(Reuters) – Twitter Inc has to pay $100,000 to Washington state’s Public Disclosure Transparency Account for multiple political campaign finance violations, the state’s Attorney General Bob Ferguson said on Tuesday.



File photo of the Twitter logo displayed on a screen on the floor of the NYSE


© Reuters/Brendan McDermid
File photo of the Twitter logo displayed on a screen on the floor of the NYSE

Twitter received nearly $200,000 for campaign ads from 2012 through 2019 but failed to follow Washington state disclosure laws, the attorney general’s office said in a statement. (https://bit.ly/3nOaSkz)

The company failed to maintain the required records for at least 38 Washington candidates and committees that reported paying $194,550 for political advertising on Twitter’s platform since 2012, according to papers filed at the King County Superior Court.

“Transparency in political advertising is critical to a free and informed electorate,” Ferguson said. “Whether you are a local newspaper or a multinational social media platform, you must follow our campaign finance laws.”

Twitter did not immediately respond to a request for comment.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Ramakrishnan M. and Krishna Chandra Eluri)

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A New Jersey drugmaker ensnared in the fallout from America’s opioid crisis is seeking bankruptcy protection

A New Jersey drugmaker ensnared in the fallout from America’s opioid crisis is seeking bankruptcy protection.

Mallinckrodt said Monday that it had begun Chapter 11 proceedings to restructure debt and resolve “several billion dollars of otherwise unmanageable potential legal liabilities.”

The drugmaker, one of the highest-volume opioid producers in the U.S. at the height of the nation’s prescription drug crisis, announced in February a tentative $1.6 billion settlement to avert hundreds of lawsuits. It said Monday that it plans to amend the settlement as it restructures.

Under the proposed settlement, opioid claims would be channeled to trusts that receive $1.6 billion in structured payments. Claimants also would receive warrants for about 20% of the company’s fully diluted outstanding shares, the company said Monday.

A court-appointed committee representing thousands of plaintiffs in the opioid lawsuits will recommend support for the amended agreement, Mallinckrodt said.

The company did not immediately respond early Monday to inquiries about whether the amended deal affects the amounts individual plaintiffs may receive.

Trading in company shares, which dipped under $1 for the first time this month as investors bailed out, were halted at the opening bell Monday. The stock went for well over $100 just over five years ago.

Mallinckrodt’s path through the bankruptcy courts follows that of Purdue Pharma, the maker of OxyContin, last year.

Mallinckrodt plans to slash its debt by about $1.3 billion and it will continue to operate during the process.

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By Abhirup Roy and Saeed Azhar

MUMBAI/DUBAI (Reuters) – Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India seeking a probe into two former top executives of his companies and two Indian banks related to a multibillion dollar financial scandal engulfing his group.

Several companies linked to Shetty, including top United Arab Emirates hospital operator NMC Health PLC and payments firm Finablr PLC

, have come under severe financial strain this year after short-seller Muddy Waters questioned NMC’s financials.

At issue, Muddy Waters said, were questions about NMC’s asset purchase prices and capital expenditures, which it said were both inflated.

NMC and Finablr subsequently announced far higher debts than they had previously reported.

Shetty’s 55-page complaint, a copy of which was seen by Reuters, accuses the former chief executives of NMC and Finablr, along with their associates and bankers, of inflating the companies’ balance sheets, arranging “illegal” credit facilities and misappropriating funds since 2012.

It calls on India’s federal police, the Central Bureau of Investigation (CBI), and the Enforcement Directorate (ED) – India’s financial crime fighting agency – to investigate.

The complaint, with more than 100 pages of supporting documents, indicates it was also sent to India’s prime minister’s office, central bank and other investigative agencies.

A spokesman for the two former CEOs, brothers Prasanth and Promoth Manghat, rejected Shetty’s allegations, saying he had significant control over the running of NMC after stepping aside as CEO in 2017 and that he or his family remained on the boards of companies including Finablr.

“These unfounded allegations against Prasanth Manghat and Promoth Manghat are a clumsy attempt to distract attention away from the skills and real value added by them to the success of NMC, Finablr … and Shetty’s own role in what has taken place,” the

By Abhirup Roy and Saeed Azhar

MUMBAI/DUBAI, Oct 12 (Reuters)Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India seeking a probe into two former top executives of his companies and two Indian banks related to a multibillion dollar financial scandal engulfing his group.

Several companies linked to Shetty, including top United Arab Emirates hospital operator NMC Health PLC and payments firm Finablr PLC FINF.L, have come under severe financial strain this year after short-seller Muddy Waters questioned NMC’s financials.

At issue, Muddy Waters said, were questions about NMC’s asset purchase prices and capital expenditures, which it said were both inflated.

NMC and Finablr subsequently announced far higher debts than they had previously reported.

Shetty’s 55-page complaint, a copy of which was seen by Reuters, accuses the former chief executives of NMC and Finablr, along with their associates and bankers, of inflating the companies’ balance sheets, arranging “illegal” credit facilities and misappropriating funds since 2012.

It calls on India’s federal police, the Central Bureau of Investigation (CBI), and the Enforcement Directorate (ED) – India’s financial crime fighting agency – to investigate.

The complaint, with more than 100 pages of supporting documents, indicates it was also sent to India’s prime minister’s office, central bank and other investigative agencies.

A spokesman for the two former CEOs, brothers Prasanth and Promoth Manghat, rejected Shetty’s allegations, saying he had significant control over the running of NMC after stepping aside as CEO in 2017 and that he or his family remained on the boards of companies including Finablr.

“These unfounded allegations against Prasanth Manghat and Promoth Manghat are a clumsy attempt to distract attention away from the skills and real value added by them to the success of NMC, Finablr … and Shetty’s own role in what

By Svea Herbst-Bayliss

BOSTON, Oct 9 (Reuters)Billionaire investor Daniel Och, who founded hedge fund Och-Ziff Capital Management, said in a filing on Friday that he plans to raise $750 million through a blank check acquisition vehicle, becoming the latest major hedge fund investor to launch one.

Och, who started Och-Ziff in 1994, retired as its chief executive in 2018 and left the firm, which is now called Sculptor Capital Management SCU.N, last year.

Ajax I, will be managed by Och and investor Glenn Fuhrman, who co-founded MSD Capital, which manages Michael Dell’s fortune, in 1998. Instagram co-founder Kevin Systrom, Square co-founder Jim McKelvey, 23andme co-founder Anne Wojcicki and Chipotle founder Steve Ells will serve on the board.

Ajax sponsors have reduced the promote to 10% instead of the usual 20%, according to the regulatory filing.

Ajax said it will seek a company that operates in the internet, software, financial technology or consumer industries.

Och, through his family office Willoughby Capital Holdings, has a long track record of investing in technology companies including Coinbase, Instacart, Stripe and Robinhood.

He now joins the ranks of hedge fund managers William Ackman’s Pershing Square, Jeffrey Smith’s Starboard Value LP and Daniel Loeb’s Third Point LLC who have all raised pools of capital known as special purpose acquisition companies (SPACS).

A SPAC is a shell company that raises money through an initial public offering to buy an operating entity, typically within two years.

In total, 112 SPACS have raised $42.9 billion through an IPO in the first nine months of 2020, making it the biggest year on record, according to SPAC Research data.

A merger with a SPAC allows a private company to access capital quickly and quietly, which is especially beneficial during the volatile trading conditions that have been influenced