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Bankruptcy

LUNAUSD

Liquidators from Three Arrows Capital are seeking to recoup approximately $1.3 billion from the company’s co-founders, Su Zhu and Kyle Davies, representing the losses allegedly incurred by the duo leading up to the firm's downfall. The co-founders are accused of steering Three Arrows into adopting considerable leverage from May to June 2022, following substantial losses primarily attributed to ill-advised investments in Luna (CRYPTO: LUNA) tokens, among other assets. The failure of Three Arrows Capital had adverse effects on platforms like BlockFi and Voyager Digital Ltd., both of which declared bankruptcy shortly after Three Arrows went into liquidation.

Portfolio Pulse from Murtuza Merchant

June 27, 2023 | 8:01 pm

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U.S. stocks traded higher with the Nasdaq Composite gaining over 200 points. TD Synnex Corp reported worse-than-expected Q2 results and issued Q3 guidance below estimates. Centogene N.V., Black Diamond Therapeutics, and Tivic Health Systems saw their shares rise due to various positive developments. Lordstown Motors Corp filed for Chapter 11 bankruptcy, Adicet Bio shared disappointing data from its Phase 1 study, and Siyata Mobile priced a 50 million share offering, leading to a drop in their shares.

Portfolio Pulse from Lisa Levin

June 27, 2023 | 7:04 pm

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Several stocks experienced significant movement in Tuesday's mid-day session. Notable gainers included Tivic Health Systems, Black Diamond Therapeutics, and Centogene, which saw increases due to distribution agreements, promising clinical data, and joint ventures respectively. On the other hand, Adicet Bio, Siyata Mobile, and Lordstown Motors Corp were among the biggest losers, with drops due to disappointing clinical data, share offerings, and bankruptcy filings respectively. Walgreens Boots Alliance also saw a decrease after lowering its FY23 guidance.

Portfolio Pulse from Lisa Levin

June 27, 2023 | 5:56 pm

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Johnson & Johnson's (JNJ) proposed $8.9 billion settlement of lawsuits alleging cancer-causing talc products is under scrutiny in a U.S. bankruptcy court. J&J's subsidiary, LTL Management, is attempting to resolve the lawsuits through bankruptcy for the second time. The initial bankruptcy attempt was dismissed, and the second filing is also facing opposition. JNJ shares are down 0.06% at $163.53.

Portfolio Pulse from Vandana Singh

June 27, 2023 | 5:43 pm

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US stocks traded higher with the Dow Jones gaining over 100 points. Walgreens Boots Alliance Inc reported weaker-than-expected earnings for its third quarter and lowered its FY23 adjusted EPS guidance. Centogene N.V., Black Diamond Therapeutics, Inc., and Tivic Health Systems, Inc. saw their shares rise significantly. Lordstown Motors Corp filed for Chapter 11 bankruptcy protection, while Adicet Bio, Inc. and Siyata Mobile Inc. saw their shares drop.

Portfolio Pulse from Lisa Levin

June 27, 2023 | 5:04 pm

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Rivian Automotive (RIVN) continues to grow with plans to reveal a new lower-priced R2 midsized SUV Crossover EV next year, while Lordstown Motors (RIDE) has filed for bankruptcy and is suing former partner Foxconn. Rivian's production is expected to increase, with a 2026 production forecast of 200,000 units for the new R2 model. In contrast, Lordstown's story has ended due to unmet expectations and a failed partnership.

Portfolio Pulse from Upwallstreet

June 27, 2023 | 1:05 pm

RIDE

Lordstown Motors Corp (NYSE:RIDE) filed for Chapter 11 bankruptcy protection and initiated a strategic restructuring process to maximize asset value. The company is also commencing a sale process for its Endurance vehicle and filed litigation against Hon Hai Technology Group and Foxconn, alleging fraud, bad faith, and contractual breaches.

Portfolio Pulse from Adam Eckert

June 27, 2023 | 12:45 pm

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American Equity Investment Life Holding Company (AEL) shares rose 8.7% in pre-market trading following a report suggesting Brookfield is nearing a deal to acquire the company. Meanwhile, Lordstown Motors Corp. (RIDE) fell 56.2% in pre-market trading after filing for Chapter 11 bankruptcy protection.

Portfolio Pulse from Lisa Levin

June 27, 2023 | 12:19 pm

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Lordstown Motors Corp has filed for Chapter 11 bankruptcy protection, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2023 | 10:01 am

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RIDE

Lordstown, Inc. (NASDAQ:RIDE) has filed for Chapter 11 bankruptcy protection and is suing its manufacturing partner, Foxconn (OTC:HNHPF), for alleged fraud and failure to meet commercial and financial commitments. Lordstown is also marketing and selling its Endurance EV pickup truck and related assets.

Portfolio Pulse from Shanthi Rexaline

June 27, 2023 | 9:18 am