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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Pinterest, Northern Dynasty Minerals, Splunk, and Minerva Neurosciences Encourages Investors to Contact the Firm

NEW YORK, Dec. 09, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Pinterest, Inc. (NYSE: PINS), Northern Dynasty Minerals Ltd. (NYSE: NAK), Splunk, Inc. (NASDAQ: SPLK), and Minerva Neurosciences, Inc. (NASDAQ: NERV). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Pinterest, Inc. (NYSE: PINS)

Class Period: May 16, 2019 to November 1, 2019

Lead Plaintiff Deadline: January 22, 2021

On October 31, 2019, the Company announced its financial results for the quarter ended September 30, 2019. The Company reported disappointing financial results, including 8% growth in the U.S. MAUs year over year, reaching 87 million, only 8 million more than the same period of the previous year. Pinterest also missed its consensus projections and reported lower than expected U.S. advertising revenue. The Company only marginally increased its full year 2019 guidance, implying further deceleration in the future quarters.

On this news, the price of the Company’s shares steeply declined by 17%, to close at $20.86 on November 1, 2019.

The Complaint, filed on November 23, 2020, alleges that Pinterest made false and misleading statements to the public throughout the Class Period and failed to disclose that: (i) the Company’s addressable market in the U.S. was reaching its maximum capacity; (ii) which significantly decelerated Pinterest’s future ability to monetize on U.S. average revenue per user; (iii) Pinterest was at an increased risk of losing advertising revenue; (iv) and as a result, defendants’ public statements were materially false and misleading at all relevant times or lacked a reasonable basis and omitted material facts.

For more information on the Pinterest class action go to: https://bespc.com/cases/PINS

Northern Dynasty Minerals Ltd. (NYSE: NAK)

Class Period: December 21, 2017 to November 25, 2020

Lead Plaintiff Deadline: February 2, 2021

Northern Dynasty engages in the exploration of mineral properties in the United States. Its principal mineral property is the Pebble copper-gold-molybdenum project comprising 2,402 mineral claims that covers an area of approximately 417 square miles located in southwest Alaska (the “Pebble Project”).

On August 24, 2020, the U.S. Army released a statement concerning the Pebble Project, stating that it would result in “significant degradation of the environment and would likely result in significant adverse effects on the aquatic system or human environment.” The U.S. Army further found that “the project, as currently proposed, cannot be permitted under section 404 of the Clean Water Act.” The U.S. Army requested that the Company submit a mitigation plan in response to this finding

On this news, Northern Dynasty’s stock price fell $0.55 per share, or 37.9%, to close at $0.90 per share on August 24, 2020.

On November 25, 2020, Northern Dynasty reported that the U.S. Army Corps of Engineers had rejected its permit applications related to the Pebble Project.

On this news, Northern Dynasty’s stock price fell $0.40 per share, or 50%, to close at $0.40 per share on November 25, 2020.

The complaint, filed on December 4, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s Pebble Project was contrary to Clean Water Act guidelines and to the public interest; (2) the Company planned that the Pebble Project would be larger in duration and scope than conveyed to the public; (3) as a result, the Company’s permit applications for the Pebble Project would be denied by the U.S. Army Corps of Engineers; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the Northern Dynasty class action go to: https://bespc.com/cases/NAK

Splunk, Inc. (NASDAQ: SPLK)

Class Period: October 21, 2020 to December 2, 2020

Lead Plaintiff: February 2, 2021

After the markets closed on December 2, 2020, Splunk stunned the market when it announced its financial results for the third quarter of 2021. These results fell short of annual recurring and total revenue estimates, and Splunk reported a loss of 7 cents per share versus an expected gain of 8 cents per share. Splunk’s forecast for the fourth quarter of 2020 was also lower than expected. Numerous analysts have already downgraded the stock and cut their price targets. This includes JPMorgan, who was “blindsided by the magnitude of too many large deals slipping in the final days of October on the heels of an upbeat analyst day 10 days prior to the quarter close,” on October 21, 2020, “at which the company reaffirmed guidance and stated that it was excited about near-term and long-term growth prospects.”

On this news, shares of Splunk common stock plummeted, closing at just $158.03 per share on December 3, 2020, down over 23% from the December 2, 2020 closing price of $205.91 per share.

The complaint, filed on December 4, 2020, alleges that the defendants misrepresented and/or failed to disclose to investors that: (1) Splunk was not closing deals with its largest customers in the third fiscal quarter of 2021; (2) Splunk was not hitting the financial targets it had previously announced; and (3) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the Splunk class action go to: https://bespc.com/cases/SPLK

Minerva Neurosciences, Inc. (NASDAQ: NERV)

Class Period: May 5, 2017 to November 30, 2020

Lead Plaintiff Deadline: February 8, 2021

Minerva’s drug candidate roluperidone, MIN-101, is in development for the treatment of negative symptoms in patients with schizophrenia. In October 2016, the Company had previously reported positive results from a Phase 2b trial of roluperidone for this treatment, asserting that the “[d]ata show continuous improvement in negative symptoms, stable positive symptoms and extended safety profile.”

On May 29, 2020, Minerva released the results of its Phase 3 clinical trial. The Company announced that the studied “doses were not statistically significantly different from placebo at Week 12 on the primary endpoint . . . or the key secondary endpoint.” In other words, the Phase 3 clinical trial failed.

On this news, the Company’s stock price plummeted from a May 28, 2020 closing price of $13.47 per share to a May 29, 2020 closing price of just $3.71 per share.

On December 1, 2020, Minerva issued a press release revealing that it had “received official meeting minutes from the November 10, 2020 Type C meeting with the” FDA. Minerva disclosed for the first time that the “FDA advised that the Phase 2b study is problematic because it did not use the commercial formulation of roluperidone and was conducted solely outside of the United States. In addition, FDA commented that the Phase 3 study does not appear to be capable of supporting substantial evidence of effectiveness . . . .” Indeed, the “FDA cautioned that an NDA submission based on the current data from the Phase 2b and Phase 3 studies would be highly unlikely to be filed and that at a minimum, there would be substantial review issues due to the lack of two adequate and well-controlled trials to support efficacy claims for this indication.”

