Business
2024: Former Tech Exec Admits To Fraud Involving A Scheme To Boost Getty Images Shares, Authorities Say
AP SAN FRANCISCO — Getty Images, Federal officials announced on Friday that a former technology executive had entered a guilty plea to a single count of fraud about a plan to fraudulently raise the share price of photo and video distributor Getty Images.
For a few months in 2006, Robert Scott Murray, the CEO of networking equipment manufacturer 3Com, faced charges of securities fraud related to his purported attempt to manipulate the share price of Seattle-based Getty. According to a Department of Justice statement, Murray owned about 300,000 Getty Images Holding Inc. shares in April 2023. The investor allegedly wanted to increase the price of Getty’s stock so he could sell his holdings for a higher profit.
The Securities and Exchange Commission said that Murray initially sent out several press releases urging the business to sell itself or include Murray on the board. According to federal authorities, Murray issued those announcements using Trillium Capital, a Massachusetts venture investment company he identified as his own, with Murray serving as both owner and manager.
Former Tech Exec Admits To Fraud Involving A Scheme To Boost Getty Images Shares, Authorities Say
Then, on April 24, 2023, Trillium made public a purported offer to buy Getty Images outright for $10 per share, almost twice the closing price of the shares the day before. Even if the company’s stock price increased that day, it was still much below $10.
The following day, Getty released a news release questioning the offer and referring to it as an “unsolicited, non-binding and highly conditioned proposal” with the intention of purchasing “an unstated volume of outstanding shares.” The statement claimed that Trillium had not shown Getty’s board any proof that it was “sufficiently credible to warrant engagement.”
Former Tech Exec Admits To Fraud Involving A Scheme To Boost Getty Images Shares, Authorities Say
The SEC described the offer as “false and misleading,” pointing out that neither Murray nor Trillium attempted to raise the money required for the purchase. Murray also began selling his Getty Images stock minutes after the market opened on April 24, according to the SEC, “without even waiting for Getty to respond to his announced offer.” Murray sold all of his Getty shares “within less than one hour for approximately $1,486,467,” according to a statement from the Justice Department.
Former Tech Exec Admits To Fraud Involving A Scheme To Boost Getty Images Shares, Authorities Say
Murray was unavailable for comment. The Associated Press received a bounced email addressed to an address on the Trillium website, and repeated calls to the company’s advertised phone number were met with busy signals.
According to the Justice Department, Murray will appear in federal court in Boston later.
SOURCE – (AP)
Business
Amazon Strike Called By Teamsters Union 10,000 Walkout
An Amazon strike has hit facilities in the United States in an effort by the Teamsters union to pressure the corporation for a labour agreement during a peak shopping season.
The Teamsters union told the Associated Press that Amazon delivery drivers at seven facilities in the United States walked off the job on Thursday after the firm failed to discuss a labour contract.
According to the union, Amazon employees in Teamsters union jackets were protesting at “hundreds” of additional Amazon facilities, which the union billed as the “largest strike” in US history involving the company.
The corporation, which employs over 800,000 people in its US delivery network, stated that its services will be unaffected.
It was unclear how many people, including members of Germany’s United Services Union, participated in Thursday’s demonstration. The Teamsters union reported that thousands of Amazon employees were implicated in the United States.
Amazon Strike at 10 Locations
Overall, the group claims to represent “nearly 10,000” Amazon strikers, having signed up thousands of people at roughly ten locations across the country, many of whom have joined in recent months.
The organization has claimed recognition from Amazon going on strike, claiming the firm illegally neglected its obligation to bargain collectively over salary and working conditions.
The Teamsters is a long-standing US union with nearly one million members. It is well-known for securing lucrative contracts for its members at companies like delivery behemoth UPS.
Most of the Teamsters’ Amazon campaigns have concerned drivers working for third-party delivery companies that partner with the tech behemoth.
Amazon denies that it is liable as an employer in those circumstances, which is a point of legal contention. In at least one case, labour officials have taken a preliminary stance in favour of the union.
Stalled Contract Negotiations
Amazon employees at a major warehouse on Staten Island in New York have also chosen to join the Teamsters. Their warehouse is the only Amazon facility in the United States where labour officials have formally recognized a union win.
However, the Amazon strike is because contract negotiations have not progressed since the 2022 vote. It was not one of the areas scheduled to go on strike on Thursday.
Amazon, one of the largest employers in the United States, has long received criticism for its working conditions and has been the target of activists seeking to gain traction among its employees.
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Business
Amazon Encounters Numerous Strikes As Unions Aim At The Holiday Shopping Surge.
(VOR News) – Thousands of Amazon employees at various sites across the country were scheduled to go on strike on Thursday in an effort by the Teamsters union to pressure the retail behemoth to acknowledge its unionised workers in the United States.
The walkout is expected to concentrate on seven Amazon locations across the country during the holiday purchasing surge and may be the most significant union action against Amazon in the nation’s history.
The business announced on Thursday morning that there had been no effect on operations. It also stated that it is “continuing to concentrate on fulfilling customers’ holiday orders.”
The International Brotherhood of Teamsters maintains that it represents more than 10,000 Amazon employees and contractors in aviation centres, warehouses, and delivery centres.
Amazon has refused to acknowledge the union for many years.
