ViacomCBS’ MTV Entertainment Group landed 20 Primetime Emmy nominations across its portfolio of MTV, Comedy Central, Paramount Network, Smithsonian Channel, CMT and VH1.

  • Comedy Central’s “The Daily Show With Trevor Noah” received nods for Outstanding Variety Talk Series plus Outstanding Writing for a Variety Series and “South Park” was also nominated for Outstanding Animated Program.
  • VH1’s “RuPaul’s Drag Race” earned 11 nominations this year, including Outstanding Competition Series, and two nominations for its aftershow, “RuPaul’s Drag Race Untucked.”
  • Paramount Network’s “Yellowstone” and MTV Documentary Films’ “76 Days” each earned its first-ever Emmy nomination.
  • MTV Entertainment Studios picked up four nominations, with “Emily in Paris” and “Reno 911!” each receiving two respectively.

SHOWTIME®landed six Primetime Emmy Award nominations.

  • “Shameless” star William H. Macy was nominated for Outstanding Lead Actor In A Comedy Series.
  • “Stephen Colbert’s Election Night 2020: Democracy’s Last Stand Building Back America Great Again Better 2020,” produced by CBS Studios, received three nominations.
  • “Vice” and “The Good Lord Bird” each received a nomination.

Additionally, Awesomeness earned three Primetime Emmy Award nominations for the second season of “PEN15,” including Outstanding Comedy Series. Paramount Television Studios received two Emmy nominations for “Made For Love” and “The Haunting Of Bly Manor.”

About ViacomCBS

ViacomCBS (NASDAQ: VIAC; VIACA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, Pluto TV and Simon & Schuster, among others. The company delivers the largest share of the U.S. television audience and boasts one of the industry’s most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions.

For more information about ViacomCBS, please visit www.viacomcbs.com and follow @ViacomCBS on social platforms.

VIAC-IR

Bridget Darcey

[email protected]

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Indaba Capital Highlights That Supplemental Proxy Materials Reinforce MDC-Stagwell Combination’s Deep Conflicts and Wholly Insufficient Terms

Indaba Capital Highlights That Supplemental Proxy Materials Reinforce MDC-Stagwell Combination’s Deep Conflicts and Wholly Insufficient Terms

SAN FRANCISCO–(BUSINESS WIRE)–
Indaba Capital Management L.P. (together with its affiliates, “Indaba” or “we”), which is the largest unaffiliated shareholder of MDC Partners Inc. (NASDAQ: MDCA) (“MDC” or the “Company”), today commented on the supplemental proxy materials issued by the Company in connection with its prospective merger with Stagwell Media LP (“Stagwell”). Based on its analysis of MDC’s disclosures, Indaba has concluded that the additional information released only reinforces that the transaction’s recently revised terms continue to deprive unaffiliated shareholders of meaningful value. In particular, Indaba is highlighting the following:

  • Massive Stagwell Dividend Pre-Close of Combination – A $139 special dividend to Stagwell’s current shareholders, funded with a new term loan and cash on the balance sheet, is to be taken out of Stagwell immediately before closing. This dividend leverages the newly combined entity incrementally rather than facilitating the deleveraging that Mr. Penn has touted as a key benefit of the transaction.
  • Massively Dilutive Share Grant to “Brand Employees” of Stagwell– An adjustment of 12 million shares, or $60 million, is noted on page 19 of the proxy supplement. This is recognized as a non-recurring 2020 compensation expense for “brand employees of Stagwell” that will be issued at the closing of the transaction. We would like to know who these “brand employees” are and whether Mr. Penn is one of them. How do we know there will not be another such grant in 2021, after the prospective combination is complete and Mr. Penn has what amounts to total control?

    Furthermore, we would like to know why MDC shareholders are apparently footing part of the bill for Stagwell Minority Interest Acquisitions, another approximately seven million shares to be issued to Stagwell managers upon the close of the transaction.

    It appears Stagwell as a whole is not receiving 180 million shares under its patently unfair offer, but even worse, 199 million shares. Why has Mr. Penn not discussed this aspect of the transaction with MDC shareholders? These 19 million incremental shares (“FAF” shares) to be issued to Stagwell parties equals a value today of almost $100 million and almost 25% of the consideration that MDC shareholders will receive for the equity of their company!

