Baker Hughes reports U.S. rig count unchanged at 254 rigs
Baker Hughes (BKR) reports that the U.S. rig count is unchanged from last week at 254 with oil rigs down 3 to 180, gas rigs up 3 to 72, and miscellaneous rigs unchanged at 2.
The U.S. Rig Count is down 650 rigs from last year’s count of 904, with oil rigs down 562, gas rigs down 90, and miscellaneous rigs unchanged at 2.
The U.S. Offshore Rig Count is unchanged at 13 and down 13 year-over-year.
Rig Counts unchanged- See Stockwinners.com Market Radar to read more
The Canada Rig Count is down 2 rigs from last week to 54, with oil rigs down 1 to 19, gas rigs down 1 to 35, and miscellaneous rigs unchanged at 0.
The Canada Rig Count is down 96 rigs from last year’s count of 150, with oil rigs down 86, gas rigs down 10 and miscellaneous rigs unchanged at 0.
Brent crude is up 17 cents to $45.77 per barrel. West Texas Intermediate (WTI) crude is down 5 cents to $42.97 per barrel.
Gasoline last traded at $1.31 per gallon up three cents on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Walmart backs TikTok U.S. partnership with Microsoft
Walmart (WMT), which was previously said to have been working with SoftBank (SFTBY) on a potential acquisition of TikTok’s U.S. business, has now confirmed its involvement in a potential TikTok deal in partnership with Microsoft (MSFT), according to CNBC’s Alex Sherman.
“The way TikTok has integrated e-commerce and advertising capabilities in other markets is a clear benefit to creators and users in those markets.
We believe a potential relationship with TikTok U.S. in partnership with Microsoft could add this key functionality and provide Walmart with an important way for us to reach and serve omnichannel customers as well as grow our third-party marketplace and advertising businesses.
We are confident that a Walmart and Microsoft partnership would meet both the expectations of U.S. TikTok users while satisfying the concerns of US government regulators,” a Walmart spokesperson told CNBC.
TikTok is nearing an agreement to sell its U.S., Canadian, Australian and New Zealand operations in a deal that could be announced as soon as next week, sources say. The deal is likely to be in the $25 billion to $30 billion range, sources say.
Earlier this week, TikTok filed a lawsuit against Trump Administration claiming that the Executive Order issued by the Administration on August 6, 2020 has the potential to strip the rights of that community without any evidence to justify such an extreme action, and without any due process.
WMT shares are up 5% on the news while MSFT is better by 3.5%.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
TikTok suing Trump Administration over efforts to ban TikTok in U.S.
TikTok stated in a post to its corporate website:
“Today we are filing a complaint in federal court challenging the Administration’s efforts to ban TikTok in the US…
TikTok sues Trump Administration
Today, 100 million Americans turn to TikTok for entertainment, inspiration, and connection; countless creators rely on our platform to express their creativity, reach broad audiences, and generate income; our more than 1,500 employees across the US pour their hearts into building this platform every day, with 10,000 more jobs planned in California, Texas, New York, Tennessee, Florida, Michigan, Illinois, and Washington State; and
On August 6th, Trump issued an executive order giving TikTok 90 days to sell
many of the country’s leading brands are on TikTok to connect with consumers more authentically and directly than they can elsewhere.
Put simply, we have a thriving community and we are grateful – and responsible – to them.
The Executive Order issued by the Administration on August 6, 2020 has the potential to strip the rights of that community without any evidence to justify such an extreme action, and without any due process.
TikTok is owned by ByteDance
We strongly disagree with the Administration’s position that TikTok is a national security threat and we have articulated these objections previously.”
ByteDance has reportedly been making progress in talks with potential acquirers of the U.S. operations of the short video app, including Microsoft (MSFT) and Oracle (ORCL), media reports have indicated. Reports have also indicated that Twitter (TWTR) is exploring a bid for TikTok.
Other publicly traded companies in the social media space include Facebook (FB) and Snap (SNAP).