On this news, Minerva’s stock price fell from its November 30, 2020 closing price of $3.89 per share to a December 1, 2020 closing price of $2.89 per share. This represents a one day drop of approximately 25.7%.

The complaint, filed on December 8, 2020, 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) the truth about the feedback received from the FDA concerning the “end-of-Phase 2” meeting; (ii) the Phase 2b study did not use the commercial formulation of roluperidone and was conducted solely outside of the United States; (iii) the failure of the Phase 3 study to meet its primary and key secondary endpoints rendered that study incapable of supporting substantial evidence of effectiveness; (iv) the Company’s plan to use the combination of the Phase 2b and Phase 3 studies would be “highly unlikely” to support the submission of an NDA; (v) reliance on these two trials in the submission of an NDA would lead to “substantial review issues” because the trials were inadequate and not well-controlled; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Minerva class action go to: https://bespc.com/cases/NERV

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com 



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Pender Growth Fund Announces Investment in GreenSpace Brands

VANCOUVER, British Columbia, Dec. 09, 2020 (GLOBE NEWSWIRE) — Pender Growth Fund Inc. (TSXV: PTF) (“Pender Growth Fund” or the “Company”) announces today that it has agreed to participate in GreenSpace Brands Inc.’s (TSX-V: JTR) (“Greenspace”) proposed brokered private placement (the “GreenspaceOffering”).

It is anticipated that Pender Growth Fund will acquire 47,191,465 units of Greenspace (“Greenspace Units”) at a price of $0.05 per Greenspace Unit for a purchase price of approximately $2.4 million. In addition, it is anticipated that Pender Growth Fund’s manager, PenderFund Capital Management Ltd. (“PenderFund”) will acquire 32,808,535 Greenspace Units on behalf of certain investment funds it manages. As used herein, “Pender” refers to Pender Growth Fund and PenderFund collectively.

Each Greenspace Unit consists of one common share of Greenspace (a “Greenspace Share”) and one common share purchase warrant (a “Greenspace Warrant”). Each Greenspace Warrant will entitle the holder to acquire an additional Greenspace Share at an exercise price of $0.08 for 24 months following closing of the Greenspace Offering, subject to an accelerated expiry provision.

Pender currently holds an aggregate of 63,699,000 Greenspace Shares, representing 26.58% of the issued and outstanding common shares. Of this amount, Pender Growth Fund holds 22,828,320 Greenspace Shares representing 9.53% of the issued and outstanding common shares. Upon closing of the Greenspace Offering, Pender will hold an aggregate of 143,699,000 Greenspace Shares, representing 39.41% of the issued and outstanding common shares (on a non-diluted basis). Of this amount, Pender Growth Fund will hold 70,019,785 Greenspace Shares, representing 19.20% of the issued and outstanding common shares (on a non-diluted basis). As disclosed by Greenspace, as Pender is currently an insider and control person of Greenspace, Pender’s participation in the Greenspace Offering is considered to be a “related party transaction” for Greenspace pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and Greenspace intends to rely on exemptions to the requirements in MI 61-101 that would otherwise require a formal valuation and minority shareholder approval of Pender’s participation. The independent directors of Greenspace have determined that the terms of the Greenspace Offering (including Pender’s participation) is fair to, and in the best interests of, the shareholders of Greenspace.

Closing of the Greenspace Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange.

A
bout
Pender Growth Fund Inc.

Pender Growth Fund Inc. is an investment company with the objective of achieving long-term capital appreciation for its investors. The company utilizes its small capital base and long-term horizon to invest in unique investments; primarily small cap, special situations, and illiquid public and private companies. The company trades on the TSX Venture Exchange under the symbol “PTF”.

Please visit www.pendergrowthfund.com.

For further information, please contact:
Tony Rautava
PenderFund Capital Management Ltd.
(604) 653-9625
Toll Free: (866) 377-4743
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.

Forward-Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to Pender’s investment in GreenSpace. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on Pender’s expectations and conditions relating to the completion of its investment in GreenSpace. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the receipt of approval of the Greenspace Offering from the TSX Venture Exchange. There can be no assurance that forward-looking statements will prove to be as accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.



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Open Lending Corporation Announces Pricing of Upsized Secondary Offering

AUSTIN, Texas, Dec. 09, 2020 (GLOBE NEWSWIRE) — Open Lending Corporation, (“Open Lending”) (Nasdaq: LPRO), a leading provider of lending enablement and risk analytics to credit unions, regional banks and captive finance companies of Original Equipment Manufacturers, announced today the pricing of a secondary public offering of 9,500,000 shares of its common stock at a public offering price of $28.00 per share. The offering was upsized from the previously announced offering size of 8,000,000 shares. All shares are being sold by existing stockholders, including Nebula Holdings, LLC., a True Wind Capital, L.P. managed entity, Bregal Sagemount and certain executive officers of Open Lending. The selling stockholders have also granted the underwriters a 30-day option to purchase up to 1,425,000 additional shares of common stock. Open Lending is not selling any shares and will not receive any of the proceeds of the offering. The offering is expected to close on December 14, 2020, subject to customary closing conditions.

Pursuant to a Stock Repurchase Agreement, dated as of December 7, 2020, between Open Lending and the selling stockholders, Open Lending will repurchase from the selling stockholders an aggregate number of shares of Open Lending’s common stock equal to $37.5 million at the same per share price paid by the underwriters to the selling stockholders in the offering. The share repurchase is conditioned on the closing of the offering, which is expected to occur on December 14, 2020, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Deutsche Bank Securities and Morgan Stanley are acting as lead book-running managers for the offering. Jefferies, Raymond James and William Blair are also acting as book-running managers. Canaccord Genuity, D.A. Davidson & Co., JMP, Needham & Company, Stephens Inc. and Northland Capital Markets are acting as co-managers.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission on December 9, 2020. The offering of these securities is being made only by means of a prospectus. When available, a copy of the final prospectus relating to the offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by email at [email protected] or by telephone at (866) 471-2526; or Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, New York 10005, by email at [email protected] or by telephone at (800) 503-4611; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described above, 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.

