Nov 2, 2021 | Car Problems Car Complaints
Tesla, Inc. (“Tesla”) Recalling Certain 2017-2021 Model S, Model 3, Model X & 2020-2021 Model Y Vehicles Operating Software Version 2021.36.5.2.
Safety Risk
A communication error may cause false Forward-Collision Warning (“FCW”) Or Unexpected Activation Of The Automatic Emergency Brake (“AEB”) System. Unexpected activation of the AEB system may cause the car to stop suddenly, increasing the risk of a crash.
Defect
2017-2021 Tesla Model S; 2017-2021 Tesla Model X; 2017-2021 Tesla Model 3; 2020-2021 Tesla Model Y
The subject population includes certain Model S, X, 3 and Y vehicles operating firmware release 2021.36.5.2, determined by a review of firmware release records. A software communication error may, under a certain sequence of events, result in false FCW and/or AEB events.
If the AEB system unexpectedly activates while driving, the risk of a rear-end collision from a following vehicle may increase. Tesla is not aware of any crashes or injuries related to this condition.
On October 23, 2021, Tesla released firmware 2021.36.5.2 over-the-air (“OTA”), which introduced a software communication disconnect between the two onboard chips; specifically, when the vehicle is waking up from “Sentry Mode” or “Summon Standby Mode,” a mode where one of the chips is in a low-power ‘sleep’ state. This communication disconnect can result in the video neural networks that operate on that chip to run less consistently than expected. The inconsistency can produce negative object velocity detections when other vehicles are present, which in turn can lead to false FCW and AEB events.
Remedy
Tesla Service has released an OTA software update, free of charge. Owner notification letters are expected to be mailed December 28, 2021. Owners may contact Tesla customer service at 1-877-798-3752. Tesla’s number for this recall is SB-21-00-004.
Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.nhtsa.gov.
Source: NHTSA.gov
VEHICLE OWNERS AND LESSEES AFFECTED BY AUTOMOTIVE DEFECTS OR SAFETY RECALLS ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C., [email protected], FOR A FREE, NO OBLIGATION EVALUATION OF POTENTIAL LEGAL CLAIMS.
Nov 1, 2021 | Car Problems Car Complaints
Ferrari North America, Inc. (“Ferrari”) Recalling Certain 2010-2015 458 Italia, 2012-2015 458 Spider, 2014-2015 458 Speciale, 2015 458 Speciale Aperta, 2016-2019 488 GTB & 488 Spider Vehicles.
Safety Risk
Defect
Model Year (“MY”) 2016–2019 Ferrari 488 GTB; MY 2016–2019 Ferrari 488 Spider
Ferrari has determined that a defect related to motor vehicle safety may arise in some MY 2016-2019 Ferrari 488 vehicles. These vehicles are equipped with a braking system that could potentially leak brake fluid, which may lead to partial or total loss of braking capability.
MY 2010–2015 Ferrari 458 Italia; MY 2012–2015 Ferrari 458 Spider; MY 2014–2015 Ferrari 458 Speciale; MY 2015 Ferrari 458 Speciale Aperta
Ferrari has determined that a defect related to motor vehicle safety may arise in some MY 2010-2015 Ferrari 458 vehicles. These vehicles are equipped with a braking system that could potentially leak brake fluid, which may lead to partial or total loss of braking capability.
Remedy
The remedy is not available at this time. Owners will receive additional notification when a remedy is available. Owners are advised that if the “Low Brake Fluid” warning message appears on the vehicle dashboard, the driver should pull off the road as soon as it is safe to do so, and contact Ferrari Roadside Assistance for towing to the nearest Ferrari dealer. Owner notification letters are expected to be mailed December 21, 2021. Owners may contact Ferrari customer service at 1-201-816-2668. Ferrari’s number for this recall is 78.
Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to nhtsa.gov.
