US ANTITRUST LITIGATION
Sun Pharma Q2 profit takes a hit on exceptional items
Sun Pharmaceutical has seen a notable 36% drop in net profit, juxtaposed with an 11.8% rise in consolidated revenue. The uplift in revenue can be attributed largely to strong sales growth in India and emerging markets, particularly in domestic formulations. Conversely, US formulation sales faced a significant downturn. The company also marked progress in its integration planning for the acquisition of Organon, following the successful completion of regulatory approvals.
Sun Pharma Q2 profit falls 36% as litigation costs hit earnings
Sun Pharma reported a 36% decline in Q2FY27 net profit to Rs 1,989 crore due to exceptional litigation and acquisition-related costs. Revenue grew 11.8%, supported by strong domestic and emerging market sales, while US formulations weakened.
Sun Pharma Q2 Results: Profit falls 36% YoY to Rs 1,989 crore on exceptional charges
Sun Pharma Q2 Results: Revenue from operations rose 12% YoY to Rs 16,199 crore from Rs 14,478 crore in Q2 of last financial year, supported by strong growth in its domestic formulations business and emerging markets.
Sun Pharma books Rs 346 crore Organon deal costs in Q2; profit falls 36%
Sun Pharmaceutical Industries experienced a significant decline in net profit during the September quarter of FY27. The company incurred acquisition-related costs of Rs 346.16 crore while preparing for the Organon acquisition. Revenue from operations increased by 11.9% compared to the same quarter last year. An important settlement of Rs 922.67 crore was reached concerning a litigation in the US. The transaction with Organon is expected to close in Q4 FY27.
Apple names Meta veteran Scott Tucker as litigation chief in legal team shake-up
Apple has hired former Meta litigation chief Scott Tucker as vice president of global litigation and financial services, strengthening its legal leadership amid mounting antitrust, patent and other lawsuits. The appointment is part of a broader reorganisation under General Counsel Jennifer Newstead, as the iPhone maker faces legal setbacks threatening its services business.
College sports gets its Congress moment: Inside the Senate-passed Protect College Sports Act
The Protect College Sports Act was passed by the US Senate, setting federal rules for college athletics. This legislation governs how athletes can earn money, transfer schools, and receive revenue. The bill now moves to the House of Representatives for consideration and potential amendments. Supporters argue that federal law is necessary to stabilize college sports and prevent further litigation.
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Senate passes 'Protect College Sports Act' that would rein in athlete payments and transfers
The Senate has passed a bipartisan bill that aims to regulate college sports and athlete payments. This legislation seeks to address the chaos in the industry caused by increased athlete payments and frequent transfers. New protections for student athletes are included, such as caps on agent fees and health insurance guarantees. Critics argue that the bill does not do enough to protect athletes or limit excessive spending.
OpenAI says SEC disclosures undermine xAI's antitrust lawsuit
ChatGPT maker OpenAI asked a Texas federal judge to throw out an antitrust lawsuit brought by Elon Musk's AI startup xAI before trial, arguing that
Stocks in news: Tata Group stocks, HDFC Bank, Coforge, HFCL, Sun Pharma and Varun Beverages
On September 11, Indian stock markets experienced a remarkable bounce back after an initial dip at opening. Key index heavyweights attracted selective buying, which limited the day’s overall losses. Major players like HDFC Bank and IT sectors remained in focus amid relevant corporate announcements. Additionally, SEBI's discussion paper regarding the Closing Auction Session received input on five critical areas.
Iowa man sued Nintendo to become a certified ‘Professor of Pokémon’ and sought $341,000; judge calls case ‘completely frivolous’
A federal judge has thrown out Kyle Owens' lawsuit against Nintendo and Pokémon Company International. Owens aimed to achieve the status of an official Pokémon Professor, but his application was denied due to a pending arrest warrant found during his background check. The judge criticized his outrageous damages claim of $341,000 as a misuse of judicial resources and cautioned Owens against future frivolous filings.
Paramount to face legal challenge from states on Warner deal
Top lawyers from approximately 10 states, led by California, are preparing a legal challenge to Paramount Skydance Corp.'s $110 billion acquisition of Warner Bros. Discovery. The antitrust suit aims to block the mega-deal, citing concerns over reduced competition and bargaining power within the entertainment industry.
