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The NASDAQ stock exchange is being charged $10 million for its failures in the Facebook IPO disaster last year. The $10 million charge comes as part of a settlement for a civil suit brought by the Securities and Exchanges Commission over allegations that computer software errors resulted in the poor IPO.
By accepting this $10 million settlement, NASDAQ neither confirms nor denies that it had faced computer system errors last year. NASDAQ appears to have gotten off easy as the issues reportedly cost investors somewhere around $500 million. Facebook's stock sits at $23.30 after launching at an IPO price of $38.
OCZ announced this morning that Company received a determination from the NASDAQ Listing Qualifications Panel indicating that the panel had granted the company's request to remain listed on the NASDAQ Stock Market, subject to the condition that the company is current in the filing of its periodic reports with the Securities and Exchange Commission by September 16, 2013.
OCZ must promptly notify NASDAQ of any significant events that occur during the exception period and the panel reserves the right to reconsider the terms of the exception at any point if it believes that the continued listing of the company's stocks is inadvisable or unwarranted.
"We are delighted that NASDAQ has granted us this extension. As recognized by this extension, the Company has made substantial progress in becoming current with our filings and we look forward to completing this as soon as possible," said Ralph Schmitt, CEO of OCZ Technology Group.
We all know the PC market isn't doing too well, but new projections from the IDC think that we haven't seen the worst of it just yet. According to the IDC's latest numbers, PC shipments will continue to decline, by 7.8% in 2013 and will fall by another 1.2% in 2014.
IDC are projecting that 2014's numbers are a little stronger as companies that continue to use Windows XP will shift to Windows 8 once Microsoft halts support for the older OS next year. The drop in PC sales are of course thanks to the constantly surging numbers for smart devices such as smartphones and tablets. IDC analyst Loren Loverde says:
Many users are realizing that everyday computing, such as accessing the Web, connecting to social media, sending emails, as well as using a variety of apps, doesn't require a lot of computing power or local storage. Instead, they are putting a premium on access from a variety of smaller devices with longer battery life, an instant-on function, and intuitive touch-centric interfaces. These users have not necessarily given up on PCs as a platform for computing when a more robust environment is needed, but this takes a smaller share of computing time, and users are making do with older systems.
Kim Dotcom has Hollywood's feathers rustled over his new Mega service, with Warner Bros. and NBC Universal asking Google to remove Mega from their search results, claiming that Dotcom's service is hosting copyrighted material on its servers.
Dotcom has hit back, as usual, where he responded to the requests in a statement to TorrentFreak, where he said the requests are the same "unreasonable content industry behavior" that he has put up with for years now. Google haven't complied with the movie studio's requests just yet, with the Mega domain continuing to show up in Google search results. Dotcom does note that a lot of these requests are actually false alarms, which happen from an automated and abusive system:
During the Megaupload days over 20% of all takedown notices were bogus. We analysed big samples of notices and most were automated keyword based takedowns that affected a lot of legitimate files. The abuse of the takedown system is so severe that no service provider can rely on takedown notices for a fair repeat infringer policy.
AMD has reason to be celebrating being in all three next-generation gaming consoles. According to a former AMD executive, the Microsoft Xbox One deal is worth $3 billion alone. Add to that fact that the PlayStation 4 will likely sell in similar numbers to the Xbox One and you can see that this was a major deal for AMD.
With computer sales floundering, having this semi-new market available will help the chipmaker. AMD has been unable to compete with Intel directly using only performance, so hopefully this cash infusion will boost their CPU abilities and GPU abilities. Bob Feldstein, former AMD Corporate Vice President of Business Development (now with NVIDIA as VP of Technology):
This required the coordination of multiple functional teams within AMD, as well as regular customer meetings with leadership teams responsible for handling the challenges of complex, multi-year deals. This project is valued at $3+B.
It remains to be seen if this will be enough to turn the company around. However, as of late the company has been bringing talent back from other companies, which could indicate a resurgence.
Foxconn within a few years could be a completely different company, with unnamed sources talking to The Wall Street Journal saying that Foxconn is "is moving aggressively to add new clients and is looking at ways to diversify beyond contract manufacturing".
This move also includes "reviewing plans to sell its own brand of electronics accessories to improve profit margins". We don't know if the Foxconn made devices would compete with the likes of Samsung Apple, but this would definitely be an avenue I'm sure they're looking at right now.
Samsung have reached the top dog spot for China's smartphone sales for Q1 2013, selling a record 12.5 million smartphones in the three-month period according to Strategy Analytics.
This is the first time the South Korean company has sold over 10 million units in a single quarter, and when compared to their main rival, Apple, they beat them by a long shot. Apple sold just 6.1 million iPhone's in the three-month period, allowing Samsung to secure the number one smartphone vendor in China award for the fifth quarter in a row.
Apple is reportedly being investigated by the European Union over anti-competitive practices in relation to its iPhone range of devices. According to the Financial Times, The European Commission has sent out a nine-page questionnaire to various telecommunications firms in Europe and has begun the preliminary proceedings of the investigation.
The telecommunications companies must return the questionnaire by June 17. Their answers will be used to decide whether a full investigation is warranted. If the companies admit that Apple was favored over rivals, Apple could face significant fines.
Apple could also be in trouble if they disable features of the product within the EU area because this breaches EU law. Such issues include blocking access to 4G networks in Europe.
Apple maintains that it has done nothing wrong.
spent invested $25 million to start a US-based display patent firm. The firm was quietly launched in March in Washington D.C. and will help Samsung protect its patents in the United States. According to the Korea Times, the new firm is known as Intellectual Keystone Technology (IKT).
The company will allow Samsung to better protect its intellectual property, something we've seen Apple doing in the Apple v Samsung lawsuit. Samsung's screens are seen on a wide variety of devices, so its important that Samsung not lose its patents or have them infringed upon as it would be a major hit to the business.
A Samsung Display spokesperson said, "Samsung recently established IKT. Patents are a good source of innovation and we also need to protect our intellectual property by strengthening our patent-related business."
Should we expect to see an uptick in patent litigation? It's certainly possible, though for right now it appears Samsung is just working on amassing patents.
The problem with being one of the biggest companies in the world is you can't catch a break. Just after an antitrust investigation into Google was completed, reports of a new investigation over different allegations have emerged. Google is reportedly being investigated by the FTC over allegations of using its online display-advertising market to curb competition.
The inquiry is just beginning and may not expand into a full-fledged investigation. Center to the probe is whether Google is using its large adverting network to push companies to use other services the company offers. This can prove illegal under antitrust laws if not done properly.
A large portion of Google's advertising tools and network came from the acquisition of DoubleClick in 2007. At the time, the FTC said, "We will closely watch these markets and, should Google engage in unlawful tying or other anticompetitive conduct, the commission intends to act quickly." It looks like the commission now feels the company is being anticompetitive.
TweakTown will follow this and keep our readers up on the latest.