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NAV Memo

PR Newswire

NEW YORK, Nov. 13, 2020 /PRNewswire/ — Krane Funds Advisors, LLC (“KFA”)  announces the net asset value per share (NAV) of KraneShares MSCI China Environment ETF (KGRN) as of July 20, 2020 was $26.85. This value differs from the originally posted NAV of $26.53.

KFA announces the NAV of KraneShares E Fund China Commercial Paper ETF (KCNY) as of August 7, 2020, August 10, 2020, August 11, 2020, August 12, 2020, August 13, 2020, August 14, 2020, August 17, 2020, August 18, 2020 and August 19, 2020 as, respectively, $32.74, $32.74, $32.80, $32.85, $32.80, $32.81, $32.86, $32.96 and $32.96. These values differ from the originally disclosed NAVs. NAV Values originally posted were as follows, respectively: $32.21, $32.24, $32.30, $32.34, $32.30, $32.31, $32.35, $32.42 and $32.42.

The NAV adjustments were a result of an error in calculating the NAV for these Funds.

For more information about the Funds available in the US, visit: https://kraneshares.com/.

Important Notes

Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting www.kraneshares.com. Read the prospectus carefully before investing.

Risk Disclosures:
Investing involves risk, including possible loss of principal.

The KraneShares ETFs are distributed by SEI Investments Distribution Company (SIDCO), which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Fund.

Cision View original content:http://www.prnewswire.com/news-releases/nav-memo-301173066.html

SOURCE Krane Funds Advisors, LLC

Posted on

Avcorp announces 2020 Third Quarter Financial Results

PR Newswire

VANCOUVER, BC, Nov. 13, 2020 /PRNewswire/ – Avcorp Industries Inc. (TSX: AVP) (the “Company”, “Avcorp” or the “Avcorp Group”) today announced its financial results for the quarter ended September 30, 2020. All amounts are in Canadian currency unless otherwise stated.

2020 Third Quarter Highlights

Key financial results include:

  • Third quarter 2020 revenue was $33,769,000 compared to $37,437,000 in 2019. 2020 revenue decreased by $3,668,000 because of lower deliveries caused by lower customer requirements due to the novel Coronavirus (“COVID-19”) and 737 MAX grounding.
  • Third quarter 2020 defense program related revenue was $20,848,000 compared to $13,737,000 in 2019, a strong growth of $7,111,000.
  • Third quarter 2020 net loss was $1,263,000 compared to net loss of $7,511,000 in 2019. Net loss improved in comparison to 2019 due to higher gross profit, savings in administrative and general expenses and the receipts of government support.
  • Third quarter 2020 foreign exchange gain was $712,000 (September 30, 2019: $171,000 loss). The Canadian dollar strengthened against the US dollar resulting in a gain predominately from the translation of the Company’s US dollar denominated Bank indebtedness and Term debt.
  • Third quarter 2020 cash flows from operating activities before changes in non-cash working capital was $2,021,000 (September 30, 2019: cash outflow of $3,509,000). Third quarter 2020 cash flows from operating activities increased by $4,104,000 relative to 2019, after the cash receipts from Canada Emergency Wage Subsidies and other government grants of $1,426,000 have been removed.
  • Third quarter 2020, the Company repaid $4,744,000 of bank indebtedness (September 30, 2019: Nil) and paid trade payables down to $11,829,000 (December 31, 2019: $23,201,000).
  • BAE Systems awarded the Company a contract for the assembly of the F-35 Carrier Variant Outboard Wing. The total awards are approximately $87 million extending Avcorp’s current long-term contract with BAE systems into 2022.
  • In July 2020, the Company received an additional Canada Emergency Wage Subsidy of $1,231,000.

Highlights Subsequent to Quarter-End

  • On October 30, 2020, the Company entered into an amendment to its existing operating credit facility with a Canadian Chartered Bank whereby the maximum availability under the Loan agreement cannot exceed USD $68,000,000 less USD $1,000,000 until December 31, 2020 and thereafter less USD $2,300,000 providing additional liquidity.
  • In October and November 2020, the Company received an additional Canada Emergency Wage Subsidy of $1,077,000.

Review of 2020 Third Quarter Results

For the quarter ended September 30, 2020, the Avcorp Group recorded losses from operations totaling $326,000 from $33,769,000 revenue, as compared to losses from operations totaling $5,164,000 from $37,437,000 revenue from the same quarter in the previous year.  The third quarter 2020 operating loss decreased in comparison to 2019 by $3,721,000 after the removal of the onerous contracts provision of $Nil (September 30, 2019: $408,000 income), and government grants of $1,525,000 in 2020.  The decrease in operating loss is due to continued operational improvement, cost reduction initiatives and the change in program revenue mix.