Source: NHTSA.gov
VEHICLE OWNERS AND LESSEES AFFECTED BY AUTOMOTIVE DEFECTS OR SAFETY RECALLS ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C., [email protected], FOR A FREE, NO-OBLIGATION EVALUATION OF POTENTIAL LEGAL CLAIMS.
Nov 1, 2021 | Whistleblower
Approximately $1.1 billion Awarded To 224 Individuals Since SEC Issued Its First Whistleblower Award in 2012
On October 29, 2021, the Securities and Exchange Commission announced an award of more than $2 million to a whistleblower who provided information that led to a successful related action by the U.S. Department of Justice.
The whistleblower previously received an award for contributions to an SEC enforcement action based on the same information that supported the award for the related action, and was eligible for the award announced today due to recent amendments clarifying the types of actions that may be considered “related” under the whistleblower rules. The whistleblower’s information prompted the opening of investigations by both the SEC and the DOJ. The whistleblower also provided extensive, ongoing assistance to both investigations.
“The SEC’s whistleblower rule amendments make clear that non-prosecution and deferred prosecution agreements entered into by the DOJ are related actions upon which whistleblowers may receive awards,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower.
All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10-30% of the money collected when the monetary sanctions exceed $1 million.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.
Do You Qualify As An SEC Whistleblower?
If you voluntarily provide original, high-quality information (i.e., information derived from your independent knowledge, NOT facts derived from publicly-available information) about the possible violation of the federal securities laws that has occurred, is ongoing or is about to occur AND which leads to a successful SEC enforcement action, resulting in an order of monetary sanctions exceeding $1 million, then you MAY be eligible for an SEC whistleblower award of between 10% and 30% of the monetary sanctions collected in actions brought by the SEC and related actions brought by certain other regulatory and law enforcement authorities.
Remember, information is voluntarily provided if you provide information to the SEC or another regulatory or law enforcement authority before a) the SEC requests it from you or your lawyer or b) Congress, another regulatory or enforcement agency or self-regulatory organization asks you to provide the information in connection with an investigation or certain examinations or inspections.
Can You Submit Information Anonymously To The SEC?
Yes, but if you wish to submit information to the SEC anonymously, you MUST be represented by an attorney in connection with the anonymous information submission to be eligible for an award.
Source: SEC.gov
Kehoe Law Firm’s legal team understands the issues associated with making the difficult decision to voluntarily come forward with information about securities fraud or other wrongdoing. Moreover, the Firm’s legal staff has extensive experience investigating and prosecuting fraud, as well as interacting with sources of information, especially brave, honest individuals who are willing to expose fraud committed against the United States government.
If you have questions or concerns about voluntarily providing information as a whistleblower to the SEC about violations of the federal securities laws, including questions about whistleblower award eligibility or the form and manner in which the information is required to be provided to the SEC, please contact Kehoe Law Firm, P.C., [email protected], [email protected]. If you prefer to speak privately with an attorney, please contact either Michael Yarnoff, Esq., [email protected], (215) 792-6676, Ext. 804, or John Kehoe, Esq., [email protected], (215) 792-6676, Ext. 801.
Oct 29, 2021 | Shareholder & Investor Protection
Fixed Income Clearing Corporation (“FICC”) Agrees To Pay $8 Million Penalty To Settle SEC Charges
On October 29, 2021, the Securities and Exchange Commission announced that FICC, a clearing agency, has agreed to pay an $8 million penalty to settle SEC charges that it failed to have adequate risk management policies within its Government Securities Division.
According to the SEC’s order, FICC acts as the sole registered clearing agency for transactions in U.S. government securities. FICC substitutes itself for both sides of every transaction that it clears, guaranteeing those transactions and making itself the buyer for every seller and the seller for every buyer. A failure by FICC to manage risk could result, according to the SEC, in significant costs not only to FICC and its participants, but also to other market participants or the broader U.S. financial system.
