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Scorpio Bulkers Inc. Announces Exit from Dry Bulk Sector, Classifying Its Fleet as Held for Sale, Giving Notice to Terminate Agreements with Its Vessel Managers, and Intention to Change the Company Name

MONACO, Dec. 20, 2020 (GLOBE NEWSWIRE) — Scorpio Bulkers Inc. (NYSE: SALT) (the “Company”) today announced that following the recent sales of vessels by the Company, its Board of Directors has authorized the Company, as part of its transition to a sustainable future, to sell its remaining dry bulk vessels and exit the dry bulk sector during 2021.  As a result of this decision, the Company expects to record a write-down ranging from $475.0 million to $500.0 million on vessels sold and classified as held for sale.  This estimated write-down includes non-cash charges of $425.0 million to $440.0 million to reflect the current fair market value of the fleet and $50.0 million to $60.0 million of estimated cash charges, which include $34.0 million to $36.0 million for the termination of various vessel-related agreements, as well as other selling costs.  The Company will also write-off approximately $10.0 million of deferred financing costs as outstanding debt is repaid.

Pursuant to the Master Agreement previously filed with the SEC governing the commercial and technical management of its vessels, the Company has submitted a notice of termination to its managers, effectively ending its relationship with Scorpio Commercial Management s.a.m. and Scorpio Ship Management s.a.m.

To reflect its transition, the Board of Directors has also resolved to seek shareholders’ approval to change the name of the Company.  The proposed new name of the Company will be announced on or before January 8, 2021.

About Scorpio Bulkers Inc.

Scorpio Bulkers Inc., a provider of marine transportation of dry bulk commodities announced its intention to exit the dry bulk sector during 2021 and is investing in the next generation of wind turbine installation vessels. The Company has recently sold eight vessels and has contracted to sell sixteen additional vessels, all of which are expected to close in the first half of 2021. Scorpio Bulkers Inc. intends to sell its 25 remaining wholly-owned or finance leased drybulk vessels (including 7 Kamsarmax vessels and 18 Ultramax vessels) during 2021. The Company has signed a letter of intent to enter into a shipbuilding contract with Daewoo Shipbuilding and Marine Engineering Inc. to build a wind turbine installation vessel to be delivered in 2023, with options to build three further similar vessels. Additional information about the Company is available on the Company’s website www.scorpiobulkers.com, which is not a part of this press release.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, counterparty performance, ability to obtain financing and the availability of capital resources (including for capital expenditures) and comply with covenants in such financing arrangements, planned capital expenditures, our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy, fluctuations in the value of our investments, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.



Contact:

Scorpio Bulkers Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)

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AT&T and TEGNA Joint Statement on Reaching New Retransmission Consent Agreement

AT&T and TEGNA Joint Statement on Reaching New Retransmission Consent Agreement

Multi-Year Deal Covers 64 TEGNA-Owned Stations in 51 Nielsen Designated Markets Across DIRECTV, AT&T TV and U-verse Video Services

TYSONS, Va. & DALLAS–(BUSINESS WIRE)–
TEGNA Inc. (NYSE: TGNA) and AT&T (NYSE: T) have entered into a new multi-year retransmission consent agreement to provide TEGNA-owned local broadcast stations to customers of AT&T’s video platforms across the country. All TEGNA stations are returning today to any impacted AT&T homes.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201220005018/en/

AT&T and TEGNA regret any inconvenience to their customers and viewers and thank them for their patience.

The agreement includes retransmission consent for all 64 TEGNA-owned stations serving 51 Nielsen markets including Atlanta, Charlotte, Cleveland, Dallas, Denver, Houston, Indianapolis, Minneapolis, New Orleans, Phoenix, Seattle, St. Louis, Tampa and Washington, among many others. Terms of the agreement were not disclosed.

About AT&T Communications

We help family, friends and neighbors connect in meaningful ways every day. From the first phone call 140+ years ago to mobile video streaming, we @ATT innovate to improve lives. AT&T Communications is part of AT&T Inc. (NYSE:T). For more information, please visit us at att.com.

