Amneal Agrees to $270 Million U.S. Opioid Settlement

 Amneal Pharmaceuticals said on Friday it had reached a deal valued at more than $270 million to resolve claims it helped fuel the deadly U.S. opioid epidemic, becoming the latest drug company to settle lawsuits over the addiction crisis brought by states and local governments.

Amneal reached an agreement in principle to pay $92.5 million in cash and provide $180 million worth of naloxone nasal spray, an overdose treatment medication, to resolve lawsuits by U.S. states, local governments and Native American tribes.

The settlement, which is payable over 10 years, would if finalized resolve nearly all of the more than 900 opioid-related lawsuits against Amneal, the company said. It did not admit wrongdoing as part of the nationwide settlement.

https://money.usnews.com/investing/news/articles/2024-05-03/drugmaker-amneal-agrees-to-270-million-u-s-opioid-settlement

Phathom started at Buy by Stifel

 Target $24

https://finviz.com/quote.ashx?t=PHAT&ty=c&ta=1&p=d

Dave & Buster's to allow customers to bet on arcade games

 Dave & Busters is upping the stakes on its arcade games. 

The company is set to allow customers who are at least 18 years old to bet on arcade games in its app.

Using Lucra Sports' real-money gamification software, Dave & Buster’s loyalty members will be able "to digitally compete with each other, earn rewards, and unlock exclusive perks while competing with friends at Dave & Buster’s," the company said in a statement Tuesday.  

Simon Murray, Dave & Buster's senior vice president of entertainment and attractions, said the partnership with Lucra "gives our loyalty members real-time, unrivaled gaming experiences."

A Dave & Buster's location in the Times Square neighborhood of New York, US, on Friday, March 29, 2024.  (Bing Guan/Bloomberg via Getty Images / Getty Images)

A representative for Lucra told NBC that there would be a limit placed on the bets, but didn't disclose what that would be. 

FOX Business reached out to Lucra for comment. 

This comes as legal sports betting hits record revenue for a third year in a row.

According to the American Gaming Association (AGA), U.S. commercial gaming revenue reached an annual record of $66.5 billion in 2023. This surpassed the previous record of $60.5 billion in 2022. 

A Dave & Buster's location in the Times Square neighborhood of New York, on March 29, 2024.  (Bing Guan/Bloomberg via Getty Images / Getty Images)

AGA CEO Bill Miller said in a statement in February that "American adults’ demand for gaming is at an all-time high," whether in person at casinos or online. 

In the first two months of the new year, commercial gaming revenue already totaled $11.46 billion, which is about 6.8% ahead of last year’s record pace.

https://www.foxbusiness.com/lifestyle/dave-busters-allow-customers-bet-on-arcade-games

Watch Biden’s Head of Economic Advisors Try to Explain Government Borrowing

 This amusing video clip is making the rounds on Twitter. It’s worth a look and a laugh.

Jared Bernstein was asked about Modern Monetary Theory (MMT).

MMT says government is different. It owes the money to itself and the debt can be canceled at will. In MMT theory, a benevolent government would spend the money wisely, cancel all the debt or pay interest to itself, and everyone will essentially live happily ever after.

The notion is really amusing. But it was more amusing watching Bernstein try to address a question on it.

https://mishtalk.com/economics/watch-bidens-head-of-economic-advisors-try-to-explain-government-borrowing/

SEC Shuts Down 'Prolific' Auditor BF Borgers, Whose Clients Include Trump Media

 The US Securities and Exchange Commission (SEC) shut down auditor BF Borgers, described by the Financial Times as "one of the most prolific auditors of US public companies," over allegations of "massive fraud" that affected more than 1,500 SEC filings, the agency announced on Friday.

Borgers agreed to a $12 million civil penalty, while owner Benjamin Borgers agreed to pay $2 million to settle the SEC's charges. The company has also agreed to permanent suspensions from practicing as accountants on SEC filings, effective immediately.

According to the SEC, a "significant" number of listed companies will have to switch accountants in the coming days due to the enforcement action.

Clients include Trump Media.

"Trump Media looks forward to working with new auditing partners in accordance with today's SEC order," a spokesperson for Trump's media company told Reuters in an email.

Borgers has also acted for fintech and crypto companies, and many other small issuers, SEC filings show.

According to the SEC, Borgers did not properly prepare and maintain audit documentation, fabricated audit planning meetings, and in some cases simply passed off previous audits for the current audit period.

Of 369 BF Borgers clients whose filings from January 2021 through June 2023 incorporated BF Borgers's audits and reviews, at least 75% incorporated audits that did not comply with the SEC's rules.

