Digital Domain Previews New Autonomous Digital Human, ‘Douglas’

Proof of Concept Can Hold Natural Conversations, Swap Faces and Replicate Anyone’s Voice with Only 30 Minutes of Audio

LOS ANGELES, Calif., Nov. 19, 2020 (GLOBE NEWSWIRE) — Today, Digital Domain announces “Douglas,” the most realistic real-time autonomous digital human in the world. Currently in development, Douglas was designed to break down the barriers in human-to-machine interactions, yielding conversations that feel natural and easy. With unmatched facial realism, Douglas is chameleon-like in its ability to switch faces, providing future customers with even more flexibility when it hits the market in 2021.

“Everywhere you look you see virtual assistants, chatbots and other forms of AI-based communication interacting with people,” said Darren Hendler, director of Digital Humans Group at Digital Domain. “As companies decide to expand past voice-only interactions, there’s going to be a real need for photorealistic humans that behave in the ways we expect them to. That’s where Douglas comes in.”

Douglas uses numerous types of machine learning and Digital Domain R&D to reproduce the most common mannerisms people expect to see in a lifelike digital human. By focusing on language processing, expressions, vision tracking and more, Douglas can do everything from leading conversations to remembering people. And because Douglas’ response rate is currently the same as Alexa and Siri, these conversations have a natural flow, removing the long pauses that slow other autonomous digital humans down.

While perfect for any project that requires facial realism, Douglas will be especially helpful to companies who need an avatar to answer questions or help customers with repetitive tasks. The current version can already connect to any chatbot or assistant system, bringing a friendly face and an emotionally intelligent response to real-time interactions. Once finished, this technology can be easily deployed online, in meeting platforms or in kiosks around the globe.

Douglas is the latest technology built off the likeness of Senior Director of Software R&D, Dr. Doug Roble, which has already led to several advancements in both real-time digital humans and AI facial capture. By comparing Douglas to the real-life Roble, Digital Domain has been able to advance the realism of their design as they prepare the technology for wider use.

To create Douglas, Roble submitted to over a hundred hours of performance capture, including a live book reading that logged his voice and expressions. A neural rendering tool was also trained by taking photos of Roble in a variety of lighting conditions. From this data, the tool can now deliver levels of realism that would have been impossible to achieve before with traditional techniques, including replicating the mannerisms of another person with only few expressions. In recent months, the team has begun swapping out faces and trying on new voices, an edit that only requires 30 minutes of audio or 10 minutes of video.

“Douglas has introduced a level of realism unseen before in the autonomous human world, even before it comes to market,” said Daniel Seah, chief executive officer of Digital Domain. “As Digital Domain continues to expand our R&D into facial capture and autonomous behavior, we’ll be able to extend these innovations out to consumers and tech partners who are looking to enhance virtual human capabilities beyond simple voice recognition applications.”

Digital Domain is scheduling demos now and is interested in all opportunities around Douglas including investments, partnerships and client work. To schedule a call (or talk to Douglas), please contact: [email protected].

To see Douglas in action, click here.

About Digital Domain
Digital Domain creates transportive experiences that entertain, inform and inspire. Throughout the last quarter of a century, the studio has grown to lead the visual effects industry, expanding globally into digital humans, virtual production, previsualization and virtual reality, and adding commercials, game cinematics and episodics to the robust film roster. Digital Domain’s rich legacy consists of hundreds of blockbuster feature films for every major studio and thousands of commercials, music videos, game cinematics and digital content by world-renowned directors and brands.

A creative force in visual effects and premium content, Digital Domain have brought artistry and technology to films including Titanic, The Curious Case of Benjamin Button and blockbusters Ready Player One, Avengers: Infinity War and Avengers: Endgame. Staff artists have won more than 100 major awards, including Academy Awards, Clios, BAFTA awards and Cannes Lions.

Digital Domain has successfully become the first independent visual effects studio to enter Greater China. In 2018, Digital Domain acquired one of China’s VR hardware equipment pioneers and leaders – VR Technology Holdings Ltd, Shenzhen(“3Glasses”).