About TEGNA

TEGNA, Inc. (NYSE: TGNA) is an innovative media company that serves the greater good of our communities. Across, platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. With 64 stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. TEGNA also owns leading multicast networks True Crime Network and Quest. TEGNA Marketing Solutions (TMS) offers innovative solutions to help businesses reach consumers across television, digital and over-the-top (OTT) platforms, including Premion, TEGNA’s OTT advertising service. For more information, visit www.TEGNA.com.

For AT&T:

Jim Kimberly

AT&T Corporate Communications

312.961.5795

[email protected]

For TEGNA:

Anne Bentley

TEGNA Corporate Communications

703.873.6366

[email protected]

KEYWORDS: Texas Virginia United States North America

INDUSTRY KEYWORDS: TV and Radio Consumer Electronics Technology Online Entertainment Satellite Telecommunications Networks Audio/Video Internet Mobile/Wireless

MEDIA:

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Ennis, Inc. Reports Results for the Three and Nine Months Ended November 30, 2020 and Declares Quarterly Dividend

Ennis, Inc. Reports Results for the Three and Nine Months Ended November 30, 2020 and Declares Quarterly Dividend

MIDLOTHIAN, Texas–(BUSINESS WIRE)–
Ennis, Inc. (the “Company”), (NYSE: EBF), today reported financial results for the three and nine months ended November 30, 2020. Highlights include:

  • Revenues decreased 19.6% for the comparative quarter and increased 6.7% sequentially.
  • Earnings per diluted share decreased $0.09 per share for the comparative quarter and increased $0.07 per diluted share, or 28.0% over the sequential quarter.
  • Our gross profit margin increased on a comparative quarter basis from 29.5% to 30.4%, and increased on a sequential quarter basis from 29.0%.

Financial Overview

The Company’s revenues for the third quarter ended November 30, 2020 were $92.4 million compared to $114.9 million for the same quarter last year, a decrease of 19.6%. As compared to the previous quarter ended August 31, 2020, revenues were up $5.8 million from $86.6 million, or 6.7%. Gross profit margin (“margin”) was $28.1 million for the quarter, or 30.4%, as compared to $33.8 million, or 29.5% for the third quarter last year. Net earnings for the quarter were $8.4 million, or $0.32 per diluted share compared to $10.6 million, or $0.41 per diluted share, for the third quarter last year. While our net earnings for the quarter were down on a comparable basis, they were up 28.0% from $0.25 per diluted share for our sequential quarter.

The Company’s revenues for the nine-month period ended November 30, 2020 were $268.1 million compared to $331.7 million for the same period last year, a decrease of 19.2%. Margin was $77.2 million, or 28.8%, as compared to $99.0 million, or 29.8%, for the nine-month periods ended November 30, 2020 and November 30, 2019, respectively. Net earnings for the nine-month period ended November 30, 2020 were $19.0 million, or $0.73 per diluted share, compared to $29.7 million, or $1.14 per diluted share, for the same period last year.

Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, “As we expected, our results continue to be significantly impacted by the coronavirus (COVID-19) pandemic. Our modification to our cost structure in response to the sales impact of the COVID-19 pandemic and the integration of our recent acquisitions resulted in improvements in our gross profit margin and operating income as a percentage of sales. During the third quarter, our gross profit margin percentage improved to 30.4% from our sequential quarter of 29.0% and from the prior year’s third quarter of 29.5%. Our operating income improved to 12.5% from our sequential quarter of 10.3% and from the prior year’s third quarter of 12.3%, and EBITDA increased over the sequential quarter from $13.1 million to $15.8 million, representing 15.1% and 17.0% of sales, respectively. Our balance sheet continues to be strong with our cash position increasing to $89.4 million from our sequential quarter of $83.9 million and a current ratio (current assets divided by current liabilities) of 4.89. The U.S. economy continues to be significantly impacted by the COVID-19 pandemic and parts of the economy have started to re-open, but remain subject to ongoing surges and local shutdowns, creating a very fluid economic environment. As a recent indicator, according to the Bureau of Labor Statistics (“BLS”), total nonfarm payroll employment rose by 245,000 in November, reflecting a degree of resumption of economic activity that had previously been curtailed due to the COVID-19 pandemic and efforts to contain it. According to the BLS report, in November notable job gains occurred in transportation and warehousing, professional and business services, and health care, whereas employment levels declined in government and retail trade. These BLS statistics provide evidence that various sectors continue to improve, while others have not, which we believe was reflected in our sequential sales increase. We continue to monitor incoming order volumes so that we can proactively adjust our costs accordingly. Although no one is sure of the exact timing of an economic recovery, we will continue to stay focused during this period of economic unrest. We will continue to explore acquisitions that can utilize our cash position more effectively and hunt for new sales in new markets and new channels. We will focus, as always, on maintaining our dividend. We expect that our strong balance sheet and strong free-cash flow position should provide us with the means to accomplish these objectives.”

Non-GAAP Reconciliations

To provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations, from time to time the Company reports the non-GAAP financial measure of EBITDA (EBITDA is calculated as net earnings before interest expense, tax expense, depreciation, and amortization). The Company may also report adjusted gross profit margin, adjusted earnings and adjusted diluted earnings per share, each of which is a non-GAAP financial measure.

Management believes that these non-GAAP financial measures provide useful information to investors as a supplement to reported GAAP financial information. Management reviews these non-GAAP financial measures on a regular basis and uses them to evaluate and manage the performance of the Company’s operations. In addition, EBITDA is a component of the financial covenants and an interest rate metric in the Company’s credit agreement. Other companies may calculate non-GAAP financial measures differently than the Company, which limits the usefulness of the Company’s non-GAAP measures for comparison with these other companies. While management believes the Company’s non-GAAP financial measures are useful in evaluating the Company, when this information is reported it should be considered as supplemental in nature and not as a substitute or an alternative for, or superior to, the related financial information prepared in accordance with GAAP. These measures should be evaluated only in conjunction with the Company’s comparable GAAP financial measures.

The following table reconciles EBITDA, a non-GAAP financial measure, for the three and nine months ended November 30, 2020 and November 30, 2019 to the most comparable GAAP measure, net earnings (dollars in thousands).

 

 

Three months ended

 

 

Nine months ended

 

 

 

November 30,

 

 

November 30,

 

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Net earnings

 

$

8,363

 

 

$

10,553

 

 

$

18,969

 

 

$

29,718

 

Income tax expense

 

 

2,939

 

 

 

3,708

 

 

 

6,665

 

 

 

10,441

 

Interest expense

 

 

2

 

 

 

5

 

 

 

8

 

 

 

602

 

Depreciation and amortization

 

 

4,446

 

 

 

4,756

 

 

 

13,267

 

 

 

13,632

 

EBITDA (non-GAAP)

 

$

15,750

 

 

$

19,022

 

 

$

38,909

 

 

$

54,393

 

% of sales

 

 

17.0

%

 

 

16.6

%

 

 

14.5

%

 

 

16.4

%

In Other News

On December 17, 2020 the Board of Directors declared a quarterly cash dividend of 22.5 cents per share on the Company’s common stock. The dividend is payable on February 4, 2021 to shareholders of record on January 7, 2021.

About Ennis

Founded in 1909, the Company is one of the largest private-label printed business product suppliers in the United States. Headquartered in Midlothian, Texas, Ennis has production and distribution facilities strategically located throughout the USA to serve the Company’s national network of distributors. Ennis manufactures and sells business forms, other printed business products, printed and electronic media, integrated forms and labels, presentation products, flex-o-graphic printing, advertising specialties and Post-it® Notes, internal bank forms, plastic cards, secure and negotiable documents, specialty packaging, direct mail, envelopes, tags and labels and other custom products. For more information, visit www.ennis.com.

