Stock Markets

Georgia faces an uncertain future as all sides claim election victory

Published

2 months ago

October 27, 2024

By Felix Light and Lucy Papachristou

TBILISI (Reuters) – Georgia’s most powerful man claimed victory in an election on Saturday but the opposition said it had won and called on the ruling party to admit defeat, setting the stage for a confrontation over the future of the South Caucasus country.

Georgian Dream’s billionaire founder Bidzina Ivanishvili, the opposition, and foreign diplomats had cast the election as a watershed moment that would decide if Georgia moves closer to the West or leans back towards Russia amid the war in Ukraine.

Rival exit polls gave sharply different projections for the election. An exit poll by the Georgian Dream-supporting Imedi TV channel showed the ruling party winning 56%.

But exit polls by the pro-opposition Formula and Mtavari Arkhi channels showed major gains for pro-Western opposition parties, who they suggested would together be able to form a majority in the 150 seat parliament although deeply divided.

Ivanishvili, the ruling party’s reclusive billionaire founder and onetime prime minister, claimed victory.

“It is a rare case in the world that the same party achieves such success in such a difficult situation – this is a good indicator of the talent of the Georgian people,” Ivanishvili said just minutes after polls closed.

“I assure you, our country will achieve great success in the next four years,” Ivanishvili said. Early results were due imminently and fuller results should be announced within hours.

But the opposition also celebrated victory and said Ivanishvili should concede.

Tina Bokuchava, leader of the United National Movement party of former President Mikheil Saakashvili, told Reuters that the opposition had won by a good margin of 10%.

“Against that backdrop most people will be taking Bidzina Ivanishvili’s claims of a government majority with a large bucket of salt,” Bokuchava said.

“We believe the Georgian public has voted clearly for a future at the heart of Europe and no amount of posturing will change that.”

CRUCIAL VOTE

Georgian President Salome Zourabichvili – a one-time ally of the ruling party turned fierce critic whose powers are mostly ceremonial – and independent domestic election monitors had alleged Georgian Dream was engaged in widespread vote-buying and other forms of electoral abuse in the lead-up to the vote.

Georgian Dream did not immediately respond to a request for comment.

Some Georgians told Reuters that they wanted change.

“I voted for freedom and for the European choice,” said voter Irakli Andronikashvili in Tbilisi on Saturday, adding that he wanted a government which was “more progressive, less corrupt and more common-sense.”

Georgia was once one of the most pro-Western states to emerge from the chaotic aftermath of the Soviet Union’s collapse. The road leading from Tbilisi’s airport is named after former U.S. President George W. Bush.

Since Russia’s invasion of Ukraine in February 2022, Tbilisi’s relations with the West have taken a sharp downward turn. Unlike many Western allies, Georgia declined to impose sanctions on Moscow, while Georgian Dream’s rhetoric has become increasingly pro-Russian.

Georgian Dream has drawn the ire of its Western allies for what they cast as its increasingly authoritarian bent. Hungarian Prime Minister Viktor Orban congratulated Georgian Dream for an “overwhelming victory”.

The pro-opposition Formula exit poll said that the ruling party would be the single largest party but that the four main opposition parties combined would have 83 seats.

Georgia’s four main opposition blocs are deeply divided, and it is unclear if they will be able to work together if they deprive Georgian Dream of its majority.

© Reuters. Founder of the Georgian Dream party Bidzina Ivanishvili speaks after the announcement of exit poll results in parliamentary elections, at the Georgian Dream party headquarters in Tbilisi, Georgia October 26, 2024. REUTERS/Irakli Gedenidze

Sandro Dvalishvili, a 23-year-old Georgian Dream activist, told Reuters last week that Georgia would face “danger” if his party of choice was defeated at the polls.

“If it turns out that we don’t win, for me that’ll be very bad. Because I don’t see another force that will bring peace and stability to our country”, he said.

Stock Markets

BioAge Labs (BIOA) Azelaprag Trial Halt Raises Questions About Pre-IPO Disclosures – Hagens Berman

Published

17 hours ago

December 26, 2024

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

Published

17 hours ago

December 26, 2024

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.

# # #

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235180

Stock Markets

Suriname fugitive ex-President Desi Bouterse dead at 79

Published

17 hours ago

December 26, 2024

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.