Latest news with #courtdecision
Associated Press
19 hours ago
- Business
- Associated Press
Prime Success Issues Statement on New York State Court Decision Confirming Our Rights as Sinovac Shareholders – Including Right to Vote at Upcoming Special Meeting
HONG KONG--(BUSINESS WIRE)--Jun 21, 2025-- Prime Success L.P., (together with its affiliates, 'Prime Success' or 'we'), a significant shareholder of Sinovac Biotech Ltd. (NASDAQ: SVA) ('Sinovac' or the 'Company') with ownership of approximately 8% of the Company's outstanding shares, today issued a statement in response to the decision by the United States District Court for the Southern District of New York on Friday, June 20, 2025. Prime Success stated: 'The New York court ruling confirms what we have consistently stated: Prime Success has been a major owner of registered, valid shares of Sinovac for seven years and it has undisputed rights as such – including the right to vote with other shareholders to boot 1Globe and OrbiMed out of power. We requested an injunction in self-defense in response to the litigation initiated by the 1Globe Activist Board to prevent us from voting our shares. The 1Globe Activist Board also threatened to resort to self-help measures to keep us from voting. The court's decision was based on the premises that the 1Globe Activist Board currently has no basis to deny our rights as shareholders and that the dispute is currently in arbitration in Hong Kong, and unless those change no injunctive relief is required. The court expects the 1Globe Activist Board to act lawfully and not deprive us of our shareholder rights, and for the Antiguan court to uphold the obligation to send appropriate matters to arbitration, as required by treaty obligations. Importantly, this is why the ruling was without prejudice – we have the right to go back to the New York court if at any point the 1Globe Activist Board refuses to recognize our clear legal status as voting shareholders. Also on Friday in a separate hearing in Antigua, the court rejected the 1Globe Activist Board's attempt to invalidate the shares Prime Success and Vivo legally acquired from their PIPE investment – an $86 million equity investment made to support SINOVAC when it was in dire need of capital. There will now be a subsequent hearing at the end of June to decide the appropriate next step on this case – which we continue to believe is mandatory arbitration in the Hong Kong International Arbitration Centre ('HKIAC') under Hong Kong law. Tellingly, the 1Globe Activist Board declined to disclose this development to shareholders in its June 21 press release – likely because it was not favorable to them. Shareholders should realize at this stage that the alarming public statements issued by the 1Globe Activist Board are self-serving distortions of reality. Their characterizations are inaccurate, and especially their claim that Prime Success tried 'to interfere with the payment of the US$55.00 per common share special cash dividend declared by the current SINOVAC Board.' Prime Success has been demanding the distribution of dividends and never tried to block it. Importantly, Prime Success reminds shareholders of the following: Prime Success is directly aligned with shareholders and believes that the slate of directors proposed by SAIF Partners IV L.P., ('SAIF Partners') is essential for a renewed focus on durable value creation that will pave the way for Sinovac to move forward – ending the toxic pattern of infighting and litigation instigated by the 1Globe Activist Board. Your vote at the Special Meeting can make this important change happen. We urge all shareholders vote the GOLD proxy card in support of the SAIF nominees and choose the leadership that will best secure our Company's success in the years to come.' About Prime Success, L.P. Prime Success is an investment vehicle established by Advantech Capital specifically to invest in Sinovac and Sinovac Life Sciences; Advantech Capital is a private equity fund established in 2016 with a focus on innovation-driven growth opportunities in China. View source version on CONTACT: Media Contact Longacre Square Partners [email protected] KEYWORD: ASIA PACIFIC HONG KONG INDUSTRY KEYWORD: PROFESSIONAL SERVICES HEALTH INFECTIOUS DISEASES FINANCE PHARMACEUTICAL BIOTECHNOLOGY SOURCE: Prime Success L.P. Copyright Business Wire 2025. PUB: 06/21/2025 09:20 PM/DISC: 06/21/2025 09:21 PM
Bloomberg
2 days ago
- Politics
- Bloomberg
Universities Win Order Voiding Agency's 15% Research Cost Cap
Brown and Cornell universities, the Massachusetts Institute of Technology and several other US schools won a federal court order striking down a National Science Foundation cap on indirect cost rates for government-funded research. Judge Indira Talwani struck down the cap on Friday, finding it 'arbitrary, capricious and contrary to the law,' granting summary judgment to the suing schools plus the Association of American Universities, and denying that relief to the government.
