Fiduciary Accounting – Berning CPA http://berningcpa.com/ Sun, 19 Jun 2022 21:48:26 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://berningcpa.com/wp-content/uploads/2021/05/default-150x150.png Fiduciary Accounting – Berning CPA http://berningcpa.com/ 32 32 SHAREHOLDER ALERT: Pomerantz – GuruFocus.com https://berningcpa.com/shareholder-alert-pomerantz-gurufocus-com/ Sun, 19 Jun 2022 21:48:26 +0000 https://berningcpa.com/shareholder-alert-pomerantz-gurufocus-com/ NEW YORK , May 30, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Enservco Corporation (“Enservco” or the “Company”) (NYSE: ENSV) and certain of its officers. The class action, filed in United States District Court of the District of Coloradoand registered under 22-cv-01267, is on behalf of a […]]]>

NEW YORK , May 30, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Enservco Corporation (“Enservco” or the “Company”) (NYSE: ENSV) and certain of its officers. The class action, filed in United States District Court of the District of Coloradoand registered under 22-cv-01267, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired securities of Enservco between May 13, 2021 and April 18, 2022both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of federal securities laws and to pursue remedies under Sections 10(b) and 20(a). ) of the Securities Exchange Act of 1934 (the “Exchange Act”) and rule 10b-5 promulgated thereunder, against the Company and certain of its principal officers.

If you are a shareholder who purchased or otherwise acquired securities of Enservco during the Class Period, you have until July 19, 2022 ask the court to name you as the lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those making inquiries by e-mail are encouraged to include their mailing address, phone number and number of shares purchased.

[Click here for information about joining the class action]

Enservco, through its subsidiaries, provides well improvement and fluid management services to the onshore oil and gas industry in the United States.

Recently, the company has used several tactics in an apparent effort to bolster its balance sheets. For example, in August 2020Enservco’s Board of Directors has approved a transaction for, among others, exchange 50% of the Company’s subordinated debt with Cross River Partners, LP (“Cross River Partners”), a related party. Chairman and CEO of Enservco, defendant Richard A.Murphy, is a managing member of Cross River Capital Management, LLC, the general partner of Cross River Partners. On February 3, 2021, Enservco exchanged the remaining 50% of its subordinated debt with Cross River Partners. In addition, the Company has granted a warrant to Cross River Partners to purchase up to 150,418 additional common shares of the Company in the future at an exercise price of $2.507 per share.

Additionally, during the second quarter of 2021, Enservco amended payroll tax returns originally filed for the third and fourth quarters of 2020 to claim Refundable Employee Retention Credits (“ERCs”) – a type of employee retention credit. tax under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) – for these periods.

The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Enservco had disclosure controls and procedures and flawed internal control over financial reporting; (ii) as a result, there were errors in Enservco’s financial statements relating to, among others, its transactions with Cross River Partners and the accounting for ERCs; (iii) as a result, the Company should restate certain of its financial statements and delay the filing of its 2021 annual report with the United States Securities and Exchange Commission (“SEC”); (iv) the Company has minimized the true extent and severity of its financial reporting problems; (v) as a result, the Company was unable to file its delayed 2021 Annual Report with the SEC within the time originally scheduled; and (vi) as a result, the Company’s public statements were materially false and misleading at all material times.

On March 28, 2022Enservco disclosed in an SEC filing that it had “concluded that the company’s previously released condensed consolidated financial statements as of and for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021“(collectively, “relevant periods”) “should no longer be relied upon largely due to the Company’s accounting for a debt-to-equity conversion with a related party”, namely Cross River Partners. further indicated that she had “misinterpreted[ed the] eligibility for certain employee retention tax credits under the relevant provisions of the [CARES Act]and “would amend its quarterly reports on Form 10-Q for the relevant periods to reflect restatements to its condensed consolidated financial statements for the relevant periods.”

At this news, Enservco’s share price plummeted. $0.45 per share, or 12.3%, to close at $3.21 per share on March 28, 2022.

On March 31, 2022Enservco disclosed in an SEC filing that it could not timely file the company’s annual report on Form 10-K with the SEC for the quarter and year ended December 31, 2021 because the Company was “in the process of reprocessing [its] financial statements and prepare amendments to its Quarterly Reports on Form 10-Q for the relevant periods, which must be completed prior to the completion and filing of the [Company]Annual report on Form 10-K for the period ended December 31, 2021.”

At this news, Enservco’s share price plummeted. $0.21 per share, or 7.78%, to close at $2.49 per share on April 1, 2022.

On April 4, 2022Enservco disclosed in an SEC filing that its chief financial officer, the defendant Marjorie A. Hargrave“leaves the Company and will no longer be an officer and employee of the Company as of April 22, 2022.”

At this news, Enservco’s share price plummeted. $0.19 per share, or 7.48%, to close at $2.35 per share on April 5, 2022.

On April 11, 2022Enservco has filed amended quarterly reports with the SEC for the relevant periods, each reporting adjusted net losses that increased and other adjusted income that decreased materially for their respective periods.

