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Legal

BA

Boeing CEO David Calhoun testified before the Senate, stating he has not spoken directly to whistleblowers but agrees it would be a good idea.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 6:38 pm

BA

SPR

Boeing CEO David Calhoun apologized directly to the families of crash victims during a Senate hearing. This public apology is part of Boeing's ongoing efforts to address the fallout from the crashes involving its 737 MAX aircraft.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 6:27 pm

TEVA

Teva Pharmaceutical Industries Ltd (NYSE:TEVA) is in settlement talks with the U.S. Department of Justice over allegations of using charitable organizations to pay Medicare patients' out-of-pocket costs, which is considered a kickback to boost sales of its drug Copaxone. The company is seeking to delay an appeal hearing and is optimistic about reaching a resolution. The lawsuit could result in up to $10 billion in damages under the False Claims Act.

Portfolio Pulse from Vandana Singh

June 18, 2024 | 6:24 pm

BA

Senator Blumenthal has revealed that he has received information from more than a dozen whistleblowers regarding Boeing. This development could indicate potential issues within the company that may affect its operations and stock price.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 6:13 pm

BA

Senator Blumenthal has stated that there is overwhelming evidence suggesting that the Justice Department should pursue prosecution against Boeing.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 6:11 pm

SPCE

VORBQ

The SEC has sued Matthew Brown for a fraudulent $200 million offer to save Virgin Orbit Holdings, Inc. (NASDAQ:VORBQ). Brown allegedly fabricated a bank statement and falsely claimed to be an experienced venture capitalist. Virgin Orbit's stock surged by 33% following the offer but fell after the deal collapsed. Virgin Orbit filed for Chapter 11 bankruptcy in April last year.

Portfolio Pulse from Vandana Singh

June 18, 2024 | 6:04 pm

AMZN

Amazon has been fined nearly $6 million by the California Labor Commissioner's Office for failing to disclose worker quotas at two warehouse facilities, in violation of a 2022 state law. This marks the first enforcement of the law, which was created to address concerns about Amazon's workplace practices.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 6:03 pm

TS

A Brazilian court has ordered Tenaris S.A. to pay up to BRL942 million (~$180M) in indemnification related to its 2012 acquisition of a stake in Usiminas. The indemnification is to be paid by Tenaris's subsidiary Confab and certain subsidiaries of Tenaris's affiliate Ternium.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 5:03 pm

BA

Boeing CEO David Calhoun will testify before Congress about the company's safety measures amidst multiple investigations and recent share sales by Congress members. The hearing could impact Boeing's stock as investors and analysts closely watch for insights on the company's accountability and future actions.

Portfolio Pulse from Chris Katje

June 18, 2024 | 5:02 pm

SID

TX

The Brazil Superior Court of Justice has ruled in favor of steelmaker CSN in a 5 billion real (~$927M) dispute regarding Ternium's stake in Usiminas. Ternium plans to appeal the decision, stating that it believes CSN's claims are groundless.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 4:51 pm