Streetbeat News

Legal

DIS

FOX

FUBO

WBD

fuboTV Inc. (NYSE:FUBO) is anticipated to report a narrower Q4 loss before the opening bell on March 1, 2024, with analysts expecting a loss of 31 cents per share compared to last year's 76 cents. Revenue is projected at $397.66 million, up from $319.31 million. Additionally, fuboTV has filed a lawsuit to prevent Fox Corp (NASDAQ:FOX), Walt Disney Co (NYSE:DIS), and Warner Bros. Discovery Inc (NASDAQ:WBD) from launching a joint venture sport-streaming platform. fuboTV shares rose 1.5% to $2.07 recently.

Portfolio Pulse from Avi Kapoor

March 01, 2024 | 4:41 am

BA

Boeing Co. (NYSE:BA) has agreed to a $51 million settlement with the U.S. State Department for unauthorized exports of technical data to China and Russia, violating the Arms Export Control Act and International Traffic in Arms Regulations. The violations, occurring between 2013 and 2017, were disclosed by Boeing between 2017 and 2022. The settlement includes a two-year oversight by a special compliance officer and a $24 million suspension of the penalty if used to enhance Boeing's compliance program. This follows other regulatory challenges for Boeing, including a grounding order for some 737 Max 9 jets.

Portfolio Pulse from Benzinga Neuro

March 01, 2024 | 3:30 am

RIDEQ

The SEC has charged Lordstown Motors with misleading investors by exaggerating the demand for its flagship EV, the Endurance. Despite claiming over 100,000 pre-orders, many were from companies without fleets or intent to purchase. Lordstown, which went public via a SPAC merger in 2020, filed for bankruptcy in 2023.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 10:43 pm

NYCB

New York Community Bancorp Inc (NYSE:NYCB) shares plummeted in after-hours trading following the company's announcement of material weaknesses in internal controls and a leadership transition. The weaknesses, related to internal loan review, are due to ineffective oversight and monitoring. The company expects to report ineffective disclosure controls in its 2023 Form 10-K. Additionally, Alessandro DiNello has been appointed as president and CEO, replacing Thomas Cangemi, who remains on the board. This news follows a recent downgrade by Moody's and a significant share price drop.

Portfolio Pulse from Adam Eckert

February 29, 2024 | 10:06 pm

NYCB

New York Community Bancorp (NYCB) has identified material weaknesses in its internal controls over loan review due to ineffective oversight, risk assessment, and monitoring. The company expects to report in its 2023 Form 10-K that its disclosure controls and procedures, as well as internal control over financial reporting, were not effective as of December 31.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:55 pm

AXNX

MDT

Axonics, Inc. (NASDAQ:AXNX) has been notified of a complaint filed by Medtronic (NYSE:MDT) with the U.S. International Trade Commission (ITC) and a parallel action in U.S. District Court, alleging infringement of two Medtronic patents related to MRI compatibility in implantable medical devices. Axonics CEO Raymond W. Cohen asserts the claims aim to stifle competition and protect Medtronic's market position, emphasizing Axonics' commitment to innovation and market leadership in sacral neuromodulation therapy.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:20 pm

DWAC

Trump Media & Technology Group (TMTG) co-founders Andy Litinsky and Wes Moss are suing Donald Trump for diluting their shares in the company, potentially affecting their profits. The lawsuit alleges that Trump and others are offering additional shares as part of a merger with Digital World Acquisition Corporation (NASDAQ:DWAC), reducing Litinsky and Moss's stake from 8.6% to 1%. This legal action could delay the merger, which has a deadline of March 8, 2024, and impact Trump's finances significantly.

Portfolio Pulse from Chris Katje

February 29, 2024 | 9:19 pm

VYX

NCR Voyix announced a delay in its 10-K filing due to the discovery of fraudulent ACH disbursements from a company bank account and additional processes required after a spin-off. The company is in the process of completing its financial statements and other disclosures and will file for an extension.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:14 pm

XEL

Xcel Energy's stock is trading lower following the company's disclosure of potential liability for the Smokehouse Creek Fire.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 8:13 pm

XEL

Xcel Energy (XEL) was notified of Texas wildfires affecting their Southwestern Public Service Company territory on February 26, 2024. The Smokehouse Creek Fire, the largest among them, has grown to approximately 900,000 acres with only 3% containment. Xcel Energy faces potential liability for damages as investigations into the fire's origin, cause, and damage are ongoing. A law firm has already contacted Xcel Energy on behalf of property insurance interests for potential exposure to damages.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 8:09 pm