The SEC’s order found that between April 2017 and November 2018, FICC failed to comply with rules requiring it to have reasonably designed policies and procedures for holding sufficient qualifying liquid resources to meet the financial obligations created by the potential failure of a large participant.
According to the order, FICC did not conduct required analysis of the reliability of its liquidity arrangements, and it failed to conduct required due diligence of its liquidity providers. The SEC’s order also found that in 2015 and 2016, FICC failed to adhere to rules requiring it to have reasonably designed policies and procedures for maintaining and periodically reviewing its margin coverage. According to the order, FICC failed to correct two erroneous assumptions that inflated its coverage even though both errors had been flagged as deficiencies by the SEC’s Division of Examinations.
The SEC’s order found that FICC, a wholly-owned subsidiary of The Depository Trust & Clearing Corporation, violated the Covered Clearing Agency Standards promulgated by the SEC under the Securities Exchange Act of 1934. Without admitting or denying the SEC’s findings, FICC agreed to a censure and the $8 million penalty, as well as to cease and desist from future violations of the charged provisions. FICC also agreed to retain an independent compliance consultant to assess its compliance efforts.
Source: SEC.gov
Oct 28, 2021 | Filed Securities Cases
HÖEGH LNG PARTNERS INVESTORS WHO ACQUIRED THE COMPANY’S SECURITIES BETWEEN AUGUST 22, 2019 AND JULY 27, 2021 (“CLASS PERIOD”) ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C.
Kehoe Law Firm, P.C. is investigating whether Höegh LNG Partners LP (“Höegh” or the “Company”) (NYSE: HMLP) violated federal securities laws.
INVESTORS OF HÖEGH LNG PARTNERS LP WHO PURCHASED, OR OTHERWISE ACQUIRED, THE PUBLICLY-TRADED SECURITIES OF HÖEGH BETWEEN AUGUST 22, 2019 AND JULY 27, 2021, BOTH DATES INCLUSIVE (THE “CLASS PERIOD”), AND SUFFERED LOSSES ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C. TO DISCUSS THE CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
On October 27, 2021, a class action lawsuit was filed in United States District Court against Höegh on behalf of investors to recover compensable damages caused by the Höegh Defendants’ alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On July 27, 2021, Höegh “. . . announced that its Board of Directors . . . reduced [Höegh’s] quarterly cash distribution to $0.01 per common unit, down from a distribution of $0.44 per common unit in the first quarter of 2021, commencing with the distribution for the second quarter of 2021 payable on August 13, 2021 to common unitholders of record as of the close of business on August 6, 2021.”
The Company stated that it “. . . needs to conserve its internally generated cash flows to resolve issues related to the ongoing refinancing of the PGN FSRU Lampung credit facility as described below. [Höegh] thereafter expects to use its internally generated cash flow to reduce debt levels and strengthen its balance sheet.”
Höegh also reported that it “. . . received notice from Höegh LNG Holdings Ltd that the revolving credit line of $85 million will not be extended when it matures on January 1, 2023, and that Höegh LNG Holdings Ltd will have very limited capacity to extend any additional advances to [Höegh] beyond what is currently drawn under the facility. In addition, following the consummation of an amalgamation by Höegh LNG Holdings Ltd which closed on May 4, 2021, some provisions of the omnibus agreement entered into in connection with the IPO, terminated in accordance with their terms. With these recent changes, [Höegh’s] liquidity and financial flexibility will be reduced. In light of these factors, as well as current conditions in the FSRU market, which may heighten re-contracting risk, the Board of Directors believes that [Höegh] should use its internally generated cash flow to reduce debt levels and strengthen its balance sheet.” [Emphasis added.]
On this news, Höegh’s stock price dropped $11.57 per share, or approximately 65%, thereby injuring investors.
HÖEGH LNG PARTNERS LP WHO PURCHASED, OR OTHERWISE ACQUIRED, THE COMPANY’S SECURITIES DURING THE CLASS PERIOD AND SUFFERED LOSSES ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected].