Safe Harbor under the Private Securities Litigation Reform Act of 1995

Certain statements that may be contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words “anticipate,” “preliminary,” “expect,” “believe,” “intend” and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for such forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These statements are subject to numerous uncertainties, which include, but are not limited to, the severity and duration of the COVID-19 pandemic and related economic repercussions, the erosion of demand for our printer business documents as the result of digital technologies, risk or uncertainties related to the completion and integration of acquisitions, the limited number of available suppliers and variability in the prices of paper and other raw materials, and operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees and potential plant closures. Other important information regarding factors that may affect the Company’s future performance is included in the public reports that the Company files with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K for the fiscal year ending February 29, 2020 and its Quarterly Reports on Form 10-Q for the quarters ended May 31, 2020 and August 31, 2020. The Company does not undertake, and hereby disclaims, any duty or obligation to update or otherwise revise any forward-looking statements to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, although its situation and circumstances may change in the future. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

 

Ennis, Inc.

Unaudited Condensed Consolidated Financial Information

(In thousands, except share and per share amounts)
 

 

 

Three months ended

 

 

Nine months ended

 

Condensed Consolidated Operating Results

 

November 30,

 

 

November 30,

 

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Revenues

 

$

92,443

 

 

$

114,860

 

 

$

268,051

 

 

$

331,709

 

Cost of goods sold

 

 

64,355

 

 

 

81,024

 

 

 

190,901

 

 

 

232,719

 

Gross profit margin

 

 

28,088

 

 

 

33,836

 

 

 

77,150

 

 

 

98,990

 

Operating expenses

 

 

16,531

 

 

 

19,755

 

 

 

50,777

 

 

 

59,102

 

Operating income

 

 

11,557

 

 

 

14,081

 

 

 

26,373

 

 

 

39,888

 

Other (income) expense

 

 

255

 

 

 

(180

)

 

 

739

 

 

 

(271

)

Earnings before income taxes

 

 

11,302

 

 

 

14,261

 

 

 

25,634

 

 

 

40,159

 

Income tax expense

 

 

2,939

 

 

 

3,708

 

 

 

6,665

 

 

 

10,441

 

Net earnings

 

$

8,363

 

 

$

10,553

 

 

$

18,969

 

 

$

29,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,974,006

 

 

 

26,010,571

 

 

 

25,978,461

 

 

 

26,034,617

 

Diluted

 

 

25,974,006

 

 

 

26,010,571

 

 

 

25,978,461

 

 

 

26,034,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.32

 

 

$

0.41

 

 

$

0.73

 

 

$

1.14

 

Diluted

 

$

0.32

 

 

$

0.41

 

 

$

0.73

 

 

$

1.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 30,

 

 

February 29,

 

Condensed Consolidated Balance Sheet Information

 

 

 

 

 

 

 

 

 

2020

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

 

 

$

89,358

 

 

$

68,258

 

Accounts receivable, net

 

 

 

 

 

 

 

 

 

 

33,799

 

 

 

43,086

 

Inventories, net

 

 

 

 

 

 

 

 

 

 

31,999

 

 

 

34,835

 

Other

 

 

 

 

 

 

 

 

 

 

5,158

 

 

 

3,705

 

Total Current Assets

 

 

 

 

 

 

 

 

 

 

160,314

 

 

 

149,884

 

Property, plant & equipment, net

 

 

 

 

 

 

 

 

 

 

50,045

 

 

 

56,402

 

Operating lease right-of-use assets

 

 

 

 

 

 

 

 

 

 

16,066

 

 

 

20,068

 

Goodwill and intangible assets

 

 

 

 

 

 

 

 

 

 

133,106

 

 

 

139,084

 

Other

 

 

 

 

 

 

 

 

 

 

260

 

 

 

261

 

Total Assets

 

 

 

 

 

 

 

 

 

$

359,791

 

 

$

365,699

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

 

 

 

 

 

 

 

$

12,293

 

