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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Portland General Electric Company (POR)

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The Law Offices of Frank R. Cruz reminds investors of the upcoming November 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Portland General Electric Company (PGE or the Company) (NYSE: POR) securities between April 24, 2020 and August 24, 2020, inclusive (the Class Period).

If you are a shareholder who suffered a loss, click here to participate.

On August 24, 2020, after the market closed, PGE announced that it had incurred losses of $127 million as of August 24, 2020. PGE further stated that personnel entered into a number of energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, resulting in significant exposure to the Company. In addition, the Company announced that it had formed a Special Committee to review the energy trading that led to the losses and the Companys procedures and controls related to the trading.

On this news, the Companys share price fell $3.51, or nearly 8%, to close at $38.45 per share on August 24, 2020, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that PGE lacked effective internal controls over its energy trading practices; (2) that PGE personnel had entered energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, that created significant negative financial exposure for PGE; (3) that, as a result, the Company was reasonably likely to incur significant losses; and (4) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired PGE securities during the Class Period, you may move the Court no later than November 2, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

[email protected]

www.frankcruzlaw.com

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ESR inks multi-lease agreement with Mitsubishi Fuso Truck and Bus Corporation at ESR Yokohama Sachiura park clearing strategic Higashi Ogishima site for imminent development

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Transaction results in accelerated leasing at ESR Yokohama Sachiura DC1 and development commencement of ESR Higashi Ogishima DC1

 

TOKYO, JAPAN/HONG KONG SAR – Media OutReach – 26 November 2020 – ESR Cayman Limited (“ESR” or the “Group”; SEHK Stock Code: 1821), the largest APAC focused logistics real estate platform, and Mitsubishi Fuso Truck and Bus Corporation (“MFTBC” or “Mitsubishi Fuso”) have worked closely on a sweeping reorganisation of logistics operations in Kanagawa prefecture, Japan. The landmark transaction has resulted in 2 new lease agreements between ESR and MFTBC and material amendment of a third one. It involves ESR’s 2 leading park projects under development in Tokyo with a combined total build-out area of circa 900,000 sqm and expected completion value in excess of US$3.0 billion.

 

Higashi Ogishima: the parties have agreed to relocate MFTBC’s 1,200-truck domestic parking operation away from its historical site in Higashi Ogishima which ESR has controlled since 2016. The 8 Ha site being vacated will now develop as the first phase of ESR Higashi Ogishima park. Construction of the 310,000 sqm Higashi Ogishima DC 1 will commence next month for planned delivery in December 2022.

 

Featuring the first ever 9-storey warehouse design in Japan as well as advanced sustainability solutions ESR Higashi Ogishima park will set a new benchmark for distribution centre design where optimal integration into the urban fabric and lower environmental impact are achieved without sacrificing building functionality and high-throughput. E-commerce and 3PLs choosing to operate at ESR Higashi Ogishima will enjoy close proximity to Haneda Airport and Tokyo 23 wards as well as a supportive ecosystem with co-location of ancillary services including children’s day-care facilities of ESR partner BARNKLÜBB.

 

ESR Yokohama Sachiura Park: MFTBC has chosen to continue the domestic distribution of its complete vehicles at ESR’s other distribution park in the greater Tokyo area, ESR Yokohama Sachiura. More specifically, MFTBC will operate from the 15 Ha expansion area earmarked by ESR for bespoke logistics space requirements. In addition, Mitsubishi FUSO has reserved 4 Ha of adjacent space to allow the potential future consolidation of other logistics activities into a large built-to-suit facility to be developed by ESR.

 

In a further endorsement of the ESR Yokohama Sachiura park, MFTBC has also elected to locate additional operations in building DC1. As a result, ESR Yokohama Sachiura park which is halfway into development will achieve 38% pre-completion occupancy across its circa 350,000 sqm net rentable area.

Stuart Gibson, Co-founder and Co-CEO of ESR, commented: “This transaction is especially gratifying as it showcases several key capability differentiators of the ESR platform. Evidently it allows our most prized land holding to develop timely into ESR’s most advanced product to date. It also helps us cement our relationship with MFTBC who has been a fantastic partner and who is equally interested in bringing innovative solutions to our common set of third-party logistics clients with their superior product line of commercial vehicles.”