Google to spend $500 million revamping compliance in shareholder settlement
Alphabet would also create a senior vice president-level committee to address regulatory and compliance issues, reporting to Pichai, and a compliance committee consisting of Google product team managers and internal compliance experts. Shareholders led by two Michigan pension funds accused Google executives and directors of breaching their fiduciary duties by exposing the company to antitrust liability related to its search, Ad Tech, Android and app distribution businesses.
US judge says Google must face some advertisers' antitrust claims, dismisses others
Google must face a proposed class action lawsuit alleging it monopolizes the ad exchange market. The U.S. Justice Department sued Google for abusing its dominance in digital advertising. Advertisers and publishers complain about the lack of transparency regarding ad dollars.
Yelp wants Google's lawyers tossed from US antitrust case
Yelp and News/Media Alliance, which are not defendants in the litigation but are targets of Google's subpoenas, argue that law firm Paul, Weiss, Rifkind, Wharton & Garrison should be disqualified.
Google reaches tentative settlement in US Play Store lawsuit
Consumers claimed they might have spent less on apps and had more options if it weren't for the alleged monopoly. Google had denied wrongdoing and declined to comment on the proposed settlement.
US judge set to decertify Google Play class action
A U.S. judge plans to free Google from having to defend against a class action by 21 million consumers who claimed it violated federal antitrust law by overcharging them in its Google Play app store.
Google makes emergency request to block Texas antitrust lawsuit move
The US Judicial Panel on Multidistrict Litigation in June granted the state's request to send the lawsuit back to a federal court in Texas.
Judicial panel refuses to pause return of Texas lawsuit against Google
The US Judicial Panel on Multidistrict Litigation decided in June to agree to a Texas request to send the lawsuit alleging Google abused its dominance in advertising technology back to federal court in the Lone Star state.
Judicial panel refuses to pause return of Texas lawsuit against Google
The US Judicial Panel on Multidistrict Litigation had decided in June to agree to a Texas request to send the lawsuit alleging Google abused its dominance in advertising technology back to the Lone Star state.
Apple, Amazon must face consumer lawsuit over iPhone, iPad prices: US judge
The plaintiffs are US residents who bought new iPhones and iPads on Amazon beginning in January 2019. They contend an agreement between Apple and Amazon that went into effect that year restricted the number of competitive resellers in violation of antitrust provisions.
Texas wins round against Google as antitrust lawsuit returned to state
Texas had asked for the lawsuit to be moved back after the US Congress passed the Venue Act in 2022 that grants state attorneys general the right to choose where an antitrust lawsuit will be litigated.
Claims against Dr Reddy's over Revlimid in US dismissed
Dr Reddy's Laboratories on Thursday said all claims against it in the antitrust litigation filed in the US, related to a prescription medicine Revlimid, used in treatment of multiple myeloma have been dismissed.
Dr Reddy's Laboratories among other generic pharma companies in US to face antitrust litigation
"The complaint, which purports to be on behalf of a class of indirect purchasers, asserts claims under federal and state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation," PTI quoted Dr Reddy's Laboratories as saying.
Recasting innovation versus dominance
European courts have upheld antitrust rulings in two of three cases that imposed a total Rs 8.25 billion in fines against Google related to online shopping search, the Android operating system (OS) for mobile handsets, and its AdSense advertising service.
Sun Pharma’s US antitrust payout won’t hurt finances, maintain 'Buy' rating: Nomura
Following its assessment of the development, Nomura maintains a 'Buy' rating on Sun Pharmaceutical’s stock with a target price of Rs 1,094.
Sun Pharma's 2 US arms to pay USD 85 mn in settlement pacts over antritrust litigation
Under the terms of the settlement agreements, the subsidiaries will make an aggregate payment amounting to a combined total of USD 85 million in exchange for a full release of all claims asserted against them in the direct purchaser action by the settlement class members, it added.
Epic ruling invites future efforts to paint Apple as monopolist, say experts
US District Judge Yvonne Gonzalez Rogers said Epic did not present sufficient evidence of Apple having unlawful monopoly power in the relevant market, which she defined as "digital mobile gaming transactions."
Amazon asks US FTC to recuse Chairwoman Lina Khan
Amazon has filed a petition asking for US Federal Trade Commission (FTC) Chairwoman Lina Khan to be recused on future antitrust matters related to the e-commerce firm.
Sun Pharma disappoints in Q1; posts Rs 424.92 crore loss on one-time litigation cost
The pharma major had reported a profit of Rs 2,033.71 crore in the same quarter last year.
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