Attendees waited in line ahead of an event at the Steve Jobs Theater in Cupertino, Calif., on Sept. 12. (David Paul Morris/Bloomberg)

There wasn’t a lot of talk about technology in President Trump’s first State of the Union speech Tuesday night, but he did take time to highlight Apple, citing its announcement earlier this month that it will invest $350 billion in the United States. Trump raised it as a crucial example of how the Republican tax cuts passed last year directly benefit the U.S. economy.

“Since we passed tax cuts, roughly 3 million workers have already gotten tax cut bonuses — many of them thousands and thousands of dollars per worker — and it’s getting to be more every month, every week. Apple has just announced it plans to invest a total of $350 billion in America and hire another 20,000 workers,” Trump said.

When asked to comment on the president’s remarks, Apple pointed to its release from earlier this month. But while Trump has repeatedly touted Apple’s planned investment as a direct result of the new tax law — in public statements and in a recent speech at the World Economic Forum in Davos, Switzerland — the connection between the two is not so clear.

[Fact Check: Apple and the tax cut]

Apple announced a five-year investment plan — which includes a new corporate campus — shortly after the new law passed. But it has not detailed which investments are directly linked to the tax cuts. It did say, however,  that it will pay $38 billion in taxes on its overseas profits.

A payment of that size — which Apple claimed is probably the largest of its kind ever paid to the U.S. government — suggests that Apple is paying taxes on the majority of the $252 billion in offshore cash that it reported holding in its last earnings release. The titanic sum, observers say, is both a signal of how successful Apple is and also of how well it maneuvered through the global tax system.

Apple has given indications that the tax changes inspired a portion of its U.S. spending and investment goals, but not necessarily all of it. Apple chief executive Tim Cook said in an interview with ABC News earlier this month that “there are large parts of this that are a result of the tax reform, and there’s large parts of this that we would have done in any situation.”

[Apple pledges to spend $350 billion and bring 20,000 jobs to the U.S. within next five years]

Cook also told CNBC’s Jim Cramer earlier this month that the tax code changes created a better environment for Apple to execute its plans.

While Apple and Cook have criticized some of Trump’s policies in the past, the narrative that the tax cut has enabled Apple’s investment benefits the tech giant. For years, Cook has championed the idea that changes to corporate tax rules would help Apple increase its investments in the United States and has repeatedly used that argument to counter sharp criticism of the company’s tax practices. While defending Apple’s tax strategy before Congress in 2013, Cook called for a lower corporate tax rate and a lower tax rate on repatriated cash. A Senate report said the company had set up an elaborate system to avoid tax payments on at least $74 billion in profits between 2009 and 2012.

Cook said at the time that Apple paid “all the taxes we owe, every single dollar,” and criticized the nation’s tax system, saying it discouraged companies from bringing money earned overseas back to the United States.

It is not yet clear, however, how much Apple’s new investments can be attributed to the tax changes. The company has pledged to quintuple the size of its manufacturer’s fund — a fund dedicated to supporting firms that make parts of Apple products, such as the glass company Corning — to $5 billion from $1 billion. But Apple has not said how much of the money it spends on projects, such as facilities, goes to the United States; globally, Apple has spent between $12 billion and $15 billion on such projects over the past several years.

More details about the pace of Apple’s investment are expected in the company’s earnings report, due Thursday.

Other technology companies have not yet said how the new tax changes may affect their U.S. investment, though some, such as AT&T and Comcast, have like Apple tied the new law to employee bonuses.

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Eight independent power producers have signed a pact with the Ogun State Government to generate electricity from renewable sources and supply it to different users in the state, AKINPELU DADA writes

The issue of epileptic power supply to Ogun State may soon be over if the Light-up Ogun initiative by the state government and eight independent power producers succeeds.

On Tuesday, the state government and the eight firms signed the Memoranda of Understanding that signalled the commencement of the $497.6m projects in different locations in the three senatorial districts of the state.

According to the Secretary to the State Government, Taiwo Adeoluwa, the government will not commit any resources into the projects except the land, which will form its equity contribution, while the power producers and their technical partners will raise the funds to build the plants.

The Light-up Ogun project is the brainchild of Governor Ibikunle Amosun, who is concerned about the challenges of epileptic supply of power to the indigenes and residents.

Adeoluwa stated, “Ogun State hosts the largest number of major industrial companies in Nigeria; small and medium-scale forms the major entrepreneurship platform the state is known for. Both the domestic and industrial players in the state receive little or no power from the national grid.

