Streetbeat News

Legal

SNY

The Federal Trade Commission (FTC) has decided to dismiss its case against the proposed transaction between Sanofi and Maze Therapeutics after Sanofi chose to terminate the deal. The FTC had been challenging the transaction, but with Sanofi's decision to pull out, the case is no longer active.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:42 pm

XRPUSD

Two whale transactions involving the transfer of 84 million XRP tokens have caught investors' attention. The first transaction moved 23.9 million XRP to Bitstamp, while the second transferred 60 million XRP from a Ripple account to an unknown address. The SEC has dropped charges against Ripple executives and a court decision partially favored Ripple, indicating no breach of federal securities law. The legal proceedings are set to continue into 2024. XRP's price has seen minor fluctuations, with a slight increase over the past 24 hours but a decrease over the past week.

Portfolio Pulse from Khyathi Dalal

December 13, 2023 | 8:29 pm

CMCSA

Former President Donald Trump's legal team is arguing against the timeline for his upcoming trial related to the 2020 election, comparing the prosecution's efforts to speed up the trial to the Grinch's attempt to 'keep Christmas from coming.' The trial is set to start on March 4, 2024, the day before Super Tuesday. Trump's lawyers have requested a delay until 2026, which could potentially benefit Trump if he were elected president again. The Supreme Court is set to decide quickly on whether to hear the case, with Trump's lawyers needing to respond by December 20. The article also mentions Comcast Corporation (NASDAQ:CMCSA) in relation to the Grinch character, as its unit Illumination produced an animated film featuring the Grinch.

Portfolio Pulse from Chris Katje

December 13, 2023 | 8:05 pm

ACAD

ACADIA Pharmaceuticals Inc. shares are up following a favorable ruling from the U.S. District Court for the District of Delaware, which granted the company summary judgment in its NUPLAZID patent litigation.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 7:12 pm

VEON

VEON Ltd.'s subsidiary Kyivstar is recovering from a cyber-attack that occurred on December 12, 2023, and is now restoring voice services. The full financial impact of the attack is currently unknown as service restoration is ongoing. Kyivstar is also working to restore data and SMS services within the next 24 hours and is cooperating with Ukrainian authorities to investigate the attack. VEON and Kyivstar have confirmed that consumer data was not compromised and are taking steps to enhance security measures.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 6:54 pm

OPTT

PGNT

Ocean Power Technologies, Inc. (OPTT) has sent a letter to shareholders urging them to vote 'FOR' all company proposals using the WHITE proxy card at the upcoming Annual Meeting on January 31, 2024. The letter emphasizes the company's transition from R&D to commercialization, particularly in national security and defense markets, and highlights recent contract wins and the goal of reaching profitability by 2025. OPTT's Board, with a majority of independent directors, is presented as having the right mix of experience to lead the company forward. Shareholders are advised to ignore materials from Paragon Technologies, Inc. (PGNT), as their nominees will not be counted following a court ruling.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 6:51 pm

CI

CVS

DGX

HUM

UNH

WBA

The U.S. Supreme Court is preparing to review the FDA's endorsement of mifepristone, a drug used in over half of U.S. abortions. The case follows the overturning of Roe v. Wade and could affect abortion rights. The Biden administration and Danco Laboratories, the maker of Mifeprex, are appealing to uphold FDA decisions that allow easier access to the drug. Oral arguments are expected early next year, with a ruling by June. The White House supports the FDA's approval of mifepristone, while the 5th Circuit Court of Appeals recently ruled to restrict access.

Portfolio Pulse from Vandana Singh

December 13, 2023 | 6:44 pm

ACAD

Acadia Pharmaceuticals Inc. (NASDAQ:ACAD) shares surged after the company won a summary judgment in a patent lawsuit concerning its Nuplazid drug. The stock is experiencing heavy trading volume, significantly above its 100-day average. Analysts from Citigroup and Deutsche Bank initiated coverage with Buy ratings and price targets of $38 and $25, respectively. The majority of analysts covering ACAD have positive ratings.

Portfolio Pulse from Erica Kollmann

December 13, 2023 | 5:44 pm

TCNNF

VRNOF

The Alabama Medical Cannabis Commission awarded five integrated facility licenses for medical cannabis to Trulieve Alabama Inc., Sustainable Alabama, LLC; Wagon Trail Med-Serv, LLC; Flowerwood Medical Cannabis, LLC and Specialty Medical Products of Alabama. Trulieve Alabama Inc. is part of Trulieve Cannabis Corp. (OTCQX:TCNNF). The licenses allow for vertical integration and were selected out of 33 applicants. Licensees have 14 days to pay a $50,000 fee, with licenses to be issued on Jan. 9. Legal challenges have been a hurdle, with Verano Holdings Corp. (OTCQX:VRNOF) previously awarded a license in June but then left without it in August. New lawsuits have emerged, but a temporary restraining order request by Alabama Always was denied.

Portfolio Pulse from Jelena Martinovic

December 13, 2023 | 5:22 pm

OPTT

PGNT

Paragon Technologies, Inc., holding 4.9% of Ocean Power Technologies, Inc. shares, criticizes OPT for financial mismanagement and attempts to divert attention from its poor financial performance. Paragon highlights OPT's increased losses, declining share price, and executive compensation exceeding revenues. Paragon, seeking board representation, accuses OPT of misleading shareholders with non-guaranteed contract announcements and urges voting for their proxy card to address mismanagement.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 4:51 pm