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s filings with the SEC, including those under the header “Risk Factors” in the Registration Statement on Form S-1 filed with the SEC on December 7, 2020, as amended. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

About
Open Lending Corporation

Open Lending, through its flagship product, Lenders Protection, offers loan analytics, risk-based pricing, risk modeling and default insurance, ensuring profitable auto loan portfolios for financial institutions throughout the United States. 

Investor Contact:
ICR for Open Lending Investors
[email protected]



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INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of The Cheesecake Factory Incorporated (CAKE) on Behalf of Investors

INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of The Cheesecake Factory Incorporated (CAKE) on Behalf of Investors

BENSALEM, Pa.–(BUSINESS WIRE)–
Law Offices of Howard G. Smith announces an investigation on behalf of The Cheesecake Factory Incorporated (“Cheesecake Factory” or the “Company”) (NASDAQ: CAKE) investors concerning the Company’s possible violations of federal securities laws.

In the early stages of the COVID-19 pandemic, on March 23, 2020 and April 3, 2020, the Company disclosed that its restaurants were “operating sustainably.” In fact, Cheesecake Factory was losing around $6 million per week, which it did not disclose to investors. The Company also failed to disclose to investors that it had informed landlords that it would be impossible to pay rent in April due to the COVID-19 pandemic.

On December 4, 2020, the Company stated that it will pay a $125,000 fine to settle charges with the U.S. Securities and Exchange Commission’s (“SEC”) for making misleading statements.

On this news, the Company’s stock price fell $0.81 per share, or 2%, to close at $38.62 per share on December 4, 2020, thereby injuring investors.

If you purchased Cheesecake Factory securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

[email protected]

www.howardsmithlaw.com

KEYWORDS: United States North America California Pennsylvania

INDUSTRY KEYWORDS: Legal Professional Services

MEDIA:

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Posiflex Wins Taiwan Excellence Award with All-In-One POS and Introduces an Exciting New Line of Kiosks

Posiflex Wins Taiwan Excellence Award with All-In-One POS and Introduces an Exciting New Line of Kiosks

TAIPEI, Taiwan–(BUSINESS WIRE)–Posiflex Technology, Inc., a global leader in Point of Sale (POS), self-service kiosks, and embedded computing technologies. Posiflex has been focused on product applications of retail market trends and endeavors to improve users’ operational efficiency with cutting edge technology since its foundation in 1984. Posiflex is honored to receive the Taiwan Excellence Award 2021 for its innovative all-in-one Android POS, HS-3314A.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201209005001/en/

Posiflex's HS-3314A Wins Taiwan Excellence Awards 2021 (Photo: Business Wire)

Posiflex’s HS-3314A Wins Taiwan Excellence Awards 2021 (Photo: Business Wire)

The Ministry of Economic Affairs Taiwan established the Taiwan Excellence Awards in 1993. Eligible candidates are subjected to cover four major aspects of “R&D”, “Design”, “Quality” and “Marketing” to identify outstanding products that offer “Innovative Value” while being “made in Taiwan”. Products that have been selected for the Taiwan Excellence Awards would serve as examples of the domestic industries and be promoted by the government internationally to shape the creative image for Taiwanese businesses.

The HS-3314A series is a 14” Android 9.0 PCAP touch POS system with a built-in printer and designed with the high-performance Rockchip RK3399 platform and various peripherals. Built with unique innovation and a compact body, HS-3314A is equipped with a high-speed, detachable thermal receipt printer. Its innovative screwless and modular design not only makes installation simple and maintenance easy but also allows for a variety of peripherals including a secondary display, MSR, fingerprint sensor, and barcode scanner. The whole system greatly improves retailer operation and work efficiency with space-saving design and reduced downtime.

Not only has Posiflex been building the best POS systems for the retail industry, but it is also in sync with the rapid rise of self-service technology. As the world has been deeply affected by the COVID-19 outbreak, it has unleashed a demand for safety-conscious products such as self-service kiosks. Posiflex introduces the new Mercury EK Series to its sophisticated self-service solutions to help operators succeed with the rising need for the self-service kiosk. Built to be compact and functional, the Mercury EK Series is available in 15” PCAP touch screen in landscape mode while 15.6” & 21.5” touch screens are available in both landscape and portrait mode. Designed with flexibility in mind, the Mercury EK Series can deploy as either countertop or floor-standing as well as customizable with peripherals including NFC/RFID reader, fingerprint sensor, 2D scanner, status indicator, and an EMV payment device. The versatility of the Mercury EK Series allows retailers to customize as their businesses need. They are also engineered for single-user assembly and ease of maintenance, thus reducing costs of deployment and service. With all the flexibility and user-friendly features, the Mercury EK Series can serve as an extension of employees, handling mundane tasks while allowing employees to focus on providing better customer service, therefore creating more demand and business for retailers.

With the award-winning all-in-one POS HS-3314A and the small-footprint kiosk Mercury EK Series, Posiflex provides POS/Kiosk solutions with variety and quality for the retail industry to meet customers’ various demands as well as create exceptional consumer experiences.

About Posiflex Group:

Posiflex has designed and manufactured world-class POS solutions for more than 30 years. Since 2016, the company has acquired KIOSK and Portwell, further expanding into self-service and embedded PC offerings. The global Posiflex Group is in place to provide world-class B2B Serviced IoT solutions.

Posiflex Group Press: Brad Chou, [email protected]

KEYWORDS: Taiwan Asia Pacific

INDUSTRY KEYWORDS: Online Retail Data Management Retail Technology Software Networks Hardware

MEDIA:

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Posiflex’s HS-3314A Wins Taiwan Excellence Awards 2021 (Photo: Business Wire)
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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Cabot Oil & Gas, Biogen, JOYY, and Berry Corporation and Encourages Investors to Contact the Firm

NEW YORK, Dec. 09, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Cabot Oil & Gas Corporation (NYSE: COG), Biogen, Inc. (NASDAQ: BIIB), JOYY, Inc. (NASDAQ: YY), and Berry Corporation (NASDAQ: BRY). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Cabot Oil & Gas Corporation (NYSE: COG)

Class Period: October 23, 2015 to June 12, 2020

Lead Plaintiff Deadline: January 12, 2021

Cabot was incorporated in 1989 and is headquartered in Houston, Texas. Cabot is an independent oil and gas company that explores for, exploits, develops, produces, and markets oil and gas properties in the U.S.