Then, on April 18, 2022Enservco disclosed in an SEC filing that the company “will not be filing its Form 10-K for the fiscal year ended December 31, 2021 within the 15-day extension period provided for by the 12b-25 deposit” because he “intends to [again] amend its quarterly reports on Form 10-Q for the relevant periods to reflect the restatements of its condensed consolidated financial statements for the relevant periods. »

At this news, Enservco’s share price plummeted. $0.38 per share, or 10.47%, to close at $3.25 per share on April 192022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP

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Latest SPAC Trends Indicate Risk of Negative Outcomes https://berningcpa.com/latest-spac-trends-indicate-risk-of-negative-outcomes/ Fri, 17 Jun 2022 22:03:00 +0000 https://berningcpa.com/latest-spac-trends-indicate-risk-of-negative-outcomes/ By Adam Karageorge, Adrianna Huffman and Monet Lee (June 17, 2022, 6:03 p.m. EDT) – Calendar years 2020 and 2021 have seen a boom in special purpose acquisition companies, with an unprecedented number of IPOs. A SPAC is a shell company created by sponsors – usually private equity, venture capital or hedge fund investors – […]]]>
By Adam Karageorge, Adrianna Huffman and Monet Lee (June 17, 2022, 6:03 p.m. EDT) – Calendar years 2020 and 2021 have seen a boom in special purpose acquisition companies, with an unprecedented number of IPOs. A SPAC is a shell company created by sponsors – usually private equity, venture capital or hedge fund investors – who raise money by selling shares of the SPAC through an IPO.

Proceeds from the SPAC IPO are held in a trust and used by sponsors to identify and acquire a target company. SPACs seek to acquire or partner with an operating company through an initial business combination, and investors rely on sponsors to run the business…

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Judy Carlson, Paying Fiduciary Financial Professional – Discussion of Investments vs. Insurance for Wealth Accumulation, interviewed on the Influential Entrepreneurs Podcast https://berningcpa.com/judy-carlson-paying-fiduciary-financial-professional-discussion-of-investments-vs-insurance-for-wealth-accumulation-interviewed-on-the-influential-entrepreneurs-podcast/ Thu, 16 Jun 2022 01:31:30 +0000 https://berningcpa.com/judy-carlson-paying-fiduciary-financial-professional-discussion-of-investments-vs-insurance-for-wealth-accumulation-interviewed-on-the-influential-entrepreneurs-podcast/ Judy Carlson explains how to use “Safe Money” strategies to protect families financially. Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-judy-carlson-fee-based-fiduciary-financial-professional-discussing-investments-vs-insurance-for-wealth-accumulation/ Judy explained, “It wasn’t until I worked in the financial services industry for 30 years that I discovered this strategy: building wealth with cash-accumulating life insurance! Most people are familiar with […]]]>

Judy Carlson explains how to use “Safe Money” strategies to protect families financially.

Listen to the interview on the Business Innovators Radio Network:

https://businessinnovatorsradio.com/interview-with-judy-carlson-fee-based-fiduciary-financial-professional-discussing-investments-vs-insurance-for-wealth-accumulation/

Judy explained, “It wasn’t until I worked in the financial services industry for 30 years that I discovered this strategy: building wealth with cash-accumulating life insurance! Most people are familiar with the “investment” side of retirement planning, which is what most people do with their money. However, the “Insurance” or “Safe Money” side includes multiple benefits not found on the Investment side of the industry. There is also a “New Kid on the Block” in the insurance industry! This is a proactive strategy that uses leverage without the need for participant loans. Leverage is a very powerful retirement tool that boosts the growth of your retirement dollars in these insurance contracts and distributes 60% to 100% more income during your payout years. It’s the same concept as buying a house with leverage.

Carlson continued, “Most financial advisers and planners manage your investment money. A few offer insurance-based strategies. We do both! We help you bridge the gap between “managed risk” (investment) strategies and “safe money” (insurance) strategies. We wrap your entire financial foundation, along with your future goals and dreams, in a comprehensive analysis of your investments, assets, lifetime taxation, retirement income, social security benefits, pensions, and more. We custom design and build your unique and strategic lifetime wealth plan. It is flexible and fluid for the twists and turns of your route. Lifelong financial planning, whether you’re starting in your 20s or 70s, builds confidence, creates clarity, relieves stress, worry and anxiety, and gives you a sense of protection for your money.


Video link: https://www.youtube.com/embed/4EWmfdgJ2Ok

About Judy Carlson

Judy has been a CPA for over 40 years and has worked in the financial services industry for most of her career. She is an Independent Trust Financial Planner and an Independent Licensed Insurance Agent.

For the past ten years, Judy’s passion has been to protect families financially using unique and innovative strategies not typically found in traditional financial planning approaches. His practice bridges the gap between the investment and insurance sides of the financial services industry. Judy’s career has spanned public accounting, tax, corporate finance and education, and ten years ago she transitioned from business planning to personal planning.

