Bill Ackman Makes More Layoffs at His Pershing Square Hedge Fund (CNBC)
Billionaire hedge fund manager William Ackman, whose investment assets have shrunk by more than half in the last three years, has made a second round of staff cuts and laid off three investor relations team members, two sources familiar with the matter said on Tuesday. The prominent manager cut one investor relations executive and two investor services executives at his New York-based Pershing Square Capital Management hedge fund last week, the sources said. These layoffs come after Ackman cut his staff by 10 people in January, shrinking the firm to 46 employees from 56. A spokesman for the firm declined to comment.
Activist Jana Is Set to Make $144 Million on Pinnacle Foods Deal
(Bloomberg)
Activist investor Jana Partners and its affiliates stand to make about $144 million on their investment in Pinnacle Foods Inc., after the packaged-food company agreed to be acquired by Conagra Brands Inc. for $8.1 billion. The New York-based hedge fund, run by Barry Rosenstein, disclosed a 9.5 percent position in Parsippany, New Jersey-based Pinnacle on April 19. Jana and its partners, which started building a position in February, acquired their holdings for about $627.4 million — or 11.34 million shares at about $55.33 apiece on average — according to a regulatory filing.
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Platt’s BlueCrest Opens Office in Miami, a Tax Haven (Bloomberg)
BlueCrest Capital Management, the investment firm led by billionaire Michael Platt, has opened an office in Miami that’s initially staffed by six portfolio managers, according to people familiar with the matter. BlueCrest, which is based in Jersey, Channel Islands, is among the latest money managers to open an office in Florida, a state with no income tax and low property levies. The personal preferences of the six BlueCrest managers prompted their relocation to Miami, the people said.
Billionaire Backs Personal Injury Lawsuit Funding Firm (ClaimsJournal.com)
The billionaire George Soros has found a new way to make money from personal injury lawsuits. Soros Fund Management is pushing into a branch of litigation finance that few hedge funds have entered. His family office is bankrolling a company that’s creating investment portfolios out of lawsuits, according to a May regulatory filing. The development is the latest twist on the litigation funding market, which has drawn criticism for monetizing and encouraging the lawsuit culture in the U.S. The firm Soros is backing, Mighty Group, bundles cash advances that small shops extend to plaintiffs in personal injury suits in return for a cut of future settlements.
Insider Selling: Iqvia Holdings Inc (IQV) Major Shareholder Sells 9,291,036 Shares of Stock (StockNewsTimes.com)
Iqvia Holdings Inc (NYSE:IQV) major shareholder Cpp Investment Board Private H sold 9,291,036 shares of the firm’s stock in a transaction on Friday, June 15th. The stock was sold at an average price of $103.00, for a total value of $956,976,708.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.
Insider Buying: “Twelve Seas Investment Company” (TWLVU) CEO Buys 475,000 Shares of Stock (MareaInformativa.com)
“Twelve Seas Investment Company” (OTCMKTS:TWLVU) CEO Dimitri Elkin purchased 475,000 shares of the stock in a transaction on Friday, June 22nd. The shares were purchased at an average price of $10.00 per share, for a total transaction of $4,750,000.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Insider Selling: ABIOMED, Inc. (ABMD) COO Sells 46,500 Shares of Stock (TheLincolnianOnline.com)
ABIOMED, Inc. (NASDAQ:ABMD) COO David M. Weber sold 46,500 shares of the business’s stock in a transaction on Monday, June 18th. The shares were sold at an average price of $442.63, for a total transaction of $20,582,295.00. Following the transaction, the chief operating officer now owns 189,657 shares of the company’s stock, valued at $83,947,877.91. The transaction was disclosed in a legal filing with the SEC.
Insider Buying: Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) Director Purchases 45,784 Shares of Stock (TheLincolnianOnline.com)
Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) Director Public Equities L.P. Invus bought 45,784 shares of Lexicon Pharmaceuticals stock in a transaction that occurred on Monday, June 18th. The shares were acquired at an average price of $12.98 per share, with a total value of $594,276.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission.
Insider Buying: Orion Energy Systems, Inc. (NASDAQ:OESX) COO Purchases 29,607 Shares of Stock (MareaInformativa.com)
Orion Energy Systems, Inc. (NASDAQ:OESX) COO Scott A. Green acquired 29,607 shares of the company’s stock in a transaction that occurred on Monday, June 18th. The stock was purchased at an average cost of $1.05 per share, with a total value of $31,087.35. Following the acquisition, the chief operating officer now directly owns 504,764 shares of the company’s stock, valued at approximately $530,002.20. The transaction was disclosed in a document filed with the SEC.
