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Shareholder Alert: Robbins LLP Announces Six Flags Entertainment Corporation (SIX) Sued for Misleading Shareholders

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Shareholder rights law firm Robbins LLP announces that a purchaser of Six Flags Entertainment Corporation (NYSE: SIX) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between April 25, 2018 and January 9, 2020. Six Flags owns and operates regional theme and water parks.

If you suffered a loss as a result of Six Flag’s misconduct, click here.

Six Flags Entertainment Corp. (SIX) Accused of Misleading Shareholders

According to the complaint, in June 2014, Six Flags announced the signing of its agreement to build multiple Six Flags-branded theme parks in China with Riverside Investment Group Co. Ltd. (“Riverside”), touting the partnership as an opportunity to “supercharge revenue growth.” The Company then began experiencing macroeconomic issues in China that delayed development; however, Six Flags assured it was “not material in the context of the long-term opportunity.” Contrary to these assurances, on February 14, 2019, Six Flags shocked investors with its negative revenue adjustment of $15 million, citing delays in expected opening dates. On October 23, 2019, the Company announced yet another postponement of China’s park openings. Finally, on January 10, 2020, Six Flags revealed it continued to encounter macroeconomic challenges, resulting in no realized revenue for fourth quarter 2019, an expected negative $1 million revenue adjustment, and charges totaling $10 million related to Riverside’s default. On this news, the stock fell to $35.96 per share, representing a 46% decline from its class period high of $66.69 per share.

Six Flags Entertainment Corp. (SIX) Shareholders Have Legal Options

Contact us to learn more: Leo Kandinov (800) 350-6003 [email protected] Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.

Leo Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

[email protected]

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsllp.com

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Canadian Solar Launches Series 7 Modules of up to 665 W

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GUELPH, ON, Oct. 27, 2020 /PRNewswire/ — Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), today launches its Series 7 high-power, high-efficiency modules with power output of up to 665 W. The new generation modules are set to deliver one of the industry’s most competitive levelized cost of electricity (LCOE) as it further reduces balance of system (BOS) and other costs for solar power plants.

The new monofacial HiKu7 and bifacial BiHiKu7 modules are optimized with leading tracker and inverter designs to support seamless installation of solar plants. This means more modules per string, more watts per tracker and pile, lower equipment and labor costs, and higher project returns.

Series 7 Product Portfolio: Solidifying Canadian Solar’s Technology Leadership

  • Power classes of up to 665 W and module efficiencies of up to 21.4%
  • Commercial deployment of Canadian Solar’s proprietary cell technology and module design, including hetero-type ribbon (HTR) and paving technology (PA)
  • Further reduction of the light- and elevated temperature-induced degradation (LeTID) using Canadian Solar Advanced Regeneration (CSAR) technology
  • Excellent value for commercial and utility scale PV plants, reducing balance of system costs by up to 5.7% and LCOE by up to 8.9% relative to mainstream 445 W modules

Dr. Shawn Qu, Chairman and CEO of Canadian Solar remarked, "Following the launch of our 500 W+ modules only four months ago, I am excited to introduce our 600+ W modules today, which marks another milestone for Canadian Solar as the leader in solar PV cell and module technologies." He added, "As always, the design of our new Series 7 modules puts our customer needs at heart. Our focus is not only to increase power wattage but more importantly, to reduce LCOE, improve product reliability and increase energy yield. These product and technological innovations will continue to boost solar project returns, further improve solar energy’s competitiveness and accelerate the global clean energy transition."

To learn more, register here to join our product launch webinar on October 29, 2020, in partnership with pv magazine.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy and storage solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 46 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; delays in the process of qualifying to list the MSS subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2020. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

 

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Ping An Reports Steady Growth of 4.5% in Operating Profit Attributable to Shareholders of Parent Company in 9M 2020

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HONG KONG and SHANGHAI, Oct. 27, 2020 /PRNewswire/ — Ping An Insurance (Group) of Company of China, Ltd. (hereafter "Ping An" or the "Group" or the "Company", HKEx:2318; SSE:601318) today announced its results for the nine months ended 30 September 2020.