Investment Advisor Representative and Advisory Services provided by Royal Fund Management, LLC, an SEC Registered Advisor.

Learn more: https://judycarlson.com

Previous reports:
Interview with Judy Carlson on how she protects families financially
https://authoritypresswire.com/judy-carlson-fee-based-fiduciary-financial-professional-discussing-how-she-protects-families-financially-interviewed-on-influential-entrepreneurs-podcast/

Media Contact
Company Name: Marketing Huddle, LLC
Contact person: Mike Saunders, MBA
E-mail: Send an email
Call: 1-888-467-6374
Country: United States
Website: https://www.AuthorityPositioningCoach.com

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Weiss Law investigates Duke Realty Corporation https://berningcpa.com/weiss-law-investigates-duke-realty-corporation/ Mon, 13 Jun 2022 22:19:00 +0000 https://berningcpa.com/weiss-law-investigates-duke-realty-corporation/ NEW YORK, June 13, 2022 /PRNewswire/ — Weiss’ law investigation into possible breaches of fiduciary duty and other violations of law by the board of directors of Duke Realty Corporation (“Duke Realty” or the “Company”) (NYSE: DRE), as part of the proposed acquisition of the Company by Prologis, Inc. (“Prologis”) (NYSE: PLD). Upon completion of […]]]>

NEW YORK, June 13, 2022 /PRNewswire/ — Weiss’ law investigation into possible breaches of fiduciary duty and other violations of law by the board of directors of Duke Realty Corporation (“Duke Realty” or the “Company”) (NYSE: DRE), as part of the proposed acquisition of the Company by Prologis, Inc. (“Prologis”) (NYSE: PLD). Upon completion of the transaction, shareholders of the Company will receive 0.475 of a common share of Prologis for each Duke Realty share held, representing an implied merger consideration per share of approximately $55.69 based on Prologis June 10, 2022 closing price of $117.24. The all-stock transaction is valued at approximately $26 billion.

If you own Duke Real Estate actions and wish to discuss this survey or have questions about this notice or your rights or interests, visit our website:

https://www.weisslaw.co/news-and-cases/dre
Or please contact:
Joshua Rubin, Esq.
Weiss’ law
305 Broadway, 7e Floor
New York, NY 10007
(212) 682-3025
(888) 593-4771
[email protected]

Weiss Law is investigating whether (i) Duke Realty’s board of directors acted in the best interests of the company’s shareholders in agreeing to the proposed transaction, (ii) the merger consideration per share adequately compensates Duke shareholders Realty, and (iii) all information regarding the sale process and valuation of the transaction will be fully and fairly disclosed.

Weiss Law has litigated hundreds of shareholder class and derivative actions for breach of corporate and fiduciary duties. We’ve recovered over $1 billion for defrauded customers and won significant corporate governance relief in many of those cases. If you have information or want legal advice regarding possible corporate wrongdoing (including insider trading, waste of company assets, accounting fraud or misleading information), fraud consumer rights (including false advertising, defective products or other deceptive marketing practices), or anti-trust violations, please email us at [email protected]

SOURCE Weiss’ Law

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ESG demand: the perfect storm https://berningcpa.com/esg-demand-the-perfect-storm/ Fri, 10 Jun 2022 04:30:00 +0000 https://berningcpa.com/esg-demand-the-perfect-storm/ By Brunno Maradei, Global Head of Responsible Investment, Aegon Asset Management Defined benefit pension plans are quickly becoming a relic of the past, while access to capital markets and financial education have become widely available. Individuals are increasingly taking their investment decisions into their own hands and are demanding transparency, low cost and choice. In […]]]>

By Brunno Maradei, Global Head of Responsible Investment, Aegon Asset Management

Defined benefit pension plans are quickly becoming a relic of the past, while access to capital markets and financial education have become widely available. Individuals are increasingly taking their investment decisions into their own hands and are demanding transparency, low cost and choice. In short, a considerable transfer of investment risk occurs from institutions to individuals. At the same time, civil society has diversified its campaign targets beyond legislators and big business to financial institutions, resulting in significant resources being devoted to raising awareness of the potential impact of investments on society and the environment.

While these trends are creating a perfect storm in the investment industry and driving demand for ESG products, we are also seeing an increase in criticism of the performance of these ESG products, arguing that they have no positive impact on society. or the environment they promise, or that they underperform financially. However, measuring the performance and benchmarking of ESG funds is not as simple as it sounds, taking into account multiple variables that influence how their success is perceived.

ESG goals as clear as mud
The challenge usually starts with a lack of clarity and mutual understanding between asset managers and clients on ESG objectives. For example, investors may expect to have a positive environmental impact when they invest in listed low-carbon equity funds, but the reality is that these funds have little or no impact on the cost capital for low-carbon companies. There is no single ESG objective with a full spectrum of different types of investors all defining ESG success in their own way.

