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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Lilium To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $50,000 in Lilium between June 11, 2024 and November 3, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). [You may also click here for additional information] NEW YORK, Dec. 26, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP , a leading national securities law firm, is investigating potential claims against Lilium N.V. (“Lilium” or the “Company”) (NASDAQ: LILM) and reminds investors of the January 6, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com . As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Defendants overstated the progress of the Company’s fundraising activities; (2) Defendants overstated the likelihood and/or feasibility of obtaining sufficient funding to continue operations; (3) Defendants failed to sufficiently disclose the imminent insolvency of the Company and its subsidiaries; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. On October 24, 2024, before the market opened, Lilium disclosed that it had been unable to raise sufficient additional funds to continue the operations of the Company's principal operating wholly owned German subsidiaries. As a result, the managing directors of the subsidiaries determined that they are overindebted and are, or will, become unable to pay their existing liabilities. The Company disclosed that, subject to certain limited exceptions, the Company will lose control of the subsidiaries. On this news, Lilium's stock price fell $0.33, or 61.6%, to close at $0.21 per share on October 24, 2024, on unusually heavy trading volume. The Company's stock price continued to fall in the subsequent trading day, falling $0.06, or 28.8%, to close at $0.15 per share on October 25, 2024, on unusually heavy trading volume. Then, on November 4, 2024, before the market opened, the Company reported that, following the insolvency of the Company's subsidiaries, Lilium had not been able to raise sufficient additional funds to conduct its ongoing business consistent with past practice. The Company disclosed that "funding for the Company is not feasible." As a consequence, the Company would be "obliged to file for insolvency." On this news, Lilium's stock price fell $0.015, or 15.5%, to close at $0.083 per share on November 4, 2024, on unusually heavy trading volume. The Company's stock price continued to fall in the subsequent trading day, falling $0.031, or 36.97%, to close at $0.052 per share on November 5, 2024, on unusually heavy trading volume. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding Lilium’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the Lilium N.V. class action, go to www.faruqilaw.com/LILM or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). Follow us for updates on LinkedIn , on X , or on Facebook . Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c27c0b77-4720-4e5d-8a4d-69609ae3e05dBOSSCATTM Home Services and Technologies Wins IMN 2024 Contractor of the Year Award at Third Annual Industry Award Ceremony'Overall fatigue': Cowan misses practice again, questionable to play on road tripTaxpayers have been eagerly awaiting, and the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have been promising to provide, rules addressing the previously taxed earnings and profits (PTEP) of foreign corporations. On November 30, 2024, the Treasury and the IRS made good on their promise. The proposed PTEP regulations are generally welcome news for taxpayers seeking certainty about long-standing issues, including the treatment of mid-year distributions, Section 961(c) basis, and partnerships that hold foreign corporations. However, those welcome developments come at the cost of substantial complexity and several taxpayer-unfavorable provisions. In this On the Subject , we provide a brief overview of PTEP and why it matters and share five key takeaways from the proposed regulations. In Depth OVERVIEW OF PTEP The PTEP rules provide that when earnings of a foreign corporation have been included in the US shareholder’s gross income, when those earnings are distributed, they are excluded under Section 959(a) from the US shareholder’s gross income to ensure the same earnings are not subject to US taxation twice. Under Section 959(b), PTEP distributions from a lower-tier controlled foreign corporation (CFC) to an upper-tier CFC are also excluded from the upper-tier CFC’s income for purposes of determining the upper-tier CFC’s gross income. The Section 961 rules provide for adjustments in the US shareholder’s basis in CFC stock to prevent taxpayers from obtaining a loss when the stock is sold before PTEP is distributed. Under Section 961(a), Subpart F and global intangible low-taxed income (GILTI) inclusions increase the US shareholder’s basis in the CFC. Under Section 961(b), distributions decrease it. Section 961(c) provides that similar adjustments are made to an upper-tier CFC’s basis in a lower-tier CFC but only for purposes of determining the amount included under Section 951 in the gross income of a US shareholder. The PTEP rules have become much more important to US-based multinationals since the Tax Cuts and Jobs Act of 2017 (TCJA) vastly increased the amount of foreign corporations’ earnings subject to current US taxation as GILTI. Post-TCJA, some shareholders may even prefer a distribution of untaxed earnings and profits, which may qualify for the Section 