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Palomar Holdings, Inc. Announces Agreement with Marsh’s Torrent Technologies for Private Flood Insurance Solution to WYO Offering

PR Newswire

LA JOLLA, Calif., Nov. 11, 2020 /PRNewswire/ — Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar” or the “Company”) announced an agreement with Torrent Technologies, a flood insurance technology and servicing company and part of Marsh, to provide Torrent’s Write-Your-Own (WYO) carrier clients and their agents new, admitted private flood insurance options.

Under the agreement, Palomar’s admitted, residential flood insurance program, Flood Guard, will be integrated onto Torrent’s state-of-the-art flood processing platform. This will provide agents of WYO carriers that opt-in even more choice to meet the unique flood risk needs of their customers and help close the flood insurance gap in the US.

Flood Guard will be the first admitted, private flood insurance option on the TorrentFlood® platform. This will enable agents to sell National Flood Insurance Program policies as well as quote, bind, and issue in real-time a curated list of private flood insurance options.

Unlike non-admitted policies, admitted policies are regulated by states and backed by state guarantee funds, providing policyholders additional protection in the event of carrier insolvency.

“Agents have told us that they want more choice in flood insurance on our platform, and in particular an admitted policy option,” said Kevin Tobin, CEO of Torrent Technologies. “With the addition of Flood Guard, WYO carriers can equip their agents with more opportunities to protect more homeowners from the number-one natural peril in the US.”

Mac Armstrong, Founder, CEO, and Chairman of Palomar Specialty, added: “Flood Guard is an affordable private flood insurance solution with flexible payment plans backed by the strength of an A-rated carrier. We are thrilled to integrate our offering on Torrent’s platform and provide WYO carriers and their agents expanded opportunities.”

With annual premiums as low as $200, Flood Guard is available on an admitted basis in the following 11 states: AZ, CA, HI, IL, IN, NV, OK, OR, PA, SC, and UT, with additional states forthcoming. Homeowners can purchase up to $5 million in dwelling, $1 million in personal property, and $50,000 in loss of use coverage on either a primary or excess basis.

Flood Guard is expected to be fully integrated onto TorrentFlood in the first quarter of 2021.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar Excess and Surplus Insurance Company. Palomar is an innovative insurer that focuses on the provision of specialty property insurance for residential and commercial clients. Palomar’s underwriting and analytical expertise allow it to concentrate on certain markets that it believes are underserved by other insurance companies, such as the markets for earthquake, wind and flood insurance. Palomar’s principal insurance subsidiary, Palomar Specialty Insurance Company, is an admitted carrier in 31 states and has an A.M. Best financial strength rating of “A-” (Excellent).

About Marsh

Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.

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SOURCE Palomar Holdings, Inc.

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Global Atomic Announces Q3 2020 Results

Highlighting Significant Progress on its Dasa Uranium Project and an Improving Outlook for its Zinc Recycling Business

TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) — Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, FRANKFURT: G12, OTCQX: GLATF) announced today its operating and financial results for the three and nine months ended September 30, 2020.



HIGHLIGHTS



Dasa Uranium Project

  • The Environmental Impact Statement (“EIS”) was completed and filed with the Niger Government in July 2020.
  • Pilot plant trials were initiated in August 2020 to confirm and optimize the processing plant flow sheet.
  • The Mining Permit application was submitted to the Niger Government on September 25, 2020.



Turkish Zinc Joint Venture

  • The Company’s share of the Turkish Joint Venture (“Turkish JV”) EBITDA was $2.5 million in Q3 2020 ($5.9 million for the 9 months 2020);
  • The non-recourse Turkish JV debt was reduced from US $22.85 million at the end of Q2 2020 to US $21.15 million (Global Atomic share – $10.4 million) at the end of Q3 2020 and the cash balance was US $0.3 million;
  • The Company’s share of the Turkish JV loss was $1.2 million, attributable to a $1.5 million unrealized foreign exchange loss on the Turkish debt, due to the decline in both the Turkish Lira and the Canadian dollar relative to the US dollar.



Corporate

  • Global Atomic continues to receive management fees and sales commissions from the Turkish JV, helping to offset corporate overhead costs.

Stephen G. Roman, Chairman, President and CEO commented “Global Atomic had an excellent third quarter, 2020.  For our uranium business, in addition to achieving the major milestone of submitting our Mining Permit application to the Government of Niger for the Dasa Uranium Project, we also completed several key studies in that process and began our pliot plant trials.  For our zinc recycling business, the outlook is improving due to rising zinc prices and a continuing recovery in the Turkish steel industry.   Zinc prices have risen by 50% since the end of March.”