Brunno Maradei, Aegon Asset Management

At one end of the spectrum, some investors simply want to ensure that asset managers fulfill their fiduciary duty holistically, without ignoring financially material ESG issues. They are motivated by the growing body of academic research highlighting the superior financial performance of well-run companies, where good management of ESG issues can be seen as an indicator of overall management quality. These investors focus on the operational practices of companies, selecting the best companies by sector or geography with the aim of building a portfolio of higher quality issuers that are expected to outperform the market.

At the other end of the spectrum, a growing number of investors want to use their investments to have a positive impact on society or the environment. Impact investing has been around for some time, starting with instruments that blend philanthropy and investment. More recently, however, impact claims have become bolder and are usually accompanied by offers of market-competitive returns alongside measurable positive social or environmental impact.

Somewhere in the middle of this spectrum are sustainable investors. These investors are more interested in identifying companies well positioned to benefit from the transformational changes in sustainability taking place globally, such as increased spending on transitioning to renewable energy sources or increased interest in healthy foods. They may also be interested in operational practices, but for them ESG is a lens through which to analyze company activities more broadly – ​​their products, services and strategy. By their nature, these portfolios are more concentrated, compelling, and sector-focused portfolios that investors believe will outperform the broader market over the long term. Impact is usually a welcome by-product of these strategies but may not be systematically targeted, measured or reported: the primary goal is to outperform the market over the long term.

At the height
Measuring and comparing performance for such a diverse set of ESG approaches is therefore complex. Investors targeting the use of ESG information simply to beat a benchmark are potentially the easiest to please. But even for these investors, attributing financial performance to an ESG approach is far from straightforward. The quality of ESG integration or approach to building a sustainable portfolio can vary significantly from manager to manager, and financial performance is obviously affected by the quality and experience of different managers, their ability to execute and multiple other factors.

Several academic studies have attempted to examine the impact of ESG approaches on financial performance, often assuming that the quality of fund managers is also comparable between a set of ESG and non-ESG funds. Many studies are fundamentally flawed due to the aggregation of heterogeneous ESG approaches, objectives and data sources against non-ESG products or equally heterogeneous market benchmarks. Meta-studies suggest that the worst performing ESG approaches are no worse than their non-ESG counterparts, but ultimately and not surprisingly, the performance of any ESG product depends on several aspects of a fund manager’s ability , not just its ESG approach.

ESG data and its analysis is the next challenge. The evaluation of issuers’ ESG practices and performance remains very subjective in the absence of accounting standards or disclosure for most ESG measures. In some cases, standardization may simply not be possible, for example to assess the quality of a whistleblower or health and safety policy. ESG performance metrics such as pollution emissions would benefit from global standardization, but would still require subjective contextualization: a highly water-efficient company in a water-stressed region may need to be rated very differently than a similar company in a water-rich area. But evaluating ESG performance on topics such as labor rights is much more difficult to assess on a global scale, typically relying on negative news or controversy, which is prone to regional and political biases. Even ESG topics that may seem simple at first glance, such as the exclusion of controversial weapons, require analysis and discussion: Which weapons? What level and type of involvement?

It could be argued that comparing the performance of ESG indices with their parent benchmarks could be a more objective way to isolate the impact of ESG factors on portfolio performance, but ESG indices are also ultimately biased by ESG data. used to compile them, which is also far from homogeneous: the correlation between the scores of the different ESG data providers remains relatively weak.

Finally, measuring positive social or environmental impact where promised is also fraught with pitfalls. Development institutions, all of which purpose is to achieve such impacts have struggled for decades with topics such as additionality, attribution, time horizons, and measurement of outcomes and impacts. Multiple parameters can affect these impacts and isolating its direct contribution is the ultimate challenge. For ESG fund managers, impact statements are largely based on the positive impacts the companies they invest in may have, but this is not consistently disclosed or standardized. Investors’ direct impact in the public markets is more limited to the influence they can wield over the companies they invest in, but investors should exercise caution when attributing positive corporate changes – results – their promotional activities.

A journey of a thousand miles begins with a single step
In conclusion, evaluating the financial, ESG or impact performance of ESG fund managers faces several critical challenges and is far from mature. First, unraveling client ESG goals at length, often through discussion, is paramount, as heavily regulated product information is often too dense and cryptic to ensure common understanding. Second, qualitative, subjective and holistic analysis remains fundamental, and consultants, industry bodies, data providers and distributors should continue to work actively to improve performance measurement. And third, regulations to standardize disclosures according to strict technical definitions, such as the EU Taxonomy for Sustainable Investments, will also help.

While much is being done to clarify both supply and demand, we are at the start of a long journey before investors can critically and reliably assess fund performance against their own ESG objectives.


This document is intended for professional journalists. Its content is written for use in trade publications intended for professional audiences.

Past performance does not predict future returns. Results, including payment of income, are not guaranteed.

Opinions and/or trade/headline examples represent our understanding of current and past markets and are used to promote Aegon Asset Management’s investment management capabilities: they are not recommendations, research or investment advice. ‘investment. The sources used are believed to be reliable by Aegon Asset Management at the time of writing. Please note that this marketing is not prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on trading by Aegon Asset Management or its employees prior to publication.