“Today, most industrial companies operating in Ogun State generate individual power to run their respective businesses. Small and Medium Enterprises that could not finance their independent power folded up, leading to massive unemployment and youth restiveness all over the country, making most of the companies not competitive in the international market. This position is not acceptable to the governor and this informed the Light-up Ogun project.”

Taking advantage of the full liberalisation of the power sector by the Federal Government, the state government invited bids from independent power producers interested in generating off-grid and embedded electricity of between one and 20 megawatts.

Twelve power producers submitted bids and after careful evaluation by the Ogun energy team, eight of them were selected and given specific areas of the state to set up clean energy plants and light up.

Under the Light-up Ogun project, the government is aiming to light up the state by bringing efficient and uninterrupted power supply to strategic areas of the three senatorial districts of the state, with the facilities coming with a metering system.

The project is to concentrate on industrial locations where independent power plants will introduce possible embedded facility to most industries within the areas to serve mostly government hospitals, health centres, police stations and educational establishments.

Earl Grey Nigeria Limited is to generate eight megawatts of electricity using natural gas, with the $25m plant to be located in Ogijo.

The Managing Director, Earl Grey Nigeria Limited, Jumade Adejola, said, “We are here today because the governor has said he wants the whole of Ogun State to be lighted up. Come next year, we would have achieved it.

“We will be covering Ogijo, Shimawa and other areas in the axis. We will be using gas to generate electricity. The plant will be built by professionals to ensure that residents are protected from gas hazards. It will be a very safe and secure site.

“We are talking with the state government as regards the pricing, but we can assure you that the prices will be quite affordable.”

According to the Managing Director, Gateway Solar Power International Nigeria Limited, Anthonio Ojurabesa, its $200m solar plant in Agbara will generate 125MW of electricity and will serve the many industries in the area as well as residential customers. Naanovo Energy Nigeria Limited is expected to generate five megawatts of electricity from household wastes in the Adigbe area of Abeokuta, the state capital

The firm said that cinder blocks would be made from the ashes from the burnt waste, in addition to potable water.

The company’s Group Managing Director, Ben Alabi, stated, “We are into converting waste to energy through combustion for the Adigbe area and the environs. We have carried out the analysis and we are confident that seven megawatts will cater for the whole of the area. The waste to energy plant that we are building in Ogun State will be the first of its kind in the whole of Africa, because to the best of my knowledge, there is no such plant in Africa.

“We are financing the project with external sources because it costs about $50m in total.”

To power the machinery of government at the Oke-Mosan Secretariat Complex, Nikenando Energy Limited is to generate between 5MW and 20MW through Joule Box hybrid generator at a cost of $46.2m.

Renaissance Impex Energy will expend $56m on a 48MW solar plant that will serve Ikenne, Ago-Iwoye and the Ewekoro Model School, with firm’s co-partner, Tunde Ogundeko, explaining that funds would be sought from the Bank of Industry and its partners abroad.

The Managing Director, Sholep Energy, Olalekan Sogbesan, explained that the firm would be supplying five megawatts of electricity to the Ogun State Polytechnic, Ipokia and neighbouring communities from solar source and that it would spend $10m on the plant.

Solonic Energy will generate 100MW from solar and supply it to the entire Ilaro area of the state, with the Chairman of the firm, Olu Adedoyin, explaining that technical partners from Germany would help to set up the $100m plant.

The federal airport in Wasimi as well as Ewekoro area will benefit from the five megawatts solar plant to be built by Tido Tech International, with the Chief Executive Officer, Prof. Olugbemiga Olatidoye, explaining that the capacity would be scaled up to about 175MW later.

While giving approval for the project, the Deputy Managing Director, Ibadan Electricity Distribution Company, John Ayodele, said, “We support the efforts of the government to light up the state. It is part of our vision to seek help and for Ogun State to start this project, they have our 100 per cent support. We are ready to partner within the confines of the law of the Federal Republic of Nigeria.

“We will not be left behind and we will do anything to support the government in this decision. We need this service more than any other person.”

The Commissioner for Justice and Attorney General of the state, Dr. Olumide Ayeni, stated that the state government had allocated two acres of land to each of the power producers as its equity contribution.

“Every IPP should familiarise themselves with the laws on energy generation and distribution in Nigeria such as the Electric Power Sector Reform Act, 2005 and the Eligible Customer Relations Regulations, 2017,” he added.

