SCOTUS Says Facebook’s Beacon Settlement Final and 2 Other Hot Stocks to Watch
Facebook Inc. (NASDAQ:FB): Current price $48.90
In a move that makes the “Beacon” class action suit against Facebook settlement final, the United States Supreme Court on Monday refused to hear the case, allowing a lower court’s ruling to stand. The $9.5 million class action resolution regarding claims that Facebook’s defunct “Beacon” service violated its members’ privacy rights had been brought by four users who objected to the settlement, which established a not-for-profit group that addresses online privacy rights.
The approximately 3.5 million plaintiffs said it gave them nothing of value. Chief Justice John Roberts did release a statement raising worries about the particular type of settlement in the case, and said that the Court might take up another case in the future so as to clarify the law.
BlackBerry Ltd. (NASDAQ:BBRY): Current price $6.67
It is an intense Monday morning at BlackBerry as the company has abandoned its sale process, and also said that it will replace its Chief Executive Thorsten Heins. Besides that, BlackBerry’s biggest shareholder, Fairfax, which holds a 10 percent position, said it will not acquire the smartphone company and take it private, but that it and other investors will inject $1 billion as part of a revised investment proposal. Heins came to power early last year after BlackBerry lost billions in market value, but as for now, John Chen will serve as interim CEO, and Fairfax chief Prem Watsa will be appointed to the board.
Alcatel-Lucent SA (NYSE:ALU): Current price $3.81
Alcatel-Lucent will raise $1.3 billion from its shareholders and another $750 million from a high-yield bond in order to reduce debt and move forward with an effort to save the group. Chief Executive Michel Combes initiated his “Shift” plan in June, which includes 10,000 job cuts, cost savings and asset sales as he attempts to revive a company which has been beset with low-cost Asian rivals along with bigger competitors Ericsson and Nokia since its creation in 2006.
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