In the third quarter of 2020, China achieved strong results in the prevention and containment of COVID-19. As a result, the domestic economy saw a steady recovery and Ping An’s business development through traditional offline channels gradually resumed. However, Ping An’s long-term protection business was still adversely impacted by COVID-19 as domestic consumption demand was still recovering and offline face-to-face meetings remained below pre-epidemic levels. Meanwhile, the ongoing global spread of COVID-19 sent major economies into recession and complicated the international environment.

Facing such unfavorable conditions as rising credit risk and volatile equity markets, Ping An adopted various measures, including strengthening risk management, advancing Ping An Life’s reform, and promoting online-merge-offline operations, to mitigate the adverse impact of COVID-19 on its activities and lay a solid foundation for future sustainable growth.

In the first nine months of 2020, operating profit attributable to shareholders of the parent company rose by 4.5% year on year to RMB108,692 million, culminating in a 20.9% annualized operating ROE. Net profit attributable to shareholders of the parent company decreased by 20.5% year on year to RMB103,041 million, a smaller decline compared with the first half of the year. Retail customer development continued to yield strong results. As of September 30, 2020, retail customers increased by 7.0% from the beginning of 2020 to over 214 million. In the first nine months of 2020, new customers increased by 2.5% year on year to 28.53 million. Contracts per customer grew by 2.7 % year to date to 2.71. Value contributions from corporate business cross-selling rose year on year. Ping An continued to take a segmented approach to customer development, serving nationwide strategic customers, regional large customers, and small and micro-business customers. In the first nine months of 2020, the new financing volume achieved through corporate business cross-selling climbed by 149.8% year on year, and the written premium of the corporate channel achieved through cross-selling grew by 113.4% year on year.

Ping An continued to develop its technological capabilities. As of September 30, 2020, Ping An’s technology patent applications increased by 6,654 on the year to date to 28,037, more than most other international financial institutions. In addition, Ping An won multiple international honors in AI, healthtech and other fields. Ping An’s healthtech team won the championship in the biomedical translation task of 2020 Conference on Machine Translation (WMT2020).

Financial Businesses: Operating profit after tax of the life and health insurance business rose by 9.2% year on year, Ping An Property & Casualty’s premium income grew by 11.5% year on year, and Ping An Bank maintained stable business operations.

With the epidemic under control, traditional offline operations gradually recovered, but it remained difficult to hold large-scale offline campaigns. Offline customer meetings have yet to return to pre-epidemic levels. In the first nine months of 2020, operating profit after tax of the life and health insurance business rose by 9.2% year on year to RMB75,446 million; NBV of the life and health insurance business declined by 27.1% year on year to RMB42,844 million. In response to the challenges posed by the epidemic, the Company continued to upgrade its online operating model, and took innovative measures in team management, customer development, and product promotion to accumulate momentum for business growth.

To tap into the high potential Chinese life insurance market, Ping An Life has started a series of reform projects to empower business teams through culture building, model upgrading, operations improvement, product strategies, and channel development. By doing so, Ping An Life is building long-term competitive advantages, and sustainable and healthy growth platforms for its long-term strategic development. The reform projects have been piloted and will be scaled up.

The property and casualty insurance business grew steadily, with quality under control. In the first nine months of 2020, Ping An Property & Casualty maintained steady development despite the COVID-19 epidemic. Premium income grew by 11.5% year on year to RMB219,490 million. China has contained the epidemic and maintained strong economic resilience, growth momentum, and favorable policies. In addition, Ping An Property & Casualty has improved its risk management policies, customer management, and post-underwriting management. As a result, Ping An Property & Casualty’s guarantee insurance combined ratio for the first nine months of 2020 was better than that for the first half. As market competition intensified, the overall combined ratio for the first nine months of 2020 reached 99.1%, 1.0pps higher than that for the first half. Operating profit decreased by 22.4% year on year to RMB11,055 million.