All data sourced from Aegon Asset Management, unless otherwise stated. The document is accurate at the time of writing but is subject to change without notice. Data attributed to a third party (“Third Party Data”) is the property of such third party and/or other providers (the “Data Owner”) and is used by Aegon Asset Management under licence. Third Party Data: (i) may not be copied or distributed; and (ii) are not guaranteed to be accurate, complete or timely. Neither the Data Owner, nor Aegon Asset Management, nor any other person related to, or from whom Aegon Asset Management sources, shall be liable for any loss or liability arising from the use of Third Party Data.

This document is published by Aegon Asset Management UK plc in the United Kingdom and is published by Aegon Investment Management BV in the European Union and the European Economic Area. Aegon Asset Management is a trading name of Aegon Investment Management BV

Aegon Asset Management UK plc is authorized and regulated by the Financial Conduct Authority. Aegon Investment Management BV is authorized and regulated by the Netherlands Authority for the Financial Markets.

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Tricor Hong Kong, CHKLC and HKIRA Launch Shareholder Survey – Different Ownership Models and Transparency https://berningcpa.com/tricor-hong-kong-chklc-and-hkira-launch-shareholder-survey-different-ownership-models-and-transparency/ Wed, 08 Jun 2022 05:30:00 +0000 https://berningcpa.com/tricor-hong-kong-chklc-and-hkira-launch-shareholder-survey-different-ownership-models-and-transparency/ HONG KONG, June 8, 2022 /PRNewswire/ — It is essential for companies of all sizes to maintain a high degree of corporate governance, particularly with regard to the transparency of their shareholder structure. Over the past ten years, more than 15% of the market capitalization holdings of all listed companies (“ListCos”) in hong kong changed […]]]>

HONG KONG, June 8, 2022 /PRNewswire/ — It is essential for companies of all sizes to maintain a high degree of corporate governance, particularly with regard to the transparency of their shareholder structure. Over the past ten years, more than 15% of the market capitalization holdings of all listed companies (“ListCos”) in hong kong changed from “registered name” holding to “nominee name” holding under HKSCCN. The latest figure shows that over 65% of ListCos market value is held under the name of an HKSCC Nominee. In some cases, such as with new ListCos, over 99% of their holdings are held by HKSCCN as the sole major shareholder.

While this “nominee structure” works well to reduce trading costs, it can have a negative impact on end investors and issuers, especially with regards to corporate governance which requires active communication and participation. between listed issuers and investors. In addition, it would seriously affect the statutory right of issuers to establish the necessary investor relations (“IR”) quickly and efficiently.

As the leading business development specialist in Asia With over 20 years of rich experience serving over 10,000 customers, including over 50% HKEX ListCos, Tricor has actively promoted the adoption of strong corporate governance and transparency by our customers. We are joining forces with the Hong Kong Chamber of Listed Companies (“CHKLC”) and the Hong Kong Investor Relations Association (“HKIRA”) to launch a survey reviewing the different ownership models of ListCos in hong kong. The survey will seek input from Hong Kong ListCos across all industry sectors to identify concerns in existing shareholding structures and explore viable alternatives to address them.

Katherine Wong, Managing Director, Head of Share Registry and Issuer Services, Tricor Hong Kongsaid, “At Tricor, we strongly believe that strong corporate governance should be the foundation of ListCos operations, setting the standards for investor engagement. As knowledge of the shareholder base is the most important tool for conducting effective IR, proxy solicitation and/or governance campaigns, ListCos are increasingly demanding to have greater transparency to their shareholder base in real time. the most effective ownership structures and how to address shortcomings in their governance.”

Eva ChanChairman of the Hong Kong Investor Relations Associationsaid, “To communicate effectively with ListCos shareholders, the first step is to identify who your shareholders are. Under the current candidate structure, the beneficial owners of ListCos are not transparent. On the other hand, it is not practical for shareholders to exercise their rights through intermediaries.Hopefully with advanced technology there are new ways to bridge the gap.

“Communication with shareholders is a key part of corporate governance, with which ListCos can effectively convey its strategies and business plans to shareholders while the latter can express their views, a process that will lead to the improvement companies’ performance. We support Tricor’s initiative to improve understanding of the current state of access to shareholder information of listed issuers and find ways to improve,” said mike wangCEO of the Hong Kong Chamber of Listed Companies.

Through this survey, our organizations collectively hope to strengthen ultimate investor rights, corporate governance and shareholder transparency while enhancing legal certainty for issuers and shareholder rights.

About Tricor Hong Kong:

Founded in 2000, Tricor Hong Kong is the leading business development specialist in Asia. Our team of over 600 professionals serves over 10,000 clients across all industries, including over 50% of ListCos from hong kong and the mainland China.

Tricor Hong Kong’s business development solutions include integrated business management consulting, business administration and secretarial services, fiduciary and fiduciary services, and human resource consulting. Tricor Inside, our unique approach to business expansion, enables companies to seamlessly transition from start-up to IPO and beyond.