Digital Domain has locations in Los Angeles, Vancouver, Montreal, Beijing, Shanghai, Shenzhen, Hong Kong, Taipei and Hyderabad. Digital Domain Holdings Limited is listed on the Hong Kong Stock Exchange (stock code: 547).

Digital Domain: www.digitaldomain.com

Attachment



Colin McLaughlin
5037969822
[email protected]

Survey Finds Seventy-Five Percent of Dentists Anticipate Steady or Increased Reliance on Telehealth in Coming Months

Telehealth utilization opens doors for expanded oral health care, increased revenue, better health outcomes

Boston, Nov. 19, 2020 (GLOBE NEWSWIRE) — Three in four dentists who are using telehealth anticipate a steady or increased reliance on the technology over the coming months as they continue to navigate the COVID-19 crisis and resume routine care, according to a new report by the DentaQuest Partnership for Oral Health Advancement. 

The report, based on an August survey of nearly 2,800 dental providers across 20 states, found that nearly a quarter (23%) of dental providers are seeing patients via telehealth or virtual platforms. Additionally, 11% of providers who are not currently utilizing telehealth for patient care have plans to use it in the near future. This utilization rate is consistent with the 27% of providers who were seeing patients via telehealth in June when dental offices were largely limited to providing urgent and non-elective services, showing significant promise for the longevity of telehealth in dentistry.

“The numerous challenges that the COVID-19 pandemic has brought to providers and the oral health community has created a real opportunity for a new path forward in dentistry,” said Dr. Sean Boynes, vice president of health improvement at the DentaQuest Partnership for Oral Health Advancement. “Now is the time for innovation, to create a new model of oral health care, one that will be cost-effective, efficient and more equitable for all. What we’re seeing is that telehealth adoption and application is fast becoming a key tool for dentists to provide care that enhances disease prevention and whole-person health.”

Telehealth—primarily done through phone calls and virtual video meeting software—has been used to provide a wide variety of dental services, including COVID-19 symptom screenings, mouth/teeth examinations, referrals, patient triage, pain management and oral hygiene instruction. Survey findings suggest that while dental providers are primarily using telehealth for prescribing medication and triaging patients, there is a significant opportunity to expand its use for more preventive services.

Among providers, the report found that those in public health settings used telehealth the most, along with those in states like Pennsylvania, Washington, Florida, Kentucky and Arizona — likely as a result of favorable payment and coverage policies in those states. Additionally, providers who are not seeing their patient volume return to near-normal levels, serve primarily Medicaid patients and anticipate long-term changes in dentistry were more likely to embrace telehealth. In fact, dentists with more than half of patients enrolled in Medicaid were 39% more likely to use telehealth platforms.

As a result of telehealth utilization, providers are finding increasing opportunities for financial sustainability. According to the report, telehealth users are 34% more likely to be familiar with alternative payment models (APMs) and 45% more likely to have an increased interest in learning about APMs. As the oral health industry begins to embrace value-based care and shift toward APMs, telehealth can provide additional revenue while enhancing dental care access for current and new patients. Furthermore, it can offer cost-savings by providing access to primary and preventive care and keeping patients out of emergency departments for non-emergency dental needs.

As growth in telehealth utilization continues in oral health, permanent policy changes are vital for the widespread adoption of telehealth-enabled preventive services, minimally invasive care and care coordination. Providers and state policymakers should act now to ensure that policies permit members of the dental workforce to deliver telehealth services, as well as update reimbursement policies so that both public and private insurers cover remote provider-patient interactions through live video or store-and-forward mechanisms.

“Telehealth brings a wide range of benefits to the future of oral health care. It is key to expanding value-based care in our communities and improving outcomes for both oral health and overall health,” said Dr. Myechia Minter-Jordan, president and CEO of the DentaQuest Partnership for Oral Health Advancement and Catalyst Institute, Inc. “As we continue to leverage telehealth as a short-term solution for the pandemic, we must ensure its longevity to make it part of the dental ecosystem moving forward. That means taking the necessary steps right now to remove barriers that may prevent the widespread adoption or utilization of telehealth in the future.”