The representative of Momas Electricity Meter Manufacturing Company Limited said the firm was happy with the project and would provide accurate metering of energy supplied by the IPPs.

The Consultant to the Governor on Energy and Team Lead, Ogun Energy, Chief Akinsanya Fagbemi, told the IPPs that the government would not hesitate to review the agreements if after three months they failed to begin work at the various sites, adding that the Power Purchase Agreement and other details would be finalised in the weeks ahead.

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Legal firm Anderson Strathern has booked increases in turnover and profits thanks to client wins, panel appointments and growth across its private client, commercial and public sector practice groups.

The Edinburgh-headquartered firm, which also has offices in Glasgow and East Lothian, saw turnover nudge up 2.5 per cent to £21.5 million for the year to 31 August. Net profit grew 4 per cent with profits per equity partner up 9 per cent.

Client wins during the year included the National Library of Scotland, Avis, Glasgow Prestwick Airport, Glasgow City Council, Taylor Wimpey, BBC Alba, Carbon Futures, Loch Lomond National Park and the Crown Office and Procurator Fiscal Service.

During the period under review, the firm invested in its Edinburgh, Glasgow and East Lothian offices, IT projects, as well as brand, marketing and business development. In addition to promoting from within, key external hires included David Campbell as a partner in private client, Iain Grieve as a partner in commercial real estate and Susanne Godfrey who joined as finance director from accountancy major PwC.

The firm retained its double Investor in People and Investor in Young People gold accreditations while Dominic Scullion won rising star at the Scottish Legal Awards in March 2017.

Managing partner Murray McCall said: “By investing in our people, our brand and technology, we have built a strong platform for our next phase of growth as one of Scotland’s leading independent legal firms.

“We have a great team at Anderson Strathern and last year’s results are testament to our collective efforts, skills and an ability to collaborate with our client base and intermediaries to achieve the best possible outcomes.”

Bruce Farquhar, the firm’s chair, said: “Anderson Strathern enters 2018 in a position of strength with pre-eminent offerings in private client, commercial and public sectors. The firm also displayed its entrepreneurial credentials in 2017 with the launch of Alba Claims and we are looking to build on these strengths in the year ahead.”

The dispute resolution practice saw significant growth during the year on the back of the 2016 mergers with ADLP and Jeffrey Aitken, and the family law practice experienced “healthy organic growth”.

Rural land and business witnessed “significant” growth while the firm’s employment and pensions team was bolstered by new revenue streams from increased tribunals as well as new streams of immigration law advice. Private client is said to have “fared well in a competitive market” and property – both commercial and residential – performed well over the year.

In terms of operating highlights, Anderson Strathern – which has 53 partners and more than 230 employees – launched an advocacy and legal opinions unit in April of last year, led by former chair Robert Carr and staffed by eight solicitor advocates.

In October, the firm, whose clients include Ineos and Scotmid, launched a commercial claims company, Alba Claims. After 12 years serving as chair, Carr stepped down from the post last April with Farquhar taking over the position.

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Businessman Jim Bernhard is vowing to do everything in his power to bring a gasoline tax to voters—later this year in a special legislative session, if possible—to fund critically needed road and infrastructure improvements in the state.

It’s one of several measures the private equity firm executive and founder of The Shaw Group pledged to take as part of his newfound commitment to civic activism and moving Baton Rouge forward.

In a rousing speech to the Rotary Club of Baton Rouge, Bernhard said since delivering a similar speech Jan. 23 to hundreds of local business leaders at The Business Report’s annual Power Breakfast, he is determined to become more involved in the community and focus on infrastructure improvements, fighting crime and funding higher education. (Read Executive Editor JR Ball’s column on Bernhard’s Power Breakfast speech.)

“I’m going to be involved. I’m going to advance the conversation,” Bernhard told the standing-room-only crowd at Rotary today. “I could have done a better job with that (during my career). That stopped last week. We’re going to see what we can do to move the community forward.”

Since the Power Breakfast speech, Bernhard says he has received more text messages and calls of support than ever before in his career and he is working to form a group of business leaders who want to be involved in helping him tackle the major issues that he believes are keeping Baton Rouge, a merely good city, from being a great one.

He apologized for not being more engaged in Rep. Steve Carter’s unsuccessful effort last year to pass a gasoline tax increase in the legislature and said he will never again be uninvolved in such matters.

