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Legal

AAPL

Apple Inc. has agreed to pay $14.4 million to settle a class-action lawsuit in Canada, known as 'Batterygate', for slowing down iPhones as their batteries aged. Eligible iPhone users in Canada, except Quebec, can receive between CA$17.50 and CA$150. The lawsuit highlighted Apple's lack of communication about performance throttling introduced in 2017 to prevent unexpected shutdowns. Meanwhile, Apple has announced that the iPhone 15 series will have significantly longer battery life, maintaining 80% capacity at 1000 charge cycles.

Portfolio Pulse from Benzinga Neuro

March 05, 2024 | 8:57 am

GOOG

GOOGL

Google's Gemini scandal, linked to rushed product shipping and internal misalignment, highlights issues within Alphabet Inc. (GOOG, GOOGL). The Gemini app's photo generation feature, intended to be powered by the Gemini model, instead used an older model due to the rush. This misstep, along with a lack of alignment between teams, has led to public admissions of error by Google's leadership and hints at upcoming structural changes.

Portfolio Pulse from Rounak Jain

March 05, 2024 | 8:53 am

BA

SPR

The FAA has identified Boeing Co (NYSE:BA) and Spirit AeroSystems Holdings Inc (NYSE:SPR) for non-compliance with manufacturing quality control regulations during an audit of the 737 MAX production line. The audit revealed issues in manufacturing process control, parts handling, and storage. Both companies are working with the FAA to address these issues. This scrutiny adds to Boeing's ongoing quality control challenges, including a recent FAA ultimatum to address systemic issues within 90 days.

Portfolio Pulse from Benzinga Neuro

March 05, 2024 | 8:03 am

TSLA

Tesla Inc shareholders are writing to the Delaware Court of Chancery against the nullification of CEO Elon Musk's $56 billion pay package from 2018. Shareholders argue the court's decision lacks financial merit for them and criticize the plaintiff's counsel's request for $6 billion in Tesla stock. Musk thanked the shareholders for their support. The campaign follows a judge's ruling that found the 2018 pay package unfair to other shareholders, with an appeal expected from Musk.

Portfolio Pulse from Anan Ashraf

March 05, 2024 | 5:41 am

BTG

Despite recent attacks on its employees in Mali, including a fatal convoy attack in February that resulted in four deaths, B2Gold Corp. (NYSEAMERICAN: BTG) remains committed to exploration in the country. The company has budgeted $10 million for exploration in Mali this year, focusing on the Fekola Mine, its largest gold-producing mine. Mali's challenging security situation, marked by political and jihadist violence, has not deterred B2Gold's operations, even as the country's military-led government reviews its mining code to potentially increase Malian stakes in new projects.

Portfolio Pulse from Matt Whittaker

March 04, 2024 | 10:33 pm

NTDOY

Nintendo ADR (OTC:NTDOY) has settled a legal dispute with Tropic Haze LLC for $2.4 million over the Yuzu emulator, which allowed unauthorized play of Nintendo games. Tropic Haze will cease all Yuzu-related activities and transfer the domain to Nintendo. This settlement could impact the future of Switch emulation and sets a precedent regarding copyright laws and emulation. The lawsuit highlighted Yuzu's role in enabling piracy, notably over a million pre-release plays of Legend of Zelda: Tears of the Kingdom.

Portfolio Pulse from Franca Quarneti

March 04, 2024 | 10:22 pm

JBLU

JETS

SAVE

ULCC

JetBlue Airways Corporation (JBLU) terminated its $3.8 billion acquisition deal with Spirit Airlines Inc. (SAVE) due to a legal blockade by the Department of Justice, citing antitrust concerns. JetBlue will pay Spirit a $69-million termination fee. The decision is seen as a victory for consumer protection, aiming to preserve competitive fares and choices. Following the announcement, JetBlue's shares increased by 4.3%, while Spirit's shares dropped nearly 11%. The U.S. Global Jets ETF (JETS) remained unchanged, and Frontier Group Holdings Inc. (ULCC) saw an 11% increase.

Portfolio Pulse from Piero Cingari

March 04, 2024 | 9:16 pm

AAPL

Apple's stock price has declined following the imposition of an EU antitrust fine related to its music streaming practices.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 8:59 pm

AVDL

JAZZ

A jury has ruled in favor of Avadel Pharmaceuticals regarding one of the contested patents, marking a significant legal victory for the company.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 8:52 pm

TSLA

A Tesla Cybertruck was involved in an accident at the Beverly Hills Hotel in Los Angeles, causing property damage. The incident occurred on the first day the owner took possession of the vehicle. Despite the Cybertruck's robust construction, the accident highlights that it can still sustain damage.

Portfolio Pulse from Benzinga EV Insights

March 04, 2024 | 8:51 pm