TikTok/Douyin is a Chinese video-sharing social networking service owned by ByteDance, a Beijing-based Internet technology company founded in 2012 by Zhang Yiming.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 10 to 254 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 10 from last week at 254 with oil rigs up 11 to 183, gas rigs down 1 to 69, and miscellaneous rigs unchanged at 2.
Rig counts rose for the first time
The U.S. Rig Count is down 662 rigs from last year‘s count of 916, with oil rigs down 571, gas rigs down 93, and miscellaneous rigs unchanged at 2.
The U.S. Offshore Rig Count is unchanged at 13 and down 15 year-over-year.
The Canada Rig Count is up 2 rigs from last week to 56, with oil rigs up 1 to 20, gas rigs up 1 to 36, and miscellaneous rigs unchanged at 0.
The Canada Rig Count is down 83 rigs from last year’s count of 139, with oil rigs down 75, gas rigs down 8 and miscellaneous rigs unchanged at 0.
Brent crude is down 77 cents to $44.13 per barrel. West Texas Intermediate (WTI) crude is down 75 cents to $42.07 per barrel.
Gasoline last traded at $1.28 per gallon down a penny on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Johnson & Johnson to acquire Momenta Pharmaceuticals for $52.50/shr
Johnson & Johnson (JNJ) announced it has entered into a definitive agreement to acquire Momenta Pharmaceuticals (MNTA) in an all cash transaction for approximately $6.5 billion.
The transaction will include full global rights to nipocalimab (M281), a clinically validated, potentially best-in-class anti-FcRn antibody.
Momenta sold for $6.5B, Stockwinners
Nipocalimab gives Janssen the “opportunity to reach significantly more patients by pursuing indications across many autoimmune diseases with substantial unmet medical need in maternal-fetal disorders, neuro-inflammatory disorders, rheumatology, dermatology and autoimmune hematology.
Nipocalimab recently received a rare pediatric disease designation from the U.S. Food and Drug Administration.
Momenta’s expertise in FcRn mechanisms is especially important for nipocalimab as it supports and accelerates the development of a medicine designed to target a number of autoantibody-driven conditions across several of Janssen’s established therapeutic areas.
Janssen expects nipocalimab to contribute to its goals of achieving above-market growth over the mid and long term.
In addition to Momenta’s employees and lead asset nipocalimab, Janssen will acquire Momenta’s pipeline of clinical and preclinical assets.
Under the terms of the transaction, which was approved by the Boards of Directors of both companies, Vigor Sub, Inc. (Merger Sub), a newly formed wholly-owned subsidiary of Johnson & Johnson (the Company), will commence a tender offer to purchase all outstanding shares of Momenta for $52.50 per share.
The closing of the offer is conditioned on the tender of a majority of the outstanding shares of Momenta’s common stock on a fully diluted basis, as well as clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.
The merger will be effected as soon as practicable after the closing of the tender offer. The transaction is expected to close in the second half of 2020.
While the closing of the transaction is expected to be modestly dilutive, the Company is maintaining its current 2020 Adjusted EPSi guidance range.
Looking ahead, the costs associated with the development of Momenta’s portfolio are expected to be incremental to planned R&D investment levels over the next few years given the value creation potential of our current portfolio, and thus expect this incremental investment in R&D to have an EPS impact worth approximately 10c-15c in 2021.
Shares of MNTA are up 69% to $52.14 in morning trading.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Justice Department files False Claims Act against Teva Pharmaceuticals
The U.S. Attorney’s Office has filed a complaint under the False Claims Act against Teva Pharmaceuticals USA. and Teva Neuroscience (TEVA), the maker of Copaxone, a drug for multiple sclerosis.
The government alleges that Teva conspired with a specialty pharmacy, Advanced Care Scripts, and two purportedly independent foundations, Chronic Disease Fund and The Assistance Fund, to violate the Anti-Kickback Statute and False Claims Act by using the foundations as conduits to subsidize Medicare co-pays for Copaxone, all while steadily raising Copaxone’s price, the Justice Department said in a statement.
