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VNDA

Vanda Pharmaceuticals Inc. (VNDA) announced that the U.S. Patent and Trademark Office has issued a notice of allowance for a patent application related to PONVORY®, a treatment for multiple sclerosis. The patent covers methods for reducing clinical management events and reinitiating treatment after missed doses, with an anticipated expiration date of October 10, 2042. Vanda plans to list the patent in the FDA's Orange Book. Vanda acquired the rights to PONVORY® in the U.S. and Canada from Actelion Pharmaceuticals Ltd., a subsidiary of Johnson & Johnson.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 3:17 am

GM

General Motors Co (NYSE:GM) stock traded slightly lower after-hours following the release of a 105-page report by Quinn Emanuel on Cruise, GM's autonomous vehicle unit. The report, stemming from an investigation into a robotaxi accident involving a pedestrian, highlighted failures in leadership and an adversarial attitude towards regulators within Cruise. Although it did not accuse Cruise leadership of intentional deception, it criticized the company's handling of the incident. GM, which owns 80% of Cruise, acknowledged the shortcomings. Cruise's robotaxis are currently grounded, with investigations ongoing.

Portfolio Pulse from Erica Kollmann

January 25, 2024 | 10:56 pm

BA

SPR

SPY

Senator Duckworth met with Boeing CEO Dave Calhoun, urging Boeing to prioritize passenger safety over profit and to withdraw its petition for an FAA exemption to bypass safety standards.

Portfolio Pulse from Charles Gross

January 25, 2024 | 10:49 pm

AOSL

Alpha and Omega Semiconductor (AOSL) has been informed by the DOJ that the investigation into the company's compliance with export control regulations, specifically regarding transactions with Huawei and its affiliates, has been closed without any charges. The company had been cooperating with the investigation since late 2019.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 10:20 pm

HLTH

Cue Health Inc. has announced that it expects to record an aggregate restructuring charge related to one-time termination benefits in the range of approximately $3.2M to $4.0M, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:44 pm

PRCH

Porch Group, Inc. (NASDAQ:PRCH) has entered into a strategic business collaboration agreement with Aon Corp. and Aon Re, Inc., which will result in Porch receiving approximately $25 million upfront and an expected $5 million over the next four years. The partnership includes reinsurance placements and other services such as data modeling. Additionally, the agreement includes a release of claims related to the Vesttoo fraud, with Porch maintaining the right to pursue claims against non-Aon parties.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:38 pm

WSR

The Delaware Court of Chancery ruled in favor of Whitestone REIT in its case against Pillarstone Capital REIT. The court found that Pillarstone's adoption of a 'Poison Pill' breached the covenant of good faith and fair dealing, causing harm to Whitestone. Whitestone is now allowed to redeem its units without repercussions and may receive a monetary judgment against Pillarstone for the difference in value of the partnership's assets compared to December 2021, plus interest.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:32 pm

ZEVY

Lightning eMotors, Inc. (OTC:ZEVY) is selling substantially all of its assets for $12.6 million in cash to an undisclosed buyer, as part of a receivership transaction. The sale is subject to court approval and the proceeds will be used to pay the company's creditors. Shareholders will not receive any distributions from the sale, and the buyer does not plan to continue the company's business.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:24 pm

FRHC

Freedom Holding Corp. (FRHC) announced the completion of an external review into allegations made by Hindenburg Research in a short-seller report. The review, conducted by Morgan, Lewis & Bockius LLP and Forensic Risk Alliance, found no evidence supporting the allegations of illegal or improper practices, sanctions evasion, or market manipulation. The review did recommend further enhancements to the company's procedures, which the board has accepted and begun to implement. FRHC's growth was attributed to organic growth, acquisitions, and trading gains, and the company maintains robust sanctions and AML policies.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:21 pm

GM

A third-party probe into GM's Cruise revealed issues with leadership and culture following an October accident involving a pedestrian. The 105-page report, based on interviews with 88 employees and review of over 200,000 documents, found no intent to deceive regulators but identified failures in communication and accountability. Cruise's robotaxi fleet remains grounded, with leadership changes and layoffs following the incident. The company is cooperating with multiple investigations and has updated its software to address the issues identified.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 8:27 pm