Stock Markets
Explosive cases flow to US Supreme Court from ‘bold’ regional court
By Andrew Chung
(Reuters) – When three conservative judges sitting on a New Orleans-based U.S. appeals court declared the funding mechanism approved by Congress for the federal consumer financial watchdog agency unconstitutional, they said the nation’s history of separating powers among the branches of government compelled their ruling.
It turns out these judges – all appointed by Republican former President Donald Trump – got the history wrong, the U.S. Supreme Court decided on May 16 in a 7-2 decision authored by conservative Justice Clarence Thomas, saving the Consumer Financial Protection Bureau from an existential threat.
It was one of several far-reaching decisions by the 5th U.S. Circuit Court of Appeals that the Supreme Court has reviewed during its current term, which began in October and is expected to conclude by the end of June.
The Supreme Court, which itself has a 6-3 conservative majority, has yet to issue rulings in most of this term’s highest-profile cases arising from the 5th Circuit, including one on the abortion pill and two on gun rights.
“It speaks to the importance of those cases that they’re getting put off towards the end,” said Adam Feldman, a legal scholar who tracks court data on his Empirical SCOTUS blog. “When you have these polarizing decisions coming out of the 5th Circuit, there’s probably a lot of movement on both sides of the (Supreme Court) to look at those, and so it’s like a fight for those middle votes.”
The Supreme Court is set to issue its next rulings on Thursday and Friday.
The 5th Circuit is one of the 13 federal appellate courts – and perhaps the most conservative of them – that are one step below the Supreme Court. It handles appeals from federal trial courts in the Republican-led states of Louisiana, Mississippi and Texas.
Cases from the 5th Circuit have represented an increasing share of the Supreme Court’s workload in recent years, according to Feldman. It heard 10 cases from the 5th Circuit this term, deciding two thus far, including the CFPB reversal. The only lower court with more cases reviewed, at 12, is the San Francisco-based 9th Circuit, which spans nine western states including California and two U.S. territories.
‘A FAVORABLE FORUM’
The fact that such a panoply of cases covering hot-button issues is coming out of the 5th Circuit is the result of conservative plaintiffs choosing to bring litigation before a court they “perceive as a favorable forum,” according to Adam Unikowsky, a prominent Washington lawyer who has argued frequently before the Supreme Court.
In turn, the 5th Circuit has not been shy about ruling against federal regulations and statutes, including the federal ban on gun possession by people subject to court-issued domestic violence restraining orders.
“There’s a lot of bold litigation being brought in the 5th Circuit, and bold decisions,” Unikowsky said.
Supreme Court justices signaled reservations about 5th Circuit decisions during arguments in some major cases still to be decided, including the one involving domestic violence gun curbs.
Others involved the 5th Circuit backing restrictions on access to the abortion pill and siding with two Republican-led states that accused Democratic President Joe Biden’s administration of violating constitutional free speech protections by urging social media platforms to remove certain posts that federal officials deemed misinformation.
On the other hand, the conservative justices expressed sympathy toward 5th Circuit decisions that faulted U.S. Securities and Exchange Commission in-house adjudications as a violation of the constitutional right to a jury trial and backed a Texas man who challenged a federal ban on “bump stock” devices that make semiautomatic weapons fire rapidly like machine guns.
The Supreme Court rejected several decisions by the 5th Circuit in emergency matters without hearing arguments – halting the sales of homemade “ghost gun” kits, letting U.S. Border Patrol agents remove fencing placed by Texas officials along the Mexican border, and lifting restrictions on Biden administration officials in the social media misinformation case.
THE CHIEF JUSTICE
Some legal experts said that the various reversals and rejections indicate that the Supreme Court will not simply rubber-stamp 5th Circuit’s actions, despite the conservative leanings of both courts. During its 2022-2023 term, the justices heard nine cases from the 5th Circuit, upholding that court’s decisions only twice.
This dynamic may be due in part to conservative Chief Justice John Roberts, who, according to Feldman, does not want the public to view the Supreme Court as one that predictably rules in favor of conservatives.
In a May Reuters/Ipsos poll, 74% of U.S. registered Republican voters expressed a favorable view of the Supreme Court, compared to 21% of Democrats.
“I think (Roberts) is pushing to get some of these diverse coalitions (of justices), to rule narrowly. And in doing that, I don’t think that that’s necessarily great news for some of these aggressive 5th Circuit decisions,” Feldman said.
Stock Markets
BioAge Labs (BIOA) Azelaprag Trial Halt Raises Questions About Pre-IPO Disclosures – Hagens Berman
San Francisco, California–(Newsfile Corp. – December 25, 2024) – On December 9, 2024, just months after conducting an initial public offering in September 2024, BioAge Labs, Inc. (NASDAQ: BIOA) made the startling announcement that it was discontinuing a Phase 2 study for its lead product, azelaprag, intended to treat metabolic diseases such as obesity.