During the quarter ended September 30, 2020, cash flows from operating activities, excluding the impact of changes in non–cash working capital and $1,426,000 of Canada Emergency Wage and other government subsidies, provided $595,000 of cash as compared to utilization of $3,509,000 during the quarter ended September 30, 2019.

As at September 30, 2020, the Company had $6,606,000 cash on hand (December 31, 2019: $4,316,000) and had utilized $82,808,000 of its operating line of credit (December 31, 2019: $84,661,000).  The Company has a working capital deficit of $92,484,000 as at September 30, 2020, compared with $71,561,000 deficit as at December 31, 2019.  Working capital surplus/deficit is defined as the difference between current assets and current liabilities.  The Company’s accounts receivable, contract assets, and inventories net of accounts payable, amount to a $20,546,000 surplus as at September 30, 2020 (December 31, 2019: $18,542,000 surplus).  The Company’s accumulated deficit as at September 30, 2020 is $155,465,000 (December 31, 2019: $142,194,000).

About Avcorp

The Avcorp Group designs and builds major airframe structures for some of the world’s leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin and Subaru Corporation.  The Avcorp Group has more than 60 years of experience, over 550 skilled employees and 636,000 square feet of facilities.  Avcorp Structures & Integration located in Delta British Columbia, Canada is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington Ontario, Canada is dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena California, USA has advanced composite aerostructures fabrication capabilities for composite aerostructures.  The Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light–weight, strong, reliable structures. Comtek Advanced Structures Ltd., at our Burlington, Ontario, Canada location also provides aircraft operators with aircraft structural component repair services for commercial aircraft.

Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are incorporated in the State of Delaware, USA, and are wholly owned subsidiaries of Avcorp Industries Inc.

Comtek Advanced Structures Ltd., incorporated in the Province of Ontario, Canada, is a wholly owned subsidiary of Avcorp Industries Inc.

Avcorp Industries Inc. is a federally incorporated reporting company in Canada and traded on the Toronto Stock Exchange (TSX:AVP).

AMANDEEP KALER

CHIEF EXECUTIVE OFFICER
AVCORP GROUP

Forward-Looking Statements

This release should be read in conjunction with the Company’s audited financial statements contained in the Company’s Annual Report, and with the quarterly financial statements and accompanying notes filed with Sedar (www.sedar.com).

Certain statements in this release and other oral and written statements made by the Company from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non–historical matters; or projected revenues, income, returns or other financial measures.  These forward–looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following:  (a) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (b) the occurrence of work stoppages and strikes at key facilities of the Corporation or the Corporation’s customers or suppliers; (c) government funding and program approvals affecting products being developed or sold under government programs; (d) cost and delivery performance under various program and development contracts; (e) the adequacy of cost estimates for various customer care programs including servicing warranties; (f) the ability to control costs and successful implementation of various cost reduction programs; (g) the timing of certifications of new aircraft products; (h) the occurrence of downturns in customer markets to which the Corporation products are sold or supplied or where the Corporation offers financing; (i) changes in aircraft delivery schedules or cancellation of orders; (j) the Corporation’s ability to offset, through cost reductions, raw material price increases and pricing pressure brought by original equipment manufacturer customers; (k) the availability and cost of insurance; (l) the Corporation’s ability to maintain portfolio credit quality; (m) the Corporation’s access to debt financing at competitive rates; (n) uncertainty in estimating contingent liabilities and establishing reserves tailored to address such contingencies; and (o) integration of newly acquired operations and associated expenses may adversely affect profitability.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(unaudited, expressed in thousands of Canadian dollars)


September 30, 2020

December 31, 2019


ASSETS


Current assets

Cash


$6,606

$4,316

Accounts receivable


17,032

17,625

Contract assets


19,714

26,162

Inventories


11,569

12,933

Prepayments and other assets


2,992

2,136


57,913

63,172


Non-current assets

Prepayments and other assets


3,012

2,738

Development costs


16,074

14,075

Property, plant and equipment


42,718

46,328

Intangibles


984

1,827


Total assets


120,701

128,140


LIABILITIES AND EQUITY


Current liabilities

Bank indebtedness


83,213

85,470

Accounts payable and accrued liabilities


27,769

38,178

Current portion of term debt


16,515

2,768

Contract liability


8,246

2,036

Guarantee fee


7,778

–

Customer advance


6,193

6,030

Deferred government grant


392

–

Onerous contract provision


291

251


150,397

134,733


Non-current liabilities

Term debt


24,801

26,848

Contract liability


3,020

4,757

Deferred government grant


229

–

Onerous contract provision


91

–

Guarantee fee


–

5,277


178,538

171,615


(Deficiency) Equity

Capital stock


86,219

86,219

Contributed surplus


5,470

5,446

Accumulated other comprehensive income


5,939

7,054

Accumulated deficit


(155,465)