Teva Pharma. is accused of offering kickbacks
The government alleges that, from 2006 through at least 2015, Teva paid the two foundations well over $300M with the intent and understanding that the foundations would use Teva’s money to cover the Medicare co-pays of patients taking Copaxone. During the same period, Teva raised the price of Copaxone from approximately $17,000 per year to over $73,000 per year, according to the DOJ.
Copaxone is used to treat multiple sclerosis
Copaxone is a brand-name prescription drug. It’s approved to treat certain forms of multiple sclerosis (MS) in adults.
Chronic Disease Fund is accused of being part of the scheme
With MS, the immune system mistakenly attacks the nerves. The damaged nerves then have trouble communicating with brain. This condition can cause a wide variety of symptoms, such as muscle weakness and fatigue (lack of energy).
The Assistance Fund is accused of being part of the price kickback
Copaxone contains the active drug glatiramer acetate. It’s a disease-modifying therapy for MS. Copaxone helps to stop the immune system from attacking the nerves. The drug can reduce the number of MS relapses and also slow worsening of the disease.
Copaxone comes as a solution that’s given by subcutaneous injection (an injection under your skin).
Teva Pharmaceutical Industries Limited is an Israeli pharmaceutical company. The firm develops, manufactures, markets, and distributes generic medicines, specialty medicines, and biopharmaceutical products in North America, Europe, and internationally. It is one of the largest generic drugmakers in the world.
Shares of Teva are down 9% to $10.52 in morning trading.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count down 3 to 244 rigs
Baker Hughes (BKR) reports that the U.S. rig count is down 3 from last week at 244 with oil rigs down 4 to 172, gas rigs up 1 to 70, and miscellaneous rigs unchanged at 2.
The U.S. Rig Count is down 691 rigs from last year’s count of 935, with oil rigs down 598, gas rigs down 95, and miscellaneous rigs unchanged at 2.
The U.S. offshore rig count is down 14 from last year.
The U.S. Offshore Rig Count is up 1 to 13 and down 14 year-over-year.
The Canada Rig Count is up 7 rigs from last week to 54, with oil rigs up 6 to 19, gas rigs up 1 to 35, and miscellaneous rigs unchanged at 0.
Rig Counts Decline again – See Stockwinners.com Market Radar to read more
The Canada Rig Count is down 88 rigs from last year’s count of 142, with oil rigs down 82, gas rigs down 6 and miscellaneous rigs unchanged at 0.
Brent crude is down 24 cents to $44.71 per barrel. West Texas Intermediate (WTI) crude is down 32 cents to $41.92 per barrel.
Gasoline last traded at $1.23 per gallon unchanged on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Stein Mart voluntarily files Chapter 11 bankruptcy protection
Stein Mart (SMRT) announced that it and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida – Jacksonville Division.
Stein Mart files for bankruptcy protection
Stein Mart offers designer and name-brand fashion apparels, home decor merchandise, accessories, and shoes at everyday discount prices in the United States. As of June 3, 2020, it operated 281 stores in 30 states. The company was founded in 1908 and is headquartered in Jacksonville, Florida.
The Company has filed customary motions with the Bankruptcy Court that will authorize, upon Bankruptcy Court approval, the Company’s ability to maintain operations in the ordinary course of business, including, among other things, the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business, and the use of cash collateral.
Too much savings caused Stein Mart’s demise
These motions are typical in the Chapter 11 process and the Company anticipates that they will be approved shortly after the commencement of its Chapter 11 case.
Details on the Company’s Chapter 11 process and go-forward strategy are as follows:
The Company expects to close a significant portion, if not all, of its brick-and-mortar stores and, in connection therewith, the Company has launched a store closing and liquidation process.
