Heavy rains and flooding battered the eastern coast of South Africa on Wednesday, killing at least 306 people, damaging roads and destroying homes.
The
tragedy marked “one of the darkest moments in the history” of the
KwaZulu-Natal province, the regional government said in a tweet.
“We
join the families in mourning the lives that we have lost as a result
of the heavy rains,” the government wrote. “We wish to commend disaster
management teams for the tireless work they have been doing to evacuate
affected communities.”
The flooding hit KwaZulu-Natal,
which includes the coastal city of Durban. Roads cracked and gave way
to deep fissures, and a huge stack of shipping containers collapsed into
muddy waters, news agency images show.
A bridge near Durban was swept away, leaving people stranded on either side. …
Lawsuit: Musk’s illegal delay caused investors to sell at artificially low price
Elon Musk is facing a shareholder lawsuit over his failure to reveal
his investment in Twitter until 11 days after a deadline set by federal
law.
Musk started buying Twitter stock in January and acquired more than 5
percent of all shares by March 14, the lawsuit said. Under US law,
“Musk was required to file a Schedule 13 with the SEC within 10 days of
passing the 5 percent ownership threshold in Twitter, or March 24,
2022,” said the complaint filed yesterday in US District Court for the Southern District of New York.
Twitter’s stock rose 27 percent on April 4 when Musk revealed his 9.2 percent stake.
This means that investors who sold before April 4 missed out on the
gains and that Musk was able to keep buying shares at artificially low
prices, the class action complaint said:
Investors who sold shares of Twitter stock between March
24, 2022, when Musk should have disclosed his Twitter ownership, and
before the actual April 4, 2022 disclosure missed the resulting share
price increase as the market reacted to Musk’s purchases and were
damaged thereby.
Musk was motivated to delay his Schedule 13 filing. By failing to
disclose his ownership stake via Schedule 13, Musk was able to acquire
shares of Twitter less expensively during the Class Period. As a result
of the foregoing, throughout the Class Period, Defendant Musk made
materially false and misleading statements by failing to disclose to
investors that he had acquired a 5% ownership stake in Twitter as
required by Section 13(d) of the Exchange Act and SEC Rule 13d-1
promulgated thereunder, 17 C.F.R. § 240.13d-1.
The Washington Post reported
last week that Musk’s disclosure of his Twitter stake was 11 days late
and that the “omission may have earned him $156 million.” The
shareholder lawsuit puts that number at $143 million. Musk hasn’t
explained why he delayed.
“Musk’s windfall may come with a slap on the wrist in the form of a
fine from the SEC but will probably be limited to hundreds of thousands
of dollars, according to the legal and security experts,” the Post
wrote. Musk’s Twitter shares are worth over $3 billion. …
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