(This story has been updated with additional information.)

FLINT, MI — A federal lawsuit filed on behalf of Flint children claims three companies that helped finance Flint’s participation in the Karegnondi Water Authority are partly responsible for the city’s water crisis.

The lawsuit, filed Wednesday, Oct. 7, in U.S. District Court, says J.P. Morgan Chase & Co., Wells Fargo Bank National Association, and Stifel, Nicolaus, and Company, Inc., pushed ahead with bonding to finance construction of a new water pipeline to Lake Huron while knowing the city would use the Flint River as its short-term source of drinking water and of the resulting hazards to residents’ health.

Without the bond financing, Flint would not have been able to join the KWA and tap into its new pipeline, the lawsuit alleges, the KWA would not have been able to start construction of the project, and the city would never have switched its water source to the river.

Flint was initial partner in the KWA, agreeing to buy a set amount of raw water from the new pipeline, but unlike Genesee County, the other primary partner, the city stopped purchasing pre-treated water from the city of Detroit before the pipeline was built, switching instead to treating its own river water during parts of 2014 and 2015.

The city’s change in water source triggered the water crisis, sending highly corrosive water through the distribution system, including thousands of lead and galvanized service lines to homes, causing elevated levels of lead and bacteria in tap water.

State appointed emergency managers were charged with running the city’s affairs at the time bonding was secured for the pipeline project.

“J.P. Morgan Chase, Wells Fargo, and Stifel knew … that the Flint River would be used as an interim source of drinking water for Flint for the

HAYWARD, Calif., Oct. 6, 2020 /PRNewswire/ — Benitec Biopharma Inc. (NASDAQ: BNTC) (“Benitec” or “the Company”), a development-stage, gene therapy-focused, biotechnology company developing novel genetic medicines based on the proprietary DNA-directed RNA interference (“ddRNAi”) platform, today announced the closing of an underwritten public offering of 3,225,806 shares of its common stock (or common stock equivalents in lieu thereof) at an effective offering price of $3.10 per share of common stock. In addition, the Company also announced that the underwriter fully exercised its over-allotment option to purchase 483,870 additional shares of its common stock.


(PRNewsfoto/Benitec Biopharma Inc.)

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.

The gross proceeds from this offering to the Company are approximately $11.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for the continued advancement of development activities for its product pipeline, general corporate purposes, and strategic growth opportunities.

A registration statement on Form S-1 (File No. 333-246314) relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC“) on October 2, 2020. This offering is being made only by means of a prospectus forming part of the effective registration statement. A final prospectus relating to and describing the terms of the offering has been filed with the SEC. Electronic copies of the final prospectus relating to the offering may be obtained for free by visiting the SEC’s website at www.sec.gov or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email at placements@hcwco.com or by telephone at 646-975-6996.

This press release shall not constitute an offer to sell or a solicitation of an offer