Deutsche Bank (DB) Expects Q3 Litigation Costs of EUR 894M Oct 24, 2014 12:55PM

Deutsche Bank (NYSE: DB) today announced that it expects to publish litigation costs of EUR 894 million for the third quarter 2014.

The litigation costs for the third quarter, which are for a number of items, are largely not tax-deductible.

Deutsche Bank plans to publish its unaudited third quarter 2014 financial results as scheduled on Wednesday, October 29, 2014.


SodaStream (SODA) Confirms 'Small-Scale' PepsiCo (PEP) Test Oct 24, 2014 11:50AM

SodaStream International (NASDAQ: SODA) just confirmed earlier reports that it has struck a deal with Pepsi (NYSE: PEP), calling the deal a 'small-scale, limited time test.'

In an SEC filing, the company said:

Further to press reports that were published today, SodaStream International Ltd. (the “Company”) confirms that as the leader of the at-home, make-your-own beverages, category it has entered into an agreement with PepsiCo, Inc. (“PepsiCo”) specifically focused on a small-scale, limited time test to make certain of PepsiCo’s brands available for use on the Company’s system. The limited test is scheduled for later this year. Consistent with the Company's practice to date, the Company is also exploring multiple relationships with other leading beverage brands.

Exceptionally, the Company would like to stress that this is a limited test and that there are currently no discussions between the Company and PepsiCo concerning any other form of broader business collaboration. Following this report and consistent with past practice, the Company undertakes no obligation to provide any updates and will not comment on rumors or speculation.

The Company is issuing this Form 6-K out of an abundance of caution to ensure that investors are aware of the press reports and consider them in the context of the above statements.


Vringo (VRNG) Reports that The Hague Denied ZTE's Request to Release UMTS-Products Oct 24, 2014 10:50AM

Vringo (NASDAQ: VRNG) announced that the President of the District Court of The Hague in the Netherlands issued its decision in a request filed by ZTE Corporation, ZTE Deutschland GmbH, and ZTE Netherlands B.V. (collectively, "ZTE") to release the ZTE UMTS-products that are being held by Dutch customs officials and to order Vringo to ask the Dutch customs authorities to stop their actions against ZTE's products based on the Anti Piracy Regulation of the European Union.

In a ruling, issued today, the President denied ZTE's requests, and upheld the detention of ZTE's goods as previously ordered by Dutch customs authorities. The Court found that Vringo's European Patent 1,186,119 ("the '119 Patent"), which a German court previously held to be infringed by ZTE Corporation and ZTE Deutschland GmbH, is prima facie valid and infringed by ZTE. The Court also rejected ZTE's argument that Vringo has violated European competition law by enforcing the '119 Patent. In addition, the Court ordered ZTE to pay Vringo's legal costs of €200,000. ZTE may choose to appeal the Court's decision.

The '119 Patent has been previously found infringed by ZTE Corporation and ZTE Deutschland by a German court (currently under appeal) and found valid in opposition proceedings before the European Patent Office. The German court has also rejected ZTE's allegation that Vringo violated competition law by enforcing the '119 Patent.
ZTE filed this action on July 24, 2014 in the District Court of The Hague against Vringo Infrastructure, Inc., Vringo's wholly-owned subsidiary, following the detention of ZTE's UMTS products by Dutch customs authorities on the basis of the Anti Piracy Regulation and following the institution of a patent infringement lawsuit against ZTE on May 28, 2014 at the District Court of The Hague, in which the destruction of the detained goods was requested. On August 19, 2014, Vringo Infrastructure filed another suit at the District Court of The Hague, which subsumed the May 28, 2014 lawsuit. The August suit accuses ZTE of infringing the '119 Patent in The Netherlands and other countries in which the '119 Patent is in force, and seeks injunctive relief for these countries. A schedule in this matter has not yet been set.

In addition to the Netherlands and Germany, Vringo has also accused ZTE of infringing the '119 Patent in France, where an oral hearing is scheduled to be held on December 8, 2014, and the United Kingdom, where the court has not yet scheduled a trial date on this patent. In Germany, the court is scheduled to hear Vringo's motion alleging that ZTE Corporation and ZTE Deutschland failed to comply with the accounting ordered by the court in its decision establishing its infringement of the '119 Patent, on November 21, 2014.

An English translation of the non-confidential version of today's decision will be posted to Vringo's website early next week.


