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IBKR

The SEC has charged 10 firms, including Interactive Brokers Corp. and its affiliate Interactive Brokers LLC, with widespread recordkeeping failures. Interactive Brokers has agreed to pay a $35M penalty.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 1:20 pm

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TSN

Meat processing companies Hormel, National Beef, Smithfield, JBS SA, Cargill, and Tyson Foods are facing a class action lawsuit alleging wage-fixing. The lawsuit claims that these companies colluded to depress workers' wages. Despite the companies' arguments, a federal judge has allowed the lawsuit to proceed. Some defendants, including Perdue Farms and Seaboard Foods, have opted for settlements.

Portfolio Pulse from Shivani Kumaresan

September 29, 2023 | 1:06 pm

SGML

Sigma Lithium Corporation (NASDAQ:SGML) has denied recent media reports that inaccurately described certain conditions established by the Brazilian Courts as an 'injunction' that could impede the company's future operations and its Phase 2 & 3 expansion. The company affirmed that its expansion plans are proceeding as planned. The Brazilian Courts authorized the transfer of two Exploration Sub-Plots by RIX Mineração S.A. to Sigma Brazil without cost. Any compensation due to RIX is an internal matter and does not impact Sigma Brazil or Sigma Lithium.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 12:42 pm

NWL

The Securities and Exchange Commission (SEC) has charged Newell Brands Inc. and its former CEO, Michael Polk, with misleading investors about the company's core sales growth. The SEC found that in 2016 and 2017, Newell and Polk manipulated the company's publicly disclosed core sales growth, which did not align with the actual sales trends. Newell and Polk have agreed to settle the SEC charges and will pay civil penalties of $12.5 million and $110,000, respectively.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 12:35 pm

NVOS

White Diamond Research has issued a report suggesting that Novo Integrated Sciences (NVOS) may be involved in a scam with a convicted Ponzi scheme criminal. The report questions NVOS's recent PR about a one billion dollar collateral transfer through Blacksheep Trust, a company chaired by John Paul Baron, who was previously imprisoned for a $3-million Ponzi scheme. White Diamond Research predicts a potential lawsuit from the SEC against NVOS.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 12:33 pm

SBUX

Starbucks Corp (NASDAQ:SBUX) has been found guilty of violating federal labor law by selectively raising wages and offering improved benefits to its non-unionized stores across the U.S. This is the first nationwide action against Starbucks in response to ongoing unionization efforts. As a result, Starbucks is required to compensate thousands of unionized workers for the wages and benefits they were unjustly denied.

Portfolio Pulse from Vandana Singh

September 29, 2023 | 12:24 pm

LLY

Eli Lilly has settled a lawsuit filed by a former employee, Amrit Mula, who alleged wrongful termination after raising concerns about manufacturing practices and data falsification related to the diabetes drug Trulicity. The New Jersey facility in question has faced scrutiny from the FDA since 2019, when inspectors discovered the deletion of quality control data and inadequate audits. The U.S. Department of Justice initiated a criminal investigation in 2021 following a Reuters report detailing some of Mula's allegations. No charges have been filed yet.

Portfolio Pulse from Vandana Singh

September 29, 2023 | 12:15 pm

CCO

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) has settled a probe with the U.S. Securities and Exchange Commission (SEC) over bribery charges related to its former Chinese subsidiary, Clear Media Limited. The company will pay the SEC approximately $26.1 million in disgorgement, civil penalties, and pre-judgment interest. The U.S. Department of Justice has declined to pursue any charges against the company. Clear Channel's shares closed higher by 6.54% at $1.63 on Thursday.

Portfolio Pulse from Nabaparna Bhattacharya

September 29, 2023 | 12:11 pm

ALB

Albemarle Corp. has agreed to pay the SEC over $103 million to settle violations of the Foreign Corrupt Practices Act. The settlement comes after an investigation into the company's practices overseas.

Portfolio Pulse from Charles Gross

September 29, 2023 | 12:00 pm

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UBER

Uber Technologies Inc., DoorDash Inc., and Grubhub Inc. failed to overturn the New York City minimum wage increase, which mandates a minimum pay of $17.96 per hour for food delivery workers. The companies can either pay a straightforward hourly rate or opt for a per-delivery payment structure. The new legislation is set to introduce a second wage increment, bringing the hourly rate close to $20 by April 2025. Approximately 60,000 delivery workers in New York currently earn around $11 an hour post tips and expenses.

Portfolio Pulse from Shivani Kumaresan

September 29, 2023 | 11:52 am