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All articles tagged with #businesslegal

businesslegal1 year ago

Ozy Media Founder Carlos Watson Convicted of Fraud in New York Trial

Carlos Watson, founder of Ozy Media, was convicted of fraud by a Brooklyn federal jury for misleading investors about the company's finances and deals. Watson and Ozy were charged with securities fraud and wire fraud conspiracy, with prosecutors alleging they falsified financial information and audience size to attract investment. The trial included testimony from former deputies who admitted to conspiring with Watson. Ozy Media collapsed in 2021 following reports of deceptive practices, including impersonating a YouTube executive. Watson denied involvement but was found guilty after a six-week trial.

via CNBC|
#businesslegal#carlos-watson#fraud
businesslegal1 year ago

Court Blocks Grant Program for Black Women Entrepreneurs

A U.S. federal appeals court has suspended the Fearless Fund's grant program for Black women business owners, ruling it discriminatory. The case, brought by the American Alliance for Equal Rights, claims the program violates the 1866 Civil Rights Act. The decision is part of a broader conservative effort against corporate diversity programs. Fearless Fund's CEO called the ruling devastating, while legal counsel is evaluating options to continue the fight. The case is closely watched as a bellwether for the future of diversity initiatives in business.

via The Associated Press|
#black-women#businesslegal#court-ruling
businesslegal1 year ago

"Musk Faces $7.5B Insider Trading Allegations in Investor Lawsuit"

Tesla shareholder Michael Perry has filed a lawsuit against Elon Musk, accusing him of insider trading by selling $7.5 billion in Tesla stock in 2022 based on nonpublic information about the company's missed production and delivery targets. The suit claims Musk breached his fiduciary duties to Tesla and its shareholders by using this information to fund his acquisition of Twitter. Perry seeks to have Musk return the profits from the stock sale to Tesla.

via Bloomberg Law|
#businesslegal#elon-musk#insider-trading
businesslegal1 year ago

Elon Musk to Testify in SEC's Twitter Buyout Investigation

Elon Musk must testify in the SEC's investigation into his acquisition of Twitter, despite his claims of SEC abuse. The court ruled that Musk's arguments were insufficient to avoid a third deposition, especially after new documents emerged. Musk will testify in person for up to five hours about his Twitter stock purchases and related investments, amid allegations that he delayed disclosure to manipulate stock prices.

via Ars Technica|
#businesslegal#elon-musk#legal-proceedings
businesslegal1 year ago

"Tesla Faces Backlash Over Musk's $56 Billion Pay Package"

Tesla shareholders are set to vote on June 13 to ratify Elon Musk's $56 billion pay package, previously voided by a Delaware judge, and to potentially move the company's legal home to Texas. The outcome could lead to further legal challenges, with significant implications depending on whether Tesla remains a Delaware corporation or becomes a Texas corporation.

via Reuters|
#businesslegal#corporate-governance#elon-musk
businesslegal1 year ago

Tech Firm Settles with DOJ Over 'Whites Only' Job Ad

Virginia-based tech company Arthur Grand Technologies Inc. has settled with the DOJ, agreeing to pay $7,500 in fines and $31,000 to 31 complainants after posting a discriminatory job listing requesting "whites only" applicants. The company, which denied approving the posting, will also be monitored for compliance with anti-discrimination laws and required to train employees on the Immigration and Nationality Act.

via The Hill|
#businesslegal#civil-rights#discrimination
businesslegal1 year ago

Virginia Tech Firm Fined for 'Whites Only' Job Ad

Arthur Grand Technologies, a Virginia-based tech firm, has been fined over $38,000 by the Justice Department for posting a discriminatory job advertisement seeking only White U.S. citizens. The company claims the ad was unauthorized and posted by a disgruntled employee. The firm will also provide workplace training on federal discrimination laws and revise its employment policies.

via The Washington Post|
#businesslegal#discrimination#employment
businesslegal1 year ago

Tech Firm Fined for Racist 'Whites Only' Job Posting

Virginia-based IT staffing firm Arthur Grand Technologies Inc. has settled with the U.S. Department of Labor and the Justice Department over a discriminatory job posting that specified "whites only" and "only US born" candidates. The company will pay a $7,500 civil penalty and $31,000 to 31 complainants, and will be monitored for compliance with anti-discrimination laws. Arthur Grand denies any wrongdoing, attributing the posting to a rogue employee.

via NPR|
#businesslegal#discrimination#doj
businesslegal1 year ago

DOJ Sues to Break Up Live Nation-Ticketmaster Monopoly

The Justice Department and 30 state attorneys general have filed a major antitrust lawsuit seeking to break up Live Nation Entertainment, the owner of Ticketmaster, over alleged monopolistic practices in the concert ticket sales industry. The lawsuit claims that Live Nation's dominance has led to higher prices and fewer choices for consumers, artists, and venues. Live Nation denies the allegations, arguing that the lawsuit misattributes the causes of high ticket prices and service fees. The lawsuit follows a two-year investigation and is part of broader antitrust efforts by the Biden administration.

via ABC News|
#antitrust#businesslegal#concert-industry
businesslegal1 year ago

DOJ Sues to Break Up Live Nation and Ticketmaster Monopoly

The Department of Justice and 30 state attorneys general have filed a federal antitrust lawsuit against Live Nation Entertainment and its subsidiary Ticketmaster, alleging they have created a monopoly on live event ticket prices in the U.S. The suit claims Live Nation's dominance in the market has led to inflated ticket prices and restricted competition. If successful, the lawsuit could significantly alter the live event industry and ticket pricing. Live Nation disputes the claims, arguing that factors like production costs and artist popularity are responsible for high ticket prices.

via NPR|
#antitrust#businesslegal#concert-tickets
businesslegal1 year ago

DOJ Sues to Break Up Ticketmaster and Live Nation Monopoly

The US government and 30 states have filed a groundbreaking antitrust lawsuit against Live Nation, the parent company of Ticketmaster, alleging monopolistic practices that harm concertgoers, artists, and smaller promoters. The lawsuit seeks to break up the company, which controls a significant portion of the live events and ticketing market. The case follows widespread criticism of Ticketmaster's fees and service issues, highlighted by the 2022 Taylor Swift ticketing fiasco. Live Nation denies the allegations, calling them baseless.

via CNN|
#antitrust#businesslegal#concert-industry
businesslegal1 year ago

DOJ Sues to Break Up Ticketmaster-Live Nation Monopoly

The U.S. Justice Department, along with 30 state and district attorneys general, has filed an antitrust lawsuit against Ticketmaster and its parent company Live Nation, accusing them of monopolizing the live events industry, driving up ticket prices, and stifling competition. The lawsuit seeks to dismantle the monopoly, which has faced criticism from artists and fans for high fees and limited competition. Live Nation denies the allegations, arguing that the lawsuit misrepresents the economics of the live entertainment industry.

via The Associated Press|
#antitrust#businesslegal#concert-tickets