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Tech News from Simmons Systems

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A collection of 55 posts

LabCorp Faces Shareholder Lawsuit Over Concealed Data Breaches

A LabCorp shareholder files a derivative suit accusing the company's board of hiding two major data breaches from investors and the public. The legal action claims inadequate cybersecurity measures exposed millions of patient records.

Tesla Collects 250,000 Cybertruck Pre-Orders Despite Bizarre Debut

Elon Musk indicates Tesla receives 250,000 pre-orders for its futuristic Cybertruck, though these reservations only require a $100 fee. The unconventional pickup faces mixed reactions following a botched unveiling event where its windows shatter during a demonstration.

Kik Messenger Shuts Down Amid Ongoing SEC Cryptocurrency Battle

Kik Interactive is closing its popular messaging app and laying off over 100 employees to survive an SEC lawsuit targeting its Kin cryptocurrency. The drastic shift reduces the company's burn rate by 85 percent as it prepares for a legal fight over whether Kin is an illegal security.

SEC Sues Kik Over Unregistered $100 Million Cryptocurrency Sale

U.S. regulators file a lawsuit against messaging app Kik for conducting an illegal $100 million token sale without proper registration. The agency claims the company marketed the tokens as an investment rather than a functional currency.

Slack Posts $134.8 Million in Q1 Revenue Ahead of Direct Listing

Slack reveals a 67% revenue increase in its first quarter as it prepares for a June 20 direct listing on the NYSE. The workplace messaging giant reports growing sales alongside ongoing losses ahead of its public debut.

Tesla Hosts Autonomy Investor Day Amid Ongoing Legal Drama

Tesla kicks off a critical week with its Autonomy Investor Day, an event designed to showcase the company's self-driving technology to investors. The presentation comes as the automaker faces impending earnings, an SEC deadline, and a legal dispute with a vocal critic.

Tesla Slashes Board Size to Seven Amid SEC Settlement Demands

Tesla reduces its board of directors by more than a third to just seven members as part of an ongoing effort to increase independence following last year's SEC settlement.

Elon Musk Calls SEC Contempt Request a Radical Interpretation of Settlement

Elon Musk fights back against SEC contempt charges by arguing the agency misinterprets his Twitter agreement. He claims his production volume tweet complies with Tesla's internal policies.

Video Conferencing Firm Zoom Targets April IPO After Confidential SEC Filing

Zoom plans to file its public S-1 by late March and potentially debut on the stock market as soon as April. The highly valued company looks to build on its rapid growth and top-rated CEO reputation.

Workplace Chat App Slack Confidentially Files for Public Listing

Slack confidentially submits a draft registration statement to the SEC for a public listing. The business messaging company plans a direct listing and seeks a valuation exceeding $10 billion.