Take your first step to business success with Tricor. Join industry leaders and learn more about https://hongkong.tricorglobal.com/.

About HKIRA:

Founded in 2008 with more than 1000 members working mainly for companies mainly listed on the Stock Exchange of hong kong, Hong Kong Investor Relations Association (“HKIRA”) is a non-profit professional association in the field of investor relations (“IR”), composed of IR practitioners and business executives, who are responsible for communications between company management and the investment community. HKIRA is dedicated to promoting the establishment of international standards in IR education, promoting best practices in IR, and meeting the professional development needs of those who wish to pursue a professional career in IR. HKIRA members come from a wide range of professions including IR, finance, accounting and corporate secretarial to corporate investment and hold positions at different levels of the company, including senior executives responsible for RI and management of listed companies. For more detail information of HKIRA, please visit our website http://www.hkira.com.

About CHKLC:

Established in September 2002the Hong Kong Chamber of Listed Companies (CHKLC) undertakes to represent hong kong listed companies in its efforts to create a healthy listing environment for companies and improve the overall quality of the stock market.

Listed member companies of CHKLC come from a wide range of business and industry backgrounds and include local blue chips, large H shares and Red Chips as well as medium and small companies and GEM shares. Our members’ market capitalization exceeds 33% of that of the broader market, giving us a unique mandate to represent the interests of listed companies on important market issues.

We work closely with the Government, the Stock Exchange and the Securities and Futures Commission and other professional parties to deliberate on market rules and regulations, promote a strong culture of corporate governance and equip listed companies with the latest knowledge and market information. In doing so, we help to ensure a sound and balanced regulatory structure in hong kongand to increase the quality and efficiency of the market, thus helping to maintain that of Hong Kong international financial market status and China first center of capital formation.

Contact:

Daryl Choy
Marketing Director
Tel: +852-2980-1949
Email: daryl.pw.choy@hk.tricorglobal.com

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SHAREHOLDER ALERT: Weiss Law I https://berningcpa.com/shareholder-alert-weiss-law-i/ Mon, 06 Jun 2022 01:16:49 +0000 https://berningcpa.com/shareholder-alert-weiss-law-i/ NEW YORK, May 26, 2022 /PRNewswire/ — Weiss’ law investigation of possible breaches of fiduciary duty and other violations of law by the board of directors of Limelight Networks, Inc. (“Limelight” or the “Company”) (NASDAQ: LLNW), in connection with the proposed transaction with Edgecast, Inc. (“Edgecast”), a business unit of Yahoo. Upon completion of the […]]]>

NEW YORK, May 26, 2022 /PRNewswire/ — Weiss’ law investigation of possible breaches of fiduciary duty and other violations of law by the board of directors of Limelight Networks, Inc. (“Limelight” or the “Company”) (NASDAQ: LLNW), in connection with the proposed transaction with Edgecast, Inc. (“Edgecast”), a business unit of Yahoo. Upon completion of the transaction, Yahoo will receive approximately 72.2 million shares of Limelight common stock. In addition, current Limelight shareholders will own approximately 68.1% of the combined company, or approximately 64.5% assuming Limelight achieves all share price targets under the quid pro quo agreement. conditionally, while Yahoo will hold around 31.9% or 35.5%, respectively. The all-stock transaction is valued at approximately $300 million.

If you own limelight actions and wish to discuss this survey or have questions about this notice or your rights or interests, visit our website:

https://www.weisslaw.co/news-and-cases/llnw
Or please contact:
Joshua Rubin, Esq.
Weiss’ law
305 Broadway, 7e Floor
New YorkNY 10007
(212) 682-3025
(888) 593-4771
[email protected]

Weiss Law is investigating whether (i) Limelight’s board of directors acted in the best interests of the company’s shareholders in agreeing to the proposed transaction, and (ii) all information regarding the sale process and valuation of the transaction will be fully and fairly disclosed.

Weiss Law has litigated hundreds of shareholder class and derivative actions for breach of corporate and fiduciary duties. We’ve recovered over $1 billion for defrauded customers and won significant corporate governance relief in many of those cases. If you have information or want legal advice regarding possible corporate wrongdoing (including insider trading, waste of company assets, accounting fraud or misleading information), fraud consumer rights (including false advertising, defective products or other deceptive marketing practices), or anti-trust violations, please email us at [email protected]

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SOURCE Weiss’ Law

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Sarbanes-Oxley and Watergate anniversaries show corporate scandal never goes out of style https://berningcpa.com/sarbanes-oxley-and-watergate-anniversaries-show-corporate-scandal-never-goes-out-of-style/ Fri, 03 Jun 2022 12:48:00 +0000 https://berningcpa.com/sarbanes-oxley-and-watergate-anniversaries-show-corporate-scandal-never-goes-out-of-style/ About the Author: Michael W. Peregrine is a partner in the Chicago office of the international law firm McDermott Will & Emery. Its opinions do not necessarily reflect those of the firm or its clients. Two historic events will come back into the public debate this summer. Both are essential to the appreciation of the […]]]>

About the Author: Michael W. Peregrine is a partner in the Chicago office of the international law firm McDermott Will & Emery. Its opinions do not necessarily reflect those of the firm or its clients.

