Day: January 26, 2022

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ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Redwire Corp. f/k/a Genesis Park Acquisition Corp. Investors With Losses Over $100K to Secure Counsel Before Important February 15 Deadline in Securities Class Action – RDW, RDW.WS, GNPK, GNPK.WS

NEW YORK, Jan. 25, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Redwire Corp. f/k/a Genesis Park Acquisition Corp. (NYSE: RDW, RDW.WS GNPK, GNPK.WS) between August 11, 2021 and November 14, 2021, inclusive (the “Class Period”) of the important February 15, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Redwire securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Redwire class action, go to http://www.rosenlegal.com/cases-register-2214.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 15, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) there were accounting issues at one of Redwire’s subunits; (2) as a result, there were additional material weaknesses in Redwire’s internal control over financial reporting; and (3) as a result of the foregoing, defendants’ positive statements about Redwire’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Redwire class action, go to http://www.rosenlegal.com/cases-register-2214.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

        Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com

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ROSEN, GLOBALLY RESPECTED INVESTOR COUNSEL, Encourages Discovery Inc. Investors with Losses Exceeding $100K to Secure Counsel Before Important March 8 Deadline in Securities Class Action – DISCA, DISCK

NEW YORK, Jan. 25, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Discovery, Inc. (NASDAQ: DISCA, DISCK) between March 22, 2021 and March 29, 2021, inclusive (the “Class Period”), of the important March 8, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Discovery securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Discovery class action, go to http://www.rosenlegal.com/cases-register-2239.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 8, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions.   Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, Goldman Sachs Group Inc. and Morgan Stanley sold a large amount of Discovery shares during the Class Period while in possession of material non-public information about Archegos Capital Management (at the time a family office with $10 billion under management) and its need to fully liquidate its position in Discovery because of margin call pressure. As a result of these sales, the defendants in the case, Goldman Sachs and Morgan Stanley, avoided billions in losses combined.

To join the Discovery class action, go to http://www.rosenlegal.com/cases-register-2239.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————–

Contact Information:

        Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com

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ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Faraday Future Intelligent Electric, Inc. f/k/a Property Solutions Acquisition Corp. Investors With Losses Exceeding $100K to Secure Counsel Before Important February 22 Deadline in Securities Class Action – FFIE, FFIEW, PSAC, PSACW, PSACU

NEW YORK, Jan. 25, 2022 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Faraday Future Intelligent Electric, Inc. f/k/a Property Solutions Acquisition Corp. (NASDAQ: FFIE, FFIEW, PSAC, PSACW, PSACU) between January 28, 2021 and November 15, 2021, inclusive (the “Class Period”) of the important February 22, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Faraday Future securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Faraday Future class action, go to http://www.rosenlegal.com/cases-register-2206.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 22, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Faraday Future had assets in China frozen by courts; (2) a significant percentage of Faraday Future’s deposits for future deliveries were attributable to a single undisclosed affiliate; (3) Faraday Future’s cars were not as close to production as the Company claimed; (4) as a result of previously issued statements that were misleading and/or inaccurate, Faraday Future could not timely file its quarterly report; and (5) as a result of the foregoing, defendants’ positive statements about Faraday Future’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Faraday Future class action, go to http://www.rosenlegal.com/cases-register-2206.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com

 

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P3A Board Rejects Rs.533 Billion Subsidy for Karachi Circular Railway

The Board of Public-Private Partnership Authority (P3A) has rejected the consultant’s proposal for a subsidy of Rs. 533 billion for the Karachi Circular Railway (KCR) project for over 30 years, and has instead decided to pay a 40 percent Viability Gap Fund (VGF) to the concessionaire.

The 19th Public-Private Partnership Authority Board met on Tuesday under the chair of the Federal Minister for Planning Development & Special Initiatives, Asad Umar, and approved the project proposal/transaction structure for the Development and Operation of the KCR project

The total estimated cost of the KCR project is Rs. 218 billion, including civil works estimated to be around Rs. 96 billion. The level crossings have already been awarded to the Frontier Works Organization (FWO) so the total cost has been reduced by Rs. 17 billion. The project cost does not include the cost of land acquisition.

The Government of Pakistan’s VGF share is around Rs. 80 to 90 billion, an official source revealed. The final estimated cost of the KCR will be approved by the Central Development Working Party (CDWP) under the umbrella PC-I.

The consultant Transaction Advisor (TA) has proposed Rs. 533 billion, which comprises electricity, major maintenance, and operations and maintenance subsidies. However, the total annuity amounts to Rs. 1,002 billion, which also includes debt servicing, return on equity (RoE), and taxation. The proposal was rejected by the P3A board and decided to pay a lump sum of 40 percent VGF, after which the concessionaire will take care of the rest, the source said. The GoP’s share will be either funded by leasing 13 properties of the Pakistan Railways or will alternatively be funded by the federal PSDP, the source added.

