Verizon Is Sued By Investor Over Wireless Overcharges and 2 Other Dow Movers to Watch
Verizon Communications Inc. (NYSE:VZ): Current price $50.64
The number-two domestic carrier has been sued by an investor who alleges that some officers and directors violated management duties, causing fines for $360 million in wireless overcharges. Verizon, between 2007 to 2010, added $1.99 in bogus small-data exchange fees to wireless bills, and then said it was an error when the Federal Communications Commission started probing, according to the investor Arthur Belendiuk, whose claim says that, “Verizon repeatedly denied the overcharging” and in 2010 “characterized the fees as accidental.”
Procter & Gamble Co. (NYSE:PG): Current price $80.75
Chief Executive A.G. could have a willing buyer for Procter & Gamble’s Iams pet-food division in Del Monte Foods Co. P&G brought back Lafley as CEO in May due to pressure from investors to improve sales, and now could boost its share price by divesting assets like the Iams division, according to shareholder HighMark Capital Management Inc. Exane BNP Paribas believes that Del Monte Foods is a logical buyer of Iams, because the private-equity owned-firm wants to expand its pet products unit after agreeing in October to sell off its canned peaches and corn division for $1.68 billion.
UnitedHealth Group Inc. (NYSE:UNH) Current price $67.46
A UnitedHealth executive will run the United Kingdom’s National Health Service, effective April 2014, according to UnitedHealth and British health officials Thursday morning. President, Global Health, Simon Stevens, who previously worked in England under the former Prime Minister Tony Blair, will return to his native country to run NHS from April 1, 2014, replacing Sir David Nicholson. In an interview last December at the 2012 Forbes Healthcare Summit, Stevens commented that the cost of medical care can be lowered by 18 percent without affecting quality.