Hagens Berman has opened an investigation and urges investors in BioAge who purchased shares in the company’s IPO or on the open market and suffered substantial losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/bioa
Contact the Firm Now: BIOA@hbsslaw.com
844-916-0895
BioAge Labs, Inc. (BIOA) Investigation:
The investigation is focused on the propriety of BioAge’s disclosures about the safety data and other matters related to azelaprag, which the company said in its IPO documents has been “well-tolerated in 265 individuals across eight Phase 1 clinical trials.”
BioAge’s disclosures came into question after the market closed on December 6, 2024, when the company announced the discontinuation of the STRIDES Phase 2 clinical trial evaluating azelaprag in combination with tirzepatide for the treatment of obesity. BioAge said that liver transaminitis was observed in patients receiving azelaprag.
This news drove the price of BioAge shares down almost 80% on December 9, 2024.
“We’re focused on whether BioAge was transparent to investors about the azelaprag safety profile before the December 6 announcement,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in BioAge and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the BioAge investigation, read more »
Whistleblowers: Persons with non-public information regarding BioAge should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BIOA@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235182
Stock Markets
Celsius Holdings (CELH) Hit with Investor Class Action Amid Accusations of Oversold Inventory to Pepsi- Hagens Berman
CELH Investors with Losses Encouraged to Contact the Firm
San Francisco, California–(Newsfile Corp. – December 25, 2024) – Celsius Holdings (NASDAQ:), Inc. (NASDAQ: CELH) and certain of its C-Suite officers are embroiled in a securities class action lawsuit, claiming they misrepresented and concealed crucial information about the company’s financial performance, especially concerning its key customer, PepsiCo (NASDAQ:).
Hagens Berman is investigating the allegations and urges investors in Celsius who purchased shares and suffered substantial losses to submit your losses now.
Class Period: Feb. 29, 2024 – Sept. 4, 2024
Lead Plaintiff Deadline: Jan. 21, 2025
Visit: www.hbsslaw.com/investor-fraud/celh
Contact the Firm Now: CELH@hbsslaw.com
844-916-0895
Celsius Holdings, Inc. (CELH) Securities Class Action (WA:):
The lawsuit alleges that during the Class Period, Celsius failed to disclose to investors several critical points:
- Oversold Inventory: Celsius significantly oversold inventory to Pepsi beyond demand, leading to a potential drastic reduction in future purchases.
- Declining Sales: As Pepsi depleted its overstock, Celsius’ sales were projected to decline, impacting its financial health and outlook.
- Unsustainable Sales Rates: The sales rates to Pepsi were unsustainable and created a misleading impression of the company’s performance.
- Misleading Metrics: Consequently, Celsius’ business metrics and financial prospects were overstated
The situation came to light on May 28, 2024, when Celsius’ stock price plummeted nearly 13% following reports from Nielsen indicating slowed sales growth. Analysts highlighted the possibility of significantly reduced sales as Pepsi cut back its inventory.
The stock took another hit on September 4, 2024, dropping over 11% after a company presentation revealed a shortfall of $100 million to $120 million in Pepsi orders compared to the previous year. It was also disclosed that Pepsi had held several million excess cases over the last 18 months.
These revelations have led shareholder rights firm Hagens Berman to investigate the allegations.
“We’re investigating whether Celsius deliberately painted an overly optimistic picture of its relationship with Pepsi, misleading investors about the true state of its financial health and sales sustainability,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Celsius and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Celsius case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Celsius Holdings should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CELH@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235180
By Ank Kuipers
PARAMARIBO (Reuters) -Suriname’s fugitive former President Desi Bouterse has died aged 79, the country’s government said on Wednesday, almost a year after he fled authorities to avoid jail following his conviction over the murder of 15 political activists in 1982.
“The government has been informed through the family and its own investigations of the passing of Mr. D. Bouterse, ex-President of the Republic of Suriname,” Foreign Minister Albert Ramdin told Reuters.
The former leader died on Tuesday, the government said, without confirming where, or even in which country. Last week Surinamese authorities raided his home – where supporters gathered to pay their respects on Wednesday morning – but did not find him.
Surinamese President Chan Santokhi, who investigated the case as a police commissioner and later as justice minister, expressed condolences to Bouterse’s family and urged calm in a statement.
“In the spirit of the holiday season and year-end, the president calls on all to remain dignified and calm, maintain peace and order and engage in prayer in the spirit of these special days,” the statement said.
Bouterse dominated politics in the tiny South American country for decades, leading a coup in 1980 and finally leaving office in 2020.
In 2019 he and six others were convicted for their role in the 1982 murders of 15 leading government critics – including lawyers, journalists, union leaders, soldiers and university professors – for which Bouterse received a 20-year prison sentence.
Bouterse had claimed the murdered men were connected to a planned invasion of the former Dutch colony.
Following years of legal back and forth, Bouterse was ordered to report to prison in January but he did not show up on the appointed date.
Though Bouterse avoided prison by going on the run, Reed Brody, a U.S. war crimes prosecutor who monitored the case for the International Commission of Jurists, said justice had caught up with the convicted former president before he died.
“Thanks to the victims’ relatives and their supporters who never gave up, Bouterse will go down in history as a convicted murderer,” Brody said.
The former president’s family will make a statement later on Wednesday, members of his political party told journalists.
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