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What the armed forces can teach business
WHEN CAPTAIN Gareth Tennant was patrolling with the Royal Marines in the Gulf of Aden in 2010, his team intercepted some Somali pirates on two skiffs. The pirates’ weapons were confiscated and the marines waited for clearance to release their prisoners. The plan was to tow the ne’er-do-wells back to Somali waters. But the pirates misread the troops’ intentions, and thought they were about to be abandoned at sea; a few jumped into the water while the rest attacked Mr Tennant’s team. For a brief period, there was chaos. Mr Tennant was unable to give any orders. But his team acted anyway. One boat rescued the Somalis who had jumped into the water; another came alongside to offer support in ending the fight. His team acted that way, Mr Tennant argues, because they were used to working with each other and they had war-gamed what might go wrong. In contrast, the pirates were suffering from fear, stress and fatigue, and acted on gut instinct. “If you haven’t gone through the decision-making process in advance, then gut instinct tends to kick in,” Mr Tennant says. Now Mr Tennant is back in civilian life, acting as
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US diplomats, spies battle Trump admin over suspected attacks
WASHINGTON: The strange sound came at night: a crack like a marble striking the floor of the apartment above them.Mark Lenzi and his wife had lightheadedness, sleep issues and headaches, and their children were waking up with bloody noses — symptoms they thought might be from the smog in Guangzhou, China, where Lenzi worked for the State Department. But air pollution could not explain his sudden memory loss, including forgetting names of work tools.What began as strange sounds and symptoms among more than a dozen US officials and their family members in China in 2018 has turned into a diplomatic mystery spanning multiple countries and involving speculation about secret high-tech weapons and foreign attacks.One of the biggest questions centers on whether Trump administration officials believe that Lenzi and other diplomats in China experienced the same mysterious affliction as dozens of diplomats and spies at the US Embassy in Cuba in 2016 and 2017, which came to be known as Havana Syndrome. American employees in the two countries reported hearing strange sounds, followed by headaches, dizziness, blurred vision and memory loss.But the government’s treatment of the episodes has been radically different. The State Department, which oversaw the cases, has produced inconsistent
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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on...
NEW YORK, Oct. 17, 2020 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against STAAR Surgical Company ("STAAR" or the "Company") (NASDAQ: STAA) and certain of its officers. The class action, filed in United States District Court for the Central District of California, Southern Division, and docketed under 20-cv-01660, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired STAAR Surgical Company securities between February 26, 2020, and August 10, 2020, 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 by the SEC, 17 C.F.R. § 240.10b-5.
If you are a shareholder who purchased STAAR securities during the class period, you have until October 19, 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 rswilloughby@pomlaw.com 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]
STARR designs, develops, manufactures, and sells implantable lenses for the eye and companion delivery systems used to deliver the lenses into the eye. STAAR's primary products are: (1) "implantable Collamer® lenses," or "ICLs," used in refractive surgery; and (2) intraocular lenses, or "IOLs," used in cataract surgery.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts to investors. Specifically, Defendants misrepresented and/or failed to disclose to investors that the Company was overstating and/or mischaracterizing: (1) its sales and growth in China; (2) its marketing spend; (3) its research and development expenses; and that as a result of the foregoing, (4) Defendants' public statements were materially false and misleading at all relevant times.
On August 5, 2020, after the markets closed, STAAR reported disappointing financial results, as detailed below. On this news, shares of STAAR common stock fell approximately 10%, down from the August 5, 2020 closing price of $61.81 to an August 6, 2020 close of $55.86.
On August 11, 2020, analyst J Capital Research published a report in which it wrote that "[w]e think that STAAR Surgical has overstated sales in China by at least one-third, or $21.6 mln. That would mean that all of the company's $14 mln in 2019 profit is fake." The report continued that "[f]ake sales [in China] come at 100% margins and therefore translate directly into profit. That means that the roughly $21.6 mln in overstated Chinese sales in 2019 represents 152% of total company profit. In other words, without the fraud that we believe pervades the China business, STAAR is losing money."
J Capital Research stated in reaching its conclusions, it "conduct[ed] over 75 interviews, visited company sites in China and Switzerland, and reviewed financial statements and other government documents for STAAR's distributors and customers in China. We will show that sales of STAAR's ICLs are dramatically overstated."
On this news, the stock continued its descent, closing at just $48.25 per share on August 11, 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. WilloughbyPomerantz LLPrswilloughby@pomlaw.com
View original content:https://www.prnewswire.com/news-releases/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-staar-surgical-company-of-class-action-lawsuit-and-upcoming-deadline--staa-301154331.html
SOURCE Pomerantz LLP
German health minister Jens Spahn tests positive for coronavirus
BERLIN (REUTERS) - German Health Minister Jens Spahn tested positive for the coronavirus on Wednesday (Oct 21) and placed himself in home quarantine, the Health Ministry said. It said Spahn, 40, was suffering from cold-like symptoms and that people he had been in contact with were being informed. Spahn had told Chancellor Angela Merkel of his diagnosis and she had wished him a swift recovery, a spokesman said. Spahn attended a Cabinet meeting earlier on Wednesday, but a government spokesman said other Cabinet ministers would not necessarily have to go into quarantine. Since the start of the pandemic, the Cabinet has moved its meetings to a large conference hall in Berlin's vast, post-modernist Federal Chancellery building so that ministers can be kept far apart. "The federal cabinet meets in compliance with hygiene and distance rules, which aim to ensure that even if a person who later tests corona-positive were to participate, quarantining of other or even all participants would not be necessary," the government spokesman said. While Germany's infection rates are lower than in much of Europe, they have been accelerating and hit a daily record of 7,830 on Saturday,
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