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Legal

BHC

A U.S. Appeals Court has ruled in favor of Bausch Health Companies Inc. (BHC), allowing it to prevent Alvogen from producing a generic version of its Xifaxan diarrhea drug until 2029, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 3:50 pm

NKLA

M&M Residual and Trevor R. Milton have withdrawn their nomination of directors for Nikola Corporation's Board, citing concerns over potential fraud and misconduct by the company's management and certain directors. They highlighted issues such as operational underperformance, product liability, and misleading public statements, which have led to significant stockholder value destruction. The company's recent undisclosed sale of the Nikola Badger and powersports program, and the handling of Nikola trucks catching fire, were specifically criticized. M&M Residual and Milton are considering legal action against Nikola's officers and directors, and have dissolved their previous group intending to solicit Nikola stockholders for the upcoming Annual Meeting.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 3:35 pm

BHC

Bausch Health Companies Inc. has appealed a court ruling regarding a legal dispute with Norwich over the drug Xifaxan. The appeal follows a decision that could impact Bausch Health's rights or profits related to Xifaxan, a significant product in their portfolio.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 2:59 pm

F

The U.S. Auto Safety Agency has initiated an investigation into a fatal crash in Pennsylvania involving a Ford Mach-E, where it's suspected that the advanced driver assistance system was in use at the time of the accident.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 2:27 pm

INMD

BTL Industries, Inc. has filed a petition with the U.S. Patent Office to cancel all 58 claims of U.S. Patent No. 8,961,511, which is owned by InMode Ltd. BTL's CEO, David Chmel, stated they believe InMode's patent claims are invalid and have requested the initiation of invalidation proceedings.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:27 pm

GL

Globe Life (GL) shares dropped following a report by Fuzzy Panda Research, alleging extensive insurance fraud within the company. The report claims that sales agencies involved in over $200 million of AIL's ALP, constituting more than 60% of AIL's new business, engaged in fraudulent activities such as writing policies for deceased or fictitious individuals, forging customer signatures, unauthorized bank withdrawals, and actuarial fraud. Additionally, it alleges illegal kickbacks to Globe Life executives exceeding $65 million.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:04 pm

ENB

The Biden administration has urged a U.S. appeals court to reconsider an order for Enbridge Inc. (NYSE:ENB) to drain parts of its Line 5 pipeline, which runs through Native American tribal land in Wisconsin. This request is based on a 1977 U.S.-Canada treaty to keep oil flowing. The U.S. DOJ believes the lower court's decision to stop portions of the pipeline by 2026 should be rethought, despite acknowledging Enbridge's trespassing on tribal land. The pipeline, crucial for transporting Canadian oil to Ontario, is at the center of a legal dispute initiated by the Bad River Band of Lake Superior Chippewa in 2019. Enbridge has offered $80 million to settle, and a U.S. District Judge ordered the company to pay nearly $5.2 million for trespassing, a sum the DOJ deems too low.

Portfolio Pulse from Lekha Gupta

April 11, 2024 | 12:49 pm

AAPL

The DOJ's antitrust lawsuit against Apple Inc. (AAPL) will now be overseen by Judge Julien Xavier Neals after Judge Michael E. Farbiarz stepped down due to necessary recusal, with undisclosed reasons related to potential impartiality issues. This change in judiciary oversight comes amidst Apple's strong opposition to the lawsuit, which it claims threatens its innovation capabilities. The trial will continue as planned in New Jersey, even as Apple faces increasing regulatory pressures globally.

Portfolio Pulse from Rounak Jain

April 11, 2024 | 12:44 pm

MOON

NKLA

Nikola Corporation (NASDAQ:NKLA) shares fell in premarket trading after Wolfe Research initiated coverage with a Peer Perform rating, citing challenges such as sparse charging infrastructure and high hydrogen costs. Additionally, internal board disputes, highlighted by a contentious battle for board seats led by Trevor Milton's controlled entity, M&M Residual, LLC, have raised investor concerns. Direxion Moonshot Innovators ETF (NYSE:MOON) offers exposure to NKLA stock.

Portfolio Pulse from Nabaparna Bhattacharya

April 11, 2024 | 12:21 pm

UNH

Bloomberg reported that UnitedHealth's Chair and executives sold $102M in stock before the news of a US probe into the company became public. This significant stock sale occurred ahead of potentially damaging public information, raising questions about insider trading and its impact on UnitedHealth's stock price.

Portfolio Pulse from Charles Gross

April 11, 2024 | 11:35 am