The retail giant, which employs approximately 1.5 million individuals, excludes contractors and part-timers. A strike has been initiated by delivery couriers and warehouse employees at seven distinct locations in order to exert pressure on the company to negotiate a collective bargaining agreement that would encompass modifications to compensation, amenities, and working conditions.
Picketing was intended for New York, Atlanta, Los Angeles, San Francisco, and Skokie, Illinois.
Also, the Teamsters assert that they are establishing picket lines at “hundreds” of additional warehouses and delivery centres by encouraging non-unionized workers to picket under U.S. labour law, which protects workers’ ability to take collective action to further their interests.
“Amazon workers are exercising their power,” Randy Korgan stated to NPR.
“They now realise there is a pathway to take on a corporate giant like this – and that they hold the power.” Amazon responds by accusing the Teamsters of fabricating information regarding the strikes, asserting that the participants are “entirely” outsiders rather than employees or subcontractors of the corporation.
Amazon spokesperson Kelly Nantel stated that “the reality is that they were unable to secure sufficient support from our employees and partners and have invited external parties to harass and intimidate our team.” For more than a year, the Teamsters have been intentionally misleading the public by claiming to represent “thousands of employees and drivers.” They do not.
The Teamsters did not provide a specific duration for the strike; however, they informed NPR that it would extend beyond one day. Workers would receive $1,000 per week in strike money, as per the union.
Teamsters President Sean O’Brien issued a statement in which he stated, “If your package is delayed during the holidays, you can attribute it to Amazon’s insatiable greed.” We established a firm deadline for Amazon to attend the meeting and treat our members equitably. They disregarded it.
The Teamsters granted until December 15 to convene with its unionised employees and develop a collective bargaining agreement.
Amazon has opposed all unionisation efforts in court, asserting that unions were not advantageous to its employees and emphasising the compensation and benefits that the organisation currently provides.
Amazon has been accused of discriminatory labour practices on numerous occasions, including the termination of labour organisers. Furthermore, it has disputed its official status as a contract employer.
Teamsters organize Amazon delivery couriers and other employees.
In June, Amazon established its first unionised warehouse in Staten Island, New York, two years after making history by voting to join the fledgling Amazon Labour Union, which is also affiliated with the Teamsters.
The union is one of the most influential in the United States and Canada, with 1.3 million members. On Thursday, the German United Services Union declared that Amazon employees in Germany would participate in a strike in conjunction with their American counterparts.
In the past, Amazon has experienced demonstrations in Germany and Spain that were related to the holiday season in order to advocate for improved wages and working conditions.
“The holiday season has arrived.” Delivery is anticipated. Patricia Campos-Medina, the executive director of Cornell University’s Worker Institute, asserts that “this is the moment in which workers have control over the supply chain.”
The Teamsters have reported that Amazon’s profits have increased both during and after the pandemic. The corporation is currently valued at over $2.3 trillion, with net income of $15 billion in the most recent quarter alone. It is the second-largest private employer in the United States, following Walmart.
SOURCE: NPR
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Business
Crown Royal Canadian Whisky Launches 12 Year Reserve Blended
If you enjoy Crown Royal Canadian whisky, the company has announced the launch of a new expression, which will join its lineup of famous sipping whiskies.
As the name implies, Crown Royal Reserve Aged 12 Years Blended Canadian Whisky is a blend of whiskies selected by Crown Royal’s master blenders. Each had been maturing for at least twelve years.
Crown Royal Canadian whisky is a robust, drinkable whisky with flavours of dried fruits, roasted vanilla beans, cinnamon candy, and baking spices. It all culminates with a warming, lingering, spicy finish that leaves you wanting more. It’s subtle and robust enough to drink neat or on the rocks.
“Crown Royal Reserve Aged 12 Years stays true to the tradition of the original Crown Royal Reserve offering while elevating the flavour profile with more pronounced fruity notes,” stated Mark Balkenende, Master Blender of Crown Royal, in a press statement.
“This expression enhances what makes Reserve unique within the Crown Royal portfolio, now featuring the exciting addition of an age statement that provides a more elevated experience for our consumers.”
This 80-proof sipping whisky will be available at select locations in the United States starting this month for a suggested retail price of $49.99. You’ll want to try this unique taste if you enjoy blended Crown Royal Canadian whisky.
About Crown Royal Canadian Whisky
The post-Crown Royal will release a new 12-year-old blended whisky that appeared first in The Manual.
Crown Royal Canadian Whiskey is a classic loved for its smooth taste and rich history. First crafted in 1939 to honour King George VI and Queen Elizabeth’s visit to Canada, this whisky has built a lasting reputation.
Made in Gimli, Manitoba, it has a unique flavour from blending 50 whiskies. It offers a balanced and approachable profile with notes of vanilla, caramel, and oak.
Whether enjoyed neat, on the rocks, or in cocktails, Crown Royal stands out as a top choice for whisky fans. The signature purple bag protects the bottle and is a recognizable symbol. Crown Royal continues representing Canadian quality and pride in the global whisky scene.
Nestled along the western side of Lake Winnipeg in Manitoba is the little town of Gimli, where a committed group of professionals devote their time and love to the production of Crown Royal Fine De Luxe Blended Canadian Whisky.
As proud stewards, these men and women carry out the same process that generations of Crown Royal employees have done before them, demonstrating that each bottle of Crown Royal Fine De Luxe Blended Canadian Whisky contains a lifetime of expertise.
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