On Tuesday, Shares of Synchrony Financial (NYSE:SYF), lost -0.16% to $31.12.
Synchrony Financial declared the addition of four new, non-voting observers to its Board of Directors.
Paget Alves, Art Coviello, Will Graylin, and Laurel Richie join former Senator Olympia Snowe as Board observers until Synchrony Financial completes its separation from GE. At that time, all five Board observers are predictable to join the Synchrony Financial Board of Directors as independent directors.
“We now have a full slate of five highly qualified and diverse Board observers who are prepared to replace our current GE directors once we become an independent company,” said Margaret Keane, President and Chief Executive Officer of Synchrony Financial. “Our Board observers have a broad range of experiences and expertise in many areas that are relevant to our business, counting technology, mobile payments, cybersecurity, wireless communications, marketing, finance, and corporate governance. We are honored to add these new observers to our Board, and I know they will provide thoughtful guidance to our Board, our company, and to me personally as we work together to continue driving growth, delivering value to our partners and customers, and remaining at the forefront of the emerging digital payments and data analytics landscape.”
Synchrony Financial operates as a consumer financial services company in the United States. The company offers private label credit cards, dual cards, and small and medium-sized business credit products; and promotional financing for consumer purchases, such as private label credit cards and installment loans.
Shares of Manulife Financial Corporation (NYSE:MFC), inclined 1.50% to $15.52, during its last trading session.
Manulife Financial Corporation declared a number of projected changes to its mutual fund lineup. The changes follow the acquisition of the Canadian-based operations of Standard Life plc accomplished earlier this year and are part of the ongoing integration of the Standard Life Mutual Funds into the Manulife fund family. Subject to applicable regulatory and securityholder approval, Manulife Investments proposes to:
- amalgamate the existing Standard Life and Manulife mutual fund corporations
- change the investment objectives of certain funds
- change the sub-advisors and portfolio managers of certain funds
- cap certain funds to new purchases
- implement a series of fund mergers
Manulife Financial Corporation, together with its auxiliaries, provides financial protection and wealth administration products and services to individual, corporate, and business customers primarily in Asia, Canada, and the United States.
Shares of Energy XXI Ltd. (NASDAQ:EXXI), inclined 4.14% to $1.51, during its last trading session.
Energy XXI declared that it will restate its financial statements to correct its method of accounting for crude oil and natural gas hedging to reflect unrealized hedging gains and losses in the Companys merged statements of operations as a component of earnings rather than on its merged balance sheets.
Historically, under the cash flow hedge accounting, the Company recorded the unrealized gains and losses on its derivative contracts, net of the related tax impact, in accumulated other comprehensive income or loss as part of the merged balance sheet, until the production month when the associated hedge contracts were settled at which time gains or losses associated with the settled contracts were reclassified to revenues.
During the preparation of its annual report on Form 10-K for the year ended June 30, 2015 (the 2015 Form 10-K), the Company recently determined that certain oil and gas hedges did not qualify for cash flow hedge accounting treatment at their date of designation. The primary reason for this derivative accounting change was that the formal hedge documentation lacked specificity of the hedged items and, therefore, the designations failed to meet the very complex technical documentation requirements for cash flow hedge accounting treatment.
Energy XXI (Bermuda) Limited is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties onshore in Louisiana and Texas, and on the Gulf of Mexico. As of June 30, 2014, the company had proved reserves of 246.2 million barrels of oil equivalent.
Finally, Shares of BioScrip, Inc. (NASDAQ:BIOS), ended its last trade with -0.78% loss, and closed at $2.53.
Stull, Stull & Brody declared that a complaint has been filed and that it has commenced an investigation regarding BioScrip, Inc.s Dead Hand Proxy Put in the Companys August 6, 2015, fourth amendment of a credit agreement dated July 31, 2013, for which SunTrust is the administrative agent.
The Credit Agreement contains a Dead Hand Proxy Put which permits SunTrust to accelerate payment for all outstanding debt and unpaid interest if a majority of the Board is replaced as the result of a proxy contest initiated not on or on behalf of the Board. The purpose and effect of the Dead Hand Proxy Put is to deter proxy contests and entrench the incumbent Board. Stull, Stull & Brody is investigating whether the Dead Hand Proxy Put is a violation of fiduciary duties owed to BioScrips shareholders by its Board of Directors, and whether the Dead Hand Proxy Put should be enjoined.
BioScrip, Inc. provides home infusion and other home care services, and pharmacy benefit administration (PBM) services in the United States. It operates in two segments, Infusion Services and PBM Services. The Infusion Services segment offers home infusion therapy and respiratory therapy services; and durable medical equipment, products, and services.
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