245A dividends received deduction and does not require a Section 961(b) reduction in basis. The current Section 959 PTEP regulations are from 1965 and do not address many key issues. In 2006, the Treasury and the IRS issued proposed PTEP regulations, but the proposed regulations did not expressly permit taxpayer reliance, and the rules were withdrawn in 2020. The newly proposed rules are complex, but here are five key takeaways to keep in mind: 1. They Are Generally Prospectively Effective and Cannot Be Relied Upon Now (But Can Be Relied on Retroactively if and When the Rules Are Finalized). Most of the regulations will be effective for taxable years ending on or after the date the regulations are finalized. Taxpayers are not allowed to rely on the proposed regulations prior to them being finalized. The Treasury has indicated that they did not allow taxpayers to rely on the regulations while in proposed form because of the complexity of the rules and the fact that they introduce new concepts not previewed in prior guidance. The regulations may also be changed before finalization after considering taxpayer comments. However, once the rules are finalized, taxpayers will be able to elect to apply them retroactively to any open tax years as long as they apply all of the proposed rules in full and are consistent about applying the rules to related corporations. The rules include transition rules to bridge years for which the regulations are effective with prior years. 2. They Require Shareholder and Foreign-Corporation-Level Accounting. The proposed PTEP rules are quite complex in that they require PTEP to be tracked at both the US shareholder and the foreign corporation level. In addition to PTEP, shareholders must track (1) a US dollar basis pool, which is their US dollar basis in the original PTEP inclusion for purposes of recognizing foreign exchange gain or loss under Section 986(c), and (2) a PTEP tax pool, which is the US dollar basis of foreign income tax pools associated with the US dollar basis pool. The proposed rules largely follow the ordering rules set forth in Notice 2019-01, which was released in late 2018. These rules generally require that 10 different PTEP groups be tracked within each Section 904(d) foreign tax credit category on an annual basis. To slightly simplify compliance, taxpayers may elect to combine years within a PTEP group and Section 904(d) foreign tax credit category, rather than tracking each year separately. These ordering rules include a rule to treat Section 965(a) and Section 965(b) PTEP, which resulted from the one-time transition tax as part of the TCJA, as being distributed first before other types of PTEP (even PTEP earned in a more recent tax year). The rule was aimed at reducing complexity by allowing Section 965 PTEP to come out first so corporations and the IRS would not have to track Section 965 PTEP groups in perpetuity. The proposed PTEP regulations set forth rules for when adjustments to PTEP and associated stock basis are made. One key rule is that increases to PTEP for GILTI or Subpart F inclusions are done at the beginning of the year, so PTEP (and the associated stock basis) is available for mid-year distributions. 3. They Adopt a Share-by-Share Approach to Section 961 Basis The proposed regulations provide that, unlike PTEP accounts, section 961 basis is specific to particular shares or items of property, such as partnership interests. The timing of basis adjustments is intended to generally match the timing of adjustments to PTEP accounts. The share-by-share approach to section 961 basis differs from the proposed regulations’ approach to section 959, which does not tie particular dollar basis pools of PTEP to particular shares held by a US shareholder. In certain cases, this mismatch could give rise to a shareholder recognizing gain on some shares even though the shareholder has unrecovered basis on other shares, a result arguably inconsistent with the repatriation-facilitating goal of the TCJA. Taxpayers should consider whether they have “lumpy” basis in CFC stock that could give rise to such a mismatch. Post-TCJA, a distribution of PTEP (historically a good attribute) may be less favorable in certain circumstances than a distribution of untaxed earnings and profits that qualifies for the Section 245A dividends received deduction and generally does not require a reduction in basis. 4. They Provide Detailed Rules for Lower-Tier Basis In addition to providing rules for Section 961(a) basis, the proposed regulations also provide rules for lower-tier basis, including both (1) “derived basis” (a new term applicable to shares or partnership interests owned by a partnership and distinct from the partnership’s common basis in such shares or partnership interests), and (2) Section 961(c) basis (applicable to shares of a lower-tier CFC owned by an upper-tier CFC). The proposed regulations provide that both derived basis and Section 961(c) basis can be negative. Derived basis can be negative to the extent of common basis; amounts exceeding the common basis are recognized as gain. Taxpayers should be careful to track Section 961(c) basis – yet another separate type of basis or account to track – to ensure that “negative” Section 961(c) basis is not inadvertently triggered as gain, which can even occur in connection with transactions that are otherwise nonrecognition transactions. 