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Taro Provides Results for December 31, 2020

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Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (Taro or the Company) today provided unaudited financial results for the quarter and nine months ended December 31, 2020.

Quarter ended December 31, 2020 Highlights compared to December 31, 2019

  • Net sales of $140.1 million decreased $7.5 million.
  • Gross profit of $73.2 million (52.2% of net sales compared to 63.7%) decreased $20.9 million, primarily due to continued price erosion, unfavorable impact from COVID, change in product mix, and certain one-time charges.
  • Research and development (R&D) expenses of $14.1 million decreased $0.9 million.
  • Selling, marketing, general and administrative expenses (SG&A) of $22.8 million increased $1.9 million.
  • Operating income of $36.3 million (25.9% of net sales compared to 39.4%) decreased $21.9 million.
  • Interest and other financial income of $4.0 million decreased $4.5 million, reflecting the low global interest rate environment.
  • Foreign Exchange (FX) expense of $2.0 million compared to FX income of $3.3 million an unfavorable impact of $5.3 million.
  • Tax expense of $6.1 million increased $3.2 million; with the effective tax rate of 15.6% compared to 4.1%. The prior year quarter reflects the impact from a non-recurring item.
  • Net income attributable to Taro was $32.9 million compared to $67.7 million, a $34.8 million decrease resulting in diluted earnings per share of $0.86 compared to $1.76.

Nine Months ended December 31, 2020 Highlights compared to December 31, 2019

  • Net sales of $400.6 million decreased $69.2 million.
  • Gross profit of $219.7 million (54.8% of net sales compared to 63.3%) decreased $77.7 million, primarily due to the aforementioned factors.
  • R&D expenses of $43.6 million were in line with the previous year.
  • SG&A of $69.1 million increased $4.8 million.
  • Settlements and loss contingencies of $478.9 million reflect the one-time settlement charge (taken in the first quarter) which consists of $418.9 million related to the global resolution of the Department of Justice (DOJ) investigations into the U.S. generic pharmaceutical industry and an additional provision of $60.0 million related to ongoing multi-jurisdiction civil antitrust matters; however, there can be no assurance as to the ultimate outcome.
  • Operating (loss) of $(371.9) million compared to operating income of $189.3 million. Excluding the settlement and loss contingencies charges, operating income was $107.0 million, a decrease of $82.3 million, and as a percentage of net sales was 26.7% compared to 40.3%.
  • Interest and other financial income decreased $10.0 million to $17.0 million.
  • FX expense of $1.2 million compared to FX income of $11.1 million an unfavorable impact of $12.4 million.
  • Tax expense of $18.5 million decreased $21.0 million. Excluding the impact from the settlement and loss contingencies charges, the effective tax rate was 14.8% compared to 17.2%.
  • Net (loss) attributable to Taro was $(356.9) million compared to net income of $190.0 million, resulting in diluted (loss) earnings per share of $(9.33) compared to $4.93. Excluding the impact from the settlement and loss contingencies charges, net income was $107.1 million, resulting in diluted earnings per share of $2.80.

Cash Flow and Balance Sheet Highlights

  • Cash flow (used in) operations for the nine months ended December 31, 2020, was $(5.3) million. Excluding the impact from the settlement and loss contingencies charges, cash flow provided by operations was $97.5 million compared to $222.0 million for the nine months ended December 31, 2019.
  • As of December 31, 2020, cash and cash equivalents and marketable securities (both short and long-term) of $1.55 billion decreased $18.2 million from March 31, 2020.

Mr. Uday Baldota, Taros CEO, stated, While many of our products maintain their leading market share, our lower sales are principally the result of reduced U.S. volumes; a reflection of the impact related to COVID-19. Continuing our investment in R&D to build our pipeline is critical to our business growth. We continue to concentrate on creating shareholder value as demonstrated by our R&D investment, the share repurchase program, as well as continuing to explore investments in strategic opportunities.

FDA Approvals and Filings

The Company recently received an approval from the U.S. Food and Drug Administration (FDA) for one Abbreviated New Drug Application (ANDA): Clindamycin Phosphate Gel USP, 1%. The Company currently has a total of seventeen ANDAs awaiting FDA approval, including five tentative approvals.

Share Repurchase Program – Returning Capital to Shareholders

On November 4, 2019, the Company announced that its Board of Directors approved a share repurchase of ordinary shares up to $300 million. The repurchase authorization enables the Company to purchase its ordinary shares from time to time through open market purchases (including 10b5-1 trading plans), privately negotiated transactions, tender offer or other means, in accordance with applicable securities laws and other regulations. No time period has been set for the repurchase program, and any such program may be suspended or discontinued at any time.