(142,194)


(57,837)

(43,475)


Total liabilities and deficiency


120,701

128,140

CONDENSED INTERIM CONSOLIDATED STATEMENTS
 OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(unaudited, expressed in thousands of Canadian dollars, except number of shares and per share amounts)


FOR THE PERIOD ENDED SEPTEMBER 30

Three months ended

Nine months ended


2020

2019


2020

2019


Revenues


$33,769

$37,437


$106,220

$126,461


Cost of sales


31,209

36,843


103,144

120,728


Gross profit


2,560

594


3,076

5,733

Administrative and general expenses


4,218

5,568


12,590

16,119

Office equipment depreciation


193

190


588

579

Net gain on claims


–

–


–

(17,955)

Government grants


(1,525)

–


(3,996)

–


Operating (loss) income


(326)

(5,164)


(6,106)

6,990

Finance costs – net


1,649

2,140


6,346

5,937

Foreign exchange (gain) loss


(712)

171


732

(588)

Net loss on sale of equipment


–

36


87

111


(Loss) income before income tax


(1,263)

(7,511)


(13,271)

1,530

Income tax expense


–

–


–

–


(Loss) income for the period


(1,263)

(7,511)


(13,271)

1,530

Other comprehensive gain (loss)


977

(349)


(1,115)

1,046


Total comprehensive (loss) income for the period


(286)

(7,860)


(14,386)

2,576


(Loss) income
per share:

Basic (loss) income per common share


(0.00)

(0.02)


(0.04)

0.00

Diluted (loss) income per common share


(0.00)

(0.02)


(0.04)

0.00

Basic weighted average number of shares outstanding (000’s)


368,118

368,118


368,118

368,118

Diluted weighted average number of shares outstanding (000’s)


368,118

368,118


368,118

369,308

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, expressed in thousands of Canadian dollars)

Three months ended

Nine months ended


FOR THE PERIOD ENDED SEPTEMBER 30


2020

2019


2020

2019


Cash flows from operating activities

Net (loss) income for the period


$(1,263)

$(7,511)


$(13,271)

$1,530

Adjustment for items not affecting cash:

Interest expense


1,781

2,137


6,743

5,928

Depreciation


2,047

1,891


6,321

5,716

Development cost amortization


771

279


1,169

1,183

Intangible assets amortization


297

295


906

890

Non-cash financing cost accretion


3

3


8

9

Provision for onerous contracts


–

(408)


120

(1,510)

Provision for doubtful accounts


(76)

–


(326)

(555)

Provision for obsolete inventory


(380)

(535)


(434)

(1,508)

Stock based compensation


8

17


24

58

Net claim settlement


–

8


–

(1,512)

Loss on disposal of equipment


–

36


87

111

Unrealized foreign exchange


(933)

279


669

(730)

Fair value difference on below market rate term debt


(99)

–


(166)

–

Loss on loan modification amortization


(135)

–


(405)

–

Cash flows from (used in) operating activities before changes
in non-cash working capital


2,021

(3,509)


1,445

9,610

Changes in non-cash working capital

Accounts receivable


324

9,577


1,808

8,247

Contract assets


4,343

(2,242)


6,565

440

Inventories


16

21


1,918

4,498

Prepayments and other assets


(2,291)

359


(1,593)

2,203

Accounts payable and accrued liabilities


(1,543)

1,908


(10,703)

(1,889)

Contract liability


2,856

87


4,272

(4,391)


Net cash from operating activities


5,726

6,201


3,712

18,718


Cash flows (used in) investing activities

Proceeds from sale of equipment


–

66


34

66

Purchase of equipment


(884)

(406)


(1,579)

(893)

Payments relating to development costs and tooling


(780)

(1,181)


(3,166)

(3,007)

Initial lease payments and other direct costs incurred


–

–


(31)

–


Net cash used in investing activities


(1,664)

(1,521)


(4,742)

(3,834)


Cash flows (used in) from financing activities

Proceeds from bank indebtedness


–

5,539


653

15,555

Repayment of bank indebtedness


(4,744)

–


(4,744)

(17,912)

Payment of interest


(876)

(1,252)


(3,272)

(3,739)

Proceeds from term debt


–

352


12,553

868

Repayment of term debt


(628)

(567)


(1,880)

(2,023)


Net cash (used in) from financing activities


(6,248)

4,072


3,310

(7,251)


