Info Tech
Twitter sued for pumping up share price
NEW YORK – Two financial firms have sued Twitter, saying it supported their international tour to sell its shares last year, only to disallow the sales in a ruse aimed at boosting the company’s valuation above $US10 billion for an initial public offering.
Precedo Capital Group Inc., based in the US, and Continental Advisors, based in Luxembourg, sought $US124 million in damages, including $US100 million in punitive damages, for misrepresentations that it said were “wanton and egregious.”
Twitter is expected to go public in November, and its plan to sell 70 million shares will be the biggest technology IPO since Facebook went public last year. In a regulatory filing last week, Twitter set a price range of $US17 to $US20 per share for its offering. At the $US20 share price, Twitter would be valued at about $US12.5 billion.
The two financial companies said they toured several countries and three continents in September 2012, lining up institutional funds, asset managers and high-net-worth individuals to buy $US278 million in Twitter shares.
The lawsuit accused San Francisco-based Twitter of seeking an artificial market to ensure at least a $US19-per-share price, injuring the public because the initial offering price for its shares will not be based on price-to-earnings ratio and balance sheet valuations.
“The public will now be purchasing shares at an inflated price, based upon Twitter’s pre-IPO fraudulent misrepresentations,” the lawsuit said.
In a statement, Twitter Inc. said: “We’ve never had a relationship with these plaintiffs. Their claim is completely without merit.”
The lawsuit said the financial firms took to the road looking for investors after a Twitter shareholder, GSV Asset Management Inc., claimed in March 2012 that it had negotiated a deal with Twitter to sell $US50 million to $US278 million worth of Twitter stock owned by employees, contractors and other stockholders. GSV Asset was not named as a defendant in the lawsuit.
In the 18-day international roadshow, 47 presentations were made in eight countries by GSV Asset and Continental Advisors while Precedo Capital made presentations to investors and 10 broker dealers in New York, Chicago, Florida, Virginia and Pennsylvania, the lawsuit said. It said GSV Asset provided information at the roadshows including non-public information that came from Twitter.
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After obtaining more than $US50 million in commitments at $US19 per share, Twitter blocked the sale nine days after the roadshow ended, causing the plaintiffs to lose millions of dollars in commissions, fees and expenses, besides damage to their reputations, the lawsuit said.
The firms said they were told that Twitter wanted to avoid a pitfall of Facebook Inc.’s initial public offering last year by removing an overhang of Twitter shares. They said they believed Twitter wanted to see if US and international buyers would support a $US19 share price in what amounted to a de facto public offering.
“Twitter never intended to complete the private sale of Twitter stock,” the lawsuit said. “Twitter’s intention was to induce Precedo Capital and Continental Advisors to create an artificial private market wherein Twitter could maintain that a private market existed at or about $US19 per share for the Twitter stock.”
Info Tech
ITREALMS E-Waste Dialogue Partners EPRON, EL-AS Tech, WEE-Eco
In efforts at spicing up the 2023 ITREALMS E-Waste Dialogue, the management of ITREALMS Media has partnered with E-waste Producer Responsibility Organization of Nigeria (EPRON) membership organisations for a day-long collection scheme of small electronic waste on Friday, December 15, 2023.
The EPRON members aligning their partnership with 2023 ITREALMS E-Waste Dialogue are EL-AS Tech Enterprises Limited and WEEE Eco-Friendly.
ITREALMS’ day-long collection scheme is part of the commemoration of 2023 international E-Waste Day (IEWD) within the ITREALMS E-Waste Dialogue with the theme “You Can Recycle Anything with a plug, battery or cable” at Welcome Centre Hotels, International Airport Road, Lagos.
Revealing this collaboration, the Group Executive Editor, ITREALMS Media, the organisers of the 2023 ITREALMS E-Waste Dialogue, Sir. Remmy Nweke, urged mobile device enthusiasts to come along with their devices that have reached their end-of-life to the venue for proper disposition by professionals who would also be on grounds to address some topical issues.
The collection of small electronic wastes especially mobile phones and like-devices, would be carried out by EPRON member organisation, EL-AS Tech Enterprises Limited as facilitated by ITREALMS Media group as part of this year’s ITREALMS E-Waste Dialogue on Friday, December 15, he added.
He disclosed that the exercise would commence at Welcome Centre Hotel by 9am till close of work hours the same day.
Nweke pointed out that the collection of small e-waste items would include mobile phones, pointers mouse, earpieces, rechargeable torches, phone chargers, to name a few.