 

$

17,235

 

Accrued expenses

 

 

 

 

 

 

 

 

 

 

15,450

 

 

 

15,069

 

Current portion of operating lease liabilities

 

 

 

 

 

 

 

 

 

 

5,057

 

 

 

5,665

 

Total Current Liabilities

 

 

 

 

 

 

 

 

 

 

32,800

 

 

 

37,969

 

Other non-current liabilities

 

 

 

 

 

 

 

 

 

 

30,297

 

 

 

33,401

 

Total liabilities

 

 

 

 

 

 

 

 

 

 

63,097

 

 

 

71,370

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

296,694

 

 

 

294,329

 

Total Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

$

359,791

 

 

$

365,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

 

 

 

 

November 30,

 

Condensed Consolidated Cash Flow Information

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

2019

 

Cash provided by operating activities

 

 

 

 

 

 

 

 

 

$

40,779

 

 

$

44,433

 

Cash used in investing activities

 

 

 

 

 

 

 

 

 

 

(843

)

 

 

(21,469

)

Cash used in financing activities

 

 

 

 

 

 

 

 

 

 

(18,836

)

 

 

(50,093

)

Change in cash

 

 

 

 

 

 

 

 

 

 

21,100

 

 

 

(27,129

)

Cash at beginning of period

 

 

 

 

 

 

 

 

 

 

68,258

 

 

 

88,442

 

Cash at end of period

 

 

 

 

 

 

 

 

 

$

89,358

 

 

$

61,313

 

 

For Further Information Contact:

Mr. Keith S. Walters, Chairman, Chief Executive Officer and President

Ms. Vera Burnett, Interim Chief Financial Officer

Mr. Michael D. Magill, Executive Vice President and Secretary

Ennis, Inc.

2441 Presidential Parkway

Midlothian, Texas 76065

Phone: (972) 775-9801

Fax: (972) 775-9820

www.ennis.com

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Packaging Other Manufacturing Manufacturing

MEDIA:

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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of JOYY Inc. – YY

NEW YORK, Dec. 20, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of JOYY Inc. (“JOYY” or the “Company”) (NASDAQ: YY).   Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether JOYY and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 



[Click here for information about joining the class action]

On November 18, 2020, Muddy Waters Capital (“Muddy Waters”) published a report entitled “YY: You Can’t Make this Stuff Up.  Well…Actually You Can.”  The Muddy Waters report described JOYY as “a multibillion-dollar fraud” with “component businesses . . . a fraction of the size it reports, and . . . reported user metrics, revenues, and cash balances [that] are predominantly fraudulent.”  Citing a “year-long investigation,” Muddy Waters concluded that JOYY “is about 90% fraudulent.” 

On this news, JOYY’s American depositary receipt (“ADR”) price fell $26.53 per ADR, or 26.48%, to close at $73.66 per ADR on November 18, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980



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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Las Vegas Sands Corporation of Class Action Lawsuit and Upcoming Deadline – LVS

NEW YORK, Dec. 20, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Las Vegas Sands Corporation (“Las Vegas Sands” or the “Company”) (NYSE: LVS) and certain of its officers.   The class action, filed in United States District Court for the District of Nevada, and docketed under 20-cv-01958, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Las Vegas Sands securities between February 27, 2016 and September 15, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Las Vegas Sands securities during the class period, you have until December 21, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 



[Click here for information about joining the class action]

Las Vegas Sands was founded in 1988 and is based in Las Vegas, Nevada. The Company, together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the U.S., which offer various amenities.