Net (decrease) increase in cash


(2,186)

8,752


2,280

7,633


Net foreign exchange difference


(22)

–


10

(16)


Cash – Beginning of the period


8,814

916


4,316

2,051


Cash – End of the period


6,606

9,668


6,606

9,668

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited, expressed in thousands of Canadian dollars, except number of shares)


Capital Stock


Number of
Shares


Amount


Contributed
Surplus


Accumulated
Deficit


Accumulated
Other
Comprehensive
Income


Total
Deficiency

Balance at December 31, 2018

368,118,620

86,219

5,370

(132,878)

5,145

(36,144)

Stock-based compensation
expense

–

–

58

–

–

58

Unrealized currency loss on translation for the period

–

–

–

–

1,044

1,044

Net income for the period

–

–

–

1,530

–

1,530


Balance at September 30, 2019

368,118,620

86,219

5,428

(131,348)

6,189

(33,512)

Balance at December 31, 2019

368,118,620

86,219

5,446

(142,194)

7,054

(43,475)

Stock-based compensation
expense

–

–

24

–

–

24

Unrealized currency gain on
translation for the period

–

–

–

–

(1,115)

(1,115)

Net loss for the period

–

–

–

(13,271)

–

(13,271)


Balance at September 30, 2020


368,118,620


86,219


5,470


(155,465)


5,939


(57,837)

 

Cision View original content:http://www.prnewswire.com/news-releases/avcorp-announces-2020-third-quarter-financial-results-301173078.html

SOURCE Avcorp Industries Inc.

Posted on

Alimentation Couche-Tard to Release its Second Quarter Results for Fiscal Year 2021 on November 24, 2020

PR Newswire

LAVAL, QC, Nov. 13, 2020 /PRNewswire/ – Alimentation Couche-Tard Inc. (“Couche-Tard” or the “Corporation”) (TSX: ATD.A) (TSX: ATD.B) will release its financial results for the second quarter of its fiscal year 2021 on Tuesday, November 24, 2020, after the closing of the TSX. Couche–Tard will hold a conference call on Wednesday, November 25, 2020, at 8:00 A.M. (EST) to present its financial results for the second quarter of its fiscal year 2021. As such, Brian Hannasch, President and Chief Executive Officer, as well as Claude Tessier, Chief Financial Officer, will be the speakers and will answer questions from analysts. Therefore, Couche-Tard invites analysts known to the Corporation to submit their two questions to its management before 7:00 P.M. (EST) on Tuesday, November 24, 2020, at [email protected].

Financial analysts, investors, media and any individuals interested in listening to the webcast on Couche-Tard’s results, which will take place online on Wednesday, November 25, 2020, at 8:00 A.M. (EST), can do so by either accessing the Corporation’s website at https://corpo.couche-tard.com/en/ and by clicking in the “Investor Relations/Corporate presentations” section, or by dialing 1-888-390-0549 or the international number 1–416-764-8682, followed by the access code 70839272#.

Rebroadcast: For individuals who will not be able to listen to the live webcast, a recording of the webcast will be available on the Corporation’s website for a period of 90 days.

About Alimentation Couche-Tard Inc.

Couche-Tard is the leader in the Canadian convenience store industry. In the United States, it is the largest independent convenience store operator in terms of the number of company-operated stores. In Europe, Couche-Tard is a leader in convenience store and road transportation fuel retail in the Scandinavian countries (Norway, Sweden and Denmark), in the Baltic countries (Estonia, Latvia and Lithuania), as well as in Ireland, and has an important presence in Poland.

In addition, under licensing agreements, close to 2,350 stores are operated under the Circle K banner in 15 other countries and territories (Cambodia, Egypt, Guam, Guatemala, Honduras, Hong Kong, Indonesia, Jamaica, Macau, Mexico, Mongolia, New Zealand, Saudi Arabia, the United Arab Emirates and Vietnam), which brings the worldwide total network to close to 14,350 stores.

For more information on Alimentation Couche-Tard Inc., please visit:

https://corpo.couche tard.com
.

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SOURCE Alimentation Couche-Tard Inc.

Posted on

Kessler Topaz Meltzer & Check, LLP – Important Deadline Reminder for Raytheon Technologies Corporation F/K/A Raytheon Company Investors

RADNOR, Pa., Nov. 13, 2020 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the District of Arizona against Raytheon Technologies Corporation f/k/a Raytheon Company (NYSE: RTX, RTN) (“Raytheon”) on behalf of those who purchased or otherwise acquired Raytheon securities between February 10, 2016 and October 27, 2020, inclusive (the “Class Period”).