As of September 30, 2020, "Ping An Auto Owner" app, the largest automotive tool app in China, had over 117 million registered users, up by 26.5% year to date. Ping An Property & Casualty streamlined the claims process to offer more accurate claims services. As of September 30, 2020, 88% of family auto insurance claims were settled via "One-click Claim Services", demonstrating the leading position of Ping An Property & Casualty in online claim settlement.

The Company continued to improve the asset allocation and asset-liability duration matching of its investment portfolio of insurance funds. As of September 30, 2020, the Company’s investment portfolio of insurance funds grew by 10.3% from the beginning of 2020 to RMB3.54 trillion. In the first nine months of 2020, the investment portfolio of insurance funds achieved an annualized net investment yield of 4.5% and an annualized total investment yield of 5.2%. Based on the long-term trends of China’s economic growth and financial markets, the Company optimized asset allocation and strengthened ex-ante risk management.

Banking business maintained stable business operations and strengthened provisions. Ping An Bank proactively strengthened provisions for impairment losses on loans and advances as well as non-credit assets according to economic trends and predictions regarding domestic and international environment. Meanwhile, Ping An Bank increased the write-off of non-performing assets and raised the provision coverage ratio. In the first nine months of 2020, revenue grew by 13.2% year on year to RMB116,564 million and pre-provision operating profit grew by 16.2% year on year to RMB83,313 million. Net profit decreased by 5.2% year on year to RMB22,398 million, but it declined at a slower pace compared with the first half of the year. As of September 30, 2020, Ping An Bank’s retail assets under management (AUM) rose by 25.5% from the beginning of 2020 to RMB2,488,171 million. Retail customers increased by 6.8% from the beginning of 2020 to 103.64 million. The provision coverage ratio was 218.29%, up by 35.17pps from the beginning of 2020.

Technology Businesses: Ping An continues to further its technology strategies to empower core financial businesses and strengthen external expansion. Total revenue of the technology businesses increased by 8.3% year on year.

Ping An continues to further its technology strategies and develop its technology businesses rapidly. In the first nine months of 2020, total revenue of the technology businesses increased by 8.3% year on year to RMB65,028 million.

In respect of financial services ecosystem, Lufax Holding maintained steady growth. As of September 30, 2020, Lufax Holding’s client assets rose by 9.1% from the beginning of 2020 to RMB378,278 million. The balance of retail credit facilitated by Lufax Holding increased by 15.9% from the beginning of 2020 to RMB535,788 million. The ratio of loans more than 30 days overdue in loan portfolios facilitated by Lufax Holding has fallen significantly from the peak seen in the second quarter and has returned to pre-epidemic levels.

OneConnect (NYSE: OCFT) is a leading technology-as-a-service platform for financial institutions, serving over 3700 financial institutions in more than 18 countries or regions. OneConnect technological empowerment has achieved good results and recognition. In August 2020, OneConnect was included in the 2020 IDC China Fintech Top 50. In September 2020, OneConnect won the Platinum Award for Digital Banking at the IFTA FinTech Achievement Awards 2019.

In respect of health care ecosystem, Ping An Good Doctor (HKSE: 01833.HK) provides users with online and offline medical services, by integrating offline health care networks. In mid-2020, Ping An Good Doctor launched an across-the-board "strategic upgrade". Through the strategic upgrade, Ping An Good Doctor is committed to facilitating communication between doctors and patients and strives to become China’s largest online healthcare service platform with the most advanced business models and the strongest barriers to competition. In September 2020, Ping An Good Doctor launched a sub-brand "Ping An Doctor Home" and upgraded its services, including the Private Doctor and the Doctor Virtual Office, to serve both users and doctors.

In the government and medical service providers sector, Ping An Smart Healthcare launched the "Nationwide COVID-19 Real Time Dashboard", with key authoritative organizations of the State. The dashboard went live on over 300 official platforms in 21 provinces and 31 cities across China, keeping the public updated on the latest development of the epidemic. Ping An Smart Healthcare also provided AI-based image reading services for over 1,500 medical institutions across China to identify COVID-19. The service takes only 15 seconds on average to issue a single smart analysis. More than 40 million images were analyzed. With respect to payers, Ping An HealthKonnect launched a Smart Social Health Insurance (SHI) Integrated Platform. As of September 30, 2020, Ping An HealthKonnect had won bids to construct SHI platforms for nine provinces, including Qinghai, Hainan, Guangdong and other regions.

