Connect with us

Business

Aligos Therapeutics Files Court Response and Counterclaims to J&J’s Allegations of Theft

Daniel

Published

on

lakshmiprasad S

Aligos Therapeutics (NASDAQ:ALGS) on Wednesday said it had responded to allegations of theft made by Janssen Biopharma and had filed counterclaims in court against the Johnson & Johnson (NYSE:JNJ) unit.

In March, Janssen had filed a complaint in a California court against ALGS and its co-founders – CEO Lawrence Blatt and president Leonid Beigelman.

According to a media report, Janssen had alleged that ALGS was built on intellectual property and information stolen from it. Janssen also claimed that Blatt and Beigelman had developed a line of hepatitis B virus (HBV) targeting products using its resources and formed ALGS.

ALGS said its response filed in California State Superior Court for the County of San Mateo identified publicly available information, previous work experience, publications and patents which had been used to build its HBV portfolio.

“The response further outlines and documents that all work was performed by Aligos employees after leaving Janssen Biopharma,” ALGS said in Wednesday’s statement.

Additionally, the company said it had filed counterclaims against Janssen alleging that it had engaged in “unfair competition” and “promissory fraud.”

Blatt and Beigelman also joined ALGS in filing the counterclaims.

ALGS stock +1.8% to $1.12 after hours, while shares of JNJ were flat.

Read More

Source: seekingalpha.com

Business

Hot Stocks: BIDU Leads Chinese Tech Stocks Higher; PTON, ODFL Rise on Earnings; SNAP Drops

Daniel

Published

on

Stocks surged in the wake of the Federal Reserve’s latest interest rate announcement, with the Nasdaq ending Wednesday’s session higher by 2%. Investors focused on comments from Fed Chair Jerome Powell suggesting that the central bank was starting to make progress in its fight against inflation.

Read More

Article: seekingalpha.com

Continue Reading

Business

U.S. Beginning to Detain Some Chinese Aluminum Imports, Top Shipper Says

Daniel

Published

on

Funtay/iStock via Getty Images

The U.S. has started to detain imports of aluminum products suspected of being made through forced labor, particularly from China’s Xinjiang region, shipper A.P. Moller-Maersk (OTCPK:AMKBY) said Tuesday, according to Bloomberg.

U.S. Customs has begun issuing “detention notices” for such products, the shipper said in an advisory, adding the action probably would target aluminum used in automotive parts.

Read More

Original Article: seekingalpha.com

Continue Reading

Business

Gas Stove Controversy Heats up Again As Second U.S. Agency Proposes Limits

Daniel

Published

on

HJBC/iStock via Getty Images

Gas stoves are coming under renewed scrutiny as the U.S. Department of Energy published a proposal Wednesday for new regulations for the appliances, some of which have never been subject to federal efficiency standards.

The proposed rule-making would set new efficiency standards for both electric and gas cooking tops, preventing them from exceeding set levels of energy use per year.

Read More

Original Source: seekingalpha.com

Continue Reading

Trending

MQRV.com