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CVNA

Kerrisdale Capital has publicly announced via Twitter that they have sent a letter to Carvana's auditors at Grant Thornton, raising concerns about Carvana's aggressive accounting practices and inflated profit metrics.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 2:30 pm

TM

Toyota Motor Corp (NYSE:TM) is recalling 280,663 trucks and SUVs in the U.S. due to a software glitch causing unexpected vehicle movement. The recall affects Tundra, Tundra hybrids, Lexus LX600 models, and Sequoia SUVs. Toyota will provide a free software update to fix the issue. This marks Toyota's third major recall in the past year, following a 'Do Not Drive' advisory for exploding Takata airbags and a recall for airbag deployment issues.

Portfolio Pulse from Benzinga Neuro

February 27, 2024 | 1:20 pm

BCTX

BriaCell Therapeutics Corp. (NASDAQ:BCTX, TSX:BCT) has provided an update on its investigation into alleged illegal trading of its securities. The company reported significant settlement share imbalances after forensic analysis and discussions with prime brokers, leading to formal complaints with FINRA and CIRO. BriaCell is committed to combating these manipulative trading activities and will provide further updates.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 1:10 pm

NERV

Minerva Neurosciences received a Complete Response Letter (CRL) from the FDA for its New Drug Application (NDA) for Roluperidone, intended for treating negative symptoms in schizophrenia patients. The FDA cited clinical deficiencies including insufficient evidence from a single study, lack of data on concomitant antipsychotic administration, and inadequate long-term safety data at the proposed dose.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 1:10 pm

CDNA

NTRA

Natera, Inc. (NASDAQ:NTRA) announced the continuation of its patent infringement litigation against CareDx, seeking royalties for all future AlloSure tests post-August 2023. This follows a Jan. 2024 jury verdict awarding Natera $96.3 million for past infringements. The U.S. District Court for the District of Delaware will determine future royalties, with discovery and briefing expected to last until the end of summer 2024.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 1:02 pm

SCLX

SRNEQ

VRPX

Virpax Pharmaceuticals has reached a settlement with Sorrento Therapeutics and Scilex Pharmaceuticals, agreeing to pay $6 million in two installments and royalties on sales of certain drugs to settle all claims. The settlement includes no admission of liability and a release of all claims upon payment.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 12:43 pm

CNNE

Cannae Holdings, Inc. (CNNE) has announced the termination of its Management Services Agreement with Trasimene Capital Management, effective July 2, 2024. Trasimene will receive a fixed management fee of $7.6 million annually for three years and a $20 million termination fee, payable in three annual installments starting July 2, 2024. William P. Foley, II will serve as CEO, CIO, and Chairman of Cannae's Board, and Ryan Caswell will continue as President of the Company, both under three-year employment agreements.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 11:27 am

LQDA

UTHR

United Therapeutics has filed a motion for a preliminary injunction against Liquidia Technologies in a patent litigation case. The case concerns Liquidia's efforts to seek FDA approval for its inhaled treprostinil product for treating pulmonary hypertension associated with interstitial lung disease (PH-ILD), which United Therapeutics claims infringes on its patent expiring in 2042. Liquidia's product is tentatively approved for pulmonary arterial hypertension (PAH) but not for PH-ILD.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 11:18 am

EURN

Euronav has been notified that Fourworld Capital Management's funds have filed a lawsuit in the U.S. District Court for the Southern District of New York regarding CMB's U.S. takeover bid for Euronav's shares. Euronav is not a party to these proceedings.

Portfolio Pulse from Charles Gross

February 27, 2024 | 10:55 am

BTCUSD

El Salvador President Nayib Bukele, a proponent of Bitcoin, questioned the sustainability of the U.S. government's monetary policy, specifically its ability to print money indefinitely. During a speech at CPAC, he suggested that the U.S. finances itself through Treasury bonds bought by the Federal Reserve, which prints money for this purpose. Bukele argued that taxes are collected to maintain the illusion of public funding for the government. His comments come amid criticism of his governance and his support for Bitcoin as legal tender in El Salvador.

Portfolio Pulse from Benzinga Neuro

February 27, 2024 | 10:31 am