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Google, a subsidiary of Alphabet Inc, is under scrutiny in a federal antitrust trial for allegedly manipulating its advertising auctions to meet revenue goals. The company is accused of adjusting the auctions used to sell search ads, which can increase ad prices, sometimes up to 5%. Google's VP of advertising products, Jerry Dischler, testified that the company tends to keep advertisers unaware of pricing changes. The company has also been accused of maintaining a monopoly over online search through agreements with web browsers and smartphone manufacturers.

Portfolio Pulse from Anusuya Lahiri

September 19, 2023 | 12:37 pm

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GOOGL

YouTube, a subsidiary of Alphabet Inc., has suspended ad revenue on Russell Brand's channel following multiple accusations of sexual assault against the British comedian and actor. The allegations were primarily sourced from The Sunday Times and Channel 4 TV’s “Dispatches”. Brand, who has over 6 million YouTube followers, has strongly refuted the allegations.

Portfolio Pulse from Benzinga Neuro

September 19, 2023 | 12:33 pm

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MGM Resorts International's chances of winning two of the three full-scale casino licenses in New York City have reportedly become complicated due to an alleged bookmaking scandal in Las Vegas. The scandal involves the former head of the MGM Grand casino in Las Vegas, Scott Sibella, who was made to step down as president and operating chief of Resorts World. This could potentially benefit MGM's rivals in the casino race, including Bally's Corp, Caesars Entertainment Inc, Las Vegas Sands Corp, and Wynn Resorts Limited.

Portfolio Pulse from Shivani Kumaresan

September 19, 2023 | 12:13 pm

SBUX

Starbucks Corporation (NASDAQ:SBUX) is facing a lawsuit accusing the company of misleading consumers by not including actual fruit in their Refresher fruit drinks. The lawsuit, which was not dismissed by U.S. District Judge John Cronan, alleges that Starbucks breached consumer protection acts by overcharging for drinks that did not contain the fruit as advertised. The lawsuit is seeking $5 million in damages.

Portfolio Pulse from Nabaparna Bhattacharya

September 19, 2023 | 11:38 am

AAOI

Applied Optoelectronics, Inc. (AAOI) has filed a patent infringement complaint against Molex, LLC. The complaint alleges that Molex's 100G QSFP28 PSM4 optical transceiver module infringes two of AAOI's patents related to optical transceiver modules.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 11:13 am

MSSTF

Reunion Neuroscience has received FDA clearance to begin a Phase 2 study of RE104, a novel serotonergic psychedelic compound for treating postpartum depression (PPD). The company, which recently went private after listing on NASDAQ, will commence its multicenter, randomized, double-blind, placebo-controlled trial in Q4 2023. The trial will evaluate the safety and efficacy of a single subcutaneous dose of RE104 in adult female patients with PPD. RE104 is protected under U.S. patent No. 11,292,765, but there's an ongoing legal battle over the compound's creative ownership, including a lawsuit filed by Reunion against Mindset Pharma.

Portfolio Pulse from Lara Goldstein

September 18, 2023 | 8:30 pm

LYFT

The Securities and Exchange Commission (SEC) has charged Lyft Inc. for failing to disclose a board director's role in a shareholder's sale of approximately $424 million worth of private shares of Lyft's stock prior to the company's IPO. The director arranged for a shareholder to sell its shares to a special purpose vehicle (SPV) set up by an investment adviser affiliated with the same director. Lyft approved the sale and secured a number of terms in the contract. Lyft failed to disclose this information in its Form 10-K for 2019. Lyft has agreed to a cease-and-desist order and to pay a $10 million civil penalty.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:17 pm

UPH

UpHealth, Inc. (NYSE:UPH) has expressed disappointment over a court ruling in favor of Needham & Company LLC, which entitles Needham to fees of $31,345,000 plus interest. The ruling is part of a legal action arising from UpHealth Services, Inc.'s engagement of Needham for financial advisory services. UpHealth believes the court erred by redefining contract terms under a theory of successor liability. The company is exploring all options, including a potential settlement with Needham and an appeal.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:06 pm

EGRNF

China Evergrande Group's (OTCEM:EGRNF) wealth management division employees have been detained by Chinese authorities, marking the first criminal investigation against the company since its debt crisis in 2021. The detentions could indicate a new investigation that could further compound Evergrande's existing problems. Evergrande's current valuation stands at approximately HK$ 8.2 billion, a significant decline from its peak in 2017.

Portfolio Pulse from Vandana Singh

September 18, 2023 | 11:55 am