The board also approved the Minimum Revenue Guarantee (MRG) in the ratio of 85:115, which means that in case of 15 percent fewer passengers traveling via the KCR, the burden will be on the concessionaire but if the deficit increases above 15 percent, it will be equally shared by the GoP and the concessionaire. Similarly, it rejected the consultants’ proposal of risk-sharing on an 80:20 basis and decided that it should be 50:50 instead.

The board reviewed the key statistics and components of the project proposal for the KCR which envisaged the project to be built on a PPP basis whereby the private sector will be responsible for the financing of the construction of the civil works, the electrical and mechanical (E&M) component (including the procurement of the rolling stock), and the operations and maintenance (O&M) of the project from its own resources under a single package contract.

The approved project Proposal/TS entailed the project to be implemented on a BOT–user charge basis and the GoP to provide Capital Viability Gap Funding to improve the financial viability and bankability of the project. To seek adequate investor interest in the project and to magnify its success prospects, the private sector will also be given a minimum revenue guarantee (MRG) for the initial operational years and the right to undertake the commercial development of the KCR stations to supplement fare and non-fare revenues incidental to the project.

The project is aimed at providing a reliable, safe, and environment-friendly public transport system to the citizens of Karachi. It entails the construction of a 43 km dual-track urban rail mass transit system that is expected to be built in three years. The project is expected to serve a daily ridership of 457,000 that may soar to one million a day by the end of a 33-year concession period. It will deploy the use of electric trains and will be operational 17 hours a day seven days a week. It encompasses the construction of 30 stations along the corridor covering the densely populated areas of the city.

The economic benefits of this project are phenomenal in terms of saving vehicle operating costs, environmental protection, accident and time savings, promoting gender equality, and the spill-over tax impact.

Chairman Asad Umar highlighted the importance of the project saying, “The project is an important part of the Karachi Transformation Plan and will play a pivotal role in providing affordable and reliable public transport system to the Karachiites’.

He added that following the approval of the KCR project by the P3A Board, the project appraisal process for the Karachi-Pipri Freight Corridor project should also be completed at the earliest as that project is also critical in terms of easing congestion at Karachi Port. The project, with its transaction structure approved by the P3A Board as mentioned above, will be brought to the market after its approval by the Executive Committee of the National Economic Council (ECNEC).

Source: Pro Pakistani

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Implementation Committee Reviews Progress on Mohmand and Diamer Basha Dams

The Implementation Committee on Diamer Basha and Mohmand Dams (ICDBMD) met today at ICDBMD Secretariat to review progress on mega multi-purpose projects of Diamer Basha and Mohmand Dams, chaired by Pakistan Water and Power Development Authority (WAPDA) and ICDBMD Chairman, Lt Gen Muzammil Hussain (Retd).

The ICDBMD was constituted by the honorable Supreme Court of Pakistan way back in July 2018 for early commencement and timely completion of Diamer Basha and Mohmand Dams. Since its inception, the committee holds its meetings after regular intervals.

Welcoming the participants, Chairman WAPDA, who is also Chairman ICDBMD, said that the committee had been tremendously contributing towards the implementation of Diamer Basha and Mohmand Dams. Reiterating his commitment to completion of both projects as early as possible, he apprised the meeting that WAPDA is working hard on the construction activities of both projects to match the timelines despite the COVID-19 pandemic. Currently, construction work is under progress on 13 sites of Mohmand Dam and ten sites of Diamer Basha Dam, he added.

The Chairman also updated the participants on the problems disrupting a smooth execution of Diamer Basha and Mohmand Dams, including COVID-19, financial flows, emerging security scenario, land acquisition, and completion of a critical stretch of relocated Karakoram Highway in case of Diamer Basha Dam. Though the recovery plans are in place, the impediments, if not addressed by the quarters concerned, may adversely affect the timelines set for completion of the projects, the Chairman concluded.

Later, WAPDA Member (Finance) briefed the meeting of the matters regarding the financial close of the two projects vis-à-vis the foreign exchange component, as well as financial needs and financial flows. General Manager (Land Acquisition & Resettlement), General Manager (Diamer Basha Dam), and General Manager (Mohmand Dam) also made presentations to the participants about the progress and the issues regarding Diamer Basha and Mohmand Dams.

WAPDA started construction work on Mohmand Dam in May 2019 and Diamer Basha Dam in July 2020, which are scheduled to be completed in 2025 and 2029, respectively. The gross water storage capacity of Mohmand Dam is 1.29 million Acre Feet (MAF), and the installed generation capacity is 800 Megawatts (MW). Likewise, the gross water generation capacity of Diamer Basha Dam stands at 8.1 MAF, while the installed generation capacity of the projects is 4500 MW.

The meeting was attended by Water Resources Joint Secretary and ICDBMD Secretary, Syed Muhammad Mehar Ali Shah, Joint Secretary (Budget) Finance, Khyber Pakhtunkhwa (KP) Secretary Board of Revenue, National Highway Authority (NHA) Member North Zone, Deputy Secretary Prime Minister’s Office, Diamer Astore Commissioner, and Planning Commission Deputy Chief, WAPDA Members, Secretary and senior officers.

Source: Pro Pakistani