Two historic events will come back into the public debate this summer. Both are essential to the appreciation of the ethical oversight of business and the integrity of corporate financial statements.

One is the 20th anniversary of the Sarbanes-Oxley Act, enacted on July 30, 2002, with the aim of restoring public confidence in the securities markets following a series of extraordinary business and accounting scandals. The other is the 50th anniversary of the Watergate burglary on June 17, 1972, which finally revealed the oldest of leaders’ ability to put ambition and opportunism ahead of individual responsibility and morality.

These anniversaries provide an extraordinary opportunity to remember the conduct and events that gave rise to many of the regulations and guidelines that shape financial markets to this day. They can also prompt reflection on the possibility of similar amoral behavior occurring in boardrooms, executive suites, and government councils to this day.

Sarbanes-Oxley was the byproduct of a series of monumental corporate collapses in 2001-2002: WorldCom, Global Crossing and Enron. Together, they threatened the sanctity of the US financial system and exposed flaws in the established framework of corporate governance.

Sarbanes-Oxley addressed a wide range of factors that contributed to the scandals. The law added new penalties for obstruction of justice. It required companies to adopt stricter internal controls, established new standards for auditor independence, and required that every member of the audit committee be a member of the company’s board of directors and be otherwise independent. It formalized the oversight of the accountancy profession, adopted measures to improve the integrity of the quality of financial statements, prohibited interference in the audit process and created a framework for the code of ethics of financial agents.

Sarbanes-Oxley has received criticism over the years. It has arguably imposed a compliance burden on small businesses and increased audit costs. Critics have also suggested it has prompted growing companies to shy away from public offerings.

But its broad positive impact on investor confidence is undeniable. Sarbanes-Oxley has led to dramatic improvement in financial reporting and greater transparency for public companies. It improved disclosure rules, created greater management accountability for financial reporting, strengthened board independence, and strengthened auditor independence standards. And it also led to dramatic changes in the principles of corporate governance that remain in place today.

The proof is in the pudding. There have been no similar accounting or financial scandals in the past 20 years.

Watergate was a different animal, in that the underlying conduct threatened the sanctity of the democratic process, not business operations. But it has indirectly created many fallouts with respect to the enforcement and monitoring of fiduciary conduct within business organizations.

What began as a “third-order burglary” was eventually exposed to a litany of criminal activity, including voter fraud, bribery, perjury, mistaking a crime, tax evasion, filing false affidavits and multiple conspiracy charges. Nearly 70 government and campaign officials have resigned or been charged, disbarred or imprisoned. They included a director of the Federal Bureau of Investigation, two former attorneys general and more than 20 attorneys. Oh, yes, and the American president resigned.

But the wider and more consequential impact of the scandal has been the creation of a lasting crack in public trust in elected leaders and trust in the ethics of the legal profession.

Limits were placed on campaign contributions from individuals and political action committees. The rules now govern periodic campaign finance reporting to the Federal Election Commission, the availability of public funding for presidential campaigns, and the formal processes by which the attorney general can appoint and remove a special prosecutor. And there are new ethics laws for current and former government officials.

Over the years, various federal laws have been enacted to combat Watergate activity. Governance and compliance oversight principles have evolved to focus more closely on Watergate-related leadership risks, such as the normalization of criminal behavior, failure to respond to outrageous proposals with an unequivocal “no” and the absence of an overriding cultural commitment to the principles.

The legal profession has significantly revised its professional liability rules to address Watergate-related failures, in particular to clarify who or what the client organization is. (Famous, the White House attorney’s client is not the US President, it’s the Executive Office of the President of the United States.)

Yet the effectiveness of these and similar changes remains open to debate. Today’s C-suites and boardrooms are unlikely to include many who remember the Sarbanes-Oxley era, let alone those familiar with the Watergate saga. But those scandals were the byproduct of human flaws that never seem to go out of style: unbridled personal ambition, impulsive loyalties, pragmatic ruthlessness, and lack of a moral compass within the organization.

And for these reasons, the seriousness of Sarbanes-Oxley and Watergate remains essential training for public leaders, corporate executives, and administrators, and their anniversaries worthy of digestion and discussion by organizational leaders.

Guest comments like this are written by writers outside of Barron’s and MarketWatch newsroom. They reflect the views and opinions of the authors. Submit comment proposals and other feedback to ideas@barrons.com.

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SHAREHOLDER ALERT: Law firm Pomerantz is investigating claims on behalf of investors in Lyft, Inc. https://berningcpa.com/shareholder-alert-law-firm-pomerantz-is-investigating-claims-on-behalf-of-investors-in-lyft-inc/ Mon, 30 May 2022 21:15:00 +0000 https://berningcpa.com/shareholder-alert-law-firm-pomerantz-is-investigating-claims-on-behalf-of-investors-in-lyft-inc/ NEW YORK, May 30, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors in Lyft, Inc. (“Lyft” or the “Company”) (NASDAQ: LYFT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980. The investigation focuses on whether Lyft and certain of its officers and/or directors have engaged […]]]>

NEW YORK, May 30, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors in Lyft, Inc. (“Lyft” or the “Company”) (NASDAQ: LYFT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.

