Pas de le Rhône que nous?
Thomas Barton, CEO of struggling storage array supplier Tintri, has resigned, leaving the California upstart leaderless as it heads toward running out of cash by the end of the month. Barton only became Tintri’s CEO at the beginning of April, replacing Ken Klein who took Tintri through its inglorious IPO in June 2017. After …
"LOL!"? "Joke"? Oh, I'm so pleased that you are getting pleasure from this ... at least somebody benefits. I was going to ask if you were bullied at school, but since you add nothing by way of intelligent and informed debate I will reasonably surmise that you didn't spend too much time in a serious academic institution. Predictable how such vacuous and gloating commentary is always attributable to a certain personality type; one that prefers to hide behind the (appropriately named) "Anonymous Coward" pseudonym. Maybe you, in your own mind, are an aspiring "Register" journo ... acerbic and witty ... but no, at least they work in the currency of fact, and opinion supported by data. Oh, and they never, ever, do it anonymously.
Thank You - it is sad that certain people take cheap shots at these times. Creeps like this have complete disregard for the thousands of staff, customers and partners for whom this has potentially serious consequences. I can only assume it is a function of their own inadequacies. I would love to debate these matters directly with them ... but of course that is impossible with an "Anonymous Coward".
For anyone that watches The Expanse - there is a scene where Amos describes The Churn. That describes the state of my industry in recent years, including the part of waiting patiently in the air lock.
Someone saved just that section on youtube, if you need a refresher.
Elon Musk still hopes to quash a 2018 settlement agreement with the SEC requiring Tesla-related tweets to be approved by a lawyer before he can post them: on Wednesday, he took his case to the US Court of Appeals after a lower court denied this request.
The Tesla CEO landed himself in hot water with the watchdog when he tweeted he was thinking of taking the company private at $420 a share, and claimed to have already secured the necessary funding (sound familiar?) In reality, however, Musk did not have the funding or approval to do so. Investors, however, took him seriously and they started buying more shares, bumping up the stock price over 10 per cent.
The SEC accused Musk of fraud, saying his tweets were false and misled the public and caused disruption in the market. Musk was sued by the US regulator; he later settled the lawsuit by agreeing to pay $40 million in penalties, step down as chairman of the automaker's board, and accepted that any tweets discussing Tesla would have to be screened from now on.
Elon Musk is prepared to terminate his takeover of Twitter, reiterating his claim that the social media biz is covering up the number of spam and fake bot accounts on the site, lawyers representing the Tesla CEO said on Monday.
Musk offered to acquire Twitter for $54.20 per share in an all-cash deal worth over $44 billion in April. Twitter's board members resisted his attempt to take the company private but eventually accepted the deal. Musk then sold $8.4 billion worth of his Tesla shares, secured another $7.14 billion from investors to try and collect the $21 billion he promised to front himself. Tesla's stock price has been falling since this saga began while Twitter shares gained and then tailed downward.
Morgan Stanley, Bank of America, Barclays, and others promised to loan the remaining $25.5 billion from via debt financing. The takeover appeared imminent as rumors swirled over how Musk wanted to make Twitter profitable and take it public again in a future IPO. But the tech billionaire got cold feet and started backing away from the deal last month, claiming it couldn't go forward unless Twitter proved fake accounts make up less than five per cent of all users – a stat Twitter claimed and Musk believes is higher.
America's financial watchdog is investigating whether Elon Musk adequately disclosed his purchase of Twitter shares last month, just as his bid to take over the social media company hangs in the balance.
A letter [PDF] from the SEC addressed to the tech billionaire said he "[did] not appear" to have filed the proper form detailing his 9.2 percent stake in Twitter "required 10 days from the date of acquisition," and asked him to provide more information. Musk's shares made him one of Twitter's largest shareholders. The letter is dated April 4, and was shared this week by the regulator.
Musk quickly moved to try and buy the whole company outright in a deal initially worth over $44 billion. Musk sold a chunk of his shares in Tesla worth $8.4 billion and bagged another $7.14 billion from investors to help finance the $21 billion he promised to put forward for the deal. The remaining $25.5 billion bill was secured via debt financing by Morgan Stanley, Bank of America, Barclays, and others. But the takeover is not going smoothly.