Important Deadline:


Investors who purchased


or otherwise acquired


Raytheon


securities


during the Class Period may,



no later than




December 29, 2020



, seek to be appointed as a lead plaintiff representative


of the class.


For additional information or to learn how to participate in this


litigation


please


click

https://www.ktmc.com/new-cases/raytheon-technologies-corporation?utm_source=PR&utm_medium=link&utm_campaign=raytheon

.

According to the complaint, Raytheon is an aerospace and defense company providing advanced systems and services for commercial, military, and government customers worldwide. On April 3, 2020, United Technologies Corporation and Raytheon Company completed a merger and changed “Raytheon Company” to “Raytheon Technologies Corporation.”

The Class Period commences on February 10, 2016, when Raytheon Company published its annual report on a Form 10-K for the year ended December 31, 2015, which stated in relevant part, “we maintain a system of internal control over financial reporting to provide reasonable assurance that assets are safeguarded and that transactions are properly executed and recorded. The system includes policies and procedures, internal audits and our officers’ reviews.”

Concerns regarding Raytheon’s financial accounting and internal controls over financial reporting were revealed after market hours on October 27, 2020, when Raytheon filed its quarterly report on a Form 10-Q with the SEC for the quarter ended September 30, 2020. The Form 10-Q reported that “[o]n October 8, 2020, [Raytheon] received a criminal subpoena from the [U.S. Department of Justice (“DOJ”)] seeking information and documents in connection with an investigation relating to financial accounting, internal controls over financial reporting, and cost reporting regarding Raytheon Company’s Missiles & Defense business since 2009.”

Following this news, the price of Raytheon shares fell $4.19 per share, or 7%, to close at $52.34 per share on October 28, 2020.

The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Raytheon had inadequate disclosure controls and procedures and internal control over financial reporting; (2) Raytheon had faulty financial accounting; (3) as a result, Raytheon misreported its costs regarding Raytheon Company’s Missiles & Defense business since 2009; (4) as a result of the foregoing, Raytheon was at risk of increased scrutiny from the government; (5) as a result of the foregoing, Raytheon would face a criminal investigation by the DOJ; and (6) as a result, the defendants’ public statements were materially false and/or misleading at all relevant times.

If you wish to discuss this securities fraud class action lawsuit or have any questions concerning this notice or your rights or interests with respect to this litigation, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 877-9500 (toll free) or (610) 667–7706, or via e-mail at [email protected].

Raytheon investors may, no later than December 29, 2020, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 877-9500 (toll free)
(610) 667-7706
[email protected]

 



Posted on

DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Nano-X Imaging Ltd. and Encourages Investors to Contact the Firm

DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Nano-X Imaging Ltd. and Encourages Investors to Contact the Firm

NEW YORK–(BUSINESS WIRE)–
Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Nano-X Imaging Ltd. (NASDAQ: NNOX) securities between August 21, 2020 and September 15, 2020 (the “Class Period”). Investors have until November 16, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

On September 15, 2020, Citron Research (“Citron”) published the report entitled, “Nano-X Imaging (NNOX) A Complete Farce on the Market – Theranos 2.0” (the “Citron Report”). The Citron Report summarized Nano-X as “this $3 billion company is nothing more than a science project with a simple rendering, minimal R&D, fake customers, no FDA approval, and fraudulent claims that are beyond the realm of possibility.”

On this news, Nano-X’s stock price fell $12.41 per share, or more than 25%, over the next two trading days to close at $36.80 per share on September 16, 2020.

The complaint, filed on September 16, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Nano-X’s commercial agreements and its customers were fabricated; (2) Nano-X’s statements regarding its “novel” Nanox System were misleading as the Company never provided data comparing its images with images from competitors’ machines; (3) Nano-X’s submission to the U.S. Food and Drug Administration admitted the Nanox System was not original; 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.

If you purchased Nano-X securities during the Class Period and suffered a loss, have information, 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 Brandon Walker, Melissa Fortunato, or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

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.

Bragar Eagel & Squire, P.C.

Brandon Walker, Esq.

Melissa Fortunato, Esq.

Marion Passmore, Esq.

(212) 355-4648

[email protected]

www.bespc.com

KEYWORDS: United States North America California New York

INDUSTRY KEYWORDS: Legal Professional Services

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United Launch Alliance Successfully Launches NROL-101 Mission in Support of National Security

Cape Canaveral Air Force Station, Fla., Nov. 13, 2020 (GLOBE NEWSWIRE) — A United Launch Alliance (ULA) Atlas V rocket carrying the NROL-101 mission for the National Reconnaissance Office (NRO) lifted off on Nov. 13 at 5:32 p.m. EST from Space Launch Complex-41 at Cape Canaveral Air Force Station.

