April 24, 2012 |
Groupon Inc. is seeking to add at least two directors to its board in a bid to regain investor confidence after a restatement of revenue last month, two people familiar with the matter said. The largest provider of online daily deals aims to recruit a new director who could eventually lead its audit committee, said one of the people, who asked not to be named because the plan is private. Potential candidates include chief financial officers at publicly traded companies, the person said.
June 16, 2010 |
The threat of a reduction in the dividend paid by energy giant BP is bringing up bad memories for investors who have suffered similar cuts by other once-reliable companies in the last decade. Under pressure from the Obama administration to show it can foot the bill for the oil spill cleanup in the Gulf of Mexico, BP is contemplating slashing or even suspending the $10.5 billion a year it currently distributes to its shareholders. A decision could come Wednesday after company executives meet with the president.
May 11, 2012 |
NEW YORK - Investors are selling off shares of major U.S. banks in midday trading on Wall Street, following news of JPMorgan Chase & Co.'s stunning $2-billion trading loss. While major indexes were initially down in early trading, all had turned positive three hours after the opening bell. The Dow Jones industrial average was up 42 points, or 0.3%, to 12,897. The Nasdaq was up 19 points, or 0.7%, to 2,953. JPMorgan's stock, however, was down sharply - losing $2.82, or 7%, to $37.92 a share.
CALIFORNIA | LOCAL
June 18, 2011 |
Eighteen people have been charged with fraud, money laundering and conspiracy in a scheme that involved cold-calling investors to bankroll indie-film productions, the FBI and U.S attorney's office said Friday. The indictments allege that since 2004, Burbank-based Q Media Assets and Sherman Oaks-based Cinamour Entertainment LLC solicited $25 million from investors for a handful of films, some of which were never made or went straight to DVD. FBI Special Agent Steven Goldman said the companies used high-pressure sales tactics that misrepresented material facts.
July 25, 2012 |
Zynga just gave Facebook investors something else to worry about. Shares of the social networking powerhouse plunged 24 hours ahead of its first earnings report as a public company, taken down by a double whammy: disappointing results from social gaming company Zynga and comments from Zynga Chief Executive Mark Pincus who, in part, blamed Facebook for slashing its outlook for 2012. Facebook shares were down 8% to $27 in after-hours trading. Zynga accounted for 12% of Facebook's revenue in 2011.
March 19, 2014 |
In a sharply worded letter released Wednesday, Mike Lynch, former chief executive of Autonomy, has accused Hewlett-Packard of misleading shareholders about the accounting problems it claimed to have uncovered at the British company it acquired in 2011. HP Chief Executive Meg Whitman announced in November 2012 that the company was taking a $5-billion write-down after a whistle-blower had alerted them to widespread fraud at Autonomy. The company referred the matter to a number of U.S. and British regulatory authorities.
October 19, 2009 |
After getting worrisome signs about consumers from bankers' earnings reports, investors will be looking at a broad range of companies this week for further insights into the outlook for the economy. Consumer-focused companies including Apple Inc., McDonald's Corp., appliance maker Whirlpool Corp. and toy maker Hasbro Inc. are among those reporting results during the week. Airlines, drug companies and more big banks are also scheduled to release their earnings. The market is so focused on companies' third-quarter results and their outlooks for the coming months that economic data such as the September sales report for previously owned homes that is expected this week isn't likely to move the market much.
April 23, 2011 |
American Apparel Inc. is getting a desperately needed financial lifeline. A group of Canadian investors has agreed to inject up to $45 million to help the trendy Los Angeles clothier — and its iconoclastic chief executive, Dov Charney — stave off a potential bankruptcy filing. The retailer has been buffeted by declining sales and a sagging stock price — not to mention a public-relations firestorm stemming from sexual-harassment lawsuits filed by former employees against Charney.
December 3, 2013 |
California regulators have accused the husband of an Orange County assemblywoman of misleading investors in his real estate lending business. The Department of Real Estate alleged that Dan Harkey, husband of Assemblywoman Diane L. Harkey (R-Dana Point), engaged in self-dealing and made "misrepresentations of fact to investors. " The agency's disciplinary action seeks to suspend or revoke the corporate broker license issued to Harkey's three companies, Point Center Financial Inc., National Financial Lending Inc. and Calcomm Capital Inc. An administrative hearing on the accusation, filed Nov. 19, has not been scheduled.
May 24, 2012 |
New home sales are up. The unemployment rate is falling. Companies are buying one another, signaling confidence in the economy. But investors are turning their back on positive economic signs, looking nervously at Europe's seemingly never-ending debt troubles and Facebook's flat IPO, wondering whether the global economy is beginning yet another deep dive. "Although better economic data did not go unnoticed, investors look forward and not backward," said David Dietze, president and chief investment strategist at Point View Wealth Management in Summit, N.J. "All eyes are looking across the pond and seeing a bit of a meltdown in terms of the European sovereign debt crisis.