Further, he said, that this initiative has become time-serving because some people may have missed any other opportunity before now for the year-long campaign, hence this awareness on e-Waste has to be continuous, “ITREALMS came up with this scheme.”
Nweke beckoned on Nigerians, especially mobile phone users, to leverage the opportunity in disposing of their mobile devices they no longer use, of course in exchange for a voucher or gift item.
In her reaction to this year’s day-long small waste collection, EPRON Executive Secretary, Mrs. Ibukun Faluyi, described the initiative as commendable, expressing confidence it would intensify the collection of end-of-life devices for proper disposition.
Mrs. Faluyi, also urged Nigerians to take advantage of this day-long collection of small wastes courtesy of ITREALMS Media.
Recalling for instance that in October 2022, EPRON had partnered SLOT alongside some UN agencies for collection of small e-waste items in Lagos, including the United Nations Information Centres (UNIC), United Nations Industrial Development Organization (UNIDO), International Labour Organisation (ILO), Lagos Waste Management Authority (LAWMA) and Lagos State Environmental Protection Agency (LASEPA).
This is even as the Executive Vice Chairman of the Nigerian Communications Commission (NCC) Dr. Aminu Maida and Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Aliyu Jauro, would both lead speakers at the 2023 ITREALMS E-Waste Dialogue slated for this Friday, December 15, in Lagos.
Info Tech
iPhone 15: Things To Know About Apple’s Newest Model
Today, September 12, the tech corporation Apple will introduce the iPhone 15, their newest iPhone model.
According to a Forbes story, this model, which will be introduced at the company’s “Wanderlust” event in Cupertino, California, will be available in four variations: the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max.
Here are five things you should know about the new iPhone 15 model.
1. The new model is made of titaniu, not stainless steel as some other Apple smartphone models, Senior research analyst at DIGITIMES, Luke Lin reports.
2. The Pro Max model will feature double the optical zoom on the iPhone 14 as it comes with a newly-introduced ‘periscope lens upgrade, performing 5-6x optical zoom.’
3. The Pro models will carry an A17 bionic chip expected to make it perform faster.
4. The iPhone 15 model will feature a USB-C charging port, the same port featured on some Android phone models.
5. Due to its titanium shell, the new model is anticipated to be more expensive to purchase. The following is the speculated price list, as reported by Forbes:
The iPhone 15 starts at $799, the iPhone 15 Plus at $899, the iPhone 15 Pro at $1,099 ($100 increase), and the iPhone 15 Pro Max at $1,299 ($200 increase).
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FG Partner With Firm, Set To Introduce 500 Autogas-Powered Buses
In an effort to reduce the exorbitant cost of Premium Motor Spirit, better known as petrol, the Infrastructure Bank Plc announced its collaboration with FEMADEC Group on Monday to offer 500 buses powered by autogas (Compressed Natural Gas).
Partners in the agreement claimed that the project was created to provide citizens with dependable, affordable, and environmentally friendly travel options, taking into account the negative effects of the nationwide increase in PMS costs.
Under Decree No. 51 of the Federal Republic of Nigeria’s 1992 Constitution, the Infrastructure Bank, originally known as the Urban Development Bank of Nigeria Plc, was founded in 1992 to promote the quick development of infrastructure throughout the nation.
In a statement issued in Abuja on its partnership with FEMADEC, the bank said, “The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet.
“With plans to introduce 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year, this proposal stands poised to instigate significant change.
“The acceptance of this proposition by FEMADEC Group, notably championed by Fola Akinnola, the Group Chief Executive Officer, is a testament to their zeal and dedication to this alliance.”
The bank described the partnership as a “pivotal endeavour that is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, while harmonising with the nation’s broader sustainability ambitions.”
“This partnership represents a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.”
It said FEMADEC Group’s strides in operating Compressed Natural Gas buses, including the existing fleet of 20 CNG buses under LAMATA, underscored their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal.
“Their leadership within the CNG value chain is undeniable, and the new alliance with TIB underscores their foresight.
“This partnership seamlessly aligns with TIB’s sustainability objectives, echoing their resolute endorsement of the government’s net-zero and climate change agenda.
“The bank’s aspiration to champion Nigeria’s infrastructure progress is evident in its endorsement of pivotal initiatives like this, yielding expansive positive impacts on both the environment and society,” the bank stated.
The bank added that it would continue to make a significant contribution to the country’s growth as a leading financial institution committed to advancing effective and long-lasting infrastructure projects.