“Thank you to our mission partners, the NRO and the United States Space Force for their continued confidence and partnership with ULA,” said Gary Wentz, ULA vice president of Government and Commercial Programs. “This launch was the inaugural launch of our new GEM 63 solid rocket motors, an instrumental step for ULA to build flight experience in preparation for the Vulcan Centaur, our next generation launch vehicle.”

The NROL-101 mission was the first ULA launch flying the new Northrop Grumman Graphite Epoxy Motors (GEM) 63 solid rocket boosters that burn solid propellant and augment the lifting capacity of rocket’s first stage. The GEM 63s measure 63 in. (1.6 meters) in diameter and 66 ft. (20.11 meters) in length. Each GEM 63 produced 371,550 pounds (1.6 mega-Newtons) of max thrust to augment the 860,200 pounds (3.83 mega-Newtons) of thrust produced by the RD-180 main engine to power the Atlas V rocket skyward. At liftoff, the combined thrust was nearly 1.8 million pounds or 8 million mega-Newtons. 

The mission launched on an Atlas V 531 that included a 17 ft. (5 meter) payload fairing. The Atlas booster for this mission was powered by the RD AMROSS RD-180 engine. Aerojet Rocketdyne provided the RL10C-1 engine for the Centaur upper stage.

This was the 86th launch of the Atlas V rocket and the 71st Atlas V to launch from Space Launch Complex-41 in Florida.

ULA’s next launch is the NROL-44 mission for the NRO from Cape Canaveral Air Force Station.

To date ULA has launched 141 times with 100 percent mission success.

With more than a century of combined heritage, ULA is the nation’s most experienced and reliable launch service provider. ULA has successfully delivered 140 missions to orbit that aid meteorologists in tracking severe weather, unlock the mysteries of our solar system, provide critical capabilities for troops in the field, deliver cutting-edge commercial services and enable GPS navigation. For more information on ULA, visit the ULA website at www.ulalaunch.com, or call the ULA Launch Hotline at 1-877-ULA-4321 (852-4321).

Join the conversation at www.facebook.com/ulalaunch, twitter.com/ulalaunch and instagram.com/ulalaunch.

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Attachments 



Julie Arnold
United Launch Alliance (ULA)
(321) 423-4594
[email protected]

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Aerojet Rocketdyne Propulsion Plays Key Role in Atlas V Mission for the NRO

CAPE CANAVERAL, Fla., Nov. 13, 2020 (GLOBE NEWSWIRE) — Aerojet Rocketdyne propulsion hardware played a key role in the successful launch of a classified U.S. National Reconnaissance Office (NRO) payload from Space Launch Complex 41 here aboard a United Launch Alliance (ULA) Atlas V rocket.

“We take our role in helping to launch critical national security assets into orbit for the National Reconnaissance Office very seriously,” said Eileen P. Drake, Aerojet Rocketdyne’s CEO and president. “Our flight proven and reliable RL10 upper-stage engines have supported these types of missions for nearly six decades, and we look forward to providing them for many years to come.”

The Atlas V’s Centaur cryogenic upper stage is powered by Aerojet Rocketdyne’s RL10 engine, which is built in West Palm Beach, Florida, and completed its 500th flight earlier this year. The highly reliable RL10 has long been a mainstay of U.S. national security and space exploration programs, a legacy that will continue with ULA’s Vulcan Centaur rocket, which is expected to debut next year.

For pitch, yaw and roll control, the Centaur relies on 12 Aerojet Rocketdyne MR-106 reaction control thrusters built in Redmond, Washington. Pressure tanks provided by Aerojet Rocketdyne’s ARDÉ subsidiary, located in Carlstadt, New Jersey, support both the Centaur as well as the rocket’s first stage.

About Aerojet Rocketdyne: Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD), is a world-recognized aerospace and defense leader that provides propulsion systems and energetics to the space, missile defense and strategic systems, and tactical systems areas, in support of domestic and international customers. For more information, visit www.Rocket.com and www.AerojetRocketdyne.com. Follow Aerojet Rocketdyne and CEO Eileen Drake on Twitter at @AerojetRdyne and @DrakeEileen.

Media Contact
s
:

Todd McConnell, Aerojet Rocketdyne, 561-882-5395
[email protected]
Mary Engola, Aerojet Rocketdyne, 571-289-1371
[email protected]



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Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Citigroup Inc.

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Citigroup Inc.