Cabot primarily focuses its oil and gas efforts on the Marcellus Shale located in Susquehanna County, Pennsylvania. Cabot’s gas procuring activities in Pennsylvania have been the subject of controversy for over a decade, with the Company repeatedly denying any responsibility for environmental damage observed in the state.

On July 26, 2019, Cabot filed a quarterly report on Form 10-Q with the SEC, reporting the Company’s financial and operating results for the quarter ended June 30, 2019 (the “2Q19 10-Q”). The 2Q19 10-Q disclosed that the Company had received two proposed Consent Order and Agreements (“CO&As”) related to two Notices of Violation (“NOVs”) it had received from the Pennsylvania Department of Environmental Protection (“PaDEP”) back in June and November, 2017, respectively, for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania.

Following the release of the 2Q19 10-Q, Cabot’s stock price fell $2.63 per share, or 12.07%, to close at $19.16 per share on July 26, 2019.

Then, on June 15, 2020, during pre-market hours, following a grand jury investigation, the Pennsylvania attorney general’s office charged Cabot with fifteen criminal counts arising from its failure to fix faulty gas wells, thereby polluting Pennsylvania’s water supplies through stray gas migration.

On this news, Cabot’s stock price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.

The complaint, filed on August 13, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Cabot had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (ii) as a result, Cabot, among other issues, failed to fix faulty gas wells, thereby polluting Pennsylvania’s water supplies through stray gas migration; (iii) the foregoing was foreseeably likely to subject Cabot to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (iv) Cabot continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Cabot Oil & Gas class action go to: https://bespc.com/cases/COG

Biogen, Inc. (NASDAQ: BIIB)

Class Period: October 22, 2019 to November 6, 2020

Lead Plaintiff Deadline: January 12, 2021

On November 6, 2020, Reuters published an article entitled “FDA advisory panel convenes to discuss whether Biogen Alzheimer’s drug should be approved” which stated that “Biogen shares were halted ahead of the advisory panel meeting.” Later on November 6, 2020, Reuters published an article entitled “U.S. FDA panel votes cannot ignore unsuccessful trial data on Biogen Alzheimer’s drug.”

On this news, Biogen’s stock price fell $92.64 per share, or 28%, to close at $236.26 per share on November 9, 2020, the next trading day.

The complaint, filed on November 13, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the larger dataset did not provide necessary data regarding aducanumab’s effectiveness; (2) the EMERGE study did not and would not provide necessary data regarding aducanumab’s effectiveness; (3) the PRIME study did not and would not provide necessary data regarding aducanumab’s effectiveness; (4) the data provided by the Company to the FDA’s Peripheral and Central Nervous System Drugs Advisory Committee did not support finding efficacy of aducanumab; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the Biogen securities class action case go to: https://bespc.com/cases/BIIB

JOYY, Inc. (NASDAQ: YY)

Class Period: April 28, 2016 to November 18, 2020

Lead Plaintiff Deadline: January 19, 2021

On November 18, 2020, while the market was open, Muddy Waters Research published a report alleging that JOYY, among other things, had: (i) reported fraudulent revenue; (ii) component businesses that were a fraction of the size that it reports; and (iii) acquired BIGO as part of a scam that benefitted corporate insiders.

On this news, JOYY’s ADRs fell $26.53 per share, or 26.4%, to close at $73.66 per share on November 18, 2020.

The complaint, filed on November 20, 2020, alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) JOYY dramatically overstated its revenues from live streaming sources; (2) the majority of users at any given time were bots; (2) the Company utilized these bots to effect a roundtripping scheme that manufactured the false appearance of revenues; (3) the Company overstated its cash reserves; (4) the Company’s acquisition of Bigo was largely contrived to benefit corporate insiders; and (5) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.

For more information on the JOYY class action go to: https://bespc.com/cases/YY

Berry Corporation (NASDAQ: BRY)

Class Period: (a) Common stock purchased pursuant and/or traceable to the Company’s initial public offering conducted on or about July 26, 2018 (the “IPO” or “Offering”); or (b) Berry securities purchased between July 26, 2018 and November 3, 2020 (the “Class Period”).

Lead Plaintiff Deadline: January 21, 2021

On June 29, 2018, the Company filed its Registration Statement on Form S-l for the IPO, which, after an amendment, was declared effective by the SEC on July 25, 2018 (the “Registration Statement”). On or around July 26, 2018, Berry conducted the IPO, upon which the Company began trading on the NASDAQ Global Select market (“NASDAQ”), issuing 13 million shares of Berry common stock at $14 per share, generating over $138 million in proceeds before expenses. On July 27, 2018 Berry filed its Prospectus on Form 424B4 with the SEC (the “Prospectus” and, collectively with the Registration Statement, the “Offering Documents”).

On November 3, 2020, Berry reported its financial and operating results for the third quarter of 2020. Among other results, Berry reported non-GAAP EPS and revenue that both fell short of estimates. In addition, Berry reported that during the quarter, “the Company undertook certain operational improvements that caused temporary reductions in our production. Notably, we performed some plugging and abandonment activity that resulted in the temporary shut-in of nearby wells. Additionally, improved steam management reduced overall costs but temporarily increased water disposal and well maintenance needs, resulting in a slight decrease in production.”

On this news, the Company’s stock price fell $0.15 per share, or 5.28%, to close at $2.69 per share on November 4, 2020, representing an 80.78% decline from the IPO price.

The complaint, filed on November 20, 2020, alleges that the Offering Documents were negligently prepared, and, as a result, contained untrue statements of material fact, omitted material facts necessary to make the statements contained therein not misleading, and failed to make necessary disclosures required under the rules and regulations governing their preparation. Additionally, throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Offering Documents and defendants made false and/or misleading statements and/or failed to disclose that: (i) Berry had materially overstated its operational efficiency and stability; (ii) Berry’s operational inefficiency and instability would foreseeably necessitate operational improvements that would disrupt the Company’s productivity and increase costs; (iii) the foregoing would foreseeably negatively impact the Company’s revenues; and (iv) as a result, the Offering Documents and the Company’s public statements were materially false and/or misleading and failed to state information required to be stated therein.