5. They Don’t Address Certain Key Items As expected, the proposed regulations do not address certain key items, such as whether/how PTEP transfers from one shareholder to another in Section 304 transactions, redemptions, and most nonrecognition transactions, such as 351 transactions and liquidations. The Treasury and the IRS plan to address those issues in a second tranche of PTEP guidance. The proposed regulations also do not address what happens to Section 961(c) basis when an upper-tier CFC inbounds to the United States ( e.g. , whether the Section 961(c) basis can be used as “regular” basis), which Notice 2024-16 permits in the case of “covered inbound transactions.” CONCLUSION The proposed PTEP regulations cover a lot of ground. The Treasury and the IRS have requested comments on several provisions and encourage taxpayers to provide comments on whether the proposed regulations get it right. Taxpayers should study the rules carefully and consider whether there are provisions worth asking the Treasury and the IRS to reconsider.
Cowboys shutting down CeeDee Lamb with 2 games to go over receiver's shoulder issueThe New York Giants (2-13) will host the Indianapolis Colts (7-8) in their final home game in Week 17. New York enters the weekend with a clear path to the No. 1 pick in the upcoming NFL draft if they lose their final two games. For Indianapolis, they could be eliminated from the playoffs by kickoff of this matchup if the Los Angeles Chargers and Denver Broncos win on Saturday. There have been only two players worthwhile from the Giants to have in lineups this season but because of injuries, some fantasy football managers may have to pivot to a pair of unexpected names to win a championship. Fantasy Football Start ‘Em, Sit ‘Em: Wan’Dale Robinson Can fantasy football managers of Malik Nabers turn to Wan’Dale Robinson for a championship? They might have to if they don’t have quality options on their bench or in the free-agent market. The rookie receiver hasn’t practiced this week and he said himself that it is a gameday decision right now . Robinson is coming off his second-best game of this season against the Atlanta Falcons . He registered seven catches for 62 yards on 11 targets. He has received at least nine targets in his last three outings. This Sunday he will face an Indianapolis defense who is tied for the eighth-fewest PPG allowed to receivers this season. In their last four games, only one receiver crossed 75 receiving yards, which was Calvin Ridley. They only allowed three touchdowns to the position in those contests. Even if Nabers gets ruled out, it's too risky to play Robinson. Not only does he have a tough matchup but his season-high in receiving yards is 71 yards and hasn’t scored a touchdown since Week 5. Verdict: Sit 'Em Fantasy Football Start ‘Em, Sit ‘Em: Devin Singletary Fantasy football managers of Tyrone Tracy Jr. are in the same boat as Malik Nabers' managers. The rookie running back has yet to practice this week . If Tracy Jr. is ruled out then the expectation is that Devin Singletary will command the majority of the touches in New York’s backfield. Per Pro Football Reference , Singletary will face a Colts defense that has allowed the 10th-most PPG to running backs. Over their last four games, they have allowed two running backs to finish with at least 90 total yards and have given up six touchdowns to the position. Singletary’s Week 17 value will be determined by Tracy Jr.’s status. He should receive 12+ touches if the rookie running back is ruled out and can see more targets in the passing attack if Nabers is ruled out as well. He is a high-risk, high-reward flex play where he can come through for managers that roll the dice on him if Brian Daboll elects to lean into the veteran back if his top rookies are sidelined on Sunday. Verdict: Start 'Em
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( MENAFN - 3BL) Originally published in Quest Diagnostics' 2023 Corporate Responsibility Report Minimizing our environmental impact Our work to minimize our environmental impact starts within our walls. We have taken and continue to take steps to lower our carbon footprint by improving the energy efficiency of operations in our facilities as well as our logistics and transportation footprint. In addition, we have implemented programs to reduce the waste we generate. ASSESSING OUR renewable ENERGY USE In 2023, we purchased over 40 million kilowatt hours of electricity generated from renewable energy sources. We are exploring energy-generation and purchase options that are best suited to our facilities while helping us reduce our emissions. We began investigating renewable energy credits, physical and virtual power purchase agreements, and on-site generation to determine if they might make sense for Quest in the future. This work is giving us insight into where these tactics can contribute to an overall emissions reduction strategy and target facility- and region-specific projects. We also continued to conserve and optimize energy usage at our facilities using enterprise-wide operational best practices we developed in 2022. These practices have been implemented at more than 20 sites across the US. SUPPORTING ELECTRIC VEHICLE TRANSITION In 2023, we built electric vehicle charging stations at labs in Marlborough MA, Tampa FL, and Atlanta GA. This is in addition to the charging stations we already have in place at our flagship lab in Clifton NJ. We're also working toward our goal of transitioning to alternative fuel vehicles. As of 2023, electric or