Business, Financial & Legal - Page 272
All the latest Business, Financial & Legal news as it relates to tech, gaming, and science - Page 272.
In the midst of the Facebook IPO debacle, Mark Zuckerberg is MIA
The Facebook IPO may now be part of a Securities Fraud Lawsuit, but there's some more interesting news building at the moment. Facebook founder and CEO, Mark Zuckerberg is not around to enjoy the fruits of his labor. Zuckerberg's last public appearance was the day he rang the Nasdaq opening bell, the same day the shares went public and this problem became an issue for thousands across the world.
The only other appearance from the social networking guru is the wedding picture he posted over the weekend. It's been five days since then, and there has been nothing on his Facebook page either. The shares are steady on $32 a piece, and this just adds to the hysteria that is the Facebook IPO.
Zuckerberg and co have a large hole to dig out of, and while Facebook is a seemingly invincible brand, nothing is ever indestructible. I have seen on my ventures through the jungle that is the Internet, other sources claiming that "Facebook could destroy the U.S. economy", which may sound ridiculous, but it's not a random blog saying this, it's Market Watch, which gives it some credibility.
Continue reading: In the midst of the Facebook IPO debacle, Mark Zuckerberg is MIA (full post)
Facebook IPO now the subject of a Securities Fraud Lawsuit
It seems that the ongoing tanking of the Facebook shares is now getting worse, with the Facebook IPO now the subject of a Securities Fraud Lawsuit filed in the United States District Court in New York. The lawsuit is built upon certain Facebook IPO documents containing untrue statements of material facts and omitted other facts necessary to make such statements not misleading.
But, it gets worse, the fraud lawsuit goes on to say that the Facebook IPO documents weren't prepared in accordance with Federal rules and regulations governing their preparation, thus, violating Federal Securities Laws. But, you might be safe, if you purchased, or acquired shares in Facebook common stock (FB), traceable to the Facebook IPO, on or around May 18, 2012, you can contact the Securities Fraud Attorneys to discuss your rights to recovery.
If you have purchased or acquired shares in Facebook, and want to go through with this, here are some contact details:
Continue reading: Facebook IPO now the subject of a Securities Fraud Lawsuit (full post)
HP to lay off 27,000 employees in multi year restructuring
We previously reported that anonymous sources were saying HP was going to lay off 25,000-30,000 people. We now know that those numbers were correct as Meg Whitman has announced a restructuring plan which will result in 27,000 workers being let go. To put that number in perspective, it is about 8% of HP's 325,000-person workforce.
People won't be losing their jobs immediately as these layoffs are part of a multi-year restructuring plan. As such, the cuts will only be fully implemented by October 2014 which gives employees plenty of time to find new jobs. The move is aimed at making HP more innovative and cost efficient and will include an early retirement program and a one-time charge of $1.8 billion.
"We are making progress in our multi-year effort to make HP simpler, more efficient and better for customers, employees, and shareholders," said Meg Whitman, HP chief executive. "This quarter we exceeded our previously provided outlook and are executing against our strategy, but we still have a lot of work to do."
Continue reading: HP to lay off 27,000 employees in multi year restructuring (full post)
Seagate announces agreement with LaCie to acquire controlling interest
Seagate is looking to expand their grasp in the consumer market and what better way than acquiring a company that already produces consumer storage devices? Seagate has extended an offer to LaCie's CEO to purchase the CEO's and his affiliate's stock in LaCie which would give Seagate 64.5% of the outstanding shares, which is enough to have majority control.
Of course, this offer is pending approval by governmental regulatory agencies. Once Seagate gets these approvals, "Seagate would commence an all-cash simplified tender offer (followed as the case may be by a squeeze-out procedure) to acquire the remaining outstanding shares in accordance with the General Regulation of the French Autorite des Marches Financiers (AMF)."
The offer to the LaCie CEO by Seagate is pretty good. The offer is at â¬4.05 with a potential adjustment depending on LaCie's cash and debt position of LaCie at closing. The price could also possibly increase by up to 3% "in the event that the threshold of 95% of the shares and voting rights of LaCie would be reached by Seagate within 6 months following closing."
Continue reading: Seagate announces agreement with LaCie to acquire controlling interest (full post)
Jury finds Google did not infringe on Oracle patents with Android
It what can only be considered a win for programmers around the country, Google has been found not guilty of infringing on Oracle's patents. It took the jury an entire week of deliberations to come to this conclusion. Of the eight claims across two patents, RE38,104 and 6,061,520, Google was acquitted of every single one.
Now that we have this decision, there is no need for the trial to move onto the damages phase as there are no damages to be awarded. The jury is no longer needed in the trial as the final decision as to Fair Use has been left to Judge Alsup to decide. The judge thanked the jurors and dismissed them adding that "this is the longest trial, civil trial, I've ever been in."