During the quarter, the Company repurchased 53,328 shares at an average price of $71.29.

The Company cautions that the foregoing financial information is presented on an unaudited basis and is subject to change.

************************

About Taro

Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Companys website at www.taro.com.

SAFE HARBOR STATEMENT

The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company. The unaudited consolidated financial statements should be read in conjunction with the Companys audited consolidated financial statements included in the Companys Annual Report on Form 20-F, as filed with the SEC.

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company estimates, believes, or expects to happen or similar language, and statements with respect to the Companys financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2021. Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained. Factors that could cause actual results to differ include general domestic and international economic conditions, industry and market conditions, changes in the Company’s financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Companys SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements are applicable only as of the date on which they are made. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

**Financial Tables Follow**

 
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(U.S. dollars in thousands, except share data)
 

Quarter Ended

Nine Months Ended

December 31,

December 31,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Sales, net

$

140,145

 

$

147,683

 

$

400,622

 

$

469,829

 

Cost of sales

 

66,957

 

 

53,557

 

 

180,900

 

 

172,375

 

Gross profit

 

73,188

 

 

94,126

 

 

219,722

 

 

297,454

 

 
Operating Expenses:
Research and development

 

14,081

 

 

14,996

 

 

43,565

 

 

43,978

 

Selling, marketing, general and administrative

 

22,798

 

 

20,932

 

 

69,121

 

 

64,302

 

Settlements and loss contingencies

 

 

 

 

 

478,924

 

 

(150

)

Operating income (loss)

 

36,309

 

 

58,198

 

 

(371,888

)

 

189,324

 

 
Financial (income) expense, net:
Interest and other financial income

 

(4,001

)

 

(8,531

)

 

(16,989

)

 

(27,012

)

Foreign exchange expense (income)

 

2,036

 

 

(3,287

)

 

1,207

 

 

(11,147

)

Other gain, net

 

863

 

 

534

 

 

2,792

 

 

2,211

 

Income (loss) before income taxes

 

39,137

 

 

70,550

 

 

(353,313

)

 

229,694

 

Tax expense

 

6,101

 

 

2,874

 

 

18,545

 

 

39,565

 

Net income (loss)

 

33,036

 

 

67,676

 

 

(371,858

)

 

190,129

 

Net income (loss) attributable to non-controlling interest

 

117

 

 

(6

)

 

(14,991

)

 

84

 

Net income (loss) attributable to Taro

$

32,919

 

$

67,682

 

$

(356,867

)

$

190,045

 

 
Net income (loss) per ordinary share attributable to Taro:
Basic and Diluted

$

0.86

 

$

1.76

 

$

(9.33

)

$

4.93

 

 
Weighted-average number of shares used to compute net income per share:
Basic and Diluted

 

38,254,231

 

 

38,502,440

 

 

38,256,963

 

 

38,526,806

 

 
May not foot due to rounding.
 
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
 
December 31, March 31,

 

2020

 

2020

ASSETS (unaudited) (audited)
CURRENT ASSETS:
Cash and cash equivalents

$

552,918

 

$

513,354

Marketable securities

 

521,041

 

 

595,383

Accounts receivable and other:
Trade, net

 

228,825

 

 

235,221

Other receivables and prepaid expenses

 

49,963

 

 

35,567

Inventories

 

169,527

 

 

153,073

TOTAL CURRENT ASSETS

 

1,522,274

 

 

1,532,598

Marketable securities

 

476,248

 

 

459,639

Property, plant and equipment, net

 

206,296

 

 

209,961

Deferred income taxes

 

134,799

 

 

106,693

Other assets

 

32,207

 

 

32,361

TOTAL ASSETS

$

2,371,824

 

$

2,341,252

 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables

$

45,409

 

$

28,858

Other current liabilities

 

538,668

 

 

193,873

TOTAL CURRENT LIABILITIES

 

584,077

 

 

222,731

Deferred taxes and other long-term liabilities

 

37,174

 

 

8,762

TOTAL LIABILITIES

 

621,251

 

 

231,493

 
Taro shareholders’ equity

 

1,759,668

 

 

2,103,864

Non-controlling interest

 

(9,095

)

 

5,895

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

2,371,824

 

$

2,341,252

 
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in thousands)
 
Nine Months Ended December 31,

 

2020

 

 

2019

 

Cash flows from operating activities:
Net (loss) income

$

(371,858

)

$

190,129

 

Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

 

17,337

 

 

16,101

 

Change in derivative instruments, net

 

(390

)

 

(3,395

)

Effect of change in exchange rate on marketable securities, bank deposits and inter-company balances

 

(4,288

)

