Active Stocks: Novartis AG (ADR) (NYSE:NVS), Doral Financial Corp. (NYSE:DRL) And Yelp Inc. (NYSE:YELP)
Dallas, Texas, 09/24/2014 (ustrademedia) – In July 2014, Novartis AG (ADR)(NYSE:NVS) subsidiary Sandoz Inc., had announced an agreement of distributorship and commercial sale with Anacor Pharmaceuticals Inc (NYSE:ANAC) product, for of KERYDIN in the US markets. Anacor On Monday, September 22, announced the launch of the FDA-approved drug, the first oxaborole, to treat topically, conditions of toenails and other fungal infections occurring in the nail beds of more than 35million people in the US alone. Chairman and Chief Executive Officer of Anacor Pharmaceuticals, Paul Berns, announced “We are pleased to announce the commercial launch of Anacors first approved product, KERYDIN, through PharmaDerm,” which is a brand in Sandoz dermatology segment backed by NVS. He added “We have been working closely with the team at PharmaDerm and are confident in their ability to commercialize KERYDIN in the U.S.”
Doral Financial Corp. (NYSE:DRL) pursues its demand for tax fund valued at $229.9 million before Superior Court Judge Laureana Perez Perez in Puerto Rico, following the plea by Doral’s General Counsel Enrique Ubarri. As per 2012 agreement between Puerto Rico and DRL, the company is entitled to a refund, because of restating its earnings between 1998 and 2004. However, Puerto Rico’s dismissal of the agreement, stating that the claims were fraudulent resulted in a civil court suit in San Juan Superior Division. Thus far, said Matthew McGill, Doral’s lawyer, the government has failed to prove allegations of fraud and added “When this case is over, the people of Puerto Rico will have to ask whether they were well served by their government’s unfounded attack on one of Puerto Rico’s few remaining banks.”
The Class action lawsuit before the Northern District Court of California against, Yelp Inc. (NYSE:YELP) commenced on Monday, following complaints for securities purchased between October 29, 2013 and April 3, 2014. The complaint alleges three wrongs against YELP; the foremost being the unreliable nature of personal business reviews on the website; second the ‘quality ‘ of the algorithms which determine unreliable reviews and third, non-disclosure of business practices such as payments made by businesses to defer negative reviews.