Notable Mergers and Acquisitions of the Day 4/23: BAC, NUVA
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- Goldman Says We're Entering Final Third of U.S. Bank Losses; Says Stress Test Was Enough (XLF, BAC, JPM, COF)
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More News related to NUVA
- JMP Securities Downgrades NuVasive (NUVA) to Market Perform
- Notable Analyst Rating Changes 12/01: FITB, BPFH, MENT, CLWR, LTD, SPWRA Upgraded; NFLX, NUVA Downgraded
- Brean Murray Downgrades NuVasive (NUVA) to Hold; Reimbursement Issues Struck a Nerve
- NuVasive Announces Conference Call and Webcast Regarding Reimbursement
- NuVasive To Present at the Piper Jaffray Health Care Conference and the J.P. Morgan SMid Cap Conference
More News related to Special Reports
- Notable ETF Movers 12/01: FXI, EWJ, GDX, BHH Up; FXY, UUP Lower
- Notable Analyst Rating Changes 12/01: FITB, BPFH, MENT, CLWR, LTD, SPWRA Upgraded; NFLX, NUVA Downgraded
- Notable Mergers and Acquisitions of the Day 12/1: GE/CMCSA, GMCR/PEET, IT, BLK
- Morning Movers 12/01: PEIX, SYMX, GSIT, HDY, GES, BPFH Higher; LTON, OVTI, PLX Lower
- After-Hours Movers 11/30: GES, ALTR Higher; NLST, CUTR, LTON, OVTI Lower
- According to testimony from Bank of America's (NYSE: BAC) CEO Kenneth Lewis, Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Henry Paulson pressured him not to discuss some key details of its purchase of embattled brokerage firm Merrill Lynch.
Lewis told prosecutors that he believed Bernanke and Paulson were instructing him to keep silent about deepening financial difficulties at Merrill.
When asked by prosecutors if massive losses at Merrill should have been disclosed to shareholders, Ken Lewis said "It wasn't up to me."
Bernanke and Paulson warned Lewis that if the deal didn't get completed it would impose a big risk to the financial system.
Here is a section of the transcript from the Wall Street Journal:
* Q: Were you instructed not to tell your shareholders what the transaction was going to be?
A: I was instructed that 'We do not want a public disclosure.'
* Q: Who said that to you?
A: Paulson...
* Q: Had it been up to you would you [have] made the disclosure?
A: It wasn't up to me.
* Q: Had it been up to you.
A: It wasn't.
According to the Journal, which reviewed the full transcript, Mr. Lewis didn't say he was explicitly instructed to keep silent about the losses piling up at Merrill. But his testimony indicates that he believed the government wanted him to remain silent.
- NuVasive (Nasdaq: NUVA) announced today that it has agreed to purchase Cervitech® Inc., a New Jersey based company focused on clinical approval of the PCM® cervical disc system, a motion preserving total disc replacement device. This strategic acquisition allows NuVasive the potential to accelerate its entry into the growing mechanical cervical disc replacement market.
The initial payment for purchase of Cervitech will be approximately $47 million, with an additional contingent payment of $33 million upon FDA approval of the device. At NuVasive's discretion, all payments may be made in up to 50 percent NuVasive stock. The transaction will be dilutive in 2009, but the Company expects to absorb any dilutive effects in its operations as indicated by the increased guidance detailed in today's first quarter 2009 earnings release.
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