 

(11,061

)

Deferred income taxes, net

 

(31,877

)

 

(2,076

)

Decrease in trade receivables, net

 

6,395

 

 

10,618

 

Increase in inventories, net

 

(16,454

)

 

(9,796

)

(Increase) decrease in other receivables, income tax receivables, prepaid expenses and other

 

(11,962

)

 

27,407

 

Increase in trade, income tax, accrued expenses and other payables

 

405,233

 

 

5,263

 

Loss (income) from marketable securities, net

 

2,579

 

 

(1,182

)

Net cash (used in) provided by operating activities

 

(5,285

)

 

222,008

 

 
Cash flows from investing activities:
Purchase of plant, property & equipment, net

 

(14,210

)

 

(19,350

)

Investment in other intangible assets

 

(117

)

 

(1,016

)

Proceeds from (investment in) marketable securities, net

 

60,122

 

 

(233,393

)

Net cash provided by (used in) investing activities

 

45,795

 

 

(253,759

)

 
Cash flows from financing activities:
Purchase of treasury stock

 

(3,243

)

 

(26,827

)

Net cash used in financing activities

 

(3,243

)

 

(26,827

)

 
Effect of exchange rate changes on cash and cash equivalents

 

2,297

 

 

488

 

Increase (decrease) in cash and cash equivalents

 

39,564

 

 

(58,090

)

Cash and cash equivalents at beginning of period

 

513,354

 

 

567,451

 

Cash and cash equivalents at end of period

$

552,918

 

$

509,361

 

 
Cash Paid during the year for:
Income taxes

$

24,169

 

$

38,773

 

Cash Received during the year for:
Income taxes

$

4,093

 

$

24,819

 

Non-cash investing transactions:
Purchase of property, plant and equipment included in accounts payable

$

453

 

$

1,479

 

Non-cash financing transactions:
Purchase of intangible assets

$

 

$

750

 

Purchase of treasury stock

$

559

 

$

 

Purchase (sale) of marketable securities

$

580

 

$

(145

)

 

Daphne Huang

VP, Chief Financial Officer

(914) 345-9000

[email protected]

William J. Coote

AVP, Treasurer and Investor Relations

(914) 345-9000

[email protected]

News

Vuzix to Participate in Verizon's Upcoming 5G Presentation to the U.S. Department of Defense

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ROCHESTER, N.Y., Feb. 22, 2021 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or, the “Company”), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced that the Company will be participating as a speaker in Verizon's upcoming “5G Innovation Sessions; Advancing the Mission of the DOD” event taking place Wednesday February 24, 2021 at 2 PM EST.   In this hour-long session, Verizon will explain why 5G matters to the U.S. Department of Defense, how it can help securely shape missions and discuss defense-focused use cases. 

During the session, Vuzix will provide an overview of its current products, benefits and use cases, as well as share its thoughts related to how 5G and mobile edge computing can deliver new tools and real-time capabilities by processing on the edge and rendering them to the heads-up display of smart glasses. At the end of the session, attendees are welcome to self-explore various defense use cases made possible with 5G technology including augmented reality workforce solutions from Vuzix.

The event is open to the public and individuals interested in attending can learn more about the event and register to attend by visiting Verizon's website: https://enterprise.verizon.com/resources/events/public-sector-5g-innovation-session/

“We're excited about this opportunity to collaborate with Verizon and support the Department of Defense with innovative Vuzix Smart Glasses-based AR workforce solutions that will help solve real operational challenges,” said Paul Travers, Vuzix President and Chief Executive Officer.

About Vuzix Corporation

Vuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 184 patents and patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2021 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan.  For more information, visit Vuzix website,  Twitter and Facebook pages.

Forward-Looking Statements Disclaimer

Certain statements contained in this news release are “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward looking statements contained in this release relate to Verizon, opportunities relating to the U.S. Department of Defense and Verizon with 5G technologies and solutions, Vuzix Smart Glasses and among other things the Company's leadership in the Smart Glasses and AR display industry. They are generally identified by words such as “believes,” “may,” “expects,” “anticipates,” “should” and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the “Risk Factors” section of the Company's Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

Media and Investor Relations Contact:

Ed McGregor, Director of Investor Relations, Vuzix Corporation [email protected] Tel: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, Suite A, West Henrietta, NY 14586 USA,  
Investor Information – [email protected] www.vuzix.com

 

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SOURCE Vuzix Corporation

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4S Bay Partners LLC Completes Purchase of Baldwin Hills Redevelopment Site

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LOS ANGELES, Feb. 22, 2021 /PRNewswire/ — 4S Bay Partners, LLC, a Chicago based family business, announces the acquisition of a 1.85- acre property along 3701 W. Stocker Street. The purchase is part of a redevelopment project in the Baldwin Hills Crenshaw Corridor. James Daughrity of Daughrity Real Estate represented the buyer and the seller, 4S Bay Partners, LLC, and Sticks Holdings, LLC & an affiliate of Optimus Properties, LLC, respectively. 4S Bay acquired the property for approximately $24 million.