 

Arne Barden, Head of Supply Chain Management MFTBC, equally welcomed the transaction observing that “ESR’s Yokohama Sachiura site is strategically located in Kanagawa Prefecture and will invigorate the continuous improvements we implement in our operations” and expressed interest in “further collaborating with ESR on sustainability initiatives aimed at urban logistics”.

 

Stefan Rödler, Head of Asia-Pacific Real Estate at Mitsubishi Fuso’s parent company Daimler AG, who steered the local teams through the year-long negotiation concluded: “ESR has proven a reliable and creative partner and we look forward to expanding collaboration across other geographies to provide other Daimler business units with the same service level.”

 

Reflecting on industry trends Mr. Gibson remarked that this transaction vindicates ESR’s longstanding choice of targeting larger and more capital-intensive brownfield sites — including the ones where patient and strategic asset management work is required — in the pursuit of the large multi-tenanted buildings and parks favoured by occupiers and that “the ability of all the ESR teams to bend functional lines to come as one on complex transactions should serve ESR and its investors well in an increasingly competitive market.”  

 

Expanding on Mr. Gibson’s comment, Pierre-Alexandre Humblot, ESR Managing Director Fund Management and Capital, emphasised the central role played by the 2 development funds involved – RJLF2 and RJLF3 – and their investor representatives: “Managing a plain-vanilla development on behalf of 3rd-party capital is difficult enough. Here we had brownfield sites, criss-crossed ownership by vehicles with different mandates and a large corporate tenant suitably expecting their evolving occupancy requirements to be the leading consideration. Our LPs displayed great agility to focus on the bigger picture in a sign that 3rd-party capital is eager and capable of undertaking the more advanced transactions provided they are afforded the most complete insights into the developer thought process.”

 

The related sale of Higashi Ogishima Phase 1 accelerates RJLF2 divestment while allowing RJLF3 to complete its circa US$600 million equity deployment just 18 months into its investment period.

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ChickP, the First in the World to Launch the Groundbreaking 90% Chickpea Isolate, Successfully Patents Its Brainchild in Israel

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Investor Growthwell Group, a Local, Temasek-backed Plant-based Meat Manufacturer, Is Helping the Company Apply for a Patent in Singapore

 

  • Newly launched in November, the next-generation, non-GMO ChickP Native Starch has a narrow granule-size distribution that makes it perfect as a thickening or binding as well as anti-caking agent
  • Production of the 90% chickpea isolate will increase to over 1,000 tonnes per annum in 2021
  • Growthwell will open a manufacturing plant in Singapore circa Q2 2021, producing a trio of chickpea protein-based seafood products

SINGAPORE – Media OutReach – 26 November 2020 – ChickP Protein (ChickP), the first in the world to launch the groundbreaking 90% chickpea isolate, has announced that it has successfully patented its plant-based protein solution in Israel. This milestone comes after an enduring journey of intensive research and development that began in 2015. Growthwell Group, a local investor in ChickP, is helping the company with its patent application in Singapore. 


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“Our successful patent application in Israel has been five years in the making,” says Ron Klein, CEO of ChickP. “We stand on the shoulders of researchers and food technologists, without whom this feat would not have been possible. We are excited to see how our partnership with Growthwell Group can take our market reach to the next level.”


Chickpea isolate — excelling in taste, texture and function

The 90% chickpea isolate is developed by the faculty of Agriculture, Food and Environment of the Hebrew University of Jerusalem. Using state-of-the-art, patent-pending technology, the faculty is able to extract up to 90% pure plant protein out of the chickpea seed. As it contains all essential amino acids, the isolate is considered a complete protein. The isolate comes in powder form, making it an easy ingredient for food manufacturers to incorporate into their recipes.


Research has found that products containing the 90% chickpea isolate consistently excel in taste, texture and functionality. Furthermore, the chickpea proteins are allergen free and not genetically modified.