Read the full report here.

The DentaQuest Partnership for Oral Health Advancement is a nonprofit organization working to transform the broken health care system and enable better health through oral health. Through strategic grantmaking, research and care improvement initiatives, we drive meaningful change at the local, state and national levels. The DentaQuest Partnership is affiliated with DentaQuest, a leading U.S. oral health enterprise with a mission to improve the oral health of all. Find out more at www.dentaquestpartnership.org.

Attachments



Kristin LaRoche
DentaQuest Partnership for Oral Health Advancement
857-275-5038
[email protected]

ALERT DEC. 22 DEADLINE Pawar Law Group Announces a Securities Class Action Lawsuit Against  Innate Pharma S.A.– IPHA

NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) — Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Innate Pharma S.A. (NASDAQ: IPHA) from March 10, 2020 through September 8, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Innate Pharma S.A. investors under the federal securities laws.

To join the class action, go here or call Vik Pawar, Esq. toll-free at 888-589-9804 or email [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Innate touted the results of their various Phase 2 trials as being within expectations; (2) Innate continued to reassure investors that they were eligible for the $100 million payment upon first dosing of Phase 3 trials; (3) Innate failed to timely disclose their renegotiations with AstraZeneca to split the $100 million payment into two $50 million payments, to be partially contingent on performance during the Phase 3 trials; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

If you wish to serve as lead plaintiff, you must move the Court no later than December 22, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.

Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
——————————-

Contact:  
Vik Pawar, Esq.  
Pawar Law Group  
20 Vesey Street, Suite 1410  
New York, NY 10007  
Tel: (917) 261-2277  
Fax: (212) 571-0938  
[email protected]  



REVOLVE to Present at Upcoming Morgan Stanley and Barclays Virtual Investor Conference Events

REVOLVE to Present at Upcoming Morgan Stanley and Barclays Virtual Investor Conference Events

LOS ANGELES–(BUSINESS WIRE)–
Revolve Group, Inc. (NYSE: RVLV),the next-generation fashion retailer for Millennial and Generation Z consumers, will present at the following virtual investor conferences in December:

  • Morgan Stanley Global Consumer and Retail Conference on Tuesday, December 1, 2020 at 4:00 p.m. ET / 1:00 p.m. PT
  • Barclays Global Technology, Media and Telecommunications Conference on Wednesday, December 9, 2020 at 1:30 p.m. ET / 10:30 a.m. PT

Live webcasts of the virtual presentations will be available within the “Events and Presentations” section of REVOLVE’s investor relations website at https://investors.revolve.com/events-and-presentations/default.aspx. The webcasts will also be available for replay for a limited time following the conclusion of the live presentations.

About Revolve Group, Inc.

Revolve Group, Inc. (RVLV) is the next-generation fashion retailer for Millennial and Generation Z consumers. As a trusted, premium lifestyle brand, and a go-to online source for discovery and inspiration, we deliver an engaging customer experience from a vast yet curated offering of apparel, footwear, accessories and beauty styles. Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers, and hundreds of emerging, established and owned brands.

We were founded in 2003 by our co-CEOs, Michael Mente and Mike Karanikolas. We sell merchandise through two differentiated segments, REVOLVE and FORWARD, that leverage one platform. Through REVOLVE we offer a highly curated assortment of premium apparel and footwear, accessories and beauty products from emerging, established and owned brands. Through FORWARD we offer an assortment of iconic and emerging luxury brands. For more information, visit www.revolve.com.

