Streetbeat News

Legal

AAPL

Apple Inc. CEO Tim Cook criticized the DOJ's antitrust lawsuit against the company, calling it 'misguided' and vowing to fight it without letting it become a distraction. This comes as Apple reports strong second-quarter 2024 earnings. The DOJ alleges Apple's practices restrict competition by limiting technology access and compatibility, a claim Apple refutes, arguing the lawsuit threatens its principles and sets a dangerous precedent.

Portfolio Pulse from Ananya Gairola

May 03, 2024 | 5:29 am

SQ

VUZI

Block Inc. (NYSE:SQ) CEO Jack Dorsey addressed a potential DOJ investigation into Bitcoin transactions linked to sanctioned countries during the company's Q1 earnings call. Dorsey highlighted the company's proactive compliance measures, including a thorough review of transactions, real-time screening with blockchain analytics, and maintaining restrictive withdrawal limits. Despite facing scrutiny over allegations of processing transactions for terrorists, Block Inc. reported strong Q1 earnings, leading to a 7.80% surge in after-hours trading. Dorsey also mentioned new features for Square merchants and developments in Bitcoin mining.

Portfolio Pulse from Kaustubh Bagalkote

May 03, 2024 | 3:30 am

ALK

BA

SPR

Boeing Co (NYSE:BA) shares rose despite another whistleblower's sudden death, amid broader market gains following the Fed's decision to maintain interest rates. The deceased, a former Spirit AeroSystems (NYSE:SPR) quality auditor, had raised safety concerns about Boeing's 737 Max, which previously faced scrutiny after an Alaska Air Group (NYSE:ALK) plane lost an emergency door. This incident adds to Boeing's ongoing safety and legal challenges, including a criminal investigation and potential DOJ penalties.

Portfolio Pulse from Natan Ponieman

May 02, 2024 | 7:37 pm

TD

TD Bank is under a Justice Department investigation for its role in laundering money from U.S. fentanyl sales, involving Chinese crime groups and drug traffickers. This probe, part of broader scrutiny into TD's anti-money laundering practices, has revealed instances of employee bribery and has already impacted TD's expansion plans, including a failed acquisition. TD has set aside $450 million for one inquiry and faces additional penalties, alongside a recent fine by a Canadian regulator for failing to report suspicious activities.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:25 pm

SQ

Block shares are experiencing a rebound after a decline on Wednesday due to reports that federal prosecutors are investigating the company's financial transactions.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:24 pm

CSLR

Complete Solaria, Inc. (NASDAQ:CSLR) announced a debt-for-equity swap with Kline Hill Partners, issuing 9.8 million shares to cancel debt and an additional agreement to buy 3.7 million warrants. The swap is contingent on agreements with other lenders, highlighting Carlyle's resistance.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:09 pm

FTEC

MGM

MSFT

XLK

The SEC concluded its investigation into potential insider trading by Barry Diller, Alexander von Furstenberg, and David Geffen regarding their investments in Activision Blizzard before its acquisition by Microsoft Corp for $75 billion, finding no grounds for charges. This acquisition, Microsoft's largest, faced global regulatory challenges before completion. The investigation's closure and Microsoft's leading role in the AI revolution, likened to an 'iPhone Moment', could impact investor sentiment and stock performance.

Portfolio Pulse from Anusuya Lahiri

May 02, 2024 | 6:43 pm

LGVN

Longeveron, identified by its ticker LGVN, has been granted an Israeli patent for 'METHODS OF USING HUMAN MESENCHYMAL STEM CELLS TO EFFECT CELLULAR AND HUMORAL IMMUNITY'. This development could potentially enhance Longeveron's intellectual property portfolio and strengthen its position in the field of stem cell research.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 6:26 pm

BAYRY

BAYZF

Bayer AG's Monsanto unit won a legal victory as a Washington state appeals court overturned a $185 million verdict related to chemical contamination at a school. This decision, marking the company's second major legal win recently, involved a lawsuit from 2021 where three teachers claimed brain damage from exposure to PCBs, banned chemicals Monsanto produced until 1977. The court ruled the lower court improperly applied Missouri laws, allowing claims to be filed decades later. Bayer faces around 200 similar claims, and this ruling could influence future trials and Bayer's financial exposure in PCB contamination claims, potentially surpassing $2.5 billion.

Portfolio Pulse from Vandana Singh

May 02, 2024 | 5:38 pm

ATVI

MSFT

The SEC has concluded its investigation into the trades made by Barry Diller, Alexander von Furstenberg, and David Geffen on Activision Blizzard options before its acquisition by Microsoft, with no action planned against them. This ends the scrutiny over potential insider trading related to the high-profile merger announced in 2022.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:41 pm