“You’ll get help from me whether you want it or not,” he said.

Following the speech, he told Daily Report he will meet with legislative and business leaders to push the idea of a gasoline tax, which would have to be brought up in a special session later this year, and will fund the campaign to promote the tax himself.

“No one will be able to hide,” he said.

Since the Power Breakfast, Bernhard has also met at length with East Baton Rouge Parish Sheriff Sid Gautreaux and Baton Rouge Police Chief Murphy Paul to discuss ways their law enforcement agencies can work together to more effectively and efficiently fight crime.

“I have a commitment from both agencies that they will be working together on specific joint programs” that will be rolled out in the coming weeks, he said.

A spokesman for Gautreaux confirms the agencies are working together but says it is premature to discuss the specifics of the plan.

Bernhard—who sold The Shaw Group for $3.2 billion to CB&I in 2013 and went on to form one of the largest PE firms in the south, Bernhard Capital Partners—encouraged his audience to also become involved.

“Pick up the phone and call (LSU President) King Alexander and say, ‘What can I do for LSU? How can I help?’” Bernhard said.

Following his speech, a Rotarian in the audience asked Bernhard what might have seemed like an obvious question—if he has political aspirations.

Bernhard, a Democrat, said no, adding, “I am not running for political office.”  

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Mike Godfrey, Tax-News.com, Washington

31 January 2018

One month after the US slashed its corporate tax rate to 21 percent, 287 companies have announced wage hikes or plans to expand their investments in the US, according to Americans for Tax Reform.

Chief among those surfacing in recent days were announcements from The Home Depot, Starbucks, FedEx,
and Exxon Mobil.

The Home Depot has announced plans to provide a new one-time tax reform cash bonus for US hourly associates of up to USD1,000. “This incremental investment in our associates was made possible by the new tax reform bill,” said Chairman and CEO Craig Menear in a January 25 statement. Although the company estimates additional net tax expense of approximately USD150m for the fourth quarter of fiscal 2017, primarily related to taxes on unremitted offshore earnings, it currently estimates that the net impact of tax reform on its 2018 tax provision and cash taxes paid will be beneficial.

Starbucks on January 24 announced a series of perks for employees, including a wage increase for all US hourly and salaried employees and a new employee and family sick time benefit, along with a commitment to create more than 8,000 new retail jobs and 500 manufacturing jobs in 2018. “These offerings will total more than USD250m for more than 150,000 [employees] and are accelerated by recent changes in the US tax law,” said the company on January 24.

FedEx has confirmed plans to invest an additional USD3.2bn, made up of wage increases, bonuses, increased pension fund allocations, and expanded capital investment into the US as a direct result of the Tax Cuts and Jobs Act. Specifically USD200m is to be allocated to increasing employee compensation, a voluntary contribution of USD1.5bn will be made to the FedEx pension plan, and USD1.5bn will be invested in FedEx Express’s Indianapolis hub. “FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the US,” said the company in a January 26 press release.

Most recently, Exxon Mobil on January 30 announced plans to invest more than USD2bn into terminal and transportation expansion and triple production in the Permian basin (a US shale oil field located across Texas and New Mexico) by 2025. “Recent changes in the US. corporate tax rate create an environment for increased future capital investments,” said the company.

House Ways and Means Chairman Kevin Brady (R-TX) commented last week that economic growth figures for the fourth quarter also look promising, with the tax reforms expected to provide a boost to the economy over the coming year.

“With a new tax code built for growth, I’m confident our economy will continue to improve,” he said in a January 26 statement. “2018 is already off to a promising start. Every day, American businesses big and small are announcing plans to hire more workers, increase paychecks, and invest in our communities.”

The latest figures from the Bureau of Economic Analysis estimate that real GDP increased at an annual rate of 2.6 percent in the fourth quarter of 2017 and by 2.3 percent over the full year.

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Jan 31, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / January 31, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Xunlei Limited (“Xunlei” or the “Company”)

XNET, +0.92%

and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 18-cv-00646, is on behalf of a class consisting of investors who purchased or otherwise acquired Xunlei securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Xunlei securities between October 10, 2017, and January 11, 2018, both dates inclusive, you have until March 20, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here to join this class action]

Xunlei is a cloud-based acceleration technology company operating an internet platform in China based on cloud technology to enable users to access, manage, and consume digital media content. The Company’s main product is OneCloud, a network linked storage device allowing multiple users to share online storage remotely and a “mining machine” for users to share their idle bandwidth with Xunlei’s content delivery networks.

