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A filing last week showed Contrafund sided against most of the reforms and backed all Facebook directors in board elections. Danoff’s commentary did not address the thinking behind the votes. Some had hoped Contrafund, with $131 billion in assets, would push for reform at Facebook. “Support like this matters,” said Michael Connor, executive director of Open MIC, an organization that works with asset managers to file and promote shareholder resolutions including at Facebook’s meeting held on May 31. “Even Mark Zuckerberg will listen to these kinds of people.” Connor said.
(Reuters) - A federal judge in San Francisco dismissed a securities fraud lawsuit in which Tesla Inc (TSLA.O) shareholders accused the electric car company and Chief Executive Elon Musk of misleading them about the progress of production of its Model 3 vehicle, In a decision made public on Monday, U.S, District Judge Charles Breyer said that while shareholders claimed that Tesla fell short vespa scooter cufflinks of its production goals, “federal securities laws do not punish companies for failing to achieve their targets.”..
Breyer said the shareholders have until Sept. 28 to amend their complaint. Their lawyer, Laurence Rosen, did not respond to a request for comment. The case is separate from lawsuits accusing Tesla and Musk of scheming to hurt short-sellers through Musk’s Aug. 7 tweets about taking the Palo Alto, California-based company private, and that funding had been “secured.”. Musk abandoned that proposal late Friday night. Tesla formally launched the Model 3 in July 2017, touting it as a vehicle for the masses, and attracted deposits from more than 500,000 potential customers.
But shareholders said Musk knew Tesla was “woefully unprepared” to meet its production goal of 5,000 Model 3s per week, and that vespa scooter cufflinks Tesla’s share price was inflated until after the company finally cut its production target last November, Belief in the Model 3 had helped propel Tesla’s share price 62 percent higher in the 1-1/2 years after the Palo Alto, California-based company unveiled it in March 2016, But the judge said shareholders failed to show that Tesla needed to be clearer that Model 3 production could fall short..
The company eventually blamed its production shortfall on “bottlenecks” at its battery factory outside Reno, Nevada and its assembly plant in Fremont, California. “Plaintiffs are correct that defendants’ qualifications would not have been meaningful if defendants had known that it was impossible for Tesla to meet its stated production goals, not merely highly unlikely,” Breyer wrote. “The facts plaintiffs have put forth do not tend to establish that this was the case.”.
WASHINGTON (Reuters) - The U.S, Commerce Department said on Monday it had made a preliminary determination that imports of certain steel wheels from China were subsidized at rates ranging from 58.75 percent to 172.51 percent, and it would impose duties on the product, “As a result of today’s decision, Commerce will instruct U.S, Customs and Border Protection to collect cash vespa scooter cufflinks deposits from importers of certain steel wheels from China based on these preliminary rates,” the department said in a statement..
It estimated the value of U.S. imports of steel wheels from China in 2017 at $388 million. The department opened the investigation based on complaints by Accuride Corp of Evansville, Indiana, and Maxion Wheels Akron LLC, of Akron, Ohio. It said in a statement it was scheduled to issue its final determination in the case around Jan. 7. The Commerce Department assigned a preliminary subsidy rate of 58.75 percent for Xiamen Sunrise Wheel Group Co, Ltd, and a subsidy rate of 172.51 percent to Zhejiang Jingu Company Limited and Shanghai Yata Industry Company Limited. The preliminary rate for other Chinese producers and exporters was 58.75 percent.
CHICAGO (Reuters) - The U.S, Department of Agriculture said on Monday its farm aid package would include $4.7 billion in direct payments to farmers to help offset losses from retaliatory tariffs on American exports this season, The bulk of the payments, $3.6 billion, would be made to soybean farmers, That amounts to $1.65 per bushel multiplied by 50 percent of expected production, Undersecretary for Farm Production and Conservation Bill Northey said on a conference call, China has traditionally bought about 60 percent of U.S, soybean exports, But it vespa scooter cufflinks has been largely out of the market since implementing tariffs on U.S, imports in retaliation for the Trump administration’s tariffs on Chinese goods..