For more information on the Berry Corporation class action go to: https://bespc.com/cases/BRY

About
Bragar
Eagel
& Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com



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Ichor Announces Pricing of Upsized Public Offering of 4,000,000 Ordinary Shares

Ichor Announces Pricing of Upsized Public Offering of 4,000,000 Ordinary Shares

FREMONT, Calif.–(BUSINESS WIRE)–
Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, today announced that it has priced an underwritten public offering of 4,000,000 of its ordinary shares at $31.75 per share. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 600,000 of its ordinary shares at the public offering price, less underwriting commissions. The offering was upsized from the previously announced public offering of 3,500,000 ordinary shares.

The Company intends to use the net proceeds it receives from the offering for general corporate purposes, which may include capital expenditures, potential acquisitions, growth opportunities, and strategic transactions. The offering is expected to close on December 14, 2020, subject to the satisfaction of customary closing conditions.

Stifel and Cowen are acting as joint book-running managers and representatives of the underwriters for the offering. Needham & Company, B. Riley Securities, and D.A. Davidson & Co. are acting as co-managers for the offering.

The shares are being offered by the Company pursuant to an effective shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission (“SEC”) on August 3, 2020 and became effective on September 3, 2020.

This offering is being made only by means of a prospectus supplement and accompanying base prospectus that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on December 8, 2020, copies of which may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. The prospectus supplement and accompanying base prospectus may also be obtained by sending a request to: Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at 415-364-2720 or by email at [email protected]; or Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by telephone at (833) 297-2926, or by email at [email protected]. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Company’s ordinary shares or any other securities, and there shall not be any offer, solicitation, or sale of securities mentioned in this press release 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 such any state or jurisdiction.

About Ichor

We are a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment. Our product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor, and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also manufacture precision-machined components, weldments, and proprietary products for use in fluid delivery systems for direct sales to our customers, as well as certain components for internal use in fluid delivery systems and for direct sales to our customers. This vertically-integrated portion of our business is primarily focused on metal and plastic parts that are used in gas and chemical systems, respectively. We are headquartered in Fremont, CA.

Safe Harbor Statement

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and include statements regarding the completion, timing, size and use of proceeds of the public offering that involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of closing conditions related to the public offering. These forward-looking statements are subject to risks and uncertainties that are beyond the Company’s ability to control. 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 the Company’s business in general, please refer to the Company’s Annual Report on Form 10-K for the year ended December 27, 2019 and Quarterly Reports on Form 10-Q for the quarterly periods ended March 27, 2020 and June 26, 2020, together with all of the other information contained in the preliminary prospectus supplement filed with the SEC on December 8, 2020. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements. 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.

Ichor Holdings, Ltd.

Larry Sparks, CFO 510-897-5200

Claire McAdams, IR & Strategic Initiatives 530-265-9899

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Semiconductor Manufacturing Other Manufacturing Technology Engineering

MEDIA:

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NANOBIOTIX Announces the Filing of an Amended Registration Statement, Including an Estimated Initial Public Offering Range

NANOBIOTIX Announces the Filing of an Amended Registration Statement, Including an Estimated Initial Public Offering Range

PARIS & CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Regulatory News:

NANOBIOTIX (Paris:NANO) (Euronext: NANO – ISIN : FR0011341205 – the ‘‘Company’’), a clinical-stage nanomedicine company pioneering new approaches to the treatment of cancer, today announced the filing of an amended registration on form F-1 in connection with its intention to issue and sell, subject to market and other conditions, 6,500,000 ordinary shares of the Company in an initial public offering of American Depositary Shares (“ADSs”), each representing the right to receive one ordinary share, in the United States (the “U.S. Offering”) and a concurrent offering of ordinary shares in certain jurisdictions outside the United States to certain investors (the “European Offering” and together with the U.S. Offering, the “Global Offering”). The offering price per ADS is expected to be between $13.50 and $14.50, or between €11.15 and €11.97 per ordinary share (assuming an exchange rate of €1.00 = $1.2109, the exchange rate published by the European Central Bank on December 9, 2020).

Assuming an offering price of $14.00 per ADS in the U.S. Offering and €11.56 per ordinary share in the European Offering, which are the midpoints of the respective price ranges, the Company expects to receive net proceeds of approximately $79.6 million (€65.8 million) from the Global Offering. The Company intends to grant the underwriters a 30-day option to purchase, at the same price, additional ADSs and/or ordinary shares in an aggregate amount of up to 15% of the total number of ADSs and ordinary shares proposed to be sold in the Global Offering. If such option is exercised in full, the expected net proceeds to the Company will increase to approximately $92.3 million (€76.2 million).

All securities to be sold in the Global Offering will be offered by the Company. The ADSs have been approved for listing on the Nasdaq Global Select Market under the ticker symbol “NBTX.” The Company’s ordinary shares are listed on the regulated market of Euronext Paris under the ticker symbol “NANO.”

The Company plans to use the net proceeds of the Global Offering to advance the overall development of NBTXR3, prioritizing the treatment of locally advanced head and neck cancers, including approximately $58.1 million to advance its clinical trial of NBTXR3 in the United States and Europe for the treatment of locally advanced head and neck cancers through an interim analysis of efficacy data, and approximately $20.6 million to advance the development of its other clinical and pre-clinical programs. The Company expects to use the remainder of the net proceeds, if any, from the Global Offering for working capital funding and other general corporate purposes.

The Company expects that the net proceeds from the Global Offering, together with its cash and cash equivalents of €42.4 million as of September 30, 2020, will be sufficient to fund its operating expenses and capital expenditure requirements through the end of 2022.

Jefferies LLC is acting as global coordinator and joint book-running manager for the Global Offering, and Evercore Group, L.L.C. and UBS Securities LLC are acting as joint book-running managers for the U.S. Offering. Jefferies International Limited and Gilbert Dupont are acting as managers for the European Offering.