Las Vegas Sands’ properties include, among others, the Marina Bay Sands resort in Singapore, which operates a casino.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) weaknesses existed in Marina Bay Sands’ casino control measures pertaining to fund transfers; (ii) the Marina Bay Sands’ casino was consequently prone to illicit fund transfers that implicated, among other issues, the transfer of customer funds to unauthorized persons and potential breaches in the Company’s anti-money laundering procedures; (iii) the foregoing foreseeably increased the risk of litigation against the Company, as well as investigation and increased oversight by regulatory authorities; (iv) Las Vegas Sands had inadequate disclosure controls and procedures; (v) consequently, all the foregoing issues were untimely disclosed; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On July 19, 2020, Bloomberg News reported that Las Vegas Sands had settled a lawsuit brought by a former patron, Wang Xi (“Xi”), meeting his demand for a S$9.1 million ($6.5 million) payment. Xi reportedly sued the Marina Bay Sands casino in 2019 to recover S$9.1 million of his funds that the casino allegedly transferred to other patrons from his casino deposit accounts in 2015 without his approval, which triggered a probe into the casino by local authorities. Bloomberg News also reported that the U.S. Department of Justice (“DOJ”) “is also scrutinizing whether anti-money laundering procedures had been breached in the way the Singapore casino handles high rollers.”

On this news, Las Vegas Sands’ stock price fell $1.41 per share, or 2.9%, to close at $47.28 per share on July 20, 2020.

Then, on September 16, 2020, Bloomberg reported that Marina Bay Sands “has hired a law firm to conduct a new investigation into employee transfers of more than $1 billion in gamblers’ money to third parties[.]”  The article quoted the Singapore Casino Regulatory Authority (“CRA”) as stating that “there were weaknesses in [Marina Bay Sands’] casino control measures pertaining to fund transfers[.]”

On this news, Las Vegas Sands’ stock price fell $2.18 per share, or 4.2%, to close at $49.67 per share on September 16, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]



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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Wells Fargo & Company of Class Action Lawsuit and Upcoming Deadline  – WFC

NEW YORK, Dec. 20, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE: WFC) and certain of its officers.   The class action, filed in United States District Court for the Northern District of California and docketed under 20-cv-07997, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Wells Fargo securities between October 13, 2017 and October 13, 2020, inclusive (the “Class Period”).  Plaintiff seeks to pursue remedies against Wells Fargo and certain of the Company’s current and former senior executives under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Wells Fargo securities during the Class Period, you have until December 29, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 



[Click here for information about joining the class action]

Wells Fargo is a global financial services company headquartered in San Francisco, California.  The Company provides banking, investment and mortgage products and services, as well as other consumer and commercial financial services.  It is one of the largest banks in the world as measured by both market capitalization and total assets.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Wells Fargo had systematically failed to follow appropriate underwriting standards and due diligence guidelines in issuing billions of dollars’ worth of commercial loans, including by inflating the net income and future expected cash flows of its commercial clients to justify issuing excessive loan amounts; (ii) a materially higher proportion of Wells Fargo’s commercial loan customers were of poor credit quality and/or at a substantially higher risk of default than disclosed to investors; (iii) Wells Fargo had failed to timely write down commercial loans, collateralized loan obligations (“CLOs”) and commercial mortgage backed securities (“CMBS”) on its books that had suffered impairments; (iv) Wells Fargo had materially understated the reserves needed for expected credit losses in its commercial portfolios; (v) Wells Fargo had systematically misrepresented the credit quality and likelihood of default of the loans it packaged and securitized into CLOs and CMBS, including by artificially inflating the net income and expected cash flows of its commercial clients in loan and securitization documentation; (vi) the CLO and CMBS-related loans issued and investment securities held by Wells Fargo were of lower credit quality and worth far less than represented to investors; (vii) as a result of (i)-(vi) above, Wells Fargo’s Class Period statements regarding the credit quality of its commercial loans, its underwriting and due diligence practices, and the value of its CLO and CMBS books were materially false and misleading; and (viii) as a result of all the foregoing, Wells Fargo was exposed to severe undisclosed risks of financial, reputational and legal harm, in particular in the event of significant and sustained stress in the commercial credit markets.

On April 14, 2020, Wells Fargo issued a press release providing its results for the first quarter of 2020.  The release revealed a stunning deterioration in the Company’s credit portfolio, particularly with respect to its commercial loans.

