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INTERNET: Ex-employee alleges company misled him on app user metrics.
Fired executive claims Snap misstated growth to present better image for IPO.
TAXES: BizFed supports action against levy that hits developed properties.
A local business group is welcoming a legal challenge to a park tax measure approved by voters in November.
OpenGate Capital announced today it sold its portfolio company Getronics LATAM to a South American private investment firm Southern Cross Group for 11 times what they paid for the company in 2012. The Century City-based private equity shop did not disclose financial details of the transaction.
West Los Angeles patent portfolio holding company Marathon Patent Group Inc. was this week’s biggest gainer, shooting up 12.4 percent to close at $1.72. Fulgent Genetics Inc., the Temple City-based genetic testing company, also was up big, gaining 11.8 percent to close at $11.57. The week’s biggest loser was Differential Brands Group Inc. of Commerce, which lost 16.3 percent to close at $2.35.
Pasadena-based Arrowhead Pharmaceuticals Inc. was this week’s biggest mover, gaining 28 percent to end at $1.59. Ares Management LP was also among the week’s movers. The Los Angeles-based global alternative asset manager gained 15 percent to end at $18.45. Malibu toy marketing company Jakks Pacific, Inc. was this week’s biggest loser, dropping 28 percent to end at $5.05.
Although the San Diego Chargers have not yet pulled the plug on their hometown, the team is making plans for a possible move to Los Angeles.
Beverly Hills-based Atar Capital has acquired Furmanite’s Midstream Quality Assurance Business, a carveout from Tulsa’s Team Inc.
Puma Biotechnology Inc. announced Tuesday that the company would move its stock listing from the New York Stock Exchange to the Nasdaq effective Jan., 3.
West Los Angeles intellectual property licensing firm Marathon Patent Group Inc. was the week’s big winner, gaining 13 percent to close at $1.74. Following closely behind was Santa Monica cancer treatment research firm Kite Pharma Inc., which gained 12.8 percent to close at $51.76. The week’s biggest laggard was Nova Lifestyle Inc. The Commerce-based furniture maker’s stock price was down 15.2 percent to close at $1.96.
The Gores Group filed notice Friday with the Securities and Exchange Commission announcing an initial public offering for the private equity firm’s second “blank check” company, Gores Holdings II.
Patrick Soon-Shiong, the second-largest shareholder of L.A. Times parent tronc Inc., has purchased another 98,927 shares of stock in the company on Nov. 29 and Dec. 2 at prices ranging from $12.77 to $13.16, according to a filing with the Securities and Exchange Commission.
Alhambra-based Indium Phosphide design and manufacturer Emcore Corporation was this week’s biggest mover, gaining 40 percent to end at $8.65. Glendale’s Apollo Medical Holdings Inc. was also among the week’s movers. The healthcare company gained 26 percent to end at $4.23. Beverly Hills-based Capricor Therapeutics Inc. was this week’s biggest loser, dropping 17 percent to end at $2.67.
Patrons of Lawry’s the Prime Rib in Beverly Hills have been pulling up at the local institution and handing their keys off to employees of just one company for more than 70 years: Valet Parking Services.
SALE: $10 million pickup touted as growing pull of downtown’s Arts District.
A former cardboard recycling yard in downtown’s Arts District recently sold for just over $10 million, more than double the price it fetched only two years ago, a sign of quickly rising land values in a fast-developing market.
Construction is booming in Los Angeles and throughout Southern California. Downtown towers are sprouting up left and right, a new $1.5 billion bridge spanning the mouth of the Los Angeles River at the Port of Long Beach is taking shape, and a $2.6 billion football stadium for the Los Angeles Rams broke ground last month in Inglewood. But a new report by the Los Angeles Economic Development Corp., “Building the Future: Construction in Southern California,” says the region still hasn’t fully recovered from the recession and that the construction industry faces a challenging regulatory environment and high costs.