Stock Markets
Argan subsidiary secures major LNG project in Louisiana
ROCKVILLE, MD— Argan , Inc. (NYSE:), a company specializing in construction special trade contracting, announced Wednesday that its wholly owned subsidiary, Gemma Power Systems, has secured a subcontract to install five 90 MW gas turbines at a liquefied (LNG) facility in Louisiana. This development represents a significant step for Argan’s operations in the energy infrastructure sector.
The formal notice to proceed with the project was received on Tuesday, according to a filing with the Securities and Exchange Commission (SEC). The installation of these turbines is a crucial component for the dedicated supply of power to the LNG facility, underlining the importance of Argan’s role in the expansion and modernization of energy infrastructure.
Argan, Inc., headquartered at One Church Street, Rockville, Maryland, is incorporated in Delaware and has a longstanding presence in the construction and engineering industry. Formerly known as Puroflow Inc. and Ultra Dynamics Corp., the company has evolved over the years, adapting to the changing demands of the construction and energy sectors.
The company’s stock, listed on the New York Stock Exchange under the ticker AGX, may see investor interest as market participants often look to such project announcements as indicators of a company’s growth trajectory and future revenue streams.
This announcement comes directly from an 8-K filing with the SEC, providing investors with up-to-date information on the company’s activities and contractual agreements. The details of the contract, including financial terms and project timelines, were not disclosed in the press release statement.
As Argan, Inc. advances its position in the industry with this new project, stakeholders and industry observers will be watching closely to see how this impacts the company’s performance and the broader energy sector. This SEC filing ensures transparency and provides the public with verified information about Argan’s business developments.
“In other recent news, Argan, Inc. reported a robust start to fiscal year 2025, marked by a significant 52% increase in consolidated revenues to $157.7 million, and an EBITDA of $11.9 million. The company’s first-quarter project backlog reached an impressive $824 million, including a significant $300 million in renewable energy projects.
Gross profit for the quarter was $17.9 million, reflecting a gross profit percentage of 11.4%. The company also saw a substantial increase in net income to $7.9 million, up from the previous year’s $2.1 million.
In addition, Argan has received a Letter of Intent for the installation of five 90 MW gas turbines from an LNG project, with potential revenue estimated between $50 million and $75 million. The company has also received a limited notice to proceed on a significant solar project in Illinois, which includes a 405 MW solar farm paired with 22 MW of battery storage. These developments highlight Argan’s strategic positioning in the energy infrastructure market.
Lake Street Capital Markets raised the price target for Argan shares to $85.00 from the previous $70.00, maintaining a Buy rating on the stock. The firm anticipates Argan to experience a rise in activity over the next 12 to 24 months, with a steady flow of new project awards expected. These are recent developments that underline Argan, Inc.’s strong financial health and strategic positioning in the energy infrastructure market.”
InvestingPro Insights
With Argan, Inc. (NYSE:AGX) announcing a significant subcontract in the energy infrastructure sector, investors may be considering the company’s financial health and growth prospects. According to InvestingPro data, Argan’s market capitalization stands at 1020M USD, with a P/E ratio of 26.84, reflecting investor expectations of future earnings.
Notably, the company has experienced a robust revenue growth of 36.84% over the last twelve months as of Q1 2023, which might be indicative of its capacity to handle large-scale projects like the one in Louisiana.
One of the InvestingPro Tips points out that analysts are anticipating sales growth in the current year, which aligns with the company’s current trajectory. Additionally, the same source highlights that Argan has maintained dividend payments for 14 consecutive years, with a dividend yield of 1.57% as of the last dividend date, signaling potential reliability for income-focused investors.
For those considering deeper analysis, InvestingPro offers additional tips to gauge Argan’s investment potential. With a total of 16 tips available, these insights could provide valuable context for the company’s recent contract win. Interested readers can unlock these insights and more with an exclusive offer: use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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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