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LAWSUITS FILED AGAINST PEN, AZN and FUBO - Jakubowitz Law Pursues Shareholders Claims

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NEW YORK, NY / ACCESSWIRE / February 24, 2021 / Jakubowitz Law announces that securities fraud class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies who purchased shares within the class periods listed below. Shareholders interested in representing the class of wronged shareholders have until the lead plaintiff deadline to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. For more details and to speak with our firm without cost or obligation, follow the links below.

Penumbra, Inc. (NYSE:PEN)

CONTACT JAKUBOWITZ ABOUT PEN:
https://claimyourloss.com/securities/penumbra-inc-loss-submission-form/?id=13099&from=1

Class Period : August 3, 2020 - December 15, 2020

Lead Plaintiff Deadline : March 16, 2021

The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) that the Jet 7 Xtra Flex had known design defects that made it unsafe for its normal use; (2) that Penumbra did not adequately address the risk of the Jet 7 Xtra Flex causing serious injury and deaths, which had in fact already occurred; (3) that the Jet 7 Xtra Flex was likely to be recalled due to its safety issues; and (4) as a result, Penumbra's public statements as set forth above were materially false and misleading at all relevant times.

Astrazeneca Plc (NYSE:AZN)

CONTACT JAKUBOWITZ ABOUT AZN:
https://claimyourloss.com/securities/astrazeneca-plc-loss-submission-form/?id=13099&from=1

Class Period : May 21, 2020 - November 20, 2020

Lead Plaintiff Deadline : March 29, 2021

The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (a) initial clinical trials for the Company's COVID-19 vaccine, AZD1222, had suffered from a critical manufacturing error, resulting in a substantial number of trial participants receiving half the designed dosage; (b) clinical trials for AZD1222 consisted of a patchwork of disparate patient subgroups, each with subtly different treatments, undermining the validity and import of the conclusions that could be drawn from the clinical data across these disparate patient populations; (c) certain clinical trial participants for AZD1222 had not received a second dose at the designated time points, but rather received the second dose up to several weeks after the dose had been scheduled to be delivered according to the original trial design; (d) AstraZeneca had failed to include a substantial number of patients over 55 years of age in its clinical trials for AZD1222, despite this patient population being particularly vulnerable to the effects of COVID-19 and thus a high priority target market for the drug; (e) AstraZeneca's clinical trials for AZD1222 had been hamstrung by widespread flaws in design, errors in execution, and a failure to properly coordinate and communicate with regulatory authorities and the general public; (f) as a result of (a)-(e) above, the clinical trials for AZD1222 had not been conducted in accordance with industry best practices and acceptable standards and the data and conclusions that could be derived from the clinical trials was of limited utility; and (g) as a result of (a)-(f) above, AZD1222 was unlikely to be approved for commercial use in the United States in the short term, one of the largest potential markets for the drug.

fuboTV Inc. (NYSE:FUBO)

CONTACT JAKUBOWITZ ABOUT FUBO:
https://claimyourloss.com/securities/fubotv-inc-loss-submission-form/?id=13099&from=1

Class Period : March 23, 2020 - January 4, 2021

Lead Plaintiff Deadline : April 19, 2021

The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (ii) Fubo offering of products was subject to undisclosed cost escalations; (iii) Fubo could not successfully compete and perform as sports book operator and could not capitalize on its only sports wagering opportunity; (iv) Fubo's data and inventory was not differentiated to allow Fubo to achieve long-term advertising growth goals and forecasts; (v) Fubo's valuation was overstated in light of its total revenue and subscription levels; (vi) the acquisition of Balto Sport did not provide the stated synergies, internal expertise, and did not expand the Company's addressable market into online sports wagering; and as a result, Defendants' public statements were materially false and/or misleading at all relevant times.

Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887

SOURCE: Jakubowitz Law



View source version on accesswire.com:
https://www.accesswire.com/631711/LAWSUITS-FILED-AGAINST-PEN-AZN-and-FUBO--Jakubowitz-Law-Pursues-Shareholders-Claims

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It plans to use the newly acquired funds to bring vehicles to market and expand its factory in Casa Grande, Arizona.Traders often sell “sell on the news” after a long-rumored deal is consummated. The scope of Churchill’s decline was especially pronounced, signifying investors may also have been disappointed by the production delay or the terms of the deal. Lucid said it expects to need $600 million in bridge financing to bolster the company’s cash until the transaction with Churchill closes. The company expects negative free cash flow of around $10 billion through 2024, raising the question of how it will seek additional funds.Read More: Lucid Gives Sobering Look Under the SPAC Hood: Chris BryantThe reverse-merger represents the biggest capital injection for Lucid since Saudi Arabia’s Public Investment Fund invested more than $1 billion in 2018. The agreement included a $2.5 billion private placement in public equity, or PIPE, the largest of its kind on record for a SPAC deal. It was led by PIF as well as BlackRock, Fidelity Management, Franklin Templeton, Neuberger Berman, Wellington Management and Winslow Capital, according to a joint statement from Lucid and Churchill Capital.The placement sold at $15 a share -- a 50% premium to Churchill’s net asset value -- which translates into about $24 billion in pro-forma equity value, the companies said. The combined company has a transaction equity value of $11.8 billion.“I see the SPAC as just a tool, another lever to pull on, where we can accelerate our trajectory,” Lucid Chief Executive Officer Peter Rawlinson said in an interview. “This is a technology race. Tesla gets this. It’s why they are so valuable and Lucid also has the technology.”The SPAC is the largest run by Klein, a former Citigroup Inc. investment banker who has played a prominent role in guiding the Kingdom of Saudi Arabia’s investments, serving as an adviser to the PIF. Among other deals, he advised on the Saudi Aramco initial public offering.The Lucid transaction is expected to close in the second quarter.Production TargetsLucid had previously said deliveries of its debut EV, a luxury sedan called the Air, would begin in the second quarter. The company has now decided not to commit to a start date for the $169,000 car as a result of talks with Churchill Capital, Rawlinson said. It plans to eventually produce more affordable versions of the Air and a battery-electric SUV.The Casa Grande factory currently has installed production capacity for 34,000 units annually, based on three work shifts, Rawlinson said. Lucid hopes to ramp that up to capacity for 85,000 units a year as soon as 2023, after additional investments are made.Lucid forecasts deliveries of 20,000 vehicles in 2022, generating sales of $2.2 billion. It sees revenue rising to $5.5 billion and $9.9 billion in 2023 and 2024, respectively, according to a presentation made to investors posted on its website. The company foresees positive earnings before interest, taxes, depreciation and amortization of $592 million in 2024.Beyond its manufacturing capacity, Lucid expects to invest heavily in new products and will grow headcount to 5,000 over the next year, Rawlinson said.Lucid’s debut vehicle will challenge Tesla in the still-niche market for premium EV sedans. The Air model has a range of 517 miles on a single charge, based on Environmental Protection Agency estimates. It can reach zero-to-60 miles per hour in 2.5 seconds and has access to Electrify America’s network of DC fast chargers. That’s comparable with the Model S Plaid +, which has a maximum range of around 520 miles, a zero-to-60 time of less than 2 seconds and access to Tesla’s nationwide network of fast chargers.Ire of MuskThe market capitalization of Lucid is just a fraction of Tesla’s roughly $686 billion valuation, but not bad for a luxury electric-vehicle maker that has yet to deliver its first car. Rawlinson has stated repeatedly that Lucid is not a direct competitor to Tesla because his company’s price point is beyond the mass-market buyers Elon Musk aspires to reach.But there are signs of a budding rivalry.The Newark, California-based company -- the headquarters of which are just 16 miles from Tesla’s in Palo Alto -- says its first EV will go the distance against the longest-range Model S sedan. Lucid’s new factory arose out of the Arizona desert as fast as Tesla’s in China. And growing interest in the startup and its CEO has drawn the ire of none other than Musk.Rawlinson and Musk have a complicated history. The Lucid CEO was chief engineer on Tesla’s flagship Model S, but Musk has downplayed his role in its development and also accused him in a tweet of leaving the company “in the lurch just as things got tough” in 2012.Longer-term, Lucid is also working on energy storage solutions similar to Tesla’s Powerwall. The company wants to use the same battery technology in its cars to develop batteries to power homes and utility-scale devices and already has working prototypes, Rawlinson said.(Updates with explanation for stock slump in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Top Wall St strategist boosts his 2021 S&P 500 target for a second time

    Credit Suisse strategist Jonathan Golub upwardly revised his S&P 500 price target for the second time in two months.