On October 10, 2017, Xunlei issued a press release announcing the introduction of “OneCoin”, a blockchain-based product with no central bank endorsed value. OneCoin was subsequently renamed “Lianke”.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Xunlei had engaged in an unlawful financial activity; (ii) OneCoin was a form of disguised initial coin offering (“ICO”); (iii) Xunlei was engaged in the promotion of an Initial Miner Offering (“IMO”); and (iv) as a result of the foregoing, Defendants’ statements about Xunlei’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On or about November 24, 2017, various news outlets in China reported that Xunlei’s business partner Shenzhen Xunlei Big Data Information Services Company Ltd. (“Big Data”) was accusing Xunlei of conducting an unlawful ICO through the Company’s OneCoin project.

On this news and over the course of two trading days, the Company’s ADS price declined $6.33 from a close on November 24, 2017, at $24.91 per ADS, to a close at $18.58 per ADS on November 28, 2017, a drop of approximately 25.41%.

On November 29, 2017, Xunlei issued a press release entitled “Xunlei Provides Clarification on Recent Market Development,” announcing an update on its business relationship with Big Data. The press release stated, in part, that Xunlei has requested Big Data to stop using the “Xunlei” brand name immediately and also terminated its right to use the “Xunlei” brand.

On this news, the Company’s ADS price declined $5.78 from a close on November 28, 2017, at $18.58 per ADS, to a close at $12.80 per ADS on November 29, 2017, a drop of approximately 31.1%.

On January 12, 2018, the National Internet Finance Association of China issued a “Risk Alert” notice regarding “Disguised ICO [Initial Coin Offering] Activities” (the “Risk Alert Notice”). The Risk Alert Notice referenced a September 2017 notice issued jointly by seven government ministries, which stated, in part, that “ICO activities are suspected of involving illegal criminal activities including illegal fund-raising, illegal issuance of securities, and illegal sale of notes and bonds” and “all institutions and individuals should immediately stop engaging in ICO activities.” The Risk Alert Notice further stated that “[i]n the case of Lianke issued by Xunlei . . . the issuing company in effect substitutes Lianke for the duty to pay back project contributors with legal tender, making it essentially a financing activity and a form of disguised ICO.”

On this news, the Company’s ADS price declined $6.27 from a close on January 11, 2018, at $22.90 per ADS, to a close at $16.63 per ADS on January 12, 2018, a drop of approximately 27.38%.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

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NEW YORK, Jan. 31, 2018 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of  Bellicum Pharmaceuticals, Inc. (“Bellicum” or the “Company”) 
                                    BLCM, -25.85%
                                           Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Bellicum and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here to join a class action]
On January 30, 2018, post-market, Bellicum issued a press release announcing “that the Company has received notice from the U.S. Food and Drug Administration (FDA) that U.S. studies of BPX-501”, Bellicum’s lead product candidate, “have been placed on a clinical hold following three cases of encephalopathy deemed as possibly related to BPX-501.”  On this news, Bellicum’s share price has fallen sharply during intraday trading on January 31, 2018.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.


        CONTACT:Robert S. Willoughby  
Pomerantz LLP  
rswilloughby@pomlaw.com

         View original content:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-bellicum-pharmaceuticals-inc—blcm-300591292.html
SOURCE  Pomerantz LLP

Copyright (C) 2018 PR Newswire. All rights reserved

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Geneva — The UN’s human rights office said on Wednesday that it had identified 206 companies so far doing business linked to Israeli settlements in the West Bank, where it said violations against Palestinians were “pervasive and devastating”.

The report is politically sensitive because companies in the UN database could be targeted for boycotts or divestment aimed at stepping up pressure on Israel over its settlements, which the world body views as illegal.

“The majority of these companies are domiciled in Israel or the settlements (143), with the second-largest group located in the US (22). The remainder are domiciled in 19 other countries,” the UN human rights office said in a statement.

The report, which did not name the companies but said that 64 of them had been contacted to date, said that the work in producing the database “does not purport to constitute a judicial process of any kind”.

Its mandate was to identify businesses involved in the construction of settlements, surveillance, services including transport, and banking and financial operations such as loans for housing that may raise human rights concerns.

Human rights violations associated with the settlements are “pervasive and devastating, reaching every facet of Palestinian life,” the report said. It cited restrictions on freedom of religion, movement and education as well as lack of access to land, water and livelihoods.