OUTLOOK



Dasa Uranium Project, Niger

  • Public consultation meetings took place in early October in the Dasa area and the town of Agadez, Niger. Receipt of an Environmental Certificate of Conformity from the Niger Government is expected shortly.
  • Global Atomic anticipates the Mining Permit will be issued by the end of Q1 2021.
  • A structural drilling program is under way and the results will be used to finalize the Dasa mine plan.
  • A Pilot Plant project is expected to be complete in Q4 2020 and the results will be used to optimize the Dasa Process Plant flow sheet.
  • Various trade-off studies are underway to optimize mining and processing.



Turkish Zinc JV, Iskenderun, Turkey

  • Following process adjustments completed in August, the plant has attained planned efficiency levels.
  • Feedstock of EAFD has increased and the Iskenderun plant is now anticipated to operate at between 63% and 64% capacity during 2020.
  • Zinc prices continued to increase over Q3 2020 and averaged $1.11/lb in September, strengthening even further thereafter.
  • Further repayments are expected on the Befesa loans in Q4 2020 and the balance is likely to be repaid in 2021, depending on zinc prices and EAFD availability.
  • Dividend flow from the Turkish Zinc JV will resume following repayment of the Befesa debt.

Summarized income statement and financial position information is shown as follows:

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c1dc12ec-50dd-4d36-b2ae-640acf9c547e

The consolidated financial statements reflect the equity method of accounting for Global Atomic’s interest in BST. The Company’s share of net earnings and net assets are disclosed in the notes to the financial statements.

Dasa Uranium Project, Niger

The PEA results were prepared based on a U3O8 price of $35/pound resulting in a Phase 1 Development Plan after-tax internal rate of return of 26.6% and net present value of US $211 million using an 8% discount rate. The average cash cost over this project phase is US $16.72/pound and the AISC is US $18.39/pound. The positive outcome of the PEA supported the Company’s decision to move the Dasa project into production.

The Company completed its EIS and filed it with the Niger Government during Q3 2020 and follow on public consultation meetings were held in early October. All issues have been addressed. The application for the Mining Permit was also filed in Q3 2020 and the Mining Permit is expected to be issued by the end of Q1 2021.

Various optimization and trade-off studies are underway:

  • a pilot plant project started in August 2020 and reports will be available in early 2021, providing further assurance on the flow sheet and optimizing reagent use
  • A structural drilling program began in early November 2020 and will provide data needed for final mine plan engineering and portal location
  • Trade-off studies are underway to optimize mining methods and related parameters
  • Trade-off studies are underway to optimize tailings storage
  • Alternative backfill plans are being tested so that the final selection can be optimized

With the completion of these studies, final engineering, equipment selection and contractor selection will proceed. The objective is to mobilize to site and begin construction in Q1 2022, subject to availability of financing and uranium market conditions.

Turkish Zinc JV, Iskenderun, Turkey

The following table summarizes comparative operational metrics of the Iskenderun facility.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/438974d3-e5a1-486b-875e-660bdcb63a0e

The Turkish Zinc JV owns and operates an EAFD processing plant in Iskenderun, Turkey. The plant processes EAFD containing 25% to 30% zinc that is obtained from electric arc steel mills and produces a concentrate grading 68% to 70% zinc that is then sold to zinc smelters. 

Global Atomic holds a 49% interest in the Turkish Zinc JV and, as such, the investment is accounted for using the equity basis of accounting. Under this basis of accounting, the Company’s share of the JV’s earnings is shown as a single line in its income statement.

In 2018, the Turkish Zinc JV approved a capital project to modernize and expand the Iskenderun plant. The project began in 2018 and was completed in 2019. Prior to February 2019, all work involved manufacturing of components for the new plant. In January 2019, the Iskenderun plant shut down so that the site reconstruction could begin. Commissioning of the new plant was completed in August and production ramp up began in September. The Iskenderun plant now has the capacity to process 110,000 tonnes EAFD per annum, an increase from the 65,000 tonne per annum previous capacity.

The following table summarizes comparative results for 2020 and 2019 of the JV at 100%.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5722cfc-e8fb-4295-a7a4-80b4dc761b40

BST processed 51,295 tonnes EAFD through Q3 2020, which represents approximately 62% of plant capacity. In Q3, EAFD tonnes processed were negatively impacted due to a shutdown in August for scheduled maintenance as well as completion of final adjustments to the plant. Since restarting the plant in September, operating efficiencies have improved to the planned level for the new plant. 2019 production is not comparable, as the plant was shut down for reconstruction after January 2019.

The current outlook is that the plant will process between 65,000 and 70,000 tonnes EAFD in 2020. The zinc content in concentrate shipments during the first 9 months of 2020 was 30.6 million pounds. Based on the current outlook for 2020, zinc content of concentrate shipments for the year are expected to exceed 40 million pounds.