  • Discounted Cash Flow (“DCF”) Valuation Suggests Higher Valuation for MDC– The stand-alone DCF valuation of MDC developed by its investment banker, Moelis & Co., suggests that the Company’s shares are worth between $7.21-$12.96, more than $10 at the midpoint. Despite this, the market still prices MDC’s shares and this transaction at roughly half of that price, as the shares closed at $5.11 today.
  • DCF Relative Valuation Suggests Insufficient Ownership Share for MDC Shareholders – The Moelis & Co. analysis of MDC’s valuation relative to Stagwell’s valuation suggests a 29% pro forma ownership of the newly combined entity at the midpoint of the range and more than 39% at the upper end of the range. To be sure, when considering Stagwell’s pro forma ownership in the combined entity (almost 77% including the FAF shares and Stagwell’s shares in MDC), this transaction should not be considered a merger, but rather a takeover that necessitates a premium to the midpoint.
  • Comparable Company Analysis Suggests Higher Valuation for MDC– The comparables analysis prepared by Moelis & Co. suggests a midpoint pro forma ownership of the combined entity of 30% and an upper end of 39%. Again, the currently proposed deal at 31% does not offer a sufficient premium given the highly conflicted nature of this transaction.
  • Increase in Company Guidance and Growth Projections Justify a Higher Valuation for MDC– According to the updated projections provided by both companies, MDC is expected to grow revenue faster than its advertising peers over the next three years and thereafter. Based on projections provided by MDC, the Company has increased its 2021 Adjusted EBITDA guidance by $10 million. Based on an 8.0x multiple, this equates to $80 million or approximately a $1 per share increase in value. Stagwell on the other hand did not increase its 2021 EBITDA guidance.
  • FAF Share Issuance – The 19 million FAF unit issuance would take the Stagwell-owned pro forma share count to 199 million from 180 million or 71% of total shares outstanding pro forma for the combination and the share grant, and leaving MDC shareholders with a mere 29%.
  • Non-Controlling Interest – We also noticed in the 520-page proxy that approximately $95 million of the redeemable non-controlling interest, which represents “the fair value of redeemable noncontrolling interest in connection with minority holders’ put option requiring Stagwell to acquire the noncontrolling interest in a subsidiary not previously owned,” illustrates the balance sheet adjustments related to the closing of the transaction. These amounts did not appear on Stagwell’s March 31st balance sheet. We would like some explanation about this considerable sum. Again, this appears to be a leveraging event, not the type of deleveraging event that Mr. Penn has touted as a key benefit of the transaction. We worry there is more that we are not aware of, or that Stagwell has not disclosed.
  • Insufficient Governance– As we have previously noted, a majority of the identified directors for the newly combined entity appear to have direct personal or professional overlap with Mr. Penn. This composition is concerning, as we fear conflicts will only deepen and persist in the management of a combined entity under Mr. Penn.

In light of these preliminary findings, we intend to VOTE AGAINST the transaction on its current terms.

About Indaba Capital

Indaba was founded in 2010 to invest in corporate equity and debt. Based in San Francisco, Indaba currently has more than $1.5 billion in assets under management. Learn more at www.IndabaCapital.com.

MKA

Greg Marose / Charlotte Kiaie, 646-386-0091

[email protected] / [email protected]

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Moore Kuehn, PLLC Encourages Investors of Rocket Companies, Inc. to Contact Law Firm

PR Newswire

NEW YORK, July 13, 2021 /PRNewswire/ — Moore Kuehn, PLLC, a securities law firm located on Wall Street, is investigating potential claims involving directors and officers regarding possible breaches of fiduciary duties related to whether insiders caused their companies to make false and/or misleading statements and/or failed to disclose, among other things, that:


  • Rocket Companies, Inc. (NYSE:
     

    RKT)

Rocket Companies, Inc. (“Rocket”) had growing competition culminating in contracting gain-on-sale margins, Rocket was engaged in a price war with its foremost competitors in the wholesale market, further compressing margins, and these adverse trends were accelerating such that Rocket’s gain-on-sale margins were on track to fall at least 140 basis points for the first half of 2021.

Investors began to learn the truth, around May 5, 2021, when Rocket and senior management announced disappointing financial results for the first quarter ended March 31, 2021. Rocket cut gain-on-sale margin guidance for Q2 2021 to 2.65 – 2.95% and blamed pressure on loan pricing and a product mix shift to Rocket’s lower margin Partner Network segment.

This news sent the price of Rocket shares lower. Two days before these revelations, on March 29, 2021, Rocket’s founder, former CEO and Chairman, Daniel Gilbert, sold 20.2 million Rocket shares for gross proceeds of nearly $500 million.

Before the downward forecasts announced on May 5, 2021, Rocket issued a February 25, 2021 press release titled “Rocket Companies Experiences Explosive Growth,” which announced Rocket’s financial results for the fourth quarter and full year of 2020.  Rocket reported closed loan origination volume of $107.2 billion and gain on sale margin of 4.41% for the fourth quarter. Rocket emphasized that it had “[i]ncreased gain on sale margin by 100 basis points year-over-year” during the quarter and “[i]ncreased gain on sale margin by 127 basis points year-over-year to 4.46%” for the full-year period.

If you own Rocket or RKT please contact Fletcher Moore, Esq. by email at [email protected] or telephone at (212) 709-8245.  There is no cost to you.  Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers.

Please visit http://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/

Attorney advertising. Prior results do not guarantee similar outcomes.

Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
[email protected] 
(212) 709-8245

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