Theranos Inc. settled a lawsuit alleging the company and its founder, Elizabeth Holmes, defrauded a San Francisco hedge fund into making a $96.1 million investment through “a series of lies,” the company said Monday. Neither Theranos nor the hedge fund that filed the suit, Partner Fund Management LP, disclosed the terms of the settlement. Partner Fund had said it sought to recoup its entire …
The billionaire Steven A. Cohen must again face a lawsuit accusing him and his former firm SAC Capital Advisors LP of conspiring with other hedge funds to spread false rumors about Fairfax Financial Holdings Ltd FFX.TO to drive down its stock price. A three-judge panel of a New Jersey state appeals court on Thursday revived conspiracy, disparagement and other claims that had been dismissed in …
Heads I win, tails you lose… and then you lose some more. That seems to be the story surrounding Bill Ackman’s disastrous near $4 billion loss in Valeant Pharmaceuticals. Ackman’s pharmaceutical foray is mostly over after his hedge fund Pershing Square dumped all of its Valeant shares in mid-March at $11 apiece, or an over 90% loss, cementing one of Wall Street’s biggest-ever investment …
Sears Holding Corp’s board of directors and chairman/CEO Eddie Lampert have agreed to a $40 million settlement of a shareholder lawsuit against Lampert himself, Reuters reports. The lawsuit, filed against Lampert, directors and the real estate investment trust (Seritage Growth Properties) that holds much of the struggling retailer’s most valuable real estate, claimed Lampert, whose …
Hedge funds who own debt at Puerto Rico’s Government Development Bank are accusing the bank and the island’s governor of giving preferential treatment to local creditors under a law designed to restructure GDB’s debt, signaling a breakdown in a tentative restructuring …