  • EU targets online platforms after Wall Street short squeeze

    Online platforms like Robinhood in the United States that offer commission-free share trading to retail investors would be illegal in the European Union, officials from the bloc said on Tuesday. Online trading came to the fore last month after retail investors following the Reddit forum WallStreetBets piled into GameStop Corp shares via the Robinhood platform, sending the retailer's stock rocketing more than 1,000% at the expense of prominent investors who had bet against the stock. Ugo Bassi, a senior official in the European Commission's financial services unit, said the EU executive had looked at "payment for order flow" under three aspects of the bloc's securities law.

  • Bitcoin is worth whatever Elon Musk and Cathie Wood say it is

    A question that has long bedeviled bitcoin observers is how to value it. Lately the answer to its worth has been whatever influential people like Elon Musk and star stock picker Cathie Wood say it is. The original crypto asset bounced around this month as influencers weighed in.

  • Thomson Reuters to stress AI, machine learning in a post-pandemic world

    Thomson Reuters Corp will streamline technology, close offices and rely more on machines to prepare for a post-pandemic world, the news and information group said on Tuesday, as it reported higher sales and operating profit. The Toronto-headquartered company will spend $500 million to $600 million over two years to burnish its technology credentials, investing in AI and machine learning to get data faster to professional customers increasingly working from home during the coronavirus crisis. It will transition from a content provider to a content-driven technology company, and from a holding company to an operational structure.

  • Indian pharma firms go local seeking to end reliance on China

    Indian drug companies are looking to local makers of so-called active pharmaceutical ingredients (API) or trying to make them in-house in a bid to end their reliance on China as ties between the two countries soured after a deadly border clash last June. Though India is known as the pharmacy of the world for its massive production capacities of both generic drugs and vaccines, China accounted for half of its API needs in 2019 from nearly nothing three decades ago, industry data shows. Executives at India's Cadila Healthcare, Cipla, Sun Pharmaceutical and ‎Biocon said on Tuesday they were aggressively working on reducing the dependence on the richer rival for raw materials.

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    An aerospace parts maker in California is struggling to procure cold-rolled steel, while an auto and appliance parts manufacturer in Indiana is unable to secure additional supplies of hot-rolled steel from mills. Soaring prices are driving up costs and squeezing profits at steel-consuming manufacturers, provoking a new round of calls to end former President Donald Trump's steel tariffs. "Our members have been reporting that they have never seen such chaos in the steel market," said Paul Nathanson, executive director at Coalition of American Metal Manufacturers and Users.

  • How Coinbase Is Worth $100B

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  • Stellantis Deciding Whether to Close U.K. Plant After Brexit

    (Bloomberg) -- Stellantis NV will decide in the coming days whether to close a car factory in the U.K. that has been in limbo since last year due to Brexit-related uncertainty.The automaker is weighing three options for the plant in Ellesmere Port, England, according to people familiar with the matter. It either will invest in making a new version of the Vauxhall and Opel Astra compact car there, build a different model at the facility, or shut it down, said the people, who asked not to be identified because no decision has been made.The site employing about 1,000 workers has emerged as an early test case for the U.K.’s carmaking prospects after the Brexit trade deal reached in late December. Stellantis Chief Executive Officer Carlos Tavares froze investment in the factory earlier in the year due to uncertainty about Britain’s future trading relationship with the European Union. While a crisis was avoided, the CEO has raised concerns about additional costs and bureaucracy, as well as Prime Minister Boris Johnson’s 2030 ban of combustion-engine cars.“You put your investment close to the market where you sell the highest volume,” Tavares said in January. Given that, he asked rhetorically: “What is left for the U.K.?”Stellantis may announce a decision as soon as Wednesday evening after meeting on the matter, according to a spokesman, who declined to comment further. The company also formed from the merger of PSA Group and Fiat Chrysler makes commercial vehicles at a factory in Luton, England. That plant’s future is secure, the people said.After the U.K.’s passenger-vehicle production plunged to a 36-year low last year, automakers now face more onerous customs procedures and requirements to source higher portions of components locally to avoid tariffs. There’s scarce battery production in the country now, and Stellantis already has a 5 billion-euro ($6.1 billion) project to make them in France and Germany with oil giant Total SE.“If you look at it from a pure logistic perspective or from a paperwork perspective, perhaps it’s better to put it in continental Europe,” Tavares said last month, referring to the company’s EV investments. “It depends also on the U.K. government’s willingness to protect some kind of automotive industry in its own country.”(Updates to add reference to possible timing of announcement in the fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Treasuries Rout Accelerates as Quants Deepen Global Debt Selloff

