Stock Markets

Japan’s SBI Holdings raises stake in Shinsei Bank after tender offer

Published

2 years ago

June 25, 2023

Japanese online financial conglomerate SBI Holdings Inc said on Saturday it has raised its stake in SBI Shinsei Bank to 53.74% by just 3.7 points through a tender offer as a step toward taking the midsize lender private.

The completion of the tender offer on Friday helps prepare for the expected delisting of Shinsei, allowing more flexibility in returning 349 billion yen ($2.43 billion) in public funds its predecessor bank received two decades ago in a bailout from the government, which still owns a 22.98% stake.

SBI Holdings said last month it would launch the tender offer for Shinsei, with plans to pay 2,800 yen per share, for up to 154.2 billion yen in total.

Shares of Shinsei, which closed at 2,807 yen on Friday, have remained above 2,800 yen since the announcement on speculation that some shareholders may demand a sweetened offer. The share price remains far below the 7,450 yen each the government would need to recoup money injected into Shinsei.

The lacklustre tender results suggest a vast majority of the minority shareholders seem to have decided the price was not fair, said Travis Lundy, Quiddity Advisors analyst who publishes on Smartkarma.

“As the board eventually decided to recommend a price they had said was not recommendable, it appears many shareholders will seek a court appraisal of fair price,” Lundy said.
“One can only hope the attempt to rewrite the M&A rules will address such situations of coercive behaviour by companies.”

According to Shinsei’s filing, its special committee suggested the bank was worth at least 3,000 yen per share, and one independent director opposed recommending shareholders tender their shares.

Shinsei will soon begin procedures to squeeze out remaining minority shareholders except for the government. The steps include an extraordinary shareholders meeting to vote on share consolidation, which is expected to clear the required two-thirds majority, with approval from SBI and the government.

SBI aims to become Japan’s fourth-largest banking group. It already owns the country’s largest online brokerage, an online bank and an asset manager and has been taking shares in smaller lenders to create a nationwide network.

($1 = 143.6800 yen)

Stock Markets

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Nextracker

Published

24 hours ago

January 5, 2025

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Nextracker To Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $75,000 in Nextracker between February 1, 2024 and August 1, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Nextracker Inc. (“Nextracker” or the “Company”) (NASDAQ: NXT) and reminds investors of the February 25, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the impact of project delays on Nextracker’s business, financial results, and prospects was far more severe than represented to investors; (2) permitting and interconnection delays had materially impaired Nextracker’s ability to convert backlog into revenue at historical conversion rates; (3) Nextracker had been unable to offset the negative impact from project delays through increased client demand and the purported ability to pull forward its other projects in the manner represented by defendants; (4) Nextracker did not possess the competitive advantages which purportedly shielded it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as claimed by defendants; and (5) consequently, defendants lacked a reasonable basis for their positive statements about Nextracker’s business, financial results, and prospects.

The Nextracker class action lawsuit further alleges that on August 1, 2024 Nextracker revealed that its revenue had declined sequentially, from $737 million in the fourth fiscal quarter of 2024 to $720 million during the first fiscal quarter of 2025. Similarly, Nextracker’s GAAP gross profit had declined sequentially from $340 million in the fourth fiscal quarter of 2024 to $237 million during the first fiscal quarter of 2025. Notably, Nextracker did not raise guidance for the first time since it became a public company, implying a slowdown in growth for the remainder of the year.

On this news, the price of Nextracker stock fell approximately 15% over two trading days.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information Nextracker’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236028

Stock Markets

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Symbotic

Published

24 hours ago

January 5, 2025

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Symbotic To Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $100,000 in Symbotic between February 8, 2024 and November 26, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information].

New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Symbotic Inc (NASDAQ:). (“Symbotic” or the “Company”) (NASDAQ: SYM) and reminds investors of the February 3, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Symbotic improperly accelerated revenue recognition in its 2024 financial statements; and (2) as a result, defendants’ statements about Symbotic’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On November 27, 2024, before market hours, Symbotic filed a current report on Form 8-K with the SEC in which it announced that it would restate its fiscal year 2024 financial results. The report stated that Symbotic “identified errors in its revenue recognition related to cost overruns on certain deployments that will not be billable, which additionally impacted system revenue, income (loss) before income tax, net income (loss) and gross margin recognized in the second, third, and fourth quarters of fiscal year 2024.”

On this news, Symbotic’s stock price fell $13.41 per share, or 36%, to close at $24 per share on November 27, 2024.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Symbotic’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236032

Stock Markets

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of AstraZeneca

Published

24 hours ago

January 5, 2025

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In AstraZenecaTo Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $100,000 in AstraZeneca (NASDAQ:) between between February 23, 2022 and December 17, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against AstraZeneca PLC (LON:) (“AstraZeneca” or the “Company”) (NASDAQ: AZN) and reminds investors of the Feb. 21, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) AstraZeneca engaged in insurance fraud in China; (2) as a result, AstraZeneca faced heightened legal exposure in China, which eventually resulted in the AstraZeneca China President being detained by Chinese law enforcement authorities; (3) as a result, AstraZeneca understated its legal risks; (4) the foregoing, once revealed, could materially harm AstraZeneca’s business activities in China; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On October 30, 2024, AstraZeneca announced that Leon Wang, Executive Vice President International and AstraZeneca China President, was “cooperating with an ongoing investigation by Chinese authorities.”

On this news, AstraZeneca American Depositary Shares (“ADS”) fell 3.1% on October 30, 2024.

Then, on November 5, 2024, Yicai Global published an article entitled “AstraZeneca Insurance Fraud Involves Dozens of Senior Executives in China, Source Says.” This article stated that “[d]ozens of senior executives at AstraZeneca China have been implicated in an ongoing insurance fraud case as of last week, according to a person familiar with the matter.” Further, it stated that “[o]ver the past three years, insurance fraud cases involving AstraZeneca have surfaced in Shenzhen as well as the provinces of Fujian and Jiangxi. [. . .] These cases amount to the largest insurance fraud in the nation’s pharmaceutical sector for years, a person familiar with the matter pointed out.”

On this news, AstraZeneca ADSs fell a further 7.2% on November 5, 2024.

Faruqi & Faruqi, LLP also encourages anyone with information regarding AstraZeneca’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236013