On this news, Wells Fargo’s stock price fell 14% over the following three trading sessions, closing at $26.89 per share on April 16, 2020.

Then, on May 5, 2020, Wells Fargo filed its quarterly report for the first quarter with the SEC, which stated that the fair value of the Company’s CLO investments held-for-sale had fallen to $26.9 billion by the quarter’s end, a 9% decline from the end of the quarter and year ended December 31, 2019 (“FY19”), and that Wells Fargo had suffered $1.7 billion in unrealized losses on its CLO investments during the quarter.

On this news, Wells Fargo’s stock price fell another 6% over two trading days to close at $25.61 per share on May 6, 2020.

Then, on June 10, 2020, Wells Fargo’s Chief Financial Officer John Shrewsberry (“Shrewsberry”) presented at the Morgan Stanley Virtual US Financials Conference.  During the conference, Shrewsberry revealed that Wells Fargo’s second quarter reserve build would be even “bigger than the first quarter” as a result of continued deterioration in the Company’s credit portfolio. 

On this news, Wells Fargo’s stock price fell 18% over two trading days to close at $26.79 per share on June 11, 2020.

On July 14, 2020, Wells Fargo issued a release providing its results for the second quarter of 2020.  The release stated that Wells Fargo had suffered a $2.4 billion loss during the quarter, or ($0.66) per share, largely as a result of deterioration in its commercial credit portfolio.

On this news, Wells Fargo’s stock price fell another 5% to close at $24.25 per share on July 14, 2020. 

Finally, on October 14, 2020, Wells Fargo issued a release providing its results for the third quarter of 2020.  The release stated that Wells Fargo had recognized another provision expense of $769 million and that non-accrual loans had increased $2.5 billion, or 45%, to $8 billion during the quarter.

On this news, Wells Fargo’s stock price fell another 6% to close at $23.25 per share on October 14, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980



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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Biogen Inc. – BIIB

NEW YORK, Dec. 20, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Biogen Inc. (“Biogen” or the “Company”) (NASDAQ:  BIIB).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Biogen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 



[Click here for information about joining the class action]

On November 6, 2020, Biogen issued a press release announcing that the Company’s proposed Alzheimer’s therapy had failed to win support from the U.S. Food and Drug Administration’s Peripheral and Central Nervous System Drugs Advisory Committee.  Specifically, the press release disclosed that the Advisory Committee “voted 1 yes, 8 no and 2 uncertain on the question, ‘Does Study 302 (EMERGE), viewed independently and without regard for Study 301 (ENGAGE), provide strong evidence that supports the effectiveness of aducanumab for the treatment of Alzheimer’s disease?’.  The Advisory Committee also voted 0 yes, 7 no and 4 uncertain on the question, ‘Does Study 103 (PRIME) provide supportive evidence of the effectiveness of aducanumab for the treatment of Alzheimer’s disease?’, and 5 yes, 0 no and 6 uncertain on the question, ‘Has the Applicant presented strong evidence of a pharmacodynamic effect of aducanumab on Alzheimer’s disease pathophysiology?’.   Finally, the Advisory Committee voted 0 yes, 10 no and 1 uncertain on the question, ‘In light of the understanding provided by the exploratory analyses of Study 301 and Study 302, along with the results of Study 103 and evidence of a pharmacodynamic effect on Alzheimer’s disease pathophysiology, it is reasonable to consider Study 302 as primary evidence of the effectiveness of aducanumab for the treatment of Alzheimer’s disease?’”  Following the announcement, trading in Biogen stock was halted on November 6, 2020.  When trading resumed on November 9, 2020, Biogen’s stock price fell $92.64 per share, or 28.17%, to close at $236.26 per share on November 9, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980



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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Kandi Technologies Group, Inc. of Class Action Lawsuit and Upcoming Deadline  – KNDI

NEW YORK, Dec. 20, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Kandi Technologies Group, Inc.  (“Kandi” or the “Company”) (NASDAQ: KNDI) and certain of its officers.   The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-06042, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Kandi securities between March 15, 2019 and November 27, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Kandi securities during the Class Period, you have until February 9, 2021, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 