According to SEC Enforcement Division Director Gurbir Grewal, "Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets."

https://www.zerohedge.com/political/massive-fraud-sec-shuts-down-prolific-auditor-bf-borgers-whose-clients-include-trump

Aeon misses primary endpoint in Phase 2 migraine study

 AEON Biopharma, Inc. (“AEON” or the “Company”) (NYSE: AEON), a clinical-stage biopharmaceutical company focused on developing a proprietary botulinum toxin complex for the treatment of multiple debilitating medical conditions, today announced that the preliminary top-line results from its planned interim analysis of the Phase 2 trial with ABP-450 in the preventive treatment for chronic migraine did not meet the primary endpoint.

The primary endpoint of mean reduction in monthly migraine days (MMD) over the period 13-24 weeks in a total of 325 analyzed patients randomized across three arms showed a reduction of 8.5 days in the 150 U arm and 7.7 days in the 195 U arm, compared with a reduction of 8.4 days in the placebo arm. These differences did not achieve statistical significance (p=0.9132 in 150 U arm; p=0.3611 in 195 U arm). The numerical reduction in MMDs were in the expected range for the two active arms, however, the reduction in the placebo arm was much higher than expected based on previous studies. In addition, none of the secondary endpoints met statistical significance. While the Company will continue to evaluate the complete dataset and determine the next steps in the development of ABP-450, it has immediately commenced cash preservation measures and will review all strategic options.

“While we were surprised and disappointed that ABP-450 did not demonstrate statistically significant superiority over placebo in this interim readout, both active arms showed a reduction in monthly migraine days directly in-line with our expectations. We are conducting additional analyses of the interim data to understand the highly abnormal and unexpected placebo effect and further evaluate the results of this study to determine the best path forward in the development of ABP-450 for the preventive treatment of migraine,” said Marc Forth, President and Chief Executive Officer of AEON. 

https://www.globenewswire.com/news-release/2024/05/03/2875016/0/en/AEON-Biopharma-Announces-Preliminary-Top-Line-Results-from-Phase-2-Interim-Analysis-of-ABP-450-in-the-Preventive-Treatment-of-Chronic-Migraine.html

''Widespread' Belief Among US Officials Israel Can't Eradicate Hamas'

 by Dave DeCamp via AntiWar.com,

There is a "widespread belief" among US officials that Israeli Prime Minister Benjamin Netanyahu’s goal of "eradicating" Hamas in Gaza is unattainable, The New York Times reported on Thursday.

Throughout the past seven months, there have been multiple signs that the US doesn’t believe Israel could achieve its goals in Gaza, yet the Biden administration has continued to support the slaughter of Palestinians in the Strip.

In March, the US intelligence agencies released their annual "threat assessment," and it said Israel will face "lingering armed resistance" for "years to come" and that the Israeli military would struggle to destroy Hamas’s underground infrastructure.

The Washington Post also reported in March that the US didn’t think Israel had clear or attainable goals as far back as October. "We never had a clear sense that the Israelis had a definable and achievable military objective," a source familiar with an October 27 Biden administration meeting on the situation in Gaza told the Post.

"From the very beginning, there’s been a sense of us not knowing how the Israelis were going to do what they said they were going to do."

The Times report focused on Secretary of State Antony Blinken’s visit to Israel and the difference in messaging from the administration and Netanyahu. Blinken said the US was still opposed to Israel invading Rafah without a clear plan for civilians, but Netanyahu’s message was that an invasion will happen no matter what.

Blinken also called on Hamas to accept Israel’s latest proposal for a hostage deal and temporary ceasefire, but Netanyahu signaled that he wasn’t interested. The Israeli leader vowed to invade Rafah "with or without" a deal with Hamas.

The Times report said US officials were "taken aback" by the timing of Netanyahu’s comment because they think Hamas would only accept a deal if they believed releasing hostages could lead to a permanent ceasefire, which has been the Palestinian group’s demand for months. Netanyahu also told Blinken that he wouldn’t agree to end military operations in Gaza for a hostage deal.

Despite the difference in public messaging, there’s no sign the Biden administration is putting any real pressure on Netanyahu to prevent an invasion of Rafah as US military aid continues to flow. So far, the US-backed Israeli slaughter has reportedly killed 34,596 people, including over 14,000 children, according to the latest numbers from Gaza’s Health Ministry.

https://www.zerohedge.com/geopolitical/theres-widespread-belief-among-us-officials-israel-cant-eradicate-hamas