The final offering price per ADS in U.S. dollars and the corresponding offering price per ordinary share in euros, as well as the final number of ADSs and ordinary shares to be sold in the Global Offering, will be determined by the Company’s executive board following a bookbuilding process commencing immediately. The offering price per ADS and per ordinary share will be at least equal to the volume weighted average price of the Company’s ordinary shares on the regulated market of Euronext in Paris over the last three trading days preceding the start of the offering (i.e., December 7, 8 and 9, 2020), subject to a maximum discount of 10%.

On an indicative basis, the completion of the Global Offering would result in a dilution of approximately 25% of the Company’s outstanding share capital on a non-diluted basis (excluding the exercise by the underwriters of the option to purchase additional ordinary shares) and approximately 28% of the Company’s outstanding share capital on a non-diluted basis (in the event that the underwriters exercise in full their option to purchase additional ordinary shares (including in the form of ADSs)).

The ADSs and/or ordinary shares will be issued through a capital increase without shareholders’ preferential subscription rights by way of a public offering excluding offerings referred to in Article L. 411-2 1° of the French Monetary and Financial Code (Code monétaire et financier) and under the provisions of Article L.225-136 of the French Commercial Code (Code de commerce) and pursuant to the 2nd and 7th resolutions of the Company’s extraordinary general shareholders’ meeting held on November 30, 2020. The European Offering will be open only to qualified investors as such term is defined in article 2(e) of the regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017.

The Company plans to announce the result of the Global Offering as soon as practicable after pricing thereof in a subsequent press release.

The existing liquidity contract between the Company and Gilbert Dupont is suspended until the end of the stabilization period.

The securities referred to in this press release will be offered only by means of a prospectus. When available, copies of the preliminary prospectus relating to and describing the terms of the Global Offering may be obtained from Jefferies LLC, 520 Madison Avenue New York, NY 10022, or by telephone at 877-547-6340 or 877-821-7388, or by email at [email protected]; or from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, or by telephone at 888-474-0200, or by email at [email protected]; or from UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, or by telephone at 888-827-7275, or by email at [email protected].

A registration statement on Form F-1 relating to the securities referred to herein has been filed with the U.S. Securities and Exchange Commission (“SEC”) but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The registration statement can be accessed by the public on the website of the SEC.

About NANOBIOTIX

Incorporated in 2003, Nanobiotix is a leading, clinical-stage nanomedicine company pioneering new approaches to significantly change patient outcomes by bringing nanophysics to the heart of the cell.

The Nanobiotix philosophy is rooted in designing pioneering, physical-based approaches to bring highly effective and generalized solutions to address unmet medical needs and challenges.

Nanobiotix’s novel, proprietary lead technology, NBTXR3, aims to expand radiotherapy benefits for millions of cancer patients. Nanobiotix’s Immuno-Oncology program has the potential to bring a new dimension to cancer immunotherapies.

Nanobiotix is listed on the regulated market of Euronext in Paris (Euronext: NANO / ISIN: FR0011341205; Bloomberg: NANO: FP). Its headquarters are in Paris, France. Nanobiotix has a subsidiary, Curadigm, located in France and the United States, as well as a US affiliate in Cambridge, MA, and European affiliates in France, Spain and Germany.

Disclaimer

This press release contains certain forward-looking statements concerning the Global Offering as well as Nanobiotix and its business, including its prospects and product candidate development. Such forward-looking statements are based on assumptions that Nanobiotix considers to be reasonable. However, there can be no assurance that the estimates contained in such forward-looking statements will be verified, which estimates are subject to numerous risks including the risks set forth in the universal registration document of Nanobiotix registered with the AMF under number R.20-010 on May 12, 2020 and in its amendment filed with the AMF under number D.0339-A01 on November 20, 2020 (copies of which are available on www.nanobiotix.com) and to the development of economic conditions, financial markets and the markets in which Nanobiotix operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Nanobiotix or not currently considered material by Nanobiotix. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Nanobiotix to be materially different from such forward-looking statements.

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

The distribution of this document may, in certain jurisdictions, be restricted by local legislations. Persons into whose possession this document comes are required to inform themselves about and to observe any such potential local restrictions.

A French listing prospectus comprising (i) the 2019 universal registration document filed with the AMF under number R.20-010 on May 12, 2020, as completed by a first amendment to such universal registration document filed with the AMF under number D.0339-A01 on November 20, 2020 and a second amendment to such universal registration document, which will be filed with the AMF on December [11], 2020, and (ii) a Securities Note (Note d’opération), including a summary of the prospectus, will be submitted to the approval by the AMF and will be published on the AMF’s website at www.amf-france.org. Following the filing of the second amendment to the universal registration document with the AMF, copies of Company’s 2019 universal registration document, as amended, will be available free of charge at the Company’s head office located at 60 rue de Wattignies, 75012 Paris.

European Economic Area

In relation to each Member State of the European Economic Area (each, a “Member State”) no offer to the public of ordinary shares and ADSs may be made in that Member State other than:

  • to any legal entity which is a “qualified investor” as defined in the Prospectus Regulation;
  • to fewer than 150 natural or legal persons (other than a qualified investor as defined in the Prospectus Regulation); or
  • in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of ordinary shares and ADSs shall require us or any Underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with each of the Underwriters and the Company that it is a “qualified investor” as defined in the Prospectus Regulation.

For the purposes of this provision, the expression an “offer to the public” in relation to any ordinary shares and ADSs in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any ordinary shares and ADSs to be offered so as to enable an investor to decide to purchase any ordinary shares and ADSs, and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129 (as amended).

France

The ADSs and the ordinary shares have not been and will not be offered or sold to the public in the Republic of France, and no offering of this prospectus or any marketing materials relating to the ADSs and the ordinary shares may be made available or distributed in any way that would constitute, directly or indirectly, an offer to the public in the Republic of France (except for public offerings defined in Article L.411-2 1° of the French Code monétaire et financier).