The total cost for the plant modernization and expansion was approximately US $26.6 million, which was funded by cash on hand, available credit lines from the BST JV’s Turkish bank and non-recourse loans from Befesa. At September 30, 2020, the Befesa loans totalled US $15.6 million, bearing interest at Libor + 4.0% and mature between May and December 2022. The Turkish bank loans were renewed in August and September and converted to revolving lines of credit. The outstanding balance at September 30, 2020 was US $5.55 million and bears interest at 3.75%.

The loans are denominated in US dollars but converted to Turkish Lira for functional accounting purposes. For presentation purposes, the equity interests are then converted to Canadian dollars. The foreign exchange loss for the 9 months to September 30, 2020 related to the joint venture debt was C$8.7 million ($4.4 million for the 3 months ended September 30, 2020).

This foreign exchange loss is an unrealized loss, and largely relates to the devaluation of the Turkish Lira relative to the US dollar from 5.95 at December 31, 2019 to 7.74 at September 30, 2020. In economic terms, all revenues are received in US dollars and these will be used to pay down the US denominated debt, so no real exchange gains/losses will be realized in US dollar terms. The accounting exchange losses relate to the debt are shown below EBITDA as a financing related cost.

Tax expense (income) shown in the income statement is a non-cash deferred tax amount. The tax credit arises due to the recognition of tax loss carry-forward balances that have been generated in the Turkish operations. The Turkish entities qualified for an investment tax credit incentive on the new plant, of which TL 77.2 million ($13.3 million) remains as a carry-forward balance at the end of Q3 2020.

Overall, the Company’s share of EBITDA was $1.2 million in Q3 2020 ($2.9 million for 9 months 2020) and its share of net loss was $1.4 million ($3.0 million for 9 months 2020), driven largely by the unrealized foreign exchange loss recognized on the debt balances.

QP Statement

The scientific and technical disclosures in this news release have been reviewed and approved by Ronald S. Halas, P.Eng. and George A. Flach, P.Geo. who are “qualified persons” under National Instrument 43-101 – Standards of Disclosure for Mineral Properties.

About Global Atomic
Global Atomic Corporation (www.globalatomiccorp.com) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company’s Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The Company is moving the Dasa Project ahead rapidly, having recently completed the key milestone of submitting the mining permit application to the Niger government.

Global Atomics’ Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (“BST”) Joint Venture, which operates a new, state of the art processing facility, located in Iskenderun, Turkey. The plant recovers zinc from Electric Arc Furnace Dust (“EAFD”) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc S.A.U. (“Befesa”) listed on the Frankfurt exchange under ‘BFSA’, holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe and Asia.

Key contacts:

Stephen G. Roman
Chairman, President and CEO
Tel: +1 (416) 368-3949
Email: [email protected]		 Bob Tait
VP Investor Relations
Tel: +1 (416) 558-3858
Email: [email protected]

The information in this release may contain forward-looking information under applicable securities laws.  Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics’ development potential and timetable of its operations, development and exploration assets; Global Atomics’ ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks.   Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “is expected”, “estimates”, variations of such words and  phrases or statements that certain actions, events or results “could”, “would”, “might”, “will be taken”, “will begin”, “will include”, “are expected”, “occur” or “be achieved”.  All information contained in this news release, other than statements of current or historical fact, is forward-looking information.   Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made.  Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance upon forward-looking statements.  Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law.  Readers should also review the risks and uncertainties sections of Global Atomics’ annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

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Victory Capital Reports October 2020 Assets Under Management

Victory Capital Reports October 2020 Assets Under Management

SAN ANTONIO–(BUSINESS WIRE)–
Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the “Company”) today reported assets under management (AUM) of $131.1 billion on October 31, 2020.

Victory Capital Holdings, Inc. and Subsidiaries

Assets Under Management1

(unaudited; in millions)

 

 

 

 

 

 

 

As of:

By Asset Class

October 31, 2020

 

September 30, 2020

Fixed Income

$

35,634

 

$

35,848

Solutions

 

29,922

 

 

30,767

U.S. Mid Cap Equity

 

22,373

 

 

22,540

U.S. Small Cap Equity

 

14,978

 

 

14,453

U.S. Large Cap Equity

 

12,737

 

 

13,242

Global / Non-U.S. Equity

 

11,641

 

 

11,974

Other

 

211

 

 

207

Total Long-Term Assets

$

127,496

 

 

$

129,031

 

Money Market / Short Term Assets

 

3,627

 

 

3,631

Total Assets Under Management

$

131,123

 

$

132,662

 

 

 

 

 

 

 

 

 

 

 

 

By Vehicle

 

 

 

 

 

Mutual Funds2

$

101,534

 

$

102,921

Separate Accounts and Other Vehicles3

 

26,146

 

 

26,254

ETFs

 

3,443

 

 

3,488

Total Assets Under Management

$

131,123

 

$

132,662

 

 

 

 

 

 

1Due to rounding, numbers presented in these tables may not add up precisely to the totals provided.

