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Corporate Responsibility

SIRI

New York Attorney General Letitia James has filed a lawsuit against SiriusXM Radio, Inc. for making it difficult for consumers to cancel subscriptions. The lawsuit alleges that SiriusXM violated state and federal laws by not providing a simple cancellation process and engaging in deceptive practices. The OAG seeks restitution, penalties, and disgorgement, and demands SiriusXM to implement an easy cancellation process. The investigation began after numerous consumer complaints about the cancellation process, which includes long wait times and persistent retention efforts by agents.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 3:37 pm

SYRA

Syra Health Corp. (NASDAQ:SYRA) has announced the expansion of its healthcare workforce solutions, including training, a technology platform for job postings, and engagement services. The expansion aims to address the healthcare workforce shortage by offering development opportunities and a supportive workplace. The American Hospital Association's report highlights the ongoing workforce shortage, emphasizing the need for such services.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 3:34 pm

FDX

FedEx Express mechanics and related employees have initiated a campaign to join the Teamsters Union. This move could lead to changes in labor relations and potentially impact operations if it leads to negotiations or disputes.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 3:24 pm

EPOW

Sunrise New Energy Co., Ltd. (NASDAQ:EPOW) has contributed to the development of a national industry standard policy for artificial graphite anode materials in China. The company was invited by the China Battery Industry Association (CBIA) to initiate the drafting of this standard, which is critical for quality control in the battery industry. This involvement highlights Sunrise's technological expertise, industry recognition, and influence within the battery sector.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 3:21 pm

BASFY

BFFAF

BASF SE (OTC:BFFAF) (OTC:BASFY) announced Dr. Markus Kamieth as the new Chairman of the Board of Executive Directors, effective April 25, 2024. He succeeds Dr. Martin Brudermüller. BASF is undergoing restructuring, including carving out divisions and reducing investments by €4 billion to address financial pressures and the German chemical industry's downturn. The industry is not expected to recover before 2025, with some companies permanently shutting down production.

Portfolio Pulse from Anusuya Lahiri

December 20, 2023 | 3:11 pm

HYLN

Hyliion Holdings Corp (NYSE:HYLN) shares surged after announcing a $20 million share buyback program. The company is shifting focus to the KARNO generator, winding down powertrain operations. With $324 million in cash and investments as of September 2023, Hyliion plans initial paid deployments of KARNO in late 2024 and expects $40 million in cash spending for the year. A non-binding letter of intent with GTL Leasing LLC for KARNO generator deployment in California was also announced. HYLN shares rose 4.15% to $0.73.

Portfolio Pulse from Shivani Kumaresan

December 20, 2023 | 3:08 pm

META

Adam Mosseri, head of Instagram, has publicly prioritized youth safety on the platform, emphasizing its importance in various public appearances. However, former employees claim that Instagram, under Mosseri's leadership, has not consistently implemented safety features, such as default settings to hide offensive words, due to the pressure to compete with TikTok.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:59 pm

GM

General Motors Company (NYSE:GM) has reportedly reduced its Buick dealership network in the U.S. by about half through a voluntary buyout program. The move, which cost GM approximately $1 billion, aims to increase sales and profits per location and prepare for the transition to electric vehicles (EVs). The buyouts mainly affected smaller dealerships, which accounted for 20% of Buick's sales. Buick plans to have an all-EV lineup by 2030 and is requiring dealers to invest in specialized training and equipment for EVs. Buick currently offers four gas-powered models and expects new models like the Envista to boost sales to pre-pandemic levels.

Portfolio Pulse from Nabaparna Bhattacharya

December 20, 2023 | 2:59 pm

SCS

During a conference call, Steelcase (SCS) reported that their teams are working diligently on cost reduction and are continuing to see benefits from pricing strategies. Additionally, the company has experienced an uptick in their win rate in Europe and Asia.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:56 pm

PLXS

Plexus Corp. (NASDAQ:PLXS) announced that its subsidiary in Xiamen, China, has been placed on the BIS Unverified List by the U.S. Department of Commerce. The company is not barred from U.S. business and is working to address the BIS's questions to remove the subsidiary from the list. Plexus asserts it maintains a robust export compliance program and is committed to adhering to U.S. export control laws.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:27 pm