Streetbeat News

Legal

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Nevada Governor Joe Lombardo appointed James Humm as the new leader of the state's Cannabis Compliance Board, succeeding Tyler Klimas. Klimas plans to start a consulting company after a cooling-off period. Humm previously worked at the Governor's Office of Economic Development. In other cannabis industry news, Mandesh Dosanjh became the executive board chair of the IRCC, Richard Drexler stepped down from Green Thumb Industries' board, and Philip Himmelstein was named interim CFO of Acreage Holdings, replacing Carl Nesbitt. Vincent Doré resigned from Entourage Health. The article also hints at potential growth in cannabis stocks, mentioning gains in Green Thumb Industries, Trulieve Cannabis, and Village Farms International.

Portfolio Pulse from Jelena Martinovic

December 11, 2023 | 5:16 pm

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Gilead Sciences Inc (NASDAQ:GILD) is taking legal action against drug counterfeiting, filing a lawsuit against 161 defendants, including pharmacies and distributors, for tampering with medications like Biktarvy and Descovy. Counterfeit drugs are a significant global issue, with the U.S. seeing a 17% increase in cases in 2022. Johnson & Johnson (NYSE:JNJ) has also initiated similar lawsuits. Gilead's legal efforts have led to a settlement with ProPharma Distribution for $3.3 million, while others, like Safe Chain Solutions, deny the allegations. GILD shares rose by 1.02% to $79.83.

Portfolio Pulse from Vandana Singh

December 11, 2023 | 5:11 pm

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On Monday, several stocks experienced declines, with notable losses in the biotech sector and among companies associated with Bitcoin due to a pullback in its price. Cogent Biosciences and Biomea Fusion reported clinical trial data, resulting in significant drops in their share prices. Companies like CleanSpark, HIVE Digital Technologies, Riot Platforms, and Marathon Digital Holdings were affected by the Bitcoin price movement. Gildan Activewear announced a leadership change, and Tellurian updated its executive team.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 4:07 pm

METC

Dan David of Wolfpack Research has issued a critical report on Ramaco Resources, Inc. (METC), challenging the company's claims about the profitability of mining rare earth elements (REE) at its Brook Mine. The report suggests that METC's project is unprofitable, estimating a potential loss of $88 billion despite the company's assertion of a $37 billion value in REEs. It also highlights the lack of a PH4 and PH1 test for recoverability, insider stock sales, and the CEO's controversial history. Wolfpack Research is short METC.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 3:07 pm

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Wells Fargo is under scrutiny by the Consumer Financial Protection Bureau (CFPB) for potential mortgage pricing discrimination. The bank received a Matter Requiring Attention (MRA) notice regarding the use of pricing exceptions, which may have led to fewer discounts for Black and female borrowers. This practice could violate U.S. fair lending laws. Wells Fargo has a history of regulatory issues, including a $184 million settlement in 2012 for charging minorities higher fees and a $250 million fine in 2021 for mortgage business problems. The bank has since adjusted its policies, requiring documentation for competitive bids, and has refocused on serving existing customers and minority communities. The CFPB has increased fair lending probes, with 32 investigations last year, and several banks received MRAs, though they were not named.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 3:04 pm

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Calliditas Therapeutics AB received a notice of allowance for a US patent application covering a method of treating IgA nephropathy with TARPEYO® (budesonide) delayed release capsules. The anticipated patent, expiring in 2043, will be the second US patent for TARPEYO and is expected to be Orange Book-listable. Calliditas plans to seek similar protections in other territories, including Europe and China, to strengthen TARPEYO's intellectual property and support the global NEFECON® franchise.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:22 pm

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The District Court in Harris County, Texas dismissed all claims against Whitestone REIT (NYSE:WSR) by its former CEO, James C. Mastandrea, related to his termination. Mastandrea had filed a lawsuit seeking up to $25 million for alleged breach of contract and other claims. Whitestone's current CEO, Dave Holeman, expressed satisfaction with the court's decision, noting the removal of legal defense costs and a positive outlook for the company's future.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 1:11 pm

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NextPlay Technologies Inc (NASDAQ:NXTP) stock surged 53% to $0.64 amid ongoing volatility following a notice from Nasdaq regarding the company's failure to file financial reports for several periods in 2023. Nasdaq warned of a potential suspension of trading starting December 7, unless NextPlay appeals. The company has paid for an appeal and believes it can regain compliance before the hearing. There is no certainty they will regain or maintain compliance, and no further updates have been provided.

Portfolio Pulse from Henry Khederian

December 11, 2023 | 1:06 pm

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Emergent Biosolutions (EBS) announced that during their quarterly review for the quarter ended September 30, 2023, they discovered an overstatement of their net state deferred tax liability as of December 31, 2022. Consequently, the financial statements included in the original Form 10-K should no longer be relied upon, indicating a need for restatement.

Portfolio Pulse from Charles Gross

December 11, 2023 | 12:26 pm

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Sen. Sheldon Whitehouse disclosed stock trades of Veralto Corporation (VLTO), raising insider trading suspicions due to his position on the Senate Committee on Environment. He sold shares in three tranches on Nov. 29, totaling $3.34 million. Veralto, a pollution treatment company, was spun off from Danaher Corp. (DHR) in late September. The stock has since risen about 1.6%. Whitehouse previously sold stocks before the 2008 financial crisis but faced no charges.

Portfolio Pulse from Shanthi Rexaline

December 11, 2023 | 10:30 am