  • Taste:  As they boast an inherent bitter or off flavour, most plant-based proteins require the addition of sugar, artificial flavouring or other masking agents to cover the taste. ChickP’s proteins however have a neutral flavour, and hence do not require any flavouring additive. This allows food manufacturers to achieve a clean label. 
  • Texture and functionality: Many plant-based proteins have a sandy or chalky texture which makes for an unpleasant mouthfeel. ChickP’s proteins, however, have a smooth texture and strong emulsion stability as well as high solubility and smooth viscosity.
  • Allergen-free: Many of the market’s known plant-based products are allergenic, as they are made with milk, soy, tree nuts or peanuts, which are classified under the Big 8 Food Allergens list. This means that people living with these allergens are unable to incorporate the plant-based products into their diets. As chickpea allergies are exceedingly rare, the 90% chickpea isolate is considered to be free of allergen.
  • Non-GMO: ChickP’s proteins are also not genetically modified, and do not contain phytoestrogens.


Newly launched ChickP Native Starch — a versatile and useful ingredient 

In addition, circa mid-November, ChickP launched its next-generation, non-GMO native starch.  Due to its narrower granule-size distribution compared with those of pea and potato starches, ChickP Native Starch boasts better gelling and thickening properties. Hence, it is a great thickening or binding agent for soups, sauces, confectioneries, dairy, baked goods, desserts, meat and plant-based meat products. Not only that, its versatility makes it an excellent ingredient for extruded snacks or as an anti-caking agent for powdered blends such as instant soups, spices and premixes.


Scaling up commercial production and launch of seafood alternatives

In 2020, ChickP began the commercial production of its 90% chickpea isolate. The pilot production saw a yield of 50 tonnes. By 2021, ChickP is set to augment its production capabilities, manufacturing over 1,000 tonnes of the isolate. This expansion will benefit even more food manufacturers who are keen on strengthening their portfolios of sustainable plant-based meats.

Growthwell, a leading manufacturer of plant-based alternatives for meat and seafood for the South East Asian market since 1989, is a significant shareholder of ChickP. It plans to open a state-of-the-art manufacturing plant in Singapore by 2021 Q2. The facility will have the latest food technology applications, high moisture extrusion (HME) capabilities and a fully automatic manufacturing production line to scale production and cater to the strong demand for plant-based meat and seafood alternatives in the region.

“The pandemic has put a crimp in our plans to launch the manufacturing plant this year,” says Justin Chou, second-generation leader and Executive Director of Growthwell Group. “But henceforth, it is full steam ahead. We are confident that the 90% chickpea isolate is the next frontier in plant-based meat. We are excited about supporting ChickP in its R&D journey as well as bringing alternative meat products made with chickpea proteins to the global stage.”

One innovative application of ChickP’s protein is in seafood and meat alternative products, through Texturised Vegetable Protein (TVP) and HME. Chickpea-based TVP/HME has clean label qualities and the potential to be a highly adaptable superfood with its several nutritional characteristics — high protein, high fibre, low carb and low sodium. With Chickpea-based TVP/HME, Growthwell is in its final round of researching and developing a chickpea protein-based seafood alternative collection — ChickP Squid, ChickP Crab Patty, and ChickP Shrimp — which will be free of allergens, gluten, lactose, and hormones, making it one of the safest proteins available for consumption.

With an established supply network in Asia Pacific, Growthwell is in a unique position to export these products to more than 10 different countries such as US, Spain, Indonesia, Malaysia and Australia.

About Growthwell Group

Established in 1989, Growthwell Group has been the trusted one-stop meat-free solutions provider in Singapore for F&B businesses and organisations around the world. Armed in research and development, Growthwell Group is the leading plant-based food solutions company in Singapore that helps F&B organisations obtain high quality meat-free products while providing excellent logistics support and customer service for continual growth and success. With an intention of making the world a better place, Growthwell Group has evolved from a manufacturer of plant-based alternatives in Asia to that of an innovative plant-based food technology company. Equipped with food technology, manufacturing and distribution capabilities in Asia, the group provides end-to-end plant-based food solutions directly to their valued partners and consumers globally. 

Website: http://growthwellfoods.com/

LinkedIn: https://www.linkedin.com/company/growthwell-group/

Facebook: [View Image]https://www.facebook.com/growthwellfoods/

Instagram: @growthwellfoods

Email: [email protected]

About ChickP Protein Ltd

ChickP Protein Ltd is the world’s first and only company to produce chickpea protein isolate that is above 90%, offering a clean, non-allergenic protein isolate that’s also neutral in taste, functionality and boasts superb nutritional composition. Developed by faculty of Agriculture, Food and Environment of the Hebrew University of Jerusalem, ChickP protein undergoes zero genetic modification and contains no phytoestrogens. It also offers a smoother texture and stronger emulsion stability compared to most other protein substitutes in the market, presenting a product that is superior in taste, mouthfeel and nutritional value.