Fox News
3 days ago
- Politics
- Fox News
California Governor Gavin Newsom claims 'Trump is not a king' after crucial National Guard control case
Governor Gavin Newsom said in an official statement that he is disappointed in the Ninth Circuit Court's decision to allow President Trump to retain control of the California National Guard, but is touting one aspect of the court ruling as a victory. Writing on X early Friday morning, the Democratic governor proclaimed that Trump is "not a king and not above the law." "The court rightly rejected Trump's claim that he can do whatever he wants with the National Guard and not have to explain himself to a court. The President is not a king and is not above the law. We will press forward with our challenge to President Trump's authoritarian use of U.S. military soldiers against citizens," he went on to say in a press statement later. The court rejected Trump's claims that he can federalize the California National Guard at will and still avoid judicial scrutiny, the governor noted. "The Ninth Circuit rejected Trump's sweeping claim that he can federalize the National Guard for any reason and avoid judicial scrutiny, even as it stayed an emergency district court order. This is a critical check on presidential overreach and confirmation that the President is not above the law," Newsom's press office stated. Newsom's office said that both Newsom and Attorney General Rob Bonta remain committed to holding the president accountable for using the military as domestic law enforcement – actions, they argued, were in violation of federal law. Although Newsom says the ruling is a win, there is still an ongoing conflict as the unanimous ruling from the Ninth Circuit Court of Appeals on Thursday allowed President Trump to keep control of National Guard troops deployed to Los Angeles earlier this month to quell riots during demonstrations against U.S. Immigration and Customs Enforcement (ICE). Trump's decision to deploy the National Guard was the first by a president of a state National Guard without the governor's permission since 1965. In the filing, the court stated that they believed the president had made a lawful decision. Even though the president failed to notify the governor before deploying the National Guard as required by law, the court cited that Newsom had no power to veto the president's order.
Washington Post
5 days ago
- Health
- Washington Post
Trump administration blocked from cutting local health funding for four municipalities
A federal court has temporarily blocked the Trump administration from clawing back millions in public health funding from four Democrat-led municipalities in GOP-governed states. It's the second such federal ruling to reinstate public health funding for several states. U.S. District Judge Christopher Cooper in Washington, D.C., issued a preliminary injunction Tuesday sought by district attorneys in Harris County, Texas, home to Houston, and three cities: Columbus, Ohio, Nashville, Tennessee, and Kansas City, Missouri. The decision means the federal government must reinstate funding to the four municipalities until the case is fully litigated.
Free Malaysia Today
7 days ago
- Free Malaysia Today
AGC files notice to appeal against Yusoff Rawther's acquittal
The High Court in Kuala Lumpur ruled that the prosecution failed to prove that Yusoff Rawther had knowledge, custody, and control of the drugs and fake pistols. PETALING JAYA : The Attorney-General's Chambers (AGC) has filed a notice of appeal against the High Court's decision to acquit former research assistant Yusoff Rawther of drug trafficking and the possession of two imitation pistols. Justice Jamil Hussin ruled on Thursday that the prosecution had failed to establish a prima facie case on both charges as it was unable to prove all of the elements of the offences with credible evidence. 'After careful consideration of the decision by the honourable judge, we have filed a notice of appeal against the discharge and acquittal,' the AGC said in a statement today. Jamil ruled that prosecution had failed to prove that Yusoff had knowledge, custody, and control of the drugs and fake pistols. He ordered for Yusoff to be acquitted and discharged without being called to enter his defence. Yusoff was accused of trafficking in 305g of cannabis found in his vehicle when it was parked in front of the Kuala Lumpur police surau at 10.15am on Sept 6, 2024. The drugs were allegedly wrapped in a black plastic bag. He was also charged with possessing fake pistols outside Senada Condominium on Jalan Bukit Kiara at 9.25am the same day. The fake firearms possession charge, under Section 36(1) of the Arms Act 1960, carried a maximum penalty of one year in prison, a fine of up to RM5,000, or both, upon conviction. The drug trafficking charge, framed under Section 39B(1)(a) of the Dangerous Drugs Act 1952, provided for the death penalty or 30 years' imprisonment as well as a whipping of not less than 12 lashes. Yusoff's defence was that the drugs and pistols were planted to frame him. He was held at the Sungai Buloh prison as bail is not allowed for those charged with drug trafficking.
