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Legal

GM

General Motors (GM) will face $906 million in U.S. fuel economy penalties through 2031, a significant reduction from the $6.5 billion proposed by the National Highway Traffic Safety Administration (NHTSA) in 2023.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 6:26 pm

ABT

A California federal judge has allowed a class action lawsuit to proceed against Abbott Laboratories (NYSE:ABT) regarding its Glucerna products, which are marketed for people with diabetes. The lawsuit claims these products contain harmful ingredients like sucralose. The judge denied Abbott's motion to dismiss the case but granted the dismissal of the request for an injunction to amend the product labeling.

Portfolio Pulse from Vandana Singh

June 07, 2024 | 6:17 pm

OPTT

Paragon Technologies has proposed an investment of up to $3 million in Ocean Power Technologies (OPTT). If a financing agreement is reached, Paragon will drop its lawsuits against OPTT.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 4:14 pm

LLY

NVO

U.S. District Judge Karen Marston has been appointed to oversee over 10,000 lawsuits related to Novo Nordisk's and Eli Lilly's diabetes and weight-loss drugs, Ozempic, Wegovy, and Mounjaro. The litigation involves allegations of severe digestive side effects. Both companies deny the claims.

Portfolio Pulse from Vandana Singh

June 07, 2024 | 3:58 pm

PRST

Presto Automation discovered that Rock Creek Advisors, an unaffiliated financial advisor, posted unauthorized information on LinkedIn about the company's plans. Investors are advised to only trust official SEC filings and authorized public statements.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 3:04 pm

IHRT

PIMCO has formed a separate creditor group for iHeartMedia and hired the law firm Davis Polk to assist in the process.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 2:25 pm

LLY

NVO

The rise of weight loss drugs like Wegovy and Mounjaro by Novo Nordisk (NYSE:NVO) is leading to new product developments across various sectors, including food, beverage, and fitness. Companies like DSM Firmenich, Nestle, and Danone are adapting to these changes. Novo Nordisk is also facing legal challenges related to counterfeit products and potential patent issues in China.

Portfolio Pulse from Benzinga Neuro

June 07, 2024 | 2:17 pm

GL

Viceroy Research has issued a report on Globe Life, highlighting serious governance issues within its subsidiary, American Income Life (AIL). The report alleges that terminated agents continue to work for AIL, engaging in fraudulent activities and misconduct, including sexual assault and pretending to be licensed physicians.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 1:30 pm

HPE

Mike Lynch, former CEO of Autonomy, was acquitted of fraud charges related to the $11 billion deal with Hewlett Packard Enterprise (HPE) in 2011. The deal led to significant financial losses for HPE, but the company has since reported positive financial results.

Portfolio Pulse from Benzinga Neuro

June 07, 2024 | 12:51 pm

DJT

Trump Media & Technology Group Corp. (NASDAQ:DJT) shares are trading slightly lower in the premarket session on Friday. The company has sent its fourth congressional letter addressing potential stock manipulation, citing persistent failures to deliver (FTDs) and possible illegal 'naked' short selling. Recent SEC data shows high FTDs for DJT, prompting the company to request Electronic Blue Sheet data from several financial firms.

Portfolio Pulse from Nabaparna Bhattacharya

June 07, 2024 | 12:22 pm