Investor Relations Contact:

Erik Randerson, CFA

1-562-677-9513

[email protected]

Media Contact:

Simone Kuhfal

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Fashion Online Retail Retail Luxury Other Retail Manufacturing Textiles

MEDIA:

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IDG’s 2020 Security Priorities Research Outlines New Security Practices & Investments

While the pandemic continues to alter the way businesses evaluate risk, organizations expect a steady increase in their security budget to support efforts

Boston, MA, Nov. 19, 2020 (GLOBE NEWSWIRE) — IDG Communications, Inc. – the world’s leading tech media, data, and marketing services company – releases the 2020 IDG Security Priorities study, which outlines the security projects organizations are focused on, the factors driving security spending, and the security-related challenges that organizations are experiencing. In its fourth year, this study also explores issues that will demand the most time and strategic thinking from IT and security teams, with an increased focus on security strategy during the COVID-19 pandemic.

Security and the Pandemic

The majority of security/IT executives (62%) say they expect the pandemic to impact the way their organization evaluates and responds to risks moving forward. This has stabilized some since March, when 73% of respondents to the 2020 CSO Pandemic Impact survey said that the impact of this pandemic will alter the way their business evaluates risk for at least the next five years. This additional focus on security includes investing more in people to enable their response to risk (43%), increasing investment in response planning resources to address risk (38%), and updating and modernizing their business continuity plans (30%).

In addition to the changes businesses will make to their security strategies, security/IT leaders report that unexpected/under expected business risks (i.e. the pandemic and workforce changes) are forcing them to redirect their time and focus (36%). This is the number one security-related challenge today, followed by employee awareness/training issues which are also heightened due to the increase in work from home conditions.

“We have always known security leaders to be resilient and to be prepared for the unexpected. This year provided numerous disruptions, whether that be from a supply chain or workforce perspective,” says Bob Bragdon, Global SVP/Managing Director, CSO. “Organizations are arming their entire teams with more security awareness trainings as work from home scenarios continue and adopting additional data protection technologies so that security teams can focus on corporate initiatives.”

Security Incidents & Priorities

With the pandemic causing higher levels of uncertainty, new to the study this year, we asked respondents to provide insight into the sources of past security incidents. Overall, 87% of security/IT executives report that they are aware of what caused their security incidents in the past year. Topping the list are non-malicious user error where the employee fell victim to phishing or non-malicious violations of security policy (36%), followed by unpatched software vulnerabilities (29%), and the misconfiguration of services or systems either on- or off- premises (28%). In order to stay vigilant for the upcoming year, organizations state their main security priorities are to improve the protection of confidential and sensitive data (49%), improve/increase security awareness among end users through training (45%), and upgrade IT and data security to boost corporate resiliency (34%). Even with new and added challenges this past year, these priorities remain consistent with 2019 data.

Security Tools & Solutions

Organizations continue their commitment to security with 41% of security/IT decision-makers expecting their security budgets to increase in the next 12 months. This is slightly down from 50% in 2019, however 53% say their security budgets will remain the same and only 6% expect a decrease for the upcoming year. When looking at the total annual security budget, the average is $72.7M which is up from $51.8M in 2019. In order to achieve the security goals previously outlined, this large budget allocation makes it clear that organizations are actively researching and investing in a variety of security solutions. The key solutions being researched in 2020 are zero trust technologies (40%), deception technology (32%), micro-segmentation (30%), and cloud-based cybersecurity services (30%). Currently, the top security technologies in use are firewalls, anti-virus/malware, patch management, access controls and authentication. The security technologies where organizations are looking to increase spending include authentication (32%), cloud data protection (28%), cloud-based cybersecurity services (27%), and access controls (27%). Given the continuous growth in cloud adoption, it is no surprise that IT/security leaders are focused on security around these solutions.

While there is no question that security tools and solutions are in high demand, this year’s research also found that security products/solutions are not always being utilized to their full potential. Although the majority of security technologies purchased are used in some capacity (72%), half of security decision-makers say they do not utilize all of the features included in their security technologies and services.  This may be due to the fact that respondents say that 26% of purchased security technologies/services are under-resourced in terms of people, support services, or deployment.

“While security decision-makers are actively researching and investing in new security solutions, security vendors cannot be blind to the fact that more resources may be needed in order for their customers to obtain the full potential that their products offer ” continues Bragdon. “To best evaluate and respond to cyber risks, it’s essential that organizations fully understand and utilize their security technologies. In order to do so, security vendors must maintain constant customer communication and engagement.” 