The Chinese government has announced that it will again allow "platform companies" – Beijing's term for tech giants – to list on overseas stock markets, marking a loosening of restrictions on the sector.
"Platform companies will be encouraged to list on domestic and overseas markets in accordance with laws and regulations," announced premier Li Keqiang at an executive meeting of China's State Council – a body akin to cabinet in the USA or parliamentary democracies.
The statement comes a week after vice premier Liu He advocated technology and government cooperation and a digital economy that supports an opening to "the outside world" to around 100 members of the Chinese People's Political Consultative Congress (CPPCC).
Chinese ride-hailing company Didi Global is under a Securities and Exchange Commission (SEC) investigation regarding its $4.4 billion June 2021 initial public offering (IPO) in the United States.
Details of the investigation were revealed in the company’s annual SEC filings on Monday. The document showed Didi Global had been named as a defendant in several putative securities class action cases in both federal and New York state courts. The alleged offense was material misstatements and omissions in IPO-related registration statements and prospectus that were in violation of various laws.
Didi Global has asked for a stay in state court action pending the outcome of a dismissal motion in federal court that is still pending. Both actions are in preliminary stages, said the company, which also intends to "vigorously defend [itself] against these claims."
Appian has been awarded more than $2 billion in damages from Pegasystems for "trade secret misappropriation."
It's an eyewatering sum, and came in a verdict received from a jury in the Circuit Court for Fairfax County, Virginia following a seven-week trial.
Appian is all about building apps and workflows rapidly with its low-code platform. The Pega platform is similarly concerned with speedy software building with a low-code approach. However, it appears that one party was a bit too interested in the other, resulting in a violation of the Virginia Computer Crimes Act and a misappropriation of Appian's trade secrets.
The US Securities and Exchange Commission is said to be preparing to adopt rules that would make those overseeing special purpose acquisition companies (SPACs) liable for financial exaggerations to investors.
According to Bloomberg, the Wall Street watchdog is expected to release expanded rules for SPACs on Wednesday. The rule change "would clarify that investors can sue over inaccurate special purpose acquisition company forecasts." Specifically, forecasts about the company a SPAC and its sponsors are trying to take public.
Asked to confirm the report, an SEC spokesperson pointed to SEC Chair Gary Gensler's comment on Twitter that the agency will be having a meeting on Wednesday to discuss SPACs.
More Chinese tech companies including Tencent, JD.com, and China Mobile face delisting by the US Securities and Exchange Commission (SEC) thanks to opaque disclosures.
Tencent-affiliated gaming outfits Huya and Douyu, internet datacenter services provider Vnet Group, and online game services provider NetEase were among more than 80 fresh additions to a provisional list of companies on May 4.
The grouping is presented as part of the Holding Foreign Companies Accountable Act (HFCAA). The act requires some companies that issue securities in the US to allow local auditors to understand how many of its shares are owned by governments, whether governments exercise control over the company, and whether any officials or regulations are connected to the Chinese Communist Party.
Arm-based server processor upstart Ampere Computing has signaled its intention to go public, and said it has filed the initial paperwork with the US Securities and Exchange Commission (SEC).
Ampere announced in an a brief statement that it had filed a draft registration statement for an IPO on a confidential basis with the SEC, but did not disclose the number of shares it expects to offer or the price range for the proposed public offering, saying that these have not yet been determined.
The public offering is expected to be completed following the SEC review process, subject to market and other conditions.
The US Securities and Exchange Commission intends to fill an additional 20 positions in a special unit that polices cryptocurrency fraud and other cybercrimes.
This brings the newly renamed Crypto Assets and Cyber Unit's total to 50 roles as the SEC hopes to crack down on miscreants trying to profit from growing interest in digital assets and marketplaces.
"As more investors access the crypto markets, it is increasingly important to dedicate more resources to protecting them," SEC Chair Gary Gensler said in a canned statement. "By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity."
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