Google had been found to be infringing on Oracle's copyrights on a couple of counts, but it is unclear whether or not this was fair use. The jury was unable to decide unanimously if it was. The jury found Google guilty of just one count of infringement, but Judge Alsup later ruled they infringed on 8 other minor counts.
Continue reading: Jury finds Google did not infringe on Oracle patents with Android (full post)
ITC judge recommends banning Xbox 360 imports due to patent infringement
If you want a new Xbox, you better get one now. The judge in the Motorola versus Microsoft patent infringement case has recommended to the six-person review commission that they ban imports of the Xbox 360 due to it infringing upon 4 of Motorola's patents. I can see where this could put a massive kink in Microsoft's current "buy a computer, get an Xbox" promotion.
In court documents that were released Monday, Judge Shaw recommended that the Xbox 360 4GB and 250GB be blocked and that Microsoft should have to post a bond worth 7% of the wholesale value of unsold Xbox's currently in the country. This ruling follows Shaw's previous ruling last month that Microsoft was in fact infringing on some of Motorola's patents.
"It is recommended that the Commission enter a limited exclusion order against infringing Microsoft products," Shaw wrote in his finding. "It is further recommended that the Commission issue a cease and desist order. Additionally, it is recommended that Microsoft be required to post a bond for importation of accused products during the Presidential review period."
Facebook shares continue to tank, now down 18.1% below the IPO launch price
Yesterday I reported that Facebook shares were down 11-percent from the IPO launch price of $38 per share, to a shave over $34 per share. Today, they've dropped even more, down a total of 18.1-percent from $38 per share to $31.12 per share.
An 11-percent drop, is significant in itself, but an 18.1-percent drop is even more significant as it's barely days from its IPO launch. Business Insider has a great piece on it, where they've explained that once again, Wall Street insiders had some great information, where small investors an individuals were left out in the cold.
It seems that Facebook was not as powerful on the stock market, and that this information was shared among the elite before the IPO itself. If we take note that Mark Zuckerberg himself sold 30.2 million Facebook shares, netting him (before tax) a very tidy $1.1 billion. Various people along the line who have the means and power to have much more knowledge than you or I, or the normal investor, were told to cut estimates.
Xfinity Voice gets free voice, text messaging over WiFi using Xfinity Connect Mobile app
Customers of Comcast's Xfinity Voice will be getting some new features which could help customers save money. The new feature is called "Voice 2go" and will allow users to make calls over WiFi using their home phone number. The new service will also allow users to text from the number while on WiFi.
"We continue to enhance our Xfinity Voice service by adding new features consumers have come to expect from smartphones and mobile technology," said Cathy Avgiris, Executive Vice President and General Manager, Data and Communications Services. "These new tools enable customers to stay connected to their home phone service and take it with them virtually wherever they go."
Using the newly redesigned Xfinity Connect Mobile app, customers can make and receive calls and texts messages for free while using WiFi. The service will also work over a mobile phone's 3G or 4G data connection and not use any minutes. These text messages can also be sent internationally to over 40 countries, including Canada, Brazil, China and, soon, Mexico.
Google announces finalization of Motorola Mobility acquisition
Motorola has had a good run as its own company. They literally invented the mobile phone. But, as of late, they haven't been doing so well and Google has been courting them for some time. The deal has finally closed over seas in China, which is the last place that was holding back approval of the acquisition. Google has acquired MMI for $40.00 per share in cash which totals near $12.5 billion.
The CEO of Motorola Mobility has stepped down and Google has replaced them with one of their own. Dennis Woodside, formerly President of the Americas region for Google, will step up and become Motorola's next CEO. Google will continue to run Motorola as a separate company as well as keeping Android an open operating system.
Larry Page, CEO of Google, said:
Continue reading: Google announces finalization of Motorola Mobility acquisition (full post)
Machinima nabs $35 million in funding, led by Google
Online video creator, Machinima has had a great funding round, where they received $35 million in funding. This was led by Google, which also included existing investors found in Redpoint Ventures, and MK Capital. If you remember, Google's YouTube were after some original programming, and have been investing heavily to do so.
At the moment, Machinima's network is the largest single page view generator for YouTube, where it enjoyed more than 1.6 billion video views in the month of April. So we can see why Google ponied up for the online video creator.
YouTube is also an invaluable partner of Machinima, as YouTube is the company's primary distribution and monetization platform. Machinima plans to spend the money on investing in content and global sales, as well as international expansion and distribution. This latest move from Google shows just how important online video will be in the future, while it's not a huge investment, Machinima by itself brings in some serious viewers.
Continue reading: Machinima nabs $35 million in funding, led by Google (full post)