The Company, however, will continue to operate its business in the ordinary course in the near term; and the Company is evaluating any and all strategic alternatives, including the potential sale of its eCommerce business and related intellectual property.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Gilead submits NDA to FDA for Veklury for COVID-19 treatment
Gilead Sciences (GILD) announced that it has submitted a New Drug Application to the U.S. Food and Drug Administration for Veklury® (remdesivir), an investigational antiviral for the treatment of patients with COVID-19.
Gilead files for NDA for Veklury
#Veklury is currently available in the U.S. under an Emergency Use Authorization for the treatment of hospitalized patients with severe COVID-19.
The filing is the final tier of the rolling NDA submission that was initiated on April 8, 2020.
The filing is supported by data from two randomized, open-label, multi-center Phase 3 clinical studies of Veklury conducted by Gilead and the Phase 3 randomized, placebo-controlled study of Veklury conducted by the National Institute of Allergy and Infectious Diseases.
These studies demonstrated that treatment with Veklury led to faster time to recovery compared with placebo and that a 5-day or 10-day treatment duration led to similar clinical improvement.
Across studies, Veklury was generally well-tolerated in both the 5-day and 10-day treatment groups, with no new safety signals identified. Veklury has been approved by multiple regulatory authorities around the world, including in the European Union and Japan.
In countries where Veklury has not been approved, including the United States, Veklury is an investigational drug and the safety and efficacy of remdesivir have not been established.
Veklury has not been approved by the U.S. Food and Drug Administration (FDA) for any use.
In the United States, the FDA granted Veklury an Emergency Use Authorization (EUA) for the treatment of hospitalized patients with severe COVID-19. This authorization is temporary and may be revoked, and it does not take the place of the formal new drug application submission, review and approval process.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count down 4 to 247 rigs last week
Baker Hughes (BKR) reports the U.S. rig count is down 4 from last week at 247, with oil rigs down 4 to 176, gas rigs unchanged at 69, and miscellaneous rigs unchanged at 2.
The U.S. offshore rig count is unchanged at 12 and down 11 year-over-year.
Rig counts continue to decline, Stockwinners
Baker Hughes announced that the Baker Hughes international rig count for July 2020 was 743 down 38 from the 781 counted in June 2020, and down 419 from the 1,162 counted in July 2019.
The international offshore rig count for July 2020 was 183, down 11 from the 194 counted in June 2020, and down 72 from the 255 counted in July 2019.
The international offshore rig count for April 2018 was 194.
The average U.S. rig count for July 2020 was 255, down 19 from the 274 counted in June 2020, and down 700 from the 955 counted in July 2019.
The average Canadian rig count for July 2020 was 32, up 14 from the 18 counted in June 2020, and down 89 from the 121 counted in July 2019.
The worldwide rig count for July 2020 was 1,030, down 43 from the 1,073 counted in June 2020, and down 1,208 from the 2,238 counted in July 2019.
Brent crude is down 68 cents to $44.41 per barrel. West Texas Intermediate (WTI) crude is down 75 cents to $41.23 per barrel.
Gasoline last traded at $1.21 per gallon down 2 cents.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
New York Attorney General James files lawsuit to dissolve NRA
New York Attorney General Letitia James has filed a lawsuit seeking to dissolve the National Rifle Association.
According to a statement, “Attorney General James charges the organization with illegal conduct because of their diversion of millions of dollars away from the charitable mission of the organization for personal use by senior leadership, awarding contracts to the financial gain of close associates and family, and appearing to dole out lucrative no-show contracts to former employees in order to buy their silence and continued loyalty.
The suit specifically charges the NRA as a whole, as well as Executive Vice-President Wayne LaPierre, former Treasurer and Chief Financial Officer Wilson “Woody” Phillips, former Chief of Staff and the Executive Director of General Operations Joshua Powell, and Corporate Secretary and General Counsel John Frazer with failing to manage the NRA’s funds and failing to follow numerous state and federal laws, contributing to the loss of more than $64M in just three years for the NRA.