hybrid vehicles account for ~2% of our fleet. Due to various factors such as supply chain challenges, our ability to source alternative fuel vehicles has been slower than planned. While we remain committed to evaluating the best path forward to progress this conversion, our goal of reaching 50% by 2026 is under review and subsequently may be updated. In 2023, we continued to optimize courier routes-reducing our fleet miles driven by approximately 2.6 million miles, gasoline consumption by approximately 96,000 gallons, and carbon dioxide (CO2) emissions by approximately 845 metric tons. REDUCING AND ELIMINATING WASTE We have a multi-pronged approach to reduce waste generated and minimize waste to landfill. Quest implemented new programs to reduce waste generation, reuse materials where possible, and maximize recycling efforts. Where materials cannot be reasonably reused or recycled, a waste-to-energy strategy has been implemented instead of landfill. By the end of 2023, we installed on-site medical waste treatment technology at our 2 major hub laboratories in California. Through this technology, recycling efforts, and the use of waste-to-energy, in 2023 we eliminated infectious waste outputs from these labs and diverted over 3,500 tons of medical and municipal waste from landfill. This effort generated over 1 million kilowatt-hours of electricity, and avoided over 6,900 tons of CO2-equivalent greenhouse gases. We continue to assess and explore innovations in waste management to reduce our environmental impact. Reducing packaging and emissions In 2022, we launched a box optimization project, leveraging an innovative software solution to decrease the number of boxes we ship with collection supplies. In 2023, the program yielded an 11% reduction in boxes (which equates to 84,000 boxes, or 23 tons of cardboard). This program also cut down the number of trips needed to transport these shipments, further reducing our emissions. STRENGTHENING OUR WAYS OF WORKING As we progress along our sustainability journey, we are investing in the internal systems and capabilities needed to set us up for success, including through enhanced coordination and collaboration. In 2023, we developed a cross-functional approach to oversight of our environmental sustainability disclosure and reporting, including committees specifically focused on data collection, calculation, and assurance. In addition, to improve the quality of our Scope 3 reporting, we worked to secure third-party limited assurance regarding some of that Scope 3 data (specifically categories 1, 4, and 5). We plan to use this data along with our Scope 1 and Scope 2 emissions to better understand our environmental impact. STANDARDIZING FACILITY ENVIRONMENTAL PERFORMANCE In 2023, we continued to focus on obtaining ISO 14001 certifications for our lab facilities. ISO 14001 is an internationally recognized management system that leverages leadership involvement and employee engagement to: This certification demonstrates Quest's commitment to environmental management and regulatory compliance. In 2023, we achieved ISO 14001 certifications for our Cleveland HeartLab and laboratory facility in Chantilly VA-this is in addition to our lab in San Juan Capistrano which received certification in 2022, bringing our total certified facilities to 3. Exploring the links between environmental and human health Quest is exploring the impact environmental changes have on human health and well-being. In 2023, we launched an Environmental Health Impact Committee to address intertwined environmental and health issues. The Committee meets to discuss how Quest solutions can help address the health impacts of climate change, and to leverage insights from Quest's diagnostic testing to inform conversation and policy around climate change and public health. Sustainability | Quest Diagnostics Read more MENAFN17122024007202015466ID1109005032 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
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The U.S. leads the world in developing artificial intelligence technology, surpassing China in research and other important measures of AI innovation, according to a newly released Stanford University index. There’s no surefire way to rank global AI leadership but Stanford researchers made an attempt by measuring the “vibrancy” of the AI industry across various dimensions, from how much research and investment is happening to how responsibly the technology is being pursued to prevent harm. “The gap is actually widening” between the U.S. and China, said computer scientist Ray Perrault, director of the steering committee that runs Stanford’s AI Index. “The U.S. is investing a lot more, at least at the level of firm creation and firm funding.” The California-based university’s Institute for Human-Centered AI — which has ties to Silicon Valley’s tech industry — released the report as government AI officials from the U.S. and several allies met in San Francisco to compare notes on AI safety measures. Here’s which countries made the top 10: United States The U.S. ranks No. 1 on Stanford’s list and has consistently held that position since 2018 when it overtook China. It far outpaced China in private AI investment, which hit $67.2 billion in the U.S. last year compared to $7.8 billion in China, according to the report. It also leads in publishing responsible AI research. It’s no surprise that the home of commercial AI powerhouses such as Google and