Website: https://www.chickp-protein.com/

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Lead8 Design for Newly Unveiled ‘11 SKIES’ in Hong Kong

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Hong Kong’s $20 Billion Mixed-use Destination at SKYCITY

 

HONG KONG SAR – Media OutReach – 25 November 2020 – Lead8, the international award-winning design firm, is excited to announce the firm’s appointment as Lead Consultant on ’11 SKIES’ has been extended to include Interior Design alongside its Masterplanning and Architecture scope.

11 SKIES, the brand new HK$20 billion mixed-use destination at SKYCITY, will be Hong Kong’s largest hub for Retail, Dining and Entertainment (RDE), and the first such development to combine wealth management and wellness services. The latest designs and name were unveiled this week by New World Development.

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“Lead8’s multi-disciplinary undertaking as Masterplanners, Architects and Interior Designers on 11 SKIES has been an incredible achievement. This is a ground-breaking development which continues to attract international interest. It is a testament to the commitment, creativity and expertise of our team that we have been entrusted to design and deliver the city’s most comprehensive and enhanced RDE destination to date,” said Claude Touikan, Co Founder & Executive Director at Lead8.  

Operated by K11, 11 SKIES is a brand new landmark in Hong Kong for locals and tourists covering a gross floor area of 3.8 million sqft. The destination will feature 2.66 million sqft dedicated to dining and retail outlets and 570,000 sqft for experiential entertainment facilities. There will be over 800 shops including more than 120 dining concepts together with entertainment never seen before in the region, all under one roof.

Notably, the destination has attracted the first launch in Greater China for famous entertainment brand KidZania. Further unique and imaginative entertainment facilities will also be on offer including SkyTrack, the world’s largest indoor and outdoor karting track, a flying theatre, digital media performances and immersive educational experiences. Once complete, 11 SKIES will be the largest indoor entertainment centre in Hong Kong.

As part of the mixed-use development, 11 SKIES also integrates three grade A office towers covering 570,000 sqft which will be operated under K11 ATELIER. They will feature anchor tenancies from five large-scale international institutions in financial services, insurance and health management. As the first to combine wealth management and wellness services within an RDE destination, 11 SKIES aims to provide unique connectivity and redefine the traveller and consumer experience.

Strategically located next to the Hong Kong International Airport, the Hong Kong Zhuhai-Macao Bridge, and the future Tuen Mun-Chek Lap Kok Link, 11 SKIES will benefit from the high volume of passengers travelling through Hong Kong International Airport, and a further 72 million people residing in the GBA. The destination will become a centerpiece within the GBA’s ‘one-hour living circle’ and a gateway to the rest of the world.

Opening in phases from 2022 to 2025, 11 SKIES is set to deliver a first-of-its-kind ecosystem offering brand new experiences for retail, entertainment, dining, wellness and business in Hong Kong and the Greater Bay region. 


Project Details

  • Location: Hong Kong
  • Developer: New World Development Company Limited
  • Size: 3.8 million sqft
  • Masterplan: Lead8
  • Architecture: Lead8
  • Interior Design: Lead8


Image Gallery
All images ©Lead8 Hong Kong Limited

About Lead8

Lead8 is an international design studio with award-winning expertise in architecture, interior design, masterplanning, branding and graphic design. With a team of over 250, the firm works on projects in more than 40 cities around the world from studios in Hong Kong, Singapore, Kuala Lumpur and London. Since its inception, Lead8 has partnered with some of the world’s leading property developers, owners and operators with a portfolio which includes 11 SKIES at Hong Kong International Airport, MixC Shenzhen Bay, One Bangkok and the Shangri-La Mixed-use Development in Fuzhou. 

www.lead8.com

About 11 SKIES

11 SKIES will be Hong Kong’s largest hub for Retail, Dining and Entertainment (RDE), and the first to combine wealth management and wellness services in one complete ecosystem for people in Hong Kong, the Greater Bay Area and the rest of the world. The destination is owned and developed by New World Development Company Limited and operated by K11 Group.


www.11-skies.com

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