“We purchased the property in 2003 with a strong conviction in the future growth of Baldwin Hills. The sale is evidence of how much the area continues to attract new development” says Curtis Fralin, Chief Executive Officer, Sticks Holdings.  K. Joseph Shabani, an affiliate of Optimus Properties, LLC described the transaction as an “innovative future development for the community”.

The property at 3701 W. Stocker Street is in a designated Opportunity Zone with a Transit Oriented Development designation, which are areas designated by the county for pedestrian-friendly and community-serving uses. The property contains one four-story office structure, approximately 45,000 sq. ft., built-in circa 1954. The site is in proximity to the planned Metro Crenshaw/LAX light rail transit line.

The property acquisition is in addition to properties 3731, 3741, 3751, 3761 W. Stocker Street, previously purchased by 4S Bay Partners, LLC, and within the Baldwin Hills Crenshaw Corridor. Pantheon Business Consulting, LLC (PBC), a California corporation headquartered in Los Angeles, will manage its development. 

“PBC has deep roots in South Los Angeles and recognizes the importance of community collaboration and dialogue for redevelopment projects. That will be our number one priority,” stated Stanley Washington, Project Executive, and President & Chief Executive Officer, Pantheon Business Consulting, LLC. 

Potential plans include a multi-use film studio, entertainment campus, and business incubator redevelopment project in line with the buyer's social impact and community development mission to increase economic development within underserved and urban communities. The project's vision is to partner with creatives, thought-leaders, and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about communities of color.

Jim Casselberry, Chief Investment Officer, 4S Bay Partners, LLC, says, “This investment project supports the revitalization of the Baldwin Hills Crenshaw corridor and will serve as a center of creativity and innovation for the black community.  Additionally, it creates economic opportunities for diverse and women filmmakers, creative arts workers, and community non-profits.” 

About 4S Bay Partners LLC
4S Bay Partners LLC (4S Bay) is a family office management company that oversees several private businesses, real estate, and investments across multiple industries. 4S Bay's mission is to renew hope, promote economic growth, and improve social conditions for individuals, communities, and the environment. Their investment business model focuses on deploying creative capital investments to underserved communities.

About Sticks Holdings, LLC
Sticks Holdings, LLC (Sticks) is a Real Estate Development and Investment Company specializing in underserved and primarily ethnic geographical areas. We enable, facilitate and procure the placement of national credit tenants in historically ignored urban areas where they have been unwilling to place stores. We reduce blight and increase the beautification of urban areas by constructing and rehabilitating buildings above normal building standards. We promote and hire minority individuals in urban areas whose specialties include marketing, leasing, architecture, city planning, entitlements and development.

About Optimus Properties LLC
Optimus Properties, LLC is headquartered in Los Angeles, California, and is engaged in the acquisition, development, leasing and management of multi-family, retail and commercial real estate. The Company employs a disciplined investment approach focused on value creation and capital preservation.  The Company's investments are characterized by direct principal involvement and a meaningful contribution of its principals' capital. The Company's current portfolio consists of retail, office, medical office and multi-family properties in California, Washington and New Mexico.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/4s-bay-partners-llc-completes-purchase-of-baldwin-hills-redevelopment-site-301232679.html

SOURCE Optimus Properties, LLC

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Shareholder Alert: Ademi LLP Investigates whether Forterra, Inc. has obtained a Fair Price in its transaction with Quikrete

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MILWAUKEE, Feb. 22, 2021 /PRNewswire/ — Ademi LLP is investigating Forterra (NASDAQ:FRTA) for possible breaches of fiduciary duty and other violations of law in its transaction with Quikrete.

Click here to learn how to join the action: http://ademilaw.com/case/forterra-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.

Ademi LLP alleges Forterra's financial outlook is improving and yet Forterra shareholders will receive only $24.00 per share in an all-cash transaction valued at approximately $2.74 billion, including outstanding debt.  The merger agreement unreasonably limits competing bids for Forterra by prohibiting solicitation of further bids, and imposing a termination penalty if Forterra accepts a superior bid. Forterra insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Forterra's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Forterra.

If you own Forterra common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or http://ademilaw.com/case/forterra-inc.                       

We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Ademi LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001

 

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SOURCE Ademi LLP

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