2Includes institutional and retail share classes, money market and VIP funds.

3Includes collective trust funds, wrap program accounts and unified managed accounts.

About Victory Capital

Victory Capital is a diversified global asset management firm with $131.1 billion in assets under management as of October 31, 2020. The Company operates a next-generation business model combining boutique investment qualities with the benefits of a fully integrated, centralized operating and distribution platform.

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With nine autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a wide array of investment styles and investment vehicles including, actively managed mutual funds, separately managed accounts, active ETFs, multi-asset class strategies, custom-designed solutions and a 529 College Savings Plan.

For more information, please visit www.vcm.com or follow us: Twitter and LinkedIn

Investors:

Matthew Dennis, CFA

Chief of Staff

Director, Investor Relations

216-898-2412

[email protected]

Media:

Tricia Ross

310-622-8226

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Lindblad Expeditions Holdings, Inc. Appoints David Goodman As Chief Commercial And Marketing Officer

PR Newswire

NEW YORK, Nov. 11, 2020 /PRNewswire/ — Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND) (“Lindblad” or the “Company”), a global provider of expedition cruises and adventure travel experiences, announced today it has named David Goodman as its Chief Commercial and Marketing Officer, effective November 9, 2020.

David has spent 30+ years running divisions of global multi-media organizations, overseeing revenue, marketing, content creation, production, product/technology, distribution and oversight of some of the world’s most recognizable brands and properties. Most recently he served as Executive Vice President, Marketing and Digital Development at Sotheby’s, where he and his team were responsible for numerous initiatives which resulted in record growth in audience (physical/digital), revenue, e-commerce sales, content creation (web, mobile, social, video, print, AR/VR) while incorporating best-in-class technology into client-facing products and processes.

Under his leadership, David was the chief architect of Sotheby’s highly successful digital strategy, which resulted in record online traffic; the creation of a global and “mobile first,” discovery, registration, bidding and buying platform; a global publishing and content creation/audience platform; and apps for the iPhone, iPad, Android phone, Amazon Fire, Samsung Smart TV, and Apple TV (named one of Apple’s “Best New Apps” when launched).  He also created the award winning “Treasures From Chatsworth,” a 13-part series and live exhibition; new sales categories, and the creation and implementation of sophisticated internal/external advertising, insight and analytics programs.

Goodman came to Sotheby’s from The Madison Square Garden Company, where he was the President of Productions and Live Entertainment. Prior to his role at MSG, he spent 13 years at CBS in several roles, including President of CBS Live Experiences, President of CBS Interactive Music Group and President of Digital Media and Integrated Marketing for CBS Radio. David has also served as an executive at Warner Bros., President of Warnervision, a division of The Warner Music Group, and Saban Entertainment. Additionally, he has created and/or executive-produced numerous award-winning and critically acclaimed shows, series and specials across almost every facet of entertainment, which have reached, entertained and educated hundreds of millions of people around the world. 

In his new role at Lindblad, Mr. Goodman will be responsible for all revenue production and will lead marketing, sales, digital product development and strategic partnerships.

“As we navigate through the COVID-19 pandemic and look to reactivate in 2021, David Goodman will be a very meaningful addition to our leadership team.  Lindblad Expeditions was on a solid growth trajectory prior to the pandemic and intends to continue on an aggressive growth plan in 2021 and beyond.  David’s skills and background will add immeasurably in building the marketing and sales platform that will fuel that growth,” stated Sven Lindblad, President and CEO of Lindblad Expeditions.

Mr. Goodman, who will be based at Lindblad’s headquarters in New York, commented, “Since a young age, I’ve loved traveling, especially to places a bit off the beaten path. For almost 50 years, Lindblad has been the leader in experiential travel, taking hundreds of thousands of people on expeditions to the most extraordinary places in the world. We have a tremendous opportunity to innovate the existing business with new content, technology, products and services, which will drive interest and demand while positioning the company for future growth.  I can’t think of a better opportunity both personally and professionally, especially given the timing as we prepare for the world to start traveling again.  

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and on land-based travel through its subsidiary, Natural Habitat Adventures, an adventure travel and ecotourism company with a focus on responsible nature travel.

