Streetbeat News

Bankruptcy

VRAY

Viewray has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. The company also disclosed its intention to sell its business while continuing to support its customers during the bankruptcy process.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 11:03 am

MNK

Mallinckrodt has announced that its board has not yet determined the ultimate path for the company, including whether or not it will file under U.S. Bankruptcy Code or insolvency laws, according to an SEC filing.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 5:53 pm

MNK

Mallinckrodt Plc Trust has extended the due date of its Opioid Deferred Cash Payment from July 14, 2023 to July 21, 2023. This is part of an ongoing series of extensions for the $200 million payment required to be made to the Trust. The company is still analyzing its situation and has not determined whether it will file for bankruptcy.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 5:49 pm

JPM

KBE

KRE

XLF

JPMorgan Chase's CFO has stated that the company expects its net interest income run rate to be substantially lower in the future. However, he also suggested that the banking industry has passed the worst of the recent crisis.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 12:28 pm

CELUSD

Alexander Mashinsky, founder and former CEO of Celsius Network (CRYPTO: CEL), has been arrested on charges of securities fraud, commodities fraud, and wire fraud. The charges allege that Mashinsky and the former chief revenue officer manipulated the market for Celsius's CEL crypto token, defrauding customers and misleading them about the company's success. This comes a year after Celsius Network, which managed approximately $25 billion in customer assets, filed for bankruptcy protection. The US has entered into a non-prosecution agreement with Celsius, which has accepted responsibility for its role in the fraudulent schemes.

Portfolio Pulse from Murtuza Merchant

July 13, 2023 | 7:17 pm

BAC

BTCUSD

COIN

FTTUSD

Coinbase Global Inc. CEO, Brian Armstrong, initiated a Twitter poll to investigate claims that Bank of America Corp. is closing accounts linked to transactions with the exchange. The poll was sparked by a claim from Muneeb Ali, co-founder of blockchain firm Stacks, who alleged that his personal account with the bank was closed due to his use of an account to purchase Bitcoin via Coinbase. Approximately 9% of respondents indicated that their accounts had been closed due to transactions with Coinbase.

Portfolio Pulse from Murtuza Merchant

July 13, 2023 | 4:18 pm

CELUSD

LUNAUSD

Alex Mashinsky, the former CEO and co-founder of the now-defunct cryptocurrency lender Celsius (CRYPTO: CEL), was arrested following a Department of Justice inquiry into the company's downfall. The Securities and Exchange Commission (SEC) has filed a lawsuit against Mashinsky and Celsius for securities fraud. The Commodity Futures Trading Commission and Federal Trade Commission have also taken legal actions. The collapse of the TerraUSD (CRYPTO: LUNA) stablecoin and a downturn in the digital-asset markets left Celsius with a significant deficit, leading to its inability to handle customer withdrawal requests.

Portfolio Pulse from Murtuza Merchant

July 13, 2023 | 1:51 pm

JNJ

A California man, Emory Hernandez Valadez, has claimed that he developed a rare form of cancer due to exposure to asbestos in Johnson & Johnson's talc-based baby powder. Lawyers for Valadez are urging a jury to order Johnson & Johnson to pay heavy punitive damages, citing the company's conduct as negligent. Johnson & Johnson has consistently denied the presence of asbestos or any cancer-causing agents in its now-discontinued talc baby powder. A Johnson & Johnson subsidiary, LTL Management, filed for bankruptcy in April, proposing an $8.9 billion settlement for over 38,000 lawsuits to prevent further cases.

Portfolio Pulse from Vandana Singh

July 11, 2023 | 12:31 pm

RAD

Rite Aid is reportedly considering filing for Chapter 11 bankruptcy to address liabilities related to its involvement in opioids, according to sources.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 8:15 pm

BTCUSD

ETHUSD

SOLUSD

Former NFL star Tom Brady and supermodel Gisele Bündchen reportedly lost millions of dollars due to their association with the now-defunct cryptocurrency exchange FTX. Brady was paid $30 million and Bündchen received $18 million, both almost entirely in FTX stock. The couple was also given Ethereum (ETH), Bitcoin (BTC), and Solana (SOL) to trade on FTX, which disappeared following the exchange's bankruptcy. Customers have sought compensation from Brady and Bündchen, who are also required to pay taxes on their now worthless FTX stock.

Portfolio Pulse from Shanthi Rexaline

July 08, 2023 | 6:28 pm