DOWNLOAD THE 2020 EXECUTIVE SUMMARY TO LEARN MORE ABOUT THE RESEARCH

Join the Conversation

To engage with top security leaders as they share their best practices around securing multicloud, the future of AI and cybersecurity, and top security threats and prevention, learn more about the sponsorship opportunities around our 2021 Cybersecurity Summit virtual event series.

About 2020 IDG Security Priorities Study

IDG’s 2020 Security Priorities Study was conducted among the audience of five IDG brands (CIO, Computerworld, CSO, InfoWorld and Network World). The survey was fielded online to gain a better understanding of the various security projects organizations are focused on now and in the coming year. The research also explores the issues that will demand the most time and strategic thinking for IT and security teams, as well as the services that are managed in-house versus outsourced. Results are based on 522 respondents who are involved in IT and/or corporate/physical security decisions.

About IDG Communications, Inc.

IDG Communications’ vision is to make the world a better place by enabling the right use of technology, because we believe that the right use of technology can be a powerful force for good.

IDG is a trusted and dependable editorial voice, creating quality content to generate knowledge, engagement and deep relationships with our community of the most influential technology and security decision-makers. Our premium media brands including CIO®, Computerworld®, CSO®, InfoWorld®, Macworld®, Network World®, PCWorld® and Tech Hive® engage a quality audience with essential guidance on the evolving technology landscape.

Our trusted brands, global 1st party data intelligence and Triblio platform identify and activate purchasing intent, powering our clients’ success. We simplify complex campaigns that fulfill marketers’ global ambitions seamlessly with consistency that delivers quality results.

Follow IDG on Twitter: @IDGWorld
Follow IDG on LinkedIn
Like IDG on Facebook

###



Stacey Raap
Senior Marketing & Research Specialist
IDG Communications, Inc.
[email protected]
508.935.4008

ALERT NOV. 24 DEADLINE Pawar Law Group Announces a Securities Class Action Lawsuit Against Garrett Motion Inc. – GTXMQ

NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) — Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Garrett Motion Inc. (OTC: GTXMQ) from October 1, 2018 through September 18, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Garrett Motion Inc. investors under the federal securities laws.

To join the class action, go here or call Vik Pawar, Esq. toll-free at 888-589-9804 or email [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) due to its agreement to indemnify and reimburse Honeywell for certain asbestos-related liability, Garrett was saddled with an unsustainable level of debt; (2) as a result, Garrett had a highly leveraged capital structure that posed significant challenges to its overall strategic and financial flexibility; (3) as a result of the foregoing, Garrett’s ability to gain or hold market share was impaired; (4) as a result of the foregoing, the Company was reasonably likely to seek bankruptcy protection; and (5) 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.

If you wish to serve as lead plaintiff, you must move the Court no later than November 24, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.

Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
——————————-

Contact:  
Vik Pawar, Esq.  
Pawar Law Group  
20 Vesey Street, Suite 1410  
New York, NY 10007  
Tel: (917) 261-2277  
Fax: (212) 571-0938  
[email protected]  



Should you invest in Carnival Corp, Exxon Mobil, American Airlines, AT&T, or Wells Fargo?

PR Newswire

NEW YORK, Nov. 19, 2020 /PRNewswire/ — InvestorsObserver issues critical PriceWatch Alerts for CCL, XOM, AAL, T, and WFC.

Click a link below then choose between in-depth options trade idea report or a stock score report.

Options Report – Ideal trade ideas on up to seven different options trading strategies. The report shows all vital aspects of each option trade idea for each stock.

Stock Report – Measures a stock’s suitability for investment with a proprietary scoring system combining short and long-term technical factors with Wall Street’s opinion including a 12-month price forecast.

(Note: You may have to copy this link into your browser then press the [ENTER] key.)