NY Attorney General Letitia James
In the complaint, Attorney General James lays out dozens of examples where the four individual defendants failed to fulfill their fiduciary duty to the NRA and used millions upon millions from NRA reserves for personal use, including trips for them and their families to the Bahamas, private jets, expensive meals, and other private travel.
In addition to shuttering the NRA’s doors, Attorney General James seeks to recoup millions in lost assets and to stop the four individual defendants from serving on the board of any not-for-profit charitable organization in the state of New York again.”
It further states that, “the NRA is alleged to have fostered a culture of noncompliance and disregard for internal controls that led to the waste and loss of millions in assets and contributed to the NRA reaching its current deteriorated financial state.
The NRA’s internal policies were repeatedly not followed and were even blatantly ignored by senior leaders. Furthermore, the NRA board’s audit committee was negligent in its duty to ensure appropriate, competent, and judicious stewardship of assets by NRA leadership.
Specifically, the committee failed to assure standard fiscal controls, failed to respond adequately to whistleblowers, affirmatively took steps to conceal the nature and scope of whistleblower concerns from external auditors, and failed to review potential conflicts of interest for employees.
The lawsuit alleges that the four men instituted a culture of self-dealing, mismanagement, and negligent oversight at the NRA that was illegal, oppressive, and fraudulent.
They overrode and evaded internal controls to allow themselves, their families, favored board members, employees, and vendors to benefit through reimbursed expenses, related party transactions, excess compensation, side deals, and waste of charitable assets without regard to the NRA’s best interests.
The complaint lays out numerous other instances in which LaPierre, Phillips, Powell, Frazer, and other executives and board members at the NRA abused their power and illegally diverted or facilitated the diversion of tens of millions of dollars from the NRA.
These funds were in addition to millions of dollars the four individual defendants were already receiving in grossly excessive salaries and bonuses that were not in line with the best practices and prudent standards for evaluating and determining compensation.”
Stocks to Watch
Companies in the firearm space include Sturm, Ruger (RGR), Smith & Wesson Brands (SWBI), and Vista Outdoor (VSTO).
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Shares of Fulgent Genetics (FLGT) have surged during Wednesday’s session after the company reported second quarter results after the market close last night.
The company noted that it had “record” figures for quarterly revenue, billable tests, adjusted earnings, and adjusted EBITDA, as it has commercially launched several tests for COVID-19 since March 2020.
EARNINGS
In its latest report, Fulgent Genetics reported Q2 adjusted EPS of 17c on revenue of $17.3M, compared to analysts’ estimates of (5c) and $10.05M.
The company delivered 180,513 billable tests in the quarter, an increase of 1003% year-over-year, and gross margin for the quarter improved roughly eight percentage points from the previous quarter and roughly 81% year-over-year.
Commenting on the results, chairman and CEO Ming Hsieh said, “The global COVID-19 pandemic has tested who we are as a company, and now more than ever we have demonstrated that Fulgent is a technology company with a proprietary platform built for massive scale.
Our technology is the cornerstone for all facets of our business, including cloud computing, pipeline services, record management, web portal services, clinical workflow, sequencing as a service and automated lab services.
Covid-19 Test Kit
Our second quarter results illustrate how we quickly applied our technology to the needs of today, organically developing and launching multiple tests to detect COVID-19 with Emergency Use Authorization from the FDA, including an at-home test offered through Picture Genetics, our patient-initiated product.
These offerings have attracted major new customer accounts, resulting in an inflection point in our business and outlook.”
GUIDANCE:
On Fulgent’s quarterly conference call, CFO Paul Kim said that based on the “explosive” demand the company is seeing from the market and the quality of its customers, he continues to see the upward trajectory and transformation of the business continuing for the balance of 2020.
Fulgent now projects test volumes for 2020 to be over 1.3M, which translates to into over $120M in revenues. Kim added that he sees adjusted net income of $25M, or about $1.00 per share in FY20.