The investigation focuses on whether Lyft and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

[Click here for information about joining the class action]

On April 29, 2022post-market, Lyft filed a Form 8-K with the U.S. Securities and Exchange Commission stating that “[a]s in connection with the preparation of the first quarter 22 consolidated financial statements of Lyft, Inc. [. . .] an error was identified in the accounting for losses ceded under the quota share reinsurance agreement [. . .] with DARAG Bermuda LTD [. . .]under which DARAG reinsured a portfolio of former automobile insurance policies.” The Form 8-K further stated that “[a]result of this error, on April 28, 2022the audit committee [. . .] of Lyft’s Board of Directors, after discussion with Company management, has concluded that Lyft’s consolidated financial statements as of and for the year ended December 31, 2021 – and related audit report of PricewaterhouseCoopers LLP – included in its 2021 Annual Report on Form 10-K [. . .] together with the condensed consolidated financial statements of the Company as at and for the quarter ended September 30, 2021 (and for the nine months then ended) included in its Form Q3’21 10-Q should no longer be relied upon.” Finally, the Form 8-K revealed that “[a]As a result of this restatement, Lyft’s management reassessed the effectiveness of the Company’s disclosure controls and procedures and its internal control over financial reporting effective December 31, 2021. Management has concluded that the Company’s disclosure controls and procedures were not effective at the September 30, 2021 and December 31, 2021and its internal control over financial reporting was not effective at December 31, 2021.”

At this news, Lyft’s stock price plummeted. $1.10 per share, or 3.37%, to close at $31.50 per share on May 2, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

SOURCE Pomerantz LLP

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EHTH SHAREHOLDER ALERT: Kaskela Law LLC Announces Investigation of eHealth, Inc. and Encourages Long-Term EHTH Investors to Contact the Firm | New https://berningcpa.com/ehth-shareholder-alert-kaskela-law-llc-announces-investigation-of-ehealth-inc-and-encourages-long-term-ehth-investors-to-contact-the-firm-new/ Sat, 28 May 2022 12:30:00 +0000 https://berningcpa.com/ehth-shareholder-alert-kaskela-law-llc-announces-investigation-of-ehealth-inc-and-encourages-long-term-ehth-investors-to-contact-the-firm-new/ PHILADELPHIA CREAM , May 28, 2022 /PRNewswire/ — Kaskela Law LLC announces that it is investigating eHealth, Inc. (NASDAQ: EHTH) (“eHealth” or the “Company”) on behalf of the Company’s long-term investors. Recently, a securities fraud complaint was filed against eHealth on behalf of certain investors who purchased common stock in the company between March 19, […]]]>

PHILADELPHIA CREAM , May 28, 2022 /PRNewswire/ — Kaskela Law LLC announces that it is investigating eHealth, Inc. (NASDAQ: EHTH) (“eHealth” or the “Company”) on behalf of the Company’s long-term investors.

Recently, a securities fraud complaint was filed against eHealth on behalf of certain investors who purchased common stock in the company between March 19, 2018 and July 232020.

According to the complaint, the April 7, 2020, research firm Muddy Waters Capital released a report alleging eHealth engaged in accounting misconduct. Among other things, the report alleged that eHealth’s financial statements for 2019: (i) overstated revenue from $128 million; (ii) operating income overestimated by $263 million; and (iii) understated an operating loss of –$181 million. Following the publication of this report, the shares of the eHealth stock fell $13.70 per share, i.e. 11% in value, to close April 8, 2020 at $103.20 per share.

Then, on July 23, 2020when eHealth announced its results for the second quarter of fiscal 2020, the company’s share price fell again, as information in its announcement confirmed substantial aspects of the “member churn” allegations previously affirmed in the Muddy Waters report. Following this additional news, eHealth shares fell further $34.83 per share, or more than 30% in value, to close July 24, 2020 at $79.17 per share.

The investigation seeks to determine whether the members of eHealth’s Board of Directors breached their fiduciary duties in connection with the misconduct alleged above.

Current eHealth sshareholders who purchased or acquired ordinary shares of the Company prior to March 19, 2018 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. Where Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/ehealth-inc/ to receive additional information about this investigation and their legal rights and options.

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger and acquisition litigation. For more information about the company, please visit

www.kaskelalaw.com. This notice may constitute advertising for attorneys in some jurisdictions.

CONTACT:

D.Seamus Kaskela, Esq.

Adrienne Bell, Esq.

SARL DE LOI KASKELA

18 Campus Blvd., Suite 100

Newtown Square, Pennsylvania 19073

(888) 715-1740

(484) 229 – 0750

www.kaskelalaw.com

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SOURCE Kaskela Law LLC

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