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SOURCE InvestorsObserver

Northview Canadian High Yield Residential Fund Virtually Opens The Market

Canada NewsWire

TORONTO, Nov. 19, 2020 /CNW/ – Todd Cook, Chief Executive Officer, Northview Canadian High Yield Residential Fund (“Northview Fund”) (TSX: NHF.UN) and his team joined Graham Mackenzie, Head, Exchange Traded Products, TMX Group to celebrate the Fund’s new listing on Toronto Stock Exchange and open the market.

Northview Fund has been formed to provide investors with an attractive investment opportunity to participate in a geographically diverse portfolio of income-producing multi-residential suites, commercial real estate and execusuites located in Canadian secondary markets in British Columbia, Alberta, Saskatchewan, Québec, New Brunswick, Newfoundland and Labrador, the Northwest Territories and Nunavut.  The Fund provides investors with exposure to the Canadian multi-residential sector, which it believes exhibit compelling investment characteristics, the ability to generate consistent cash flows, and a defensive positioning against economic cycle downturns. For more information visit:  https://www.northviewfund.com/


For Market Openings:

 Media may pick up a feed from the TOC (television operations centre) for all market open ceremonies. The feed is named TSX Transmit 1 (SD-SDI) and is produced at the TMX Broadcast Centre and sent live to the TOC. To pick up the feed via the Dejero network, please contact [email protected]. The client feature video will begin playing on the TMX media wall at approximately 9:27 a.m. ET and the markets will open with the sound of a siren at 9:30 a.m. ET

Date:   Thursday, November 19, 2020

Time:   9:00am – 9:30am

Place:  Virtually Broadcast

SOURCE TMX Group Limited

Air Products Declares Quarterly Dividend

PR Newswire

LEHIGH VALLEY, Pa., Nov. 19, 2020 /PRNewswire/ — The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of $1.34 per share of common stock. The dividend is payable on February 8, 2021 to shareholders of record at the close of business on January 4, 2021. 

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world’s largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $60 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.  

 

Cision View original content:http://www.prnewswire.com/news-releases/air-products-declares-quarterly-dividend-301177419.html

SOURCE Air Products

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Bayerische Motoren Werke Aktiengesellschaft (BMWYY) Investors

Shareholders with $100,000 losses or more are encouraged to contact the firm

PR Newswire

LOS ANGELES, Nov. 19, 2020 /PRNewswire/ — The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Bayerische Motoren Werke Aktiengesellschaft (“BMW” or the “Company”) (OTC: BMWYY) securities between November 3, 2015 and September 24, 2020, inclusive (the “Class Period”). BMW investors have until December 28, 2020 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On December 23, 2019, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (“SEC”) was investigating whether BMW engaged in “sales punching,” a practice in which “a company boosts sales figures by having dealers register cars as sold when the vehicles actually are still standing on car lots.”

On this news, the price of BMW’s American Depositary Receipts (“ADRs”) fell $1.33, or nearly 7%, to close at $18.02 per ADR on December 23, 2019, thereby damaging investors.

On September 24, 2020, the SEC announced an $18 million settlement agreement with BMW regarding the investigation. According to the SEC’s order, from January 2015 to March 2017, the Company had “used its demonstrator and service loaner programs to boost reported retail sales volume and meet internal targets.” It also stated that from 2015 to 2019, BMW kept a reserve of unreported retail vehicle sales, which is used to meet internal monthly sales targets regardless of when the actual sale occurred.

On this news, BMW’s ADR price fell $0.51, or about 2%, to close at $23.07 per ADR on September 25, 2020, thereby damaging investors further.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) BMW kept a “bank” of retail vehicle sales that it used to meet internal monthly sales targets regardless of when the sales actually occurred; (2) BMW artificially manipulated sales figures by having dealers register cars as sold when the cars were still in inventory; (3) as a result, BMW’s key operating metrics were inaccurate and misleading; and (4) as a result, Defendants’ statements about BMW’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased BMW securities during the Class Period, you may move the Court no later than December 28, 2020to ask the Court to appoint you as lead plaintiff.  To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.  If you purchased BMW securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com.  If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

www.frankcruzlaw.com


 

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SOURCE The Law Offices of Frank R. Cruz, Los Angeles