Analysts had expected the company to report FY20 EPS of 12c on revenue of $45.02M.
Analysts Comments:
Following the results, Piper Sandler analyst Steven Mah maintained an Overweight rating on Fulgent Genetics and raised his price target on the stock to $68 from $31.
Mah, who continues to believe COVID-19 testing is durable for the coming years, said he is encouraged by Fulgent’s early success in test volume, adding that his higher revenue estimates are due to increased COVID-19 expectations.
PRICE ACTION:
In afternoon trading, Fulgent Genetics shares are up nearly 23%, trading at $36.46.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Exact Sciences receives revised EUA for COVID-19 test
A letter to Exact Sciences Laboratories (EXAS), dated August 3, posted to the site of the FDA states:
“On May 22, 2020, based on your request, the Food and Drug Administration issued a letter determining that your product met the criteria for issuance under section 564(c) of the Act to be eligible for authorization under the March 31, 2020, Emergency Use Authorization – EUA – for Molecular-based Laboratory Developed Tests for Detection of Nucleic Acid from SARS-CoV-2 for the qualitative detection of nucleic acid from SARS-CoV-2 in respiratory specimens collected from individuals suspected of COVID-19 by their healthcare provider…
On July 17, 2020, FDA received a request from you to revise the Scope of Authorization, and thus the test’s intended use as originally specified by the High Complexity LDT Umbrella EUA, to include self-collection of nasal swab specimens that are self-collected at home or in a healthcare setting by individuals using an authorized home-collection kit specified in this EUA’s authorized labeling when determined to be appropriate by a healthcare provider, and to specify that testing is limited to Exact Sciences Laboratories at two locations..
Having concluded that the criteria for issuance of this authorization under Section 564(c) of the Act are met, I am authorizing the emergency use of your product, as described in the Scope of Authorization of this letter (Section II), subject to the terms of this authorization.”
Exact Sciences is known for it’s Cologuard, colon cancer detection test
The COVID-19 test is offered through US physicians and authorized healthcare providers. The test is intended for use with patients who meet the CDC’s current guidance for evaluation of COVID-19 infection.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Twitter faces FTC fine of up to $250M over alleged misuse of email, phone data
On July 28, 2020, Twitter (TWTR) received a draft complaint from the Federal Trade Commission alleging violations of the company’s 2011 consent order with the FTC and the FTC Act, the company said in a regulatory filing.
Twitter books a $150M charge., Stockwinners
The allegations relate to the company’s use of phone number and/or email address data provided for safety and security purposes for targeted advertising during periods between 2013 and 2019.
The company estimates that the range of probable loss in this matter is $150M to $250M and has recorded an accrual of $150M.
The accrual is included in accrued and other current liabilities in the consolidated balance sheet and in general and administrative expenses in the consolidated statements of operations.
FTC complaint relates to misuse of phone number and email addresses
The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.
The company is also currently involved in, and may in the future be involved in, legal proceedings, claims, investigations, and government inquiries and investigations arising in the ordinary course of business.
These proceedings, which include both individual and class action litigation and administrative proceedings, have included, but are not limited to matters involving content on the platform, intellectual property, privacy, data protection, securities, employment and contractual rights.
Class Action suits have been filed against Twitter
Legal fees and other costs associated with such actions are expensed as incurred.
The company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies.
Litigation accruals are recorded when and if it is determined that a loss related matter is both probable and reasonably estimable.
Material loss contingencies that are reasonably possible of occurrence, if any, are subject to disclosure.
Twitter used customer phone numbers for marketing purposes, Stockwinners
As of June 30, 2020, except for the referenced class actions, derivative actions and FTC matter, there was no litigation or contingency with at least a reasonable possibility of a material loss.
Except for the aforementioned accrual of $150M recorded in relation to the FTC matter, no other material losses were recorded during the three and six months ended June 30, 2020 and 2019 with respect to litigation or loss contingencies.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