In respect of auto services ecosystem, Autohome (NYSE: ATHM) is China’s leading online auto services platform, providing auto consumers with diverse products and services across the entire auto lifecycle. A data-driven business, Autohome is committed to empowering automakers and dealers in terms of research and development and marketing and sales. Autohome successfully held the 818 Global Super Auto Show 2020, which was attended by over 70 brands and over 2,400 auto dealers, receiving wide attention from consumers.

In respect of smart city ecosystem, Ping An’s smart city business empowers city development with technologies in government services, business development, and citizen services. Ping An has developed a portfolio of integrated smart city solutions to fulfill the Company’s mission of serving the country, society, and public. Ping An’s smart city business covers sectors, including government affairs, lifestyle, transportation, health care, and education, with a presence in 143 domestic cities and multiple countries and regions involved in the Belt and Road Initiative. In citizen services, Ping An built an integrated smart citizen service platform to improve the service experience of citizens. As of September 30, 2020, the citizen service platform had attracted nearly 23 million registered users and over 1.5 billion visits since its ‘go-live’.

Looking forward, Ping An said: "Consumer demand for insurance and other financial services have recovered in the short run, but demand was still weaker compared to before the COVID-19 epidemic. Meanwhile, credit risk is rising and the asset management business remains under pressure in terms of quality. However, in the long run, profound changes in the domestic and foreign environment will also bring new opportunities, and further economic growth will be driven by rising potential domestic demand. People’s health awareness will be stronger after the epidemic, and their demand for insurance and other financial services will grow. Moreover, driven by policies and technologies, the health care industry will develop rapidly, bringing increasing upstream and downstream industry growth opportunities. In response to the State’s call, the Company will pursue steady progress, by executing our "finance + technology" and "finance + ecosystem" transformation strategies. By accelerating technological empowerment, the Company will seize new opportunities in industries, including financial services and health care to create greater value for shareholders, customers, and society."

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 214 million retail customers and nearly 579 million Internet users, Ping An is one of the largest financial services companies in the world.

Ping An has two over-arching strategies, "pan financial assets" and "pan health care", which focus on the provision of financial and health care services through our integrated financial services platform and ecosystems. Our "finance + technology" and "finance + ecosystem" strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai.

In 2020, Ping An ranked 7th in the Forbes Global 2000 list and ranked 21st in the Fortune Global 500 list. Ping An also ranked 38th in the 2020 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list. For more information, please visit www.pingan.cn.

 

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SKF Nine-month report 2020: Strategy implementation continues to drive strong results

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GOTHENBURG, Sweden, Oct. 27, 2020 /PRNewswire/ —

Alrik Danielson, President and CEO:

"SKF’s transformation into a more customer-focused, innovative and lean business continues. Our strong results in the third quarter illustrate that we are delivering on the implementation of our strategy, including new ways of working, developing better, more attractive customer offers as well as making our manufacturing closer and more responsive to customer needs.

Despite an organic sales decline of 5.1% compared to last year, we improved our adjusted operating margin to a very strong 13.3% (11.3%).

Net sales at SEK 18.6 billion were lower than last year but illustrating a sequential rebound in demand since the significantly lower levels seen during the second quarter. Cash flow during the quarter was SEK 2,266 million, driven mainly by reduced working capital.

Sales in Europe decreased by 12.5% organically. Sales in North America decreased by 11.9%, Latin America increased by 4.6% and Asia increased by 7.2%.

The Industrial business delivered an adjusted operating margin of 15.8% (13.9%), with organic sales down 6.9%. The Automotive business delivered an adjusted operating margin of 7.4% (4.6%), with organic sales down 0.7%.

