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Legal

TSLA

Tesla has paid penalties of A$155,460 to Australia's ACCC for an alleged breach of button battery safety standards.

Portfolio Pulse from Charles Gross

October 11, 2023 | 11:26 pm

DIS

WBD

Warner Bros. Discovery (NASDAQ:WBD) is facing challenges with its upcoming 'Aquaman' sequel due to a defamation lawsuit involving actress Amber Heard. Tesla CEO Elon Musk reportedly threatened the studio to keep Heard in the film. The studio is also dealing with mixed results from its DC Comics movie universe, once seen as a potential competitor to Walt Disney Co's (NYSE:DIS) Marvel brand.

Portfolio Pulse from Chris Katje

October 11, 2023 | 11:11 pm

MSFT

Microsoft has announced that it disagrees with proposed adjustments by the IRS and plans to appeal, a process that is expected to take several years. The company maintains that it has always followed IRS rules and paid its taxes in the U.S. and globally.

Portfolio Pulse from Bill Haddad

October 11, 2023 | 8:22 pm

MSFT

Microsoft has received Notices of Proposed Adjustment (NOPAs) from the Internal Revenue Service (IRS) for tax years 2004-2013. The IRS claims that Microsoft owes an additional $28.9 billion in tax, plus penalties and interest.

Portfolio Pulse from Bill Haddad

October 11, 2023 | 8:21 pm

ILMN

Illumina (ILMN) has stated that it will only decide whether to integrate or divest part or all of Grail if it wins both pending cases.

Portfolio Pulse from Bill Haddad

October 11, 2023 | 8:11 pm

FTTUSD

FTX founder Sam Bankman-Fried contemplated shutting down Alameda Research amid allegations of misusing customer funds. Bankman-Fried stated that the negative publicity around Alameda's relationship with FTX was too burdensome. He also accused competitors of spreading false information to distract from their own issues. Alameda's reputation was damaged by speculations of engaging in trading not in the best interests of FTX's clients. Alameda's co-founder, Caroline Ellison, testified about deliberate balance sheet manipulations and misuse of FTX's customer accounts.

Portfolio Pulse from Murtuza Merchant

October 11, 2023 | 6:02 pm

EWG

NVO

The German Drug Regulator BfArM has announced that it will coordinate an investigation into falsified Ozempic found in Germany. Ozempic is a product of Novo Nordisk (NVO).

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 3:35 pm

BIDU

BIRK

COST

GOOG

GSK

HUM

LVMHF

MGM

MNKTQ

NVO

QABSY

TPST

WBA

Several companies are in the news for various reasons. Alphabet and Discord are facing ethical concerns over Google's AI chatbot, Bard. MGM Resorts snubbed hackers' ransom demands after a cyberattack. Costco is accused of sharing confidential health data with Meta Platforms. Humana has appointed a new CEO. Novo Nordisk has stopped a kidney trial due to early signs of efficacy. Walgreens has appointed a new CEO. GSK has settled a lawsuit. LVMH reported a 9% organic revenue growth in Q3. Qantas Airways is overhauling its board. Tempest Therapeutics' stock soared after positive results from a clinical trial. Tech giants Baidu, Huawei, and Alibaba are setting standards for autonomous driving in China. Blackstone is in talks to acquire a stake in Disney's Indian subsidiary. Mallinckrodt's bankruptcy plan was approved. Birkenstock has priced its IPO.

Portfolio Pulse from Vandana Singh

October 11, 2023 | 1:36 pm

GSK

GSK plc has settled the Cantlay/Harper case filed in California state court, which was set to begin trial on November 13. This follows the resolution of the final three breast cancer bellwether cases in California, exempting GSK from further pre-trial hearings. Last year, the plaintiff dismissed GSK's first scheduled Zantac related-cancer trial. Citi analysts estimate that GSK will settle all the Zantac cases against it for a total of about $5 billion in Q1 2024.

Portfolio Pulse from Vandana Singh

October 11, 2023 | 1:27 pm

VWAGY

XPEV

Chinese EV maker XPeng Inc (XPEV) is under investigation for corruption involving its head of procurement, Li Feng. Despite this, XPeng expects the probe not to disrupt its business or production processes. The news comes as XPeng is fostering strategic alliances, including a $700 million investment from Volkswagen AG (VWAGY) for EV development in China. XPeng's shares are trading higher by 1.77% in premarket.

Portfolio Pulse from Shivani Kumaresan

October 11, 2023 | 1:16 pm