Lindblad Expeditions works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and to promote conservation and sustainable tourism around the world. The partnership’s educationally oriented voyages allow guests to interact with and learn from leading scientists, naturalists and researchers while discovering stunning natural environments, above and below the sea, through state-of-the-art exploration tools.

Natural Habitat partners with the World Wildlife Fund to offer and promote conservation and sustainable travel that directly protects nature. Natural Habitat’s adventures include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures and African safaris.

For more information visit us at www.expeditions.com or find us on Facebook, Twitter, Instagram, YouTube, Pinterest and LinkedIn.

Images of David Goodmanhere.   

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SOURCE Lindblad Expeditions Holdings, Inc.

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Reata Pharmaceuticals, Inc. of Class Action Lawsuit and Upcoming Deadline – RETA

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Reata Pharmaceuticals, Inc. (“Reata” or the “Company”) (NASDAQ: RETA) and certain of its officers.   The class action, filed in United States District Court for the Eastern District of Texas, Sherman Division, and docketed under 20-cv-00796, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Reata securities between October 15, 2019 and August 7, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the 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 top officials.

If you are a shareholder who purchased Reata securities during the class period, you have until December 14, 2020, to ask the Court to appoint you as 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 who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 



[Click here for information about joining the class action]

Reata is a clinical stage biopharmaceutical company that develops novel therapeutics for patients with serious or life-threatening diseases by targeting molecular pathways that regulate cellular metabolism and inflammation.

Among Reata’s drug candidates under development is omaveloxolone, which is in Phase 2 clinical development to treat Friedreich’s ataxia (“FA”).  Following the announcement of positive data from the MOXIe Part 2 study of omaveloxolone for FA in October 2019, the Company represented that it would seek submission for marketing approval of omaveloxolone for the treatment of FA in the U.S. with the U.S. Food and Drug Administration (“FDA”).

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) the MOXIe Part 2 study results were insufficient to support a single study marketing approval of omaveloxolone for the treatment of FA in the U.S. without additional evidence; (ii) as a result, it was foreseeable that the FDA would not accept marketing approval of omaveloxolone for the treatment of FA in the U.S. based on the MOXIe Part 2 study results; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 10, 2020, during pre-market hours, Reata issued a press release announcing its second quarter 2020 financial results, wherein it disclosed that the FDA “is not convinced that the MOXIe Part 2 results” of the Company’s study assessing omaveloxolone for the treatment of FA “will support a single study approval without additional evidence that lends persuasiveness to the results,” and that, “[i]n preliminary comments for [a] meeting, the FDA stated that [Defendants] will need to conduct a second pivotal trial that confirms the mFARS [modified Friedreich’s Ataxia Rating Scale] results of the MOXIe Part 2 study with a similar magnitude of effect.”

On this news, Reata’s stock price fell $51.79 per share, or 33.16%, to close at $104.41 per share on August 10, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]

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Contango Announces Schedule for Third Quarter 2020 Earnings Release and Conference Call

HOUSTON, Nov. 11, 2020 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today that it plans to issue its third quarter 2020 earnings release after market close on Monday, November 16, 2020. In conjunction with the release, Contango will conduct a conference call to discuss the contents of that release on Monday, November 16, 2020 at 5:00 pm Central Standard Time.


Teleconference Call

Those interested in participating in the earnings conference call may do so by clicking here to join and entering your information to be connected. The link becomes active 15 minutes prior to the scheduled start time, and the conference coordinator will call you. If you are not at a computer, you can join by dialing 800-309-1256, (International 1-323-347-3622) and entering participation code 732123. A replay of the call will be available Monday, November 16, 2020 at 8:00 pm CST through Monday, November 23, 2020 at 8:00 pm CST by clicking here.


About Contango Oil & Gas Company

Contango Oil & Gas Company is a Houston, Texas based, independent oil and natural gas company whose business is to maximize production and cash flow from its offshore properties in the shallow waters of the Gulf of Mexico and onshore properties in Texas, Oklahoma, Louisiana and Wyoming and, when determined appropriate, to use that cash flow to explore, develop, exploit, and increase production from its existing properties, to acquire additional PDP-heavy crude oil and natural gas properties or to pay down debt. Additional information is available on the Company’s website at http://www.contango.com. Information on our website is not part of this release.