We are accelerating our efforts to regionalize, consolidate and modernize our manufacturing footprint. During the quarter we announced an investment totalling SEK 550 million in North America, bringing world-class processes and automation to our slewing bearing facility in Sumter, as well as locating taper roller bearing manufacturing in Mexico, from China. These investments will make our offer and position in North America even stronger. The resulting improvements in flexibility and service levels enables us to consolidate the factories in Avon, Ohio and North Charleston, South Carolina into the Sumter factory.

We also continue to adjust our ways of working and the structure of our business, resulting in restructuring costs of SEK 462 million during the quarter. However difficult these decisions are to make, this flexibility also enables us to adjust our business swiftly, whilst also investing in the competences needed for the future.

Uncertainty surrounding the near-term economic climate makes it difficult to provide a reliable demand outlook for the fourth quarter. As a result of this uncertainty in the economy, the Board has decided not to call for an Extraordinary General Meeting with the purpose of proposing an additional dividend for 2019.

The transformed SKF of 2020 is well-positioned to respond to differing demand scenarios. We will continue to invest in making our offers stronger, our operations leaner and our innovation pace higher."

Key figures, SEKm unless otherwise stated

Q3 2020

Q3 2019

Jan-Sep 2020

Jan-Sep 2019

Net sales

18,596

21,039

55,280

64,805

Adjusted operating profit

2,475

2,380

6,612

7,956

Adjusted operating margin, %

13.3

11.3

12.0

12.3

Operating profit

1,922

2,288

4,859

7,485

Operating margin, %

10.3

10.9

8.8

11.6

Adjusted profit before taxes

2,273

2,135

5,909

7,217

Profit before taxes

1,720

2,044

4,156

6,747

Net cash flow after investments before financing

2,266

2,120

3,358

4,252

Adjusted earnings per share

3.80

3.04

9.94

10.97

Basic earnings per share

2.59

2.84

6.09

9.93

Net sales change y-o-y, %, Q3

Organic

Structure

Currency

Total

SKF Group

-5.1

-6.5

-11.6

Industrial

-6.9

-6.2

-13.1

Automotive

-0.7

-7.2

-7.9

Net sales change y-o-y, %, Jan-Sep 2020

Organic

Structure

Currency

Total

SKF Group

-13.2

-1.5

-14.7

Industrial

-10.3

-1.4

-11.7

Automotive

-20.3

-2.0

-22.3

Organic sales change in local currencies, per region y-o-y,
%, Q3

Europe

North America

Latin America

Asia

Middle East
& Africa

SKF Group

-12.5

-11.9

4.6

7.2

-2.9

Industrial

++

++

Automotive

++

+++

+++

Organic sales change in local currencies, per region y-o-y, %,
Jan-Sep 2020

Europe

North America

Latin America

Asia

Middle East
& Africa

SKF Group

-17.6

-18.0

-10.6

-4.3

-3.4

Industrial

Automotive

+++

Outlook and guidance

Demand for Q4 2020 compared to Q4 2019

The industries and regions in which SKF operates are being impacted by initiatives by authorities and by SKF’s customers related to the spread of the Covid-19 virus.

As a result of this uncertainty, it is not feasible to provide a reliable demand guidance for the fourth quarter.

Guidance Q4 2020

  • Financial net: SEK -200 million

Guidance 2020

  • Tax level excluding effects related to divested businesses: around 29%.
  • Additions to property, plant and equipment: around SEK 3,300 million.

A Webcast will be held on 27 October 2020 at 14:00 (CET):

Please use the following link to join the Webcast: https://bit.ly/353iirx.

Website: http://investors.skf.com/en/reports-and-presentations

Aktiebolaget SKF (publ)

This is information that AB SKF is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 13:00 CET on 27 October 2020.

For further information, please contact:
PRESS: Theo Kjellberg, Director, Press Relations
tel: 46 31 337 6576, mobile: 46 725-776576
e-mail: [email protected] 

INVESTOR RELATIONS:
Patrik Stenberg
Head of Investor Relations
+46 31-337 2104; 46 705-472 104
[email protected] 

This information was brought to you by Cision http://news.cision.com

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