Meta, along with relative newcomers like OpenAI and Anthropic, produced many notable AI models that influence how the technology is being developed and applied. The U.S. also gets some points for having a number of AI-related laws on the books, though Congress has yet to pass any broad AI regulations. China China requested far more patents than any other country regarding generative AI, the U.N. intellectual property agency said this year. Stanford researchers counted that as one measure of China’s strong growth in AI innovation but not enough to lead the pack. Still, the report says that “China’s focus on developing cutting-edge AI technologies and increasing its R&D investments has positioned it as a major AI powerhouse.” China’s universities produced a large number of AI-related research publications and it has commercial leaders developing notable AI models, such as Baidu and its chatbot Ernie. United Kingdom Coming in at No. 3 is the UK, which also ranked high in research and development, and educational infrastructure due to top computer science universities churning out a skilled AI workforce. It’s also home to Google’s AI subsidiary DeepMind, whose co-founder recently won a Nobel Prize; and “had more mentions of AI in parliamentary proceedings” than any other country. Last year, the UK hosted the world’s first international AI safety summit. India Close behind the UK was India, thanks to a “strong AI research community,” improvements in economic investments tied to AI and a robust public discourse about AI on social media, according to the report. United Arab Emirates The UAE’s deliberate focus on AI appears to have paid off in the Middle Eastern nation’s fifth-place score. It was one of the top locations for AI investments. Microsoft this year said it will invest $1.5 billion in UAE-based tech firm G42, which is overseen by the country’s powerful national security adviser. Based in Abu Dhabi, G42 runs data centers and has built what’s considered the world’s leading Arabic-language AI model, known as Jais. The rest of the top 10 Rounding out the top 10 are France at No. 6, followed by South Korea, Germany, Japan and Singapore. France, home to the buzzy AI startup Mistral, ranked high in AI policy and governance. Both it and Germany are part of the European Union’s sweeping new AI Act that places safeguards on a range of AI applications based on how risky they are. The EU also follows the U.S. in developing a plan to expand semiconductor production within the bloc. Be the first to know Get local news delivered to your inbox!A new round of Israeli air strikes in Yemen have targeted the Houthi rebel-held capital and multiple ports while the World Health Organisation’s director-general said the bombardment occurred nearby as he prepared to board a flight. “The air traffic control tower, the departure lounge — just a few metres from where we were — and the runway were damaged,” Tedros Adhanom Ghebreyesus said on the social media platform X. He added that he and UN colleagues were safe. “We will need to wait for the damage to the airport to be repaired before we can leave,” he said. UN spokesperson Stephanie Tremblay later said the injured person was with the UN Humanitarian Air Service. Our mission to negotiate the release of staff detainees and to assess the health and humanitarian situation in concluded today. We continue to call for the detainees' immediate release. As we were about to board our flight from Sana’a, about two hours ago, the airport... — Tedros Adhanom Ghebreyesus (@DrTedros) Israel’s army later told The Associated Press it was not aware that the WHO chief was at the location in Yemen. The Israeli strikes followed several days of Houthi launches setting off sirens in Israel. The Israeli military in a statement said it attacked infrastructure used by the Iran-backed Houthis at the international airport in Sanaa and ports in Hodeida, Al-Salif and Ras Qantib, along with power stations, asserting they were used to smuggle in Iranian weapons and for the entry of senior Iranian officials. Israel’s military added it had “capabilities to strike very far from Israel’s territory — precisely, powerfully, and repetitively”. The strikes, carried out over 1,000 miles from Jerusalem, came a day after Prime Minister Benjamin Netanyahu said “the Houthis, too, will learn what Hamas and Hezbollah and Assad’s regime and others learned” as his military has battled those more powerful proxies of Iran. The Houthi-controlled satellite channel al-Masirah reported multiple deaths and showed broken windows, collapsed ceilings and a bloodstained floor and vehicle. Iran’s foreign ministry condemned the strikes. The US military has also targeted the Houthis in recent days. The UN has said the targeted ports are important entry points for humanitarian aid for Yemen, the poorest Arab nation that plunged into a civil war in 2014. Over the weekend, 16 people were wounded when a Houthi missile hit a playground in the Israeli city of Tel Aviv, while other missiles and drones have been shot down. Last week, Israeli jets struck Sanaa and Hodeida, killing nine people, calling it a response to previous Houthi attacks. The Houthis also have been targeting shipping on the Red Sea corridor in what it says is an act of solidarity with Palestinians in Gaza. The UN Security Council has an emergency meeting on Monday in response to an Israeli request that it condemn the Houthi attacks and Iran for supplying them with weapons.