[Click here for information about joining the class action]

Kandi was founded in 2002 and is headquartered in Jinhua, the People’s Republic of China (“China”).  The Company, through its subsidiaries, designs, develops, manufactures, and commercializes electric vehicle (“EV”) products and parts and off-road vehicles in China and internationally.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Kandi artificially inflated its reported revenues through undisclosed related party transactions, or otherwise had relationships with key customers that indicated those customers did not have an arms-length relationship with Kandi; (ii) the majority of Kandi’s sales in the past year had been to undisclosed related parties and/or parties with such a close relationship and history with Kandi that it cast doubt on the arms-length nature of their relationship; (iii) all the foregoing, once revealed, was foreseeably likely to cast doubt on the validity of Kandi’s reported revenues and, in turn, have a foreseeable negative impact on the Company’s reputation and valuation; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On November 30, 2020, Hindenburg Research (“Hindenburg”) published a report entitled “Kandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab $160 Million From U.S. Investors”.  Citing “extensive on-the-ground inspection at Kandi’s factories and customer locations in China, interviews with over a dozen former employees and business partners, and review of numerous litigation documents and international public records”, the Hindenburg report asserted that almost 64% of Kandi’s sales over the year have been to undisclosed related parties.  The report also alleged that “[Kandi] has consistently booked revenue it cannot collect, a classic hallmark of fake revenue[.]”

Following the publication of the Hindenburg report, Kandi’s stock price fell $3.86 per share, or 28.34%, to close at $9.76 per share on November 30, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980



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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of HP Inc. – HPQ

NEW YORK, Dec. 20, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of HP Inc. (“HP” or the “Company”) (NYSE: HPQ).   Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether HP and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 



[Click here for information about joining the class action]

On June 21, 2016, HP announced an overhaul to its Printing sales model and revealed that it would reduce the Supplies channel inventory by $450 million in Supplies revenue over the remainder of 2016.  On this news, HP’s stock price fell $0.72 per share, or 5.4%, to close at $12.61 per share on June 22, 2016. 

More than four years later, on September 30, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued a press release, announcing charges against HP “for misleading investors by failing to disclose the impact of sales practices undertaken to meet quarterly sales and earnings targets.”  Specifically, the SEC stated that “from early 2015 through the middle of 2016, in an effort to meet quarterly sales targets, regional managers at HP used a variety of incentives to accelerate, or ‘pull-in’ to the current quarter, sales of printing supplies that they otherwise expected to materialize in later quarters.”  The press release further stated that “HP has agreed to pay $6 million to settle the charges.”  The SEC’s charges against HP revealed that while the Company’s June 21, 2016 announcement had attributed its channel inventory issues and revenue and margin reductions to unfavorable currency impacts, competitive pricing pressure, and a change in inventory modeling, HP had in reality engaged in improper channel inventory management and sales practices.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980



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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of OrthoPediatrics Corp. – KIDS

NEW YORK, Dec. 20, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (NASDAQ: KIDS).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether OrthoPediatrics and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 



[Click here for information about joining the class action]

On December 2, 2020, Culper Research (“Culper”) published a report entitled “OrthoPediatrics Corp. (KIDS): Even Channel Stuffing Can’t Save This Company”.  The Culper report described OrthoPediatrics as having “engaged in a channel stuffing scheme that has systematically and significantly overstated revenues.”  Among other issues, the Culper report alleged that “the Company has abused its ability to book revenues upon shipment by selling and shipping excess product directly to its distributors, many of whom are exclusive to the Company” and described it as “concerning that many of the Company’s ‘exclusive distributors’ are simply former OrthoPediatrics employees who have formed their own distributorships, often while still employed at the Company.”  

On this news, OrthoPediatrics’ stock price fell $4.12 per share, or 9.13%, to close at $41.02 per share on December 2, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980