NEW YORK–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP (https://www.rgrdlaw.com/cases-citigroup-class-action-lawsuit.html) today announced that it filed a class action on behalf of an institutional investor seeking to represent purchasers of Citigroup (NYSE:C) common stock between January 15, 2016 and October 12, 2020 (the “Class Period”). This action was filed in the Southern District of New York and is captioned City of Sterling Heights General Employees’ Retirement System v. Citigroup Inc., No. 20-cv-9573.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Citigroup common stock during the Class Period to seek appointment as lead plaintiff in the Citigroup class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Citigroup class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Citigroup class action lawsuit. An investor’s ability to share in any potential future recovery of the Citigroup class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff in the Citigroup class action lawsuit, you must move the Court no later than 60 days from October 30, 2020. If you wish to discuss the Citigroup class action lawsuit or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Brian E. Cochran of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at [email protected]. You can view a copy of the complaint as filed at https://www.rgrdlaw.com/cases-citigroup-class-action-lawsuit.html.

The Citigroup class action lawsuit charges Citigroup and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Citigroup is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Prior to the Class Period, Citigroup entered into a variety of consent orders with regulatory authorities that required Citigroup and its subsidiary bank to improve their compliance, risk management, internal controls and due diligence systems, policies and practices.

The complaint alleges that, contrary to defendants’ repeated reassurances that the Company was fulfilling its obligations under the consent orders and had revamped its risk management and internal control systems sufficiently to comply with these obligations, during the Class Period, Citigroup and its primary banking subsidiary had failed to: (i) implement and maintain an enterprise-wide risk management and compliance risk management program, internal controls, or a data governance program commensurate with Citigroup’s size, complexity, and risk profile; (ii) establish an effective risk governance framework; (iii) establish enterprise-wide risk management policies, standards, and frameworks necessary to adequately identify, measure, monitor, and control risks; (iv) establish effective front-line units, independent risk management, internal audit, and control functions; (v) develop and execute on a comprehensive plan to address data governance deficiencies, including data quality errors; and (vi) produce timely and accurate management and regulatory reporting. As a result of this information being withheld from the market, Citigroup stock traded at artificially inflated prices of more than $80 per share during the Class Period.

Then, through a series of disclosures, Citigroup’s failure to comply with the consent orders was revealed. On August 13, 2020, The Wall Street Journal reported that Citigroup had erroneously sent $900 million to a group of lenders that refused to return the money. Citigroup blamed the unprecedented mistake on human error and a breakdown in the Company’s manual processes – processes that the Company claimed to have fixed several years before. On September 14, 2020, The Wall Street Journal reported that authorities were preparing to reprimand Citigroup for failing to meaningfully improve its risk management systems. On October 7, 2020, the Office of the Comptroller of the Currency (“OCC”) and the Federal Reserve announced the entry of yet another consent order and the imposition of a $400 million penalty on Citigroup and its subsidiary bank for, inter alia, violating numerous banking laws and regulations, breaching prior consent orders, failing to implement effective internal controls and compliance systems, and engaging in systematically “unsafe and unsound” business practices.

Finally, on October 13, 2020, Citigroup announced its financial results for the third quarter of 2020, including a 34% decline in net income from the prior-year period, driven in large part by the $400 million penalty levied by the OCC. During the earnings call to discuss the results, defendants belatedly admitted that the Company had not moved quickly enough to address risk management and internal control deficiencies and revealed that the required fixes would not be “quick” or “easy” and the ultimate costs to implement the required remedies could cost significantly more than $1 billion. Following this series of disclosures, the price of Citigroup stock fell to a low of just $43 per share by October 14, 2020 – nearly 50% below the stock’s Class Period high price.

The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.

https://www.linkedin.com/company/rgrdlaw

https://twitter.com/rgrdlaw

https://www.facebook.com/rgrdlaw

Robbins Geller Rudman & Dowd LLP

Brian E. Cochran, 800-449-4900

[email protected]

KEYWORDS: United States North America California New York

INDUSTRY KEYWORDS: Legal Professional Services

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Agilent Receives Expanded FDA Approval for PD-L1 IHC 22C3 pharmDx in Triple-Negative Breast Cancer

Agilent Receives Expanded FDA Approval for PD-L1 IHC 22C3 pharmDx in Triple-Negative Breast Cancer

Announcement marks the seventh cancer type for which PD-L1 IHC 22C3 pharmDx has gained approval in the US

SANTA CLARA, Calif.–(BUSINESS WIRE)–Agilent Technologies Inc. (NYSE: A) today announced it has received FDA approval for the use of PD-L1 IHC 22C3 pharmDx as an aid in identifying patients with triple-negative breast cancer (TNBC) for treatment with KEYTRUDA® (pembrolizumab).