Contact:
Contango Oil & Gas Company
E. Joseph Grady – 713-236-7400
Senior Vice President and Chief Financial and Accounting Officer

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Alibaba Generates RMB498.2 Billion (US$74.1 Billion) in GMV During the 2020 11.11 Global Shopping Festival

Alibaba Generates RMB498.2 Billion (US$74.1 Billion) in GMV During the 2020 11.11 Global Shopping Festival

Over 470 participating brands surpassed RMB100 million in sales during the 11-day campaign

HANGZHOU, China–(BUSINESS WIRE)–
Alibaba Group Holding Limited (NYSE: BABA; HKEx: 9988) today announced the 2020 11.11 Global Shopping Festival generated RMB498.2 billion (US$74.1 billion) in gross merchandise volume (GMV) during the 11-day campaign from November 1 to 11, an increase of 26% compared to the same timeframe in 2019.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201111005881/en/

Alibaba generates RMB498.2 billion (US$74.1 billion) in GMV during the 2020 11.11 Global Shopping Festival (Photo: Business Wire)

Alibaba generates RMB498.2 billion (US$74.1 billion) in GMV during the 2020 11.11 Global Shopping Festival (Photo: Business Wire)

“Over the past 12 years, innovation has been at the heart of 11.11 and along the way it became a global consumer festival. 11.11 is defined by our consumers, merchants and our partners across the ecosystem, and also a beneficiary of all the support from society,” said Jiang Fan, President of Taobao and Tmall. “We will continue to focus on developing our digital infrastructure in the service of empowering merchants of all sizes to find a path to success in the digital economy.”

Over 470 brands achieved more than RMB100 million in GMV, showcasing the value creation of digital transformation across the Alibaba Digital Economy.

The Alibaba digital infrastructure handled 583,000 orders per second during peak of activity, demonstrating the strength and scale of our underlying technology platform.

Cainiao Network processed more than 2.32 billion delivery orders cumulatively over the 11-day period.

Livestreaming has become an indispensable marketing tool, with over 30 livestreaming channels featured on Taobao Live that each generated more than RMB100 million in GMV.

Highlights from the 2020 11.11 Global Shopping Festival

  • 250,000 brands in total participated in 11.11 this year, of which 31,000 are overseas brands. Within these overseas brands, 2,600 participated in 11.11 for the first time.
  • 357 emerging brands became top sellers in their respective subcategories. More than 1,800 emerging brands surpassed their GMV from 11.11 last year and, of these, 94 emerging brands enjoyed sales growth of over 1,000%.
  • Under Alibaba’s Spring Thunder initiative, 1.2 million merchants and 300,000 factories focused on overseas trade from more than 2,000 industry clusters across China participated in 11.11.
  • AI customer chatbot handled over 2.1 billion queries during the 11-day period.
  • The United States was the top country selling to China by GMV. Other top-selling countries to China, in alphabetical order, include: Australia, Canada, France, Germany, Italy, Japan, Korea, New Zealand and UK.

Please visit Alibaba’s corporate news site Alizila for all the results, videos, fact sheets, B-roll footage and other content from the event.

About the 11.11 Global Shopping Festival

The 11.11 Global Shopping Festival began in 2009 with participation from just 27 merchants as an event for merchants and consumers to raise awareness about the value of online shopping. More than 250,000 brands are participating in this year’s event. For the latest news and updates on the 2020 11.11 Global Shopping Festival, please visit: www.alizila.com

About Alibaba Group

Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years.

Note: GMV for the 11.11 Global Shopping Festival is the total value of orders settled through Alipay on Alibaba’s China retail marketplaces, Kaola, Lazada, AliExpress, and New Retail and consumer services platforms from November 1 to November 11, 2020. It is reported on a real-time basis and includes shipping charges paid (where applicable). Alibaba Group’s operating results disclosed in this press release are denominated in RMB; year-over-year comparisons and growth rates are calculated on the basis of RMB amounts and are not affected by foreign exchange rate fluctuations. All translations of RMB into US$ are made at US$1=RMB6.7232, the central parity rate announced by the People’s Bank of China (PBOC) on October 30, 2020. All GMV and other figures presented in this press release are unaudited and subject to adjustments.

APAC:

Cathy Yan

Alibaba Group

+852 9012 5806

[email protected]

Americas:

Brion Tingler

Alibaba Group

+1 917 528 1992

[email protected]

EMEA:

Maja Hauke

Alibaba Group

+44 7534 016659

[email protected]

KEYWORDS: China United States North America Asia Pacific

INDUSTRY KEYWORDS: Online Retail Data Management Retail Technology Mobile/Wireless Software Internet

MEDIA:

Photo
Photo
Alibaba generates RMB498.2 billion (US$74.1 billion) in GMV during the 2020 11.11 Global Shopping Festival (Photo: Business Wire)
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Pure Storage Named Most Innovative Flash Memory Technology for Best of Show Award at Flash Memory Summit 2020

FlashArray//C is Industry’s First All-QLC Flash Storage Array; Eliminates the Need for Hybrid Arrays

PR Newswire

SANTA CLARA, Calif., Nov. 11, 2020 /PRNewswire/ — Pure Storage was honored with a Flash Memory Summit 2020 Best of Show Award for Most Innovative Flash Memory Technology at today’s Flash Memory Summit 2020 Best of Show Awards ceremony.