The ordinary shares in the form of ADSs may only be offered or sold in France pursuant to article L. 411-2 1° of the French Code monétaire et financier to qualified investors (as such term is defined in Article 2(e) of Regulation (EU) n° 2017/1129 dated 14 June 2017, as amended) acting for their own account, and in accordance with articles L. 411-1, L. 411-2 and D. 411-2 to D.411-4, D.744-1 and D. 754-1 and D. 764-1 of the French Code monétaire et financier.

This announcement is not an advertisement and not a prospectus within the meaning of the Prospectus Regulation.

MIFID II product governance / Retail investors, professional investors and ECPs only target market – Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the new shares has led to the conclusion that: (i) the target market for the new shares is retail investors, eligible counterparties and professional clients, each as defined in MiFID II; and (ii) all channels for distribution of the new shares to retail investors, eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the new shares (a “distributor”) should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the new shares (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels. For the avoidance of doubt, even if the target market includes retail investors, the manufacturers have decided that the new shares will be offered, as part of the initial offering, only to eligible counterparties and professional clients.

This press release has been prepared in both French and English. In the event of any differences between the two texts, the French language version shall supersede.

Nanobiotix

Communications Department

Brandon Owens

VP, Communications

+1 (617) 852-4835

[email protected]

Investor Relations Department

Ricky Bhajun

Senior Manager, Investor Relations

+33 (0)1 79 97 29 99

[email protected]

Media Relations

France – Ulysse Communication

Pierre-Louis Germain

+33 (0)6 64 79 97 51

[email protected]

US – Porter Novelli

Scott Stachowiak

+1 (212) 601 8000

KEYWORDS: Europe United States North America France Massachusetts

INDUSTRY KEYWORDS: Oncology Health Clinical Trials Research Science Pharmaceutical Biotechnology

MEDIA:

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Mullen Group Ltd. Announces Business Plan and Increase in Dividend for 2021

PR Newswire

OKOTOKS, AB, Dec. 9, 2020 /PRNewswire/ – (TSX: MTL)  Mullen Group Ltd. (“Mullen Group“, “We“, “Our” and/or the “Corporation“), one of the leading suppliers of trucking and logistics services in Canada providing a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized and specialized hauling transportation, announced today the business plan for 2021 has been approved by the Board of Directors (“Board“). 

“We are pleased to provide an overview of the Business Plan and Budget for 2021, a plan that reflects the current realities associated with COVID-19.  Generally speaking, we are of the view that the ‘consumer driven economy’ will continue to evolve and adapt as long as the health care crisis dominates the headlines.  Within this context our business will remain quite stable in 2021, in fact similar in most respects to 2020.  It is our expectation that the second wave of COVID-19 will impact many people, the supply chain across the globe and the economy.  The stability of our results is primarily due to the strength of the many Business Units we have that are leveraged to consumer spending.  Longer term, once the medical experts find the solution to this pandemic, the opportunity for growth will return again and the Mullen Group will be both prepared and positioned to capitalize on the economic recovery.  Until then we will be prudent and focus on the issues we can control and influence,” commented Mr. Murray K. Mullen, Chairman and Chief Executive Officer.


HIGHLIGHTS OF 2021 BUSINESS PLAN

Today the Board conducted its annual budget meeting.  The annual process encompassed an extensive review of a wide range of issues including: the current state of the North American economy and the COVID-19 pandemic.  More specifically, expectations for the Canadian economy, the impact of an anticipated vaccine, the recent recovery in commodity prices as well as the balance sheet of Mullen Group and expected cash flows.


Financial Expectations

We expect revenue for 2021 to be in the $1.2 billion to $1.3 billion range with each segment to account for approximately 33.0 percent of Mullen Group’s 2021 revenue, exclusive of any potential acquisitions made in 2021.  We base this expectation on the continued economic recovery and stable consumer spending.  In addition, we expect infrastructure projects, such as the Coastal Gas and Trans-Mountain pipelines, to continue and positively contribute to Mullen Group’s bottom line in 2021.  As such, in our plan, operating income before depreciation and amortization will be in the $200.0 million to $220.0 million range.


Capital Expenditures

The Board approved a capital budget of $60.0 million for 2021, exclusive of corporate acquisitions or investment in facilities, land and buildings, with $50.0 million allocated towards maintenance capital primarily to replace trucks, trailers, specialized equipment and technology to support the operations of the business.  In addition, we will allocate $10.0 million to fund growth and create jobs in Canada.

In 2020 the Federal Government implemented the Canada Emergency Wage Subsidy program.  We will be directing the vast majority of the funds we received to create opportunities and employment for Canadians.


Dividend Increase

We are pleased to announce that the Board has approved an increase in the annual dividend to shareholders from $0.36 per Common Share to $0.48 per Common Share.  Such dividend will continue to be paid on a monthly basis, subject to Board approval.  


Share Buyback

Earlier this year we announced a plan to allocate $100.0 million over the course of three years to repurchase Common Shares in Mullen Group via an authorized share buyback program.  In 2020 we repurchased the maximum allowed by the Toronto Stock Exchange (“TSX“).  In April 2021 we intend on requesting approvals from the TSX to renew a share buyback program.


Acquisitions

We maintain a very healthy cash balance in excess of $100.0 million on the balance sheet as of today’s date, funds that will be used to pursue strategic acquisitions.  Our focus will be in the Less-Than-Truckload and Logistics & Warehousing segments of our business.

About Mullen Group Ltd.

Mullen Group is a company that owns a network of independently operated businesses.  The Corporation is recognized as one of the leading suppliers of trucking and logistics services in Canada providing a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized and specialized hauling transportation.  In addition, we provide a diverse set of specialized services related to the oil and natural gas industry in western Canada, water management, fluid hauling and environmental reclamation.  The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.

Mullen Group is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol “MTL“.  Additional information is available on our website at www.mullen-group.com or on SEDAR at www.sedar.com.

