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Legal

SBUX

Starbucks (NASDAQ:SBUX) has filed a trademark infringement lawsuit against 'Starbuds Flowers,' a mobile cannabis retailer, alleging that its logo closely resembles Starbucks' iconic green siren emblem. The lawsuit, filed in the US District Court for the Southern District of New York, demands that Starbuds cease using the disputed logo and forfeit any profits made from its use.

Portfolio Pulse from Patricio Liddle

July 01, 2024 | 9:36 pm

CHWY

GME

HOOD

GameStop shares are trading slightly higher after-hours following the voluntary dismissal of a lawsuit against Keith Gill. Gill disclosed a significant stake in Chewy, which also saw a slight increase in its share price. Citadel Advisors holds substantial options and shares in Chewy.

Portfolio Pulse from Erica Kollmann

July 01, 2024 | 9:31 pm

SICP

The SEC has filed a lawsuit against Silvergate Capital Corp. (OTCPK: SICP) for alleged securities fraud related to the collapse of the cryptocurrency exchange FTX. The lawsuit claims that Silvergate and its former executives misled investors about their compliance programs, resulting in significant financial losses.

Portfolio Pulse from Piero Cingari

July 01, 2024 | 9:13 pm

ADEA

Adeia shares are trading higher after the company entered into a multi-year IP license agreement with X Corp, resolving all outstanding litigation between the companies.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 8:13 pm

ADEA

Adeia has entered into a multi-year license agreement with X Corp., the owner of the social media platform formerly known as Twitter. This agreement resolves all outstanding litigation between the two companies. The terms of the agreement were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 8:09 pm

GME

Traders are closely monitoring GameStop as the case Martin Radev v. Keith Patrick Gill (Case No. 1:24-cv-04608-fb-vms) has been voluntarily dismissed without prejudice by Martin Radev.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 7:54 pm

IYG

MA

V

WMT

XLF

A federal judge's call for a revised $30 billion antitrust settlement for Visa and Mastercard is unlikely to materially impact their business models, according to JPMorgan. The judge argued that the initial settlement disproportionately benefited small merchants over larger retailers like Walmart. Despite the judge's opinion, JPMorgan remains optimistic about Visa and Mastercard's ability to maintain earnings growth. The news had a minor negative impact on Visa and Mastercard's stock prices, while ETFs IYG and XLF saw modest gains.

Portfolio Pulse from Michael Juliano

July 01, 2024 | 7:44 pm

TEVA

The FTC has launched an investigation into Teva Pharmaceutical Industries Ltd (NYSE:TEVA) over alleged patent abuse related to its asthma and COPD inhalers. The FTC claims Teva's practices have blocked generic competition, leading to higher prices in the U.S. Teva is also in discussions to settle a lawsuit with the DOJ over alleged kickbacks.

Portfolio Pulse from Vandana Singh

July 01, 2024 | 5:05 pm

FDX

LOW

SPG

FedEx Corp (NYSE:FDX) is under scrutiny for allegedly partnering with law enforcement to share surveillance footage from its vehicles, raising privacy concerns. The program, which uses AI technology from Flock Safety, has been criticized by the ACLU. Other companies like Simon Property Group Inc (NYSE:SPG) and Lowe’s Companies Inc (NYSE:LOW) also share data with law enforcement.

Portfolio Pulse from Hayden Buckfire

July 01, 2024 | 4:35 pm