The Flash Memory Summit, the world’s largest and most prestigious storage industry conference and exposition, recognizes FlashArray//C as the industry’s first all-QLC flash storage array delivering consistent NVME performance and simplified management on par with today’s TLC-based flash media. The performance and financial efficiencies delivered by FlashArray//C enable organizations to reduce the cost of running capacity-oriented workloads so significantly it eliminates the need for legacy hybrid disk arrays. Previously, economics and performance challenges of legacy storage arrays have forced IT organizations to distinguish between performance-oriented workloads, and everything else. Designed for modern applications and workloads, FlashArray//C is uniquely capable of using raw QLC flash to provide enterprise-grade performance and endurance, without the expense of over-provisioning or adding a persistent memory tier.

“Modern applications and workloads are demanding the high performance of all-flash storage but need the financial efficiencies that can address the growing capacity requirements on budget,” said Jay Kramer, Chairman of the Awards Program and President of Network Storage Advisors Inc. “We are proud to recognize Pure Storage QLC-based FlashArray//C as the industry’s first all-QLC flash storage array delivering consistent NVMe performance while making all-flash accessible for a growing number of use cases previously relegated to spinning disk or less efficient hybrid solutions.”

“Pure Storage trail-blazed the all-flash storage market, and continues to lead the market in storage innovation,” said Shawn Hansen, Vice President and General Manager of FlashArray. “The market has waited in anticipation for flash to displace traditional disk-based arrays. FlashArray//C is the first product to ship enterprise-grade QLC, which makes flash available at the right price point and scale needed for all workloads, including backup, test/dev, and consolidation.”

According to show organizers, a record number of award submissions were received this year making the judging challenging and each of the categories extremely competitive.

Details of the award-winning companies, innovative products and solutions can be found at:  https://flashmemorysummit.com/English/News_Info/Best_of_Show/BOS_Winners.html

Supporting Resources

About Flash Memory Summit

Flash Memory Summit showcases the mainstream applications, key technologies, leading vendors, and innovative startups driving the multi-billion-dollar non-volatile memory and SSD markets. FMS is now the world’s largest event featuring the trends, innovations, and influencers leading the adoption of flash memory in demanding enterprise storage, high-performance computing, and cloud systems.

About Pure Storage

Pure Storage (NYSE: PSTG) gives technologists their time back. Pure delivers a modern data experience that empowers organizations to run their operations as a true, automated, storage as-a-service model seamlessly across multiple clouds. One of the fastest-growing enterprise IT companies in history, Pure helps customers put data to use while reducing the complexity and expense of managing the infrastructure behind it. And with a certified customer satisfaction score in the top one percent of B2B companies, Pure’s ever-expanding list of customers are among the happiest in the world.

Pure Storage, the “P” Logo, Evergreen, FlashArray, FlashBlade, Pure1 and Pure as-a-Service are trademarks or registered trademarks of Pure Storage, Inc. All other trademarks or names referenced in this document are the property of their respective owners.

Analyst Recognition:

Pure Storage has been named a Leader in the 2019 Gartner Magic Quadrant for Primary Storage.

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SOURCE Pure Storage

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CNO Financial Group Appoints Steven Shebik and Nominates Chet Ragavan to its Board of Directors, Director Charles Jacklin to Retire

PR Newswire

CARMEL, Ind., Nov. 11, 2020 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that its board of directors has appointed Steven Shebik as a director, effective immediately, and nominated Chet Ragavan as a director to stand for election at the company’s annual meeting in May 2021. Shebik’s appointment increases the size of the board to 10 directors.

“We are very pleased to welcome Steve to the CNO Board of Directors and to announce Chet’s nomination to stand for election in May 2021,” said Board Chair Dan Maurer. “Steve and Chet are both highly respected leaders, each with more than three decades of insurance and financial services industry experience.”

“Steve’s significant finance, investment, risk and management experience in insurance, captive agent distribution and manufactured products with a publicly traded insurer is an important strategic fit for CNO,” continued Maurer. “Chet is a proven thought leader and executive with deep knowledge of risk management, accounting and investment strategy for financial services firms focusing on retirement solutions.  Both of their contributions will be invaluable to the CNO board as we continue to advance our growth strategy, serve our middle-income consumers and deliver shareholder value.”