PD-L1 expression is a critical biomarker for response to anti-PD-1 therapies such as KEYTRUDA. The expanded use of PD-L1 IHC 22C3 pharmDx strengthens the ability of pathologists to identify patients who may be eligible for treatment with KEYTRUDA. KEYTRUDA, in combination with chemotherapy, is approved for patients with locally recurrent unresectable or metastatic TNBC whose tumors express PD-L1 [Combined Positive Score (CPS) ≥ 10] as determined by an FDA-approved test.

PD-L1 IHC 22C3 pharmDx is the only companion diagnostic that is FDA-approved to aid in the identification of TNBC patients for treatment with KEYTRUDA in combination with chemotherapy. With TNBC marking the seventh cancer type for which PD-L1 IHC 22C3 pharmDx has gained FDA approval, Agilent is further solidifying its position as a go-to partner for drug/diagnostic co-development. PD-L1 IHC 22C3 pharmDx also helps physicians identify non-small cell lung cancer (NSCLC), gastric or gastroesophageal junction (GEJ) adenocarcinoma, esophageal squamous cell carcinoma (ESCC), cervical cancer, urothelial carcinoma, and head and neck squamous cell carcinoma (HNSCC) patients for treatment with KEYTRUDA.

“Anti-PD-1 therapies, including KEYTRUDA, continue to offer new treatment options for a growing population of cancer patients,” said Nina Green, vice president and general manager of Companion Diagnostics at Agilent. “With the expanded FDA approval of PD-L1 IHC 22C3 pharmDx in TNBC, physicians will be able to access critical information to qualify even more patients who could benefit from these treatments. This new approval reinforces Agilent’s role as a worldwide leader in developing companion diagnostics for targeted therapies.”

Breast cancer is the most common type of cancer among women, with 276,480 new cases estimated to be diagnosed in the United States in 2020.1 Approximately 10% of breast cancer diagnoses are TNBC.2

KEYTRUDA is a humanized monoclonal antibody that enhances the ability of the immune system to detect and fight tumor cells. KEYTRUDA blocks the PD-1 pathway, thereby activating T lymphocytes that may affect both tumor cells and healthy cells. KEYTRUDA and other targeted immunotherapies are changing cancer treatment, and their therapeutic value is being realized across a growing list of cancer types. PD-L1 IHC 22C3 pharmDx was developed by Agilent as a companion diagnostic for KEYTRUDA in partnership with Merck (known as MSD outside the United States and Canada).

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is a global leader in life sciences, diagnostics, and applied chemical markets. In its 20th year as an independent company delivering insight and innovation toward improving the quality of life, Agilent instruments, software, services, solutions, and people provide trusted answers to customers’ most challenging questions. The company generated revenue of $5.16 billion in fiscal 2019 and employs 16,300 people worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn, Twitter, and Facebook.

References:

1. Cancer of the Breast(Female) – Cancer Stat Facts.

https://seer.cancer.gov/statfacts/html/breast.html (accessed Oct 26,2020)

2. Triple-negative breast cancer: is there a treatment on the horizon?

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5352107/ (accessed Nov 12, 2020)

Naomi Goumillout

Agilent Technologies

+1.781.266.2819

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Oncology Medical Supplies Health Hospitals Pharmaceutical Biotechnology

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SHAREHOLDER ALERT: Monteverde & Associates PC Announces an Investigation of Switchback Energy Acquisition Corporation – SBE

PR Newswire

NEW YORK, Nov. 13, 2020 /PRNewswire/ —


Juan Monteverde
, founder and managing partner at Monteverde & Associates PC, a national securities firm headquartered at the Empire State Building in New York City, is investigating Switchback Energy Acquisition Corporation (“Switchback” or the “Company”) (SBE) relating to its proposed merger with ChargePoint, Inc. Under the terms of the agreement, Switchback Energy shareholders will own approximately 10.3% of the combined company.

The investigation focuses on whether Switchback Energy Acquisition Corporation and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, 2) whether and by how much this proposed transaction undervalues the Company, and 3) whether all material information has been disclosed to shareholders.

Click here for more information:
 

https://www.monteverdelaw.com/case/switchback-energy-acquisition-corporation

.
It is free and there is no cost or obligation to you.

About Monteverde & Associates PC

We are a national class action securities litigation law firm that has recovered millions of dollars and iscommitted to protecting shareholders from corporate wrongdoing.  Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions.  Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field.  He has also been selected by Martindale-Hubbell as a 2017-2019 Top Rated Lawyer.  Our firm’s recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019).  Also, in 2019 we recovered money for shareholders in 6 mergers & acquisitions class action cases.

If you own common stock in Switchback Energy Acquisition Corporation and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.

Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4405
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341

Attorney Advertising. (C) 2020 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

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SOURCE Monteverde & Associates PC