Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Wednesday’s Rundown: Bar Study Firm Fined for False Claims; New Harbor Commission President Named

Barwinners, a Santa Monica company that offers online courses to law students studying for the bar exam, has been ordered to pay $130,000 in restitution and fines after making false claims about the percentage of its customers who passed the crucial exam.

Stocks Climb; Rubicon Rises, Big 5 Dives

The Dow Jones industrial average rose 121 points in Wednesday trading to close at 17,751. The S&P 500 rose 15 points to 2,109. The Nasdaq rose 23 points to 5,112. The LABJ Stock Index rose one point to 243.

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75 Layoffs at Relativity as Bankruptcy Looms

Crisis-hit film and TV company Relativity Media is laying off more than one-fifth of its staff.

Herbalife Wins Lawsuit Dismissal – Again

Downtown L.A. supplement company Herbalife and Chief Executive Michael O. Johnson dodged a bullet Tuesday when a federal judge in Los Angeles dismissed allegations of misrepresenting sales practices and orchestrating a pyramid scheme.

UBeam Raising $15 Million Debt Round

Wireless charging startup uBeam of Santa Monica is raising a $15 million convertible debt round, according to a Securities and Exchange Commission filing. The company declined to comment, but the filing said nearly $9 million had been raised from 23 investors since the offering was initiated July 10.

Soon-Shiong’s NantKwest Goes Public in $207 Million Offering

Billionaire Patrick Soon-Shiong’s clinical-stage immunotherapy firm NantKwest Inc. debuted at $25 a share in its first day of trading on the Nasdaq Tuesday, raising more than $207 million with the sale of 8.3 million shares.

NTSB Blames Virgin Galactic Crash on Human Error, Lack of Safeguards

The builder of SpaceShipTwo had not considered that human error could result in a catastrophic hazard to the space vehicle, the National Transportation Safety Board said Tuesday in determining the cause of last year’s crash in the Mojave Desert.

LAX Passenger Counts Take Off

The number of passengers traveling through Los Angeles International Airport continued to climb last month, according to figures released Tuesday by Los Angeles World Airports.

California Tax Credits Lure Film Producers

More than 250 movie projects have applied for state tax credits in the first round of film applications since the state boosted the amount of available credits, a move aimed at curbing runaway production.

Stocks Rise; TrueCar Makes Comeback, Ceres Doesn’t

The Dow Jones industrial average rose 190 points in Tuesday trading to close at 17,630. The S&P 500 rose 26 points to 2,093. The Nasdaq rose 49 points to 5,089. The LABJ Stock Index rose three points to 242.

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Snapchat Swaps Two Publishers on Discover Portal

Snapchat is reexamining its content partnerships. The app has pushed out Yahoo and Warner Music Group from its Discover publishing portal and replaced them with BuzzFeed and iHeartRadio.

Monday Rundown: NBCUniversal Exec to Helm Deluxe; New Executive Director for Beverly Hills Chamber

Deluxe Entertainment Services Inc. announced Monday that John Wallace, president of operations and technical services at NBCUniversal, will take over as chief executive in early September.

Tetra Tech Wins Part of $950 Million Contract

Tetra Tech Inc. is part of a group of companies that has secured a U.S. Air Force contract with a potential value of $950 million, the company said Monday.

Kythera Wins Approval in Canada for Double-Chin Drug

Kythera Biopharmaceuticals, Inc. has received regulatory approval in Canada to sell its drug that dissolves chin fat, the company announced Monday.

L.A. Tech Event Calendar July 27 – Aug. 9

Roundup of L.A. tech events in the next two weeks.

Stocks Fall; Research Solutions Soars, Ceres Slips

The Dow Jones industrial average fell 128 points in Monday trading to close at 17,441. The S&P 500 fell 12 points to 2,068. The Nasdaq fell 49 points to 5,040. The LABJ Stock Index rose one point to 238.

Relativity On the Ropes?

Troubles continue to mount for billionaire Ryan Kavanaugh’s financially embattled Relativity Media.

L.A. to Bid for 2024 Olympics?

With L.A. 2015 now underway, how about L.A. 2024?

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Razer Acquires Assets of Game Platform Ouya

After weeks of speculation and an accidental leak, gamer hardware maker Razer USA Ltd. of Carlsbad announced it had acquired the brand and software assets of console company Ouya.