    (Bloomberg) -- Treasuries tumbled anew, lifting 30-year yields the most in almost two months, as corporate hedging and trend-following quant funds added fuel to the selloff that’s driven global debt to its worst annual start in years.Rates climbed across notes and bonds, with the long-end rising most and the curve steepening sharply, fueled by block sales in Treasury futures and possible mortgage-related hedging. The 30-year yield jumped by 11 basis points at one point, to 2.29%, while the 10-year rate climbed as much as 9 basis points to 1.43%, both roughly one-year highs.Investors are still factoring in the prospect of trillions of dollars of additional U.S. pandemic relief, which is setting the stage for a shift away from historically low Treasury yields and energizing the global economic trade, driving up commodities prices and inflation expectations. As traders price in the potential for a quicker growth rebound, they’re also looking to the day when the Federal Reserve may pare back its massive bond-buying program.“The market is nervous about additional stimulus, worried about the risks of higher inflation, and concerned about QE tapering,” said Gennadiy Goldberg, senior U.S. rates strategist at TD Securities. “The selloff is likely being exacerbated by convexity hedging and positioning stop-outs.”Amid the slump in bonds, the benchmark 10-year yield’s rolling 30-day correlation with Hedge Fund Research Inc.’s Macro/CTA Index has strengthened, signaling that funds following price momentum are actively building short positions in Treasuries.Global bond markets are suffering this year, with volatility gauges climbing to multi-month highs. That’s prompted fears over a potential tantrum in havens such as Treasuries and German bonds. While Fed Chairman Jerome Powell this week called the run-up in bond yields “a statement of confidence” in the economic outlook, the move raises pressure on central banks to keep financing conditions easy. The risk is that quant funds act as a further catalyst.A JPMorgan Chase & Co. model that follows a trend-following strategy backs the case that those funds -- also known as commodity trading advisors -- have been exacerbating the slide in global debt markets.The model turned short 10-year German bunds on Feb. 12 and Treasuries on Feb. 16, and is now the most bearish on both in at least two years, JPMorgan strategists led by Nikolaos Panigirtzoglou in London wrote in a research note published Tuesday.“This suggests that CTAs have served to amplify the bond market sell-off in recent weeks,” they said.The last time the link between Treasury yields and the Macro/CTA Index was this strong was in March. Back then, yields plunged as the coronavirus spread globally, prompting trend-following funds to to quickly add long exposure to bonds.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • This Day In Market History: Dow Hits 4,000

    Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day in 1995, the Dow Jones Industrial Average crossed 4,000 for the first time. Where The Market Was: The S&P 500 was trading at 486.91 and the Dow closed the day at 4,003.33. What Else Was Going On In The World? In 1995, Timothy McVeigh used a car bomb to attack the Oklahoma City Federal Building, killing 168 people and injuring 680 others. The tech world got its first taste of Javascript. The average American paid $550 per month in rent. Breaking The 4K Barrier: At the time the Dow finally pushed above 4,000, Wall Street had been on such a run that there were plenty of skeptics out there. In fact, the Wall Street Journal printed the headline “Stocks Cross 4000 for the First Time, But the Visit There May Be Brief. In reality, the Dow only briefly dipped back below 4,000 for two days before surging higher and never looking back. The down crossed above 5,000 by the end of 1995 and was above 6,000 by late 1996. The Dow ultimately peaked at 11,750 during the height of the dot-com bubble in early 2000. Since that time, the lowest it has traded was 6,469 during the bottom of the 2008 financial crisis. In the years since hitting 4,000 for the first time, the Dow has delivered an overall gain north of 600%. See more from BenzingaClick here for options trades from Benzinga30% Of Americans Have Tapped Into Their Retirement Accounts: Here's Why That's No Reason To PanicHow Much Investing ,000 In Home Depot Stock 5 Years Ago Would Be Worth Today© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.