Israel criticised the Human Rights Council in March 2016 for launching the initiative at the request of countries led by Pakistan, calling the database a “blacklist” and accusing the 47-member state forum of behaving “obsessively” against Israel.

Israel’s mission in Geneva said on Wednesday that it was preparing a statement responding to the UN report.

“We hope that our work in consolidating and communicating the information in the database will assist states and businesses in complying with their obligations and responsibilities under international law,” said UN High Commissioner for Human Rights Zeid Ra’ad al-Hussein.

Zeid’s office deferred the report last February saying it needed more time to establish the database. It is to be debated at the main annual session of the UN Human Rights Council, being held in Geneva from February 26 to March 23.

Reuters

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Jan 31, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / January 31, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Aerohive Networks, Inc. (“Aerohive” or the “Company”)

HIVE, -3.52%

and certain of its officers. The class action, filed in United States District Court, for the Northern District of California, and docketed under 18-cv-00544, is on behalf of a class consisting of investors who purchased or otherwise acquired Aerohive securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Aerohive securities between November 1, 2017, and January 16, 2018, both dates inclusive, you have until March 20, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here to join this class action]

Aerohive supplies wireless infrastructure equipment. The Company designs cooperative control wireless architecture, cloud-enabled network management, routing, and virtual private network solutions. Aerohive serves the healthcare, education, manufacturing, distribution, and retail industries throughout the United States.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Aerohive had uncovered sales execution issues at the Company at the end of the third quarter of 2017; (ii) consequently, Aerohive’s revenue guidance for the fourth quarter of 2017 was overstated; and (iii) as a result, Aerohive’s public statements were materially false and misleading at all relevant times.

On January 16, 2018, post-market, Aerohive issued a press release entitled “Aerohive Networks Announces Preliminary Fourth Quarter 2017 Financial Results,” revealing that it “expects net revenue for the fourth quarter to be approximately $37 million, which is below the Company’s previously stated guidance of $40 million to $42 million.” Aerohive attributed the reduced guidance to “underlying sales execution issues” uncovered at the end of the third quarter.

On this news, Aerohive’s share price fell $1.63, or 28.6%, to close at $4.07 on January 17, 2018, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

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Copyright 2018 ACCESSWIRE

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18:19, January 31, 2018

One of Scotland’s biggest law firms headquartered hundreds of shell companies that have broken anti-money laundering laws, calling into question the effectiveness of British corporate law, The Herald reported on Monday.

The Scottish limited partnerships (SLPs) – which are legitimate investment vehicles – were formally based at the Edinburgh offices of Burness Paull and failed to adhere to rules governing transparency.

The vehicles, which are often used to fund property investments, were meant to name their owners following changes to the law after hundreds of other SLPs were foundto be fronts for Eastern European organised crime and corruption.

Shell firms were advertised as “Scottish zero-tax offshore companies” across the European Union. They were accompanied by British government documents that would enable their owners to open bank accounts.

The failure of the corporate registry, Companies House, to provide proper oversight calls into question the robustness of Britain’s anti-money-laundering regime, given that it cannot even ensure SLPs name a person of significant control.

“There are serious issues with the accountability and transparency of SLPs. While there may well be legitimate use of SLPs there is very little being done to ensure they are compliant with the law,” said Alison Thewliss, a Scottish National Party MP, who has campaigned for tougher openness rules and is calling for Companies House to be given greater power to regulate the sector.

“It is undeniable that the current processes employed by Companies House are deficient, and are failing to improve transparency with respect to SLPs. Companies House clearly does not have the resources to keep tabs on SLPs,” she said.

SLPs have been central to multi-billion-dollar money-laundering schemes such as the Russian and Azerbaijani Laundromat. SLPs can enter in to contracts and own assets themselves while apparently remaining anonymous, making them highly desirable for certain enterprises.

Just under 1,000 of the 2,500 SLPs registered at Burness Paull’s address in Edinburgh said they had a person of significant control but were yet to name them, The Herald found.

At least 342 SLPs had made no attempt to file any statement. Although Burness Paull is the biggest SLP host in the equity industry, it is not legally responsible for what it’s client firms do.

It said its funds team operates with “integrity and professionalism.”

(Photo: Flikr) Edinburgh, the Scottish capital where hundreds of shell companies avoided transparency laws 

occrp.org

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