Streetbeat News

Legal

NIO

RIVN

SPY

TSLA

XPEV

Senator Joe Manchin has called for a Congressional vote to reverse the Treasury Department's guidance on electric vehicle tax credits. Manchin believes the current guidance is too lenient and allows for unintended beneficiaries, potentially impacting U.S. EV manufacturers and importers.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 8:48 pm

NKLA

Nikola Corp founder Trevor Milton has been sentenced to four years in prison for fraud after being found guilty of misleading investors about Nikola's technology capabilities. Milton was convicted in October 2022 and faced up to 60 years, but prosecutors recommended 11 years. He inflated the company's share price by falsely claiming Nikola had built a truck with its own batteries, while they were actually sourced from a third party. Nikola's market cap is now around $1.05 billion, with shares down over 58% since the start of the year.

Portfolio Pulse from Adam Eckert

December 18, 2023 | 7:26 pm

COIN

Coinbase Global Inc. (NASDAQ:COIN) has submitted a petition to a federal appeals court, challenging the SEC's rejection of their proposal for new cryptocurrency regulations. The SEC, led by Chair Gary Gensler, voted 3-2 against establishing new rules tailored to the digital asset industry. Coinbase's legal action comes after an 18-month period without a response from the SEC. The issue highlights the ongoing debate over regulatory jurisdiction in the cryptocurrency sector, with differing views from various officials.

Portfolio Pulse from Murtuza Merchant

December 18, 2023 | 7:20 pm

TIO

The SEC has charged the CEO of fintech company Tingo with conducting a 'massive' fraud. This follows a short position taken by Hindenburg Research, which often publishes negative reports about companies it has bet against. The SEC's action could have significant implications for Tingo and its investors.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:11 pm

NKLA

Trevor Milton, the founder of Nikola Corporation, has been sentenced to four years in prison following his conviction on fraud charges. The sentencing is a significant development for the company, which has faced scrutiny over its business practices and Milton's representations to investors.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:38 pm

BLK

BlackRock has stated it will contest any accusations of violating Tennessee's consumer protection laws, asserting that it fully and accurately discloses its investment practices and approach to proxy voting.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:37 pm

COIN

Coinbase has filed a petition in a federal appeals court to review the SEC's decision to deny the crypto exchange's request for new digital asset sector rules. The SEC, with a 3-2 vote, declined to propose new rules, stating disagreement with Coinbase's claim that current regulations are 'unworkable' for the crypto industry.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:05 pm

GDHG

MSS

Hindenburg Research has taken a short position on Maison Solutions ($MSS), predicting it will face a downfall similar to $GDHG. $MSS, which went public in October at $4 per share and reached a market cap of over $265M, is described as overvalued and in financial distress. The company has a high P/S ratio compared to peers, and there are concerns about its financials, management's background, and potential undisclosed related-party transactions. The underwriter and auditor have questionable histories, and there's evidence of stock promotion via WhatsApp chat rooms.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 5:56 pm

EIS

SPY

USO

A Hamas official in Beirut stated that negotiations for a hostage exchange with Israel are not an option until Israel ceases its military actions in Gaza. However, Hamas is open to considering initiatives from Qatar and Egypt that aim to facilitate a hostage exchange and bring an end to the conflict in Gaza.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 5:37 pm

EXPI

Five women have filed lawsuits against eXp Realty, alleging that the company ignored complaints about two male agents engaging in predatory behavior towards female colleagues during work events involving alcohol. The New York Times reported on these allegations, highlighting concerns about the company's handling of sexual misconduct.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 5:31 pm