Hydra Industries Acquisition (HDRA) Prices 8M Common IPO at $10/Share Oct 24, 2014 10:28AM

Hydra Industries Acquisition Corp. (Nasdaq: HDRA) priced its initial public offering of 8 million units at an offering price of $10.00 per unit, each consisting of one share of its common stock, one warrant to purchase one-half of one share of its common stock and one right which, upon the consummation of an initial business combination, entitles the holder thereof to receive one-tenth of one share of its common stock. Hydra Industries Acquisition Corp. is a newly organized blank check company formed for the purpose of effecting a merger or other business combination with a target company. The proceeds of the offering will be used to fund such business combination. The units are expected to begin trading Friday, October 24, 2014 on the NASDAQ Stock Market under the symbol "HDRAU". Once the securities comprising the units begin separate trading, the common stock, warrants and rights are expected to be listed on the NASDAQ Stock Market under the symbols "HDRA", "HDRAW" and "HDRAR", respectively.

UBS Investment Bank is acting as sole book-running manager and EarlyBirdCapital, Inc. is acting as co-manager for the offering. Hydra Industries Acquisition Corp. has granted the underwriters a 45-day option to purchase up to an additional 1.2 million units to cover over-allotments, if any, in the public offering.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission on October 24, 2014.


CBD Energy (CBDE) Slammed; Reports Certain Financial Statements Should Not be Relied Upon Oct 24, 2014 10:14AM

CBD Energy (NASDAQ: CBDE) shares have gotten slammed early today after the company n a filing with the SEC on Form 6-K that the Company, through its Audit Committee, and in concert with PricewaterhouseCoopers, its independent registered public accounting firm, has determined that its audited Financial Statements for the 2012 and 2013 Fiscal Years, and its unaudited interim financial statements as of and for the six months ended December 31, 2013 (the "December Statements") cannot be relied upon, and revisions are required.

In the case of the audited financial statements for Fiscal Years 2012 and 2013, the determination of non-reliance is related solely to uncertainty about the completeness and accuracy of disclosures with respect to related party transactions. It is anticipated that revisions will impact footnotes to the financial statements, and that no material revisions will be required to be made to the Statements of Operations or Balance Sheets related to those periods.

With respect to the December Statements, in addition to uncertainty about disclosures of related party transactions, there are also uncertainties as to whether:

- the full (or any) value is recoverable in connection with a deposit of approximately $680,000 recorded as a current asset;

- some or all of approximately £575,000 of expenditures capitalized in connection with the Company's offering of Secured Energy Bonds should have been expensed under the highly technical requirements of AASB139 Financial Instruments: Recognition and Measurement ;

- disclosures regarding goodwill were adequate and some impairment should have been recognized;

- certain expenses should have been classified in different categories.

The Company's Audit Committee is conducting a review of the foregoing issues and the Company is not currently aware of any other accounting errors requiring adjustment to any prior period Financial Statements; however, the possibility remains that adjustments or supplementary disclosures will be required in addition to those noted. As a consequence of the review, the Company expects a delay in completing its audit of 2014 Fiscal Year Financial Statements and to file its annual report on Form 20-F after the regulatory deadline. Nevertheless, the Company intends to do so as soon as practicable.

Mr. Gerard McGowan, the Company's Executive Chairman and Managing Director, is the potentially related party referenced above, and he proposed to take a voluntary leave for 30 days. This action was unanimously approved by the Board to avoid any doubt that the Audit Committee could conduct its review in the most expeditious and independent manner. Mr. William Morro, Chairman of the Company's Audit Committee, has also been appointed as non-executive Chairman of CBD. On an interim basis, the Executive Committee of the Board, also chaired by Mr. Morro, is providing executive guidance and ensuring continuity of decision-making.

Mr. Morro stated, "It is constructive that Gerry has chosen to recuse himself from the business during the Audit Committee review and committed to cooperate fully to facilitate a quick and definitive conclusion to the Audit Committee's assessment and as rapid a completion of the Fiscal Year 2014 audit as possible. In addition, Gerry will be available to the Board and management during his leave to ensure that the ongoing operations of the Company are not disrupted. The Board is confident that CBD's capable business unit managers on three continents will continue to carry out the Company's strategies and execute on its business plans with minimal disruption during Gerry's leave. These plans include the ramp-up of residential solar sales in the US, which was kicked off last week with the completion of the first Westinghouse Solar US installation and that business unit's initial recognition of revenue."


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