Stock Markets
Ciena Corp CEO Gary Smith sells shares worth nearly $200k
Ciena Corp (NYSE:) President and CEO Gary B. Smith has sold 4,166 shares of the company’s common stock, according to a recent SEC filing. The transaction, which took place on June 3, 2024, was executed at a weighted average price of approximately $47.99 per share, resulting in a total sale value of nearly $200,000.
The sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a trading plan for selling stocks they own in accordance with the insider trading laws. The range of sales prices for these transactions varied from $47.535 to $48.66, highlighting a slight fluctuation in the stock’s selling price.
Following the sale, Smith’s remaining holdings in Ciena Corp include 372,611 shares, which also account for unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs). It’s important to note that the disclosed figures represent the weighted average price and that detailed information about the specific number of shares sold at each price point can be provided to the SEC upon request.
The transaction comes amidst the regular financial disclosures required of company executives and is part of the normal course of business for corporate insiders. Ciena Corp, headquartered in Hanover, Maryland, is a leading provider of telecommunications networking equipment and software services.
Investors often keep an eye on insider transactions as they may provide insights into executives’ perspectives on the company’s current valuation and future prospects. However, it is important to consider that insider sales can occur for various reasons and may not necessarily reflect a negative outlook on the company’s future performance.
In other recent news, CIENA Corp has been the subject of several analyst reports. Rosenblatt Securities downgraded the company’s stock from Buy to Neutral and lowered its price target to $52.50. The firm also revised its fiscal year 2025 earnings per share (EPS) forecast for CIENA to $3.00. On the other hand, JPMorgan maintained an Overweight rating on CIENA’s stock, despite revising its price target for the shares to $60 from the previous $67 due to a slower-than-expected recovery in telecom service provider orders and demand.
Furthermore, Needham reiterated its Buy rating on CIENA shares, citing the company’s potential for growth in adjacent markets such as routing/switching, broadband access, and network software. Conversely, Citi initiated coverage on CIENA’s stock with a Sell rating, setting a price target of $44.00, citing delayed benefits from AI networking traffic.
In other developments, Andrew C. Petrik, Vice President, Principal Accounting Officer, and Controller of CIENA, announced plans to retire effectively on April 25, 2025. The process of finding and transitioning to a new Vice President and Principal Accounting Officer is expected to commence soon. These recent developments reflect the dynamic nature of the investment landscape for CIENA Corp.
InvestingPro Insights
In light of the recent insider transaction at Ciena Corp (NYSE:CIEN), investors may find additional context in the company’s financial metrics and market performance. As of the last twelve months leading into Q1 2024, Ciena boasts a market capitalization of approximately $7 billion, with a Price/Earnings (P/E) ratio of 27.59, adjusted for that period. This valuation is supported by a strong free cash flow yield, which is one of the InvestingPro Tips that suggests the company’s shares may be undervalued. Additionally, Ciena’s revenue growth over the last twelve months was a solid 13.6%, although it experienced a slight quarterly dip of -1.78% in Q1 2024.
Another InvestingPro Tip to consider is that Ciena operates with a moderate level of debt and its liquid assets exceed short-term obligations, providing some financial flexibility. Moreover, the company’s gross profit margin stands at a healthy 43.27%, reflecting its ability to maintain profitability in its operations. Analysts contributing to InvestingPro forecast that Ciena will remain profitable this year, which aligns with the company’s basic and diluted EPS of $1.54 for the last twelve months as of Q1 2024.
For investors seeking further guidance, there are additional InvestingPro Tips available, including insights on the company’s share buyback strategy and its P/E ratio relative to near-term earnings growth. Access to these tips and more detailed analysis can be found on InvestingPro’s platform, with the opportunity to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are seven InvestingPro Tips listed for Ciena Corp, which can help investors make more informed decisions.
As the next earnings date approaches on June 6, 2024, these metrics and tips could prove valuable for shareholders and potential investors looking to understand the implications of insider trading activities and the overall financial health of the company.
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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