Shebik, 64, is the former vice chair of The Allstate Corporation and Allstate Insurance Company and former chief executive officer of Allstate Life Insurance, positions he held from 2018 until his retirement in 2020 after a 25-year career with the company.  From 2012 to 2018, Shebik served as executive vice president and chief financial officer at Allstate.  He was the senior financial executive for Allstate Investments from 2009 to 2012, Allstate Protection from 2005 to 2008, and Allstate Life Insurance from 2001 to 2005.  Prior to joining Allstate in 1995, he held roles in finance and accounting with Sears and Arthur Andersen. Shebik received bachelor’s degrees in accounting and finance from the University of Illinois at Urbana-Champaign and a Master of Business Administration from the University of Chicago.

Ragavan, 66, is the former executive vice president and chief risk officer of Voya Financial, a position he held from 2014 until his retirement in 2019. From 2008 to 2013, he served as managing director and chief risk officer for Voya Investment Management. Prior to joining Voya, Ragavan was managing director and co-head of the portfolio analytics group for BlackRock from 2006 to 2008.  He began his career at Merrill Lynch in 1980 and held several senior leadership roles during his 26-year career with the company, including as managing director and global head of fixed income research of Merrill Lynch Investment Managers and as managing director and head of risk management of Merrill Lynch Asset Management. Ragavan received a bachelor’s degree in business administration from Madurai University, a Master of Business Administration from Madras University, and a master’s degree in computer science from the New Jersey Institute of Technology.

CNO also announced that Charles Jacklin has decided to retire from the company’s board of directors at the conclusion of his current term, which ends upon the close of the annual meeting in May 2021. Jacklin joined CNO’s board in May 2015 and serves as chair of the Investment Committee and as a member of the Audit and Enterprise Risk Committee.

“On behalf of the board, we thank Charlie for his years of dedicated stewardship and service to CNO, our customers and shareholders,” said Board Chair Dan Maurer. “Charlie brought an experienced investment perspective and expertise to the board and the Investment Committee at a pivotal time in CNO’s history. We remain grateful for Charlie’s leadership and many significant contributions to our company.”

For more information, visit CNO online at CNOinc.com.

 

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SOURCE CNO Financial Group, Inc.

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AB Announces October 31, 2020 Assets Under Management

PR Newswire

NEW YORK, Nov. 11, 2020 /PRNewswire/ — AllianceBernstein L.P. (“AB”) and AllianceBernstein Holding L.P. (“AB Holding”) (NYSE: AB) today announced that preliminary assets under management decreased to $622 billion during October 2020 from $631 billion at the end of September. The 1.4% decrease was due primarily to market depreciation, and to a lesser extent, firmwide net outflows in each channel – Institutions, Retail, and Private Wealth. Institutional outflows reflected $2.6 billion in money market outflows, as well as $0.7 billion from AXA S.A. Year-to-date, AXA redemptions amounted to approximately $11.8 billion of the total expected redemptions of $14 billion.


AllianceBernstein L.P. (The Operating Partnership)


Assets Under Management ($ in Billions)


At October 31, 2020


At Sep 30


2020


Private


Institutions


Retail


Wealth


Total


Total


Equity

Actively Managed


$


51


$


91


$


45


$


187


$


189

Passive


24


31


1


56


58


Total Equity


75


122


46


243


247


Fixed Income

Taxable


152


82


15


249


253

Tax-Exempt


1


22


25


48


48

Passive


—


9


—


9


9


Total Fixed Income


153


113


40


306


310


Other(1)


56


6


11


73


74


Total


$


284


$


241


$


97


$


622


$


631


At September 30, 2020


Total


$


289


$


243


$


99


$


631


(1) Includes certain multi-asset services and solutions and certain alternative investments.

Cautions Regarding Forward-Looking Statements

Certain statements provided by management in this news release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately-managed accounts, general economic conditions, industry trends, future acquisitions, integration of acquired companies, competitive conditions, and government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. AB cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AB undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see “Risk Factors” and “Cautions Regarding Forward-Looking Statements” in AB’s Form 10-K for the year ended December 31, 2019 or subsequent Forms 10-Q. Any or all of the forward-looking statements made in this news release, Form 10-K, Form 10-Q, other documents AB files with or furnishes to the SEC and any other public statements issued by AB, may turn out to be wrong. It is important to remember that other factors besides those listed in “Risk Factors” and “Cautions Regarding Forward-Looking Statements”, and those listed above, could also adversely affect AB’s financial condition, results of operations and business prospects.

About AllianceBernstein

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.

As of September 30, 2020, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 35.5% of AllianceBernstein and Equitable Holdings, Inc. (“EQH”), directly and through various subsidiaries, owned an approximate 65.3% economic interest in AllianceBernstein.

Additional information about AB may be found on our website, www.alliancebernstein.com.

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SOURCE AllianceBernstein