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After a more than two-year investigation, the Securities and Exchange Commission has sued Elon Musk over his delayed disclosure of the Twitter stock he amassed before announcing his intention to acquire the company in 2022. In a court filing, the SEC says that Musk filed paperwork with the SEC disclosing his purchase of Twitter shares 11 days after an SEC-mandated deadline to do so. (Federal law, as the SEC notes in its statement, requires investors to publicly report when they have acquired a more than 5 percent stake in a company.) This delay, according to the regulator, allowed Musk to buy up even more Twitter stock at a time when other investors were unaware of his involvement with the company. From the lawsuit: During the period that Musk was required to publicly disclose his beneficial ownership but had failed to do so, he spent more than $500 million purchasing additional shares of Twitter common stock. Because Musk failed to timely disclose his beneficial ownership, he was able to make these purchases from the unsuspecting public at artificially low prices, which did not yet reflect the undisclosed material information of Musks beneficial ownership of more than five percent of Twitter common stock and investment purpose. In total, Musk underpaid Twitter investors by more than $150 million for his purchases of Twitter common stock during this period. Investors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic harm. The regulator has been investigating Musk for years, and has long been at odds with the owner of X. At one point, the SEC accused Musk of attempting to stall and use gamesmanship to delay its investigation into his investment in Twitter. Last month, Musk shared a copy of a letter addressed to SEC Chair Gary Gensler in which Musks lawyer, Alex Spiro, accused the regulator of six years of harassment targeting Musk. The letter indicated that Musk refused a settlement offer from the SEC related to its Twitter investigation. Musk also faced a class action lawsuit from other Twitter investors and an FTC probe related to the delayed disclosure. However, as The New York Times notes, its unclear if the SECs latest action will amount to much, as Gensler is expected to step down following the inauguration of President Donald Trump. X didnt immediately respond to a request for comment. In a statement to The Times, Spiro called the SECs action a a single-count ticky-tack complaint," calling it an admission by the S.E.C. that they cannot bring an actual case."This article originally appeared on Engadget at https://www.engadget.com/big-tech/sec-lawsuit-claims-musk-gained-over-150-million-by-delaying-twitter-stake-disclosure-002627091.html?src=rss
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Since every woman experiences perimenopause differently with symptoms varying widely in type, intensity and duration managing the transition is a challenge for both patients and healthcare providers. A new wearable device aims to help through better tracking. Peri, which garnered recognition at CES 2025 as an Innovation Awards honoree, uses a small sensor, worn just below the chest, to continuously monitor physiological changes through the skin. That data can offer women (and others assigned female at birth) unprecedented insight into their unique path through perimenopause.
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Sonos is continuing to clean house as the company recovers from the hits it took following a disastrous mobile app redesign last year. Just a day after CEO Patrick Spence departed the company, chief product officer Maxime Bouvat-Merlin is also leaving. He will act as an advisor to interim CEO Tom Conrad during the leadership transition before fully exiting Sonos. Conrad informed Sonos employees about the latest leadership change in a company-wide email today. The CPO role is being made redundant, with Sonos' product team reporting directly to Conrad for the time being. Sonos has been in a tailspin since releasing a mobile app update in May that contained many bugs and was missing key features. The company's financial results took a dive, and it laid off about 100 employees in August. Sonos has made several efforts to keep customers aware of its plans to recover from the app launch, and the decision to replace top leadership seems like the latest move to win back public trust in the business.This article originally appeared on Engadget at https://www.engadget.com/audio/speakers/sonos-chief-product-officer-is-also-leaving-the-company-223256031.html?src=rss
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