Streetbeat News

Legal

NTDOY

Nintendo has filed a lawsuit against Modded Hardware for distributing pirated games and hardware for the Nintendo Switch. This is part of a broader anti-piracy campaign that includes legal actions against other entities and individuals involved in similar activities.

Portfolio Pulse from Franca Quarneti

July 05, 2024 | 2:59 pm

PDD

Arkansas Attorney General Tim Griffin has filed a lawsuit against Chinese retailer Temu, owned by PDD Holdings (NASDAQ:PDD), accusing it of being a 'data-theft business' and violating state laws. Temu denies the allegations, claiming they are based on misinformation. The lawsuit comes amid increasing geopolitical tensions between the U.S. and China.

Portfolio Pulse from Hayden Buckfire

July 05, 2024 | 2:59 pm

VUZI

Vuzix Corporation has ceased funding for its development activities with Atomistic SAS under a license agreement. Atomistic terminated the license on July 1, 2024. Vuzix retains rights to license royalties, an equity interest, and a board appointment but must incur an impairment charge of $32.2M.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2024 | 5:05 pm

TSLA

The U.S. Supreme Court will hear an appeal from the adult entertainment industry challenging a Texas law mandating age verification for pornographic websites. The law, signed by Texas Governor Greg Abbott, imposes significant penalties for non-compliance. The case will be reviewed in the fall.

Portfolio Pulse from Benzinga Neuro

July 03, 2024 | 2:08 pm

PRPL

TPX

The FTC has filed a lawsuit to block Tempur Sealy's $4 billion acquisition of Mattress Firm, citing competition concerns. The merger would combine the largest mattress manufacturer with the largest mattress retailer, potentially harming competition and raising prices. Tempur Sealy plans to address regulatory concerns by divesting some stores, but the FTC remains firm in its opposition.

Portfolio Pulse from Shivani Kumaresan

July 03, 2024 | 10:56 am

CVX

HES

IYE

XLE

XOM

An arbitration panel has been formed to resolve Exxon Mobil's dispute over Chevron's $53 billion acquisition of Hess. Exxon claims it has a right of first refusal on Hess's assets in Guyana, which Chevron and Hess dispute. The panel's formation is a significant step in the process, which has created uncertainty around the merger anticipated to close in the first half of 2024.

Portfolio Pulse from Lekha Gupta

July 03, 2024 | 9:55 am

DJT

LLY

SPY

TSLA

Tesla's stock surged due to strong delivery figures. RBC raised its S&P 500 target to 5,700. The FDA approved Eli Lilly's Alzheimer's drug. The sentencing in Donald Trump's hush money case has been delayed.

Portfolio Pulse from Benzinga Newsdesk

July 02, 2024 | 8:01 pm

DJT

SPY

A judge has postponed former President Donald Trump's sentencing to September 18, according to media reports cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

July 02, 2024 | 6:56 pm

NVS

A federal judge in Mississippi upheld a state law requiring drugmakers to provide discounts on medications dispensed by third-party pharmacies contracting with hospitals and clinics serving low-income populations. The ruling denied preliminary injunctions filed by PhRMA and Novartis AG (NYSE:NVS), who argued the law conflicted with federal regulations. Novartis plans to appeal the decision.

Portfolio Pulse from Vandana Singh

July 02, 2024 | 5:48 pm

BNTX

MRNA

PFE

London's High Court delivered a mixed ruling on Moderna's patents, fueling ongoing legal disputes between Pfizer, BioNTech, and Moderna over COVID-19 vaccine patents. The ruling invalidated one of Moderna's patents but upheld another, confirming infringement by Pfizer and BioNTech's Comirnaty vaccine. All parties are expected to appeal.

Portfolio Pulse from Vandana Singh

July 02, 2024 | 4:59 pm