Disclaimer

This news release may contain forward-looking information that is subject to risk factors associated with the overall economy and the oil and natural gas business.  This information relates to future events and Mullen Group’s future performance.  All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “propose”, “predict”, “potential”, “continue”, “aim”, or the negative of these terms or other comparable terminology are generally intended to identify forward-looking information.  Such information represents Mullen Group’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.  This information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Mullen Group believes that the expectations reflected in this forward-looking information are reasonable; however, undue reliance should not be placed on this forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.  In particular, forward-looking information and statements include but are not limited to the following: (i) our financial goals and expectations for 2021; (ii) our capital expenditure plans for 2021; (iii) our strategic initiatives for 2021 including but not limited to acquisitions and use of Canada Emergency Wage Subsidy; (iv) anticipated 2021 dividend payments; and our plan to renew our normal course issuer bid.  This forward-looking information and statements are based on certain assumptions and analysis made by Mullen Group in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances.  These assumptions include but are not limited to the following: (i) Mullen Group will generate sufficient cash in excess of our financial obligations to support the dividend; (ii) Mullen Group’s Business Units will require capital to support their ongoing operations and growth opportunities and that we will generate sufficient cash in excess of our financial obligations to support the capital expenditures; (iii) Mullen Group’s expectation as to how our current Business Units will perform in 2021 along with the timing and financial results of acquisitions; (iv) that the macro environment stabilizes and we have a strong balance sheet with $100.0 million in cash to pursue strategic acquisitions; and (v) Mullen Group’s plan to renew its normal course issuer bid will be approved by regulatory authorities.  For further information on any strategic, financial, operational and other outlook on Mullen Group’s business please refer to Mullen Group’s Management’s Discussion and Analysis available for viewing on SEDAR at www.sedar.com.  Additional information on risks that could affect the operations or financial results of Mullen Group may be found under the heading “Principal Risks and Uncertainties” starting on page 65 of the 2019 Annual Financial Review as well as in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website at www.sedar.com.  The forward-looking information contained in this news release is expressly qualified by this cautionary statement.  The forward-looking information contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws.  Mullen Group relies on litigation protection for “forward-looking” statements.

Cision View original content:http://www.prnewswire.com/news-releases/mullen-group-ltd-announces-business-plan-and-increase-in-dividend-for-2021-301189967.html

SOURCE Mullen Group Ltd.

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Juniper Networks Announces Expiration and Tender Results of Cash Tender Offer for Two Series of Senior Notes

SUNNYVALE, Calif., Dec. 09, 2020 (GLOBE NEWSWIRE) — Juniper Networks, Inc. (NYSE: JNPR)(“Juniper”), a leader in secure, AI-driven networks, announced today the expiration and tender results of its previously announced cash tender offer (the “Offer”) for any and all of its outstanding 4.500% Senior Notes due 2024 (CUSIP/ISIN No. 48203R AG9/US48203RAG92, the “4.500% Notes”) and any and all of its outstanding 4.350% Senior Notes due 2025 (CUSIP/ISIN No. 48203R AJ3/US48203RAJ32, the “4.350% Notes,” and together with the 4.500% Notes, the “Notes”). The Offer expired at 5:00 p.m., New York City time, on Wednesday, December 9, 2020 (the “Expiration Time”). As of the Expiration Time, $233,726,000 or 46.75% of the $500,000,000 aggregate principal amount of the 4.500% Notes and $141,964,000 or 47.32% of the $300,000,000 aggregate principal amount of the 4.350% Notes had been validly tendered and not withdrawn in the Offer, which amounts exclude $1,321,000 aggregate principal amount of the 4.500% Notes and $4,063,000 aggregate principal amount of the 4.350% Notes that, in each case, remain subject to guaranteed delivery procedures. Juniper will accept for purchase all the Notes validly tendered and delivered (and not validly withdrawn) in the Offer at or prior to the Expiration Time, subject to the satisfaction of the Offer conditions. Payment for the Notes purchased pursuant to the Offer is intended to be made on December 10, 2020 (the “Settlement Date”) or, in the case of the Notes that remain subject to guaranteed delivery procedures, December 14, 2020.

The consideration to be paid under the Offer will be $1,128.39 per $1,000 principal amount of the 4.500% Notes and $1,160.69 per $1,000 principal amount of the 4.350% Notes, plus accrued and unpaid interest to, but not including, the Settlement Date. Payment of accrued interest on the Notes validly tendered through guaranteed delivery procedures and accepted for purchase will only be made to, but not including, the Settlement Date. The total Offer consideration of $433,995,562.13, which amount includes accrued and unpaid interest but excludes the Notes that remain subject to guaranteed delivery procedures, will be funded from the net proceeds from the previously announced issuance and sale by Juniper of its 1.200% Senior Notes due 2025 and 2.000% Senior Notes due 2030 and cash on hand.

Juniper intends to redeem all the Notes that have not been tendered in the Offer (the “Redeemed Notes”) on the anticipated redemption date of January 9, 2021. Payment of accrued interest on the Redeemed Notes will only be made to, but not including, January 9, 2021. Payment for the Redeemed Notes is intended to be made on January 11, 2021.

The Offer was made pursuant to Juniper’s Offer to Purchase dated December 3, 2020. Barclays, J.P. Morgan and Wells Fargo Securities acted as Dealer Managers for the Offer. This press release is neither an offer to purchase nor a solicitation to buy any of the Notes nor is it a solicitation for acceptance of the Offer and does not constitute a notice of redemption for the 4.500% Notes or 4.350% Notes.

Safe Harbor Statement

This news release contains forward-looking statements, including statements regarding our tender offer and intent to redeem any remaining Notes. We have based these forward-looking statements on our current assumptions, expectations and projections about future events. We use words like “intend,” “will,” and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those suggested by the forward-looking statements including general economic and political conditions globally or regionally; and those additional risks and factors discussed in reports filed with the SEC by us from time to time, including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.


About Juniper Networks

Juniper Networks challenges the inherent complexity that comes with networking in the multicloud era. We do this with products, solutions and services that transform the way people connect, work and live. We simplify the process of transitioning to a secure and automated multicloud environment to enable secure, AI-driven networks that connect the world.

Juniper Networks, the Juniper Networks logo and Junos are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

Investor Relations:

Jess Lubert
Juniper Networks
(408) 936-3734
[email protected]

Media Relations:

Leslie Moore
Juniper Networks
(408) 936-5767
[email protected]