The 17th annual French Broad River Festival in Hot Springs, N.C., is coming up next weekend May 2-4, and this could prove to be the best year yet in the long history of this growing tradition.What started as a humble river festival to benefit American Whitewater has turned into one of the most vibrant family friendly events in the Blue Ridge. Taking place each year at the Hot Springs Campground and Spa, festival goers partake in rafting and mountain bike racing, a Paddle with the Pros event, an outdoor gear auction, arts, crafts and plenty of live music. Headliners include Toubab Krewe, Sol Driven Train, Dangermuffin and many more.Visit the festival website for more information!
Philips Pensioenfonds, the €17.8bn pension scheme of the Dutch electronics giant, will share in a total payout of $400m (€365m) to be made by Pfizer, after the US pharmaceutical company settled a securities fraud class action by investors who claimed it made false statements to them.After nearly five years of litigation, both sides reached a tentative agreement last January to settle the case for $400m plus accrued interest.The deal was finally approved by the district court for the Southern District of New York last week.Claims from class members are still being processed, so the precise amounts to be allocated to investors are not yet known. But Philips Pensioenfonds, as lead plaintiff in the lawsuit, is likely to be one of the biggest beneficiaries.In a class action in the US, the lead plaintiff is appointed by the court, which generally chooses the party that has suffered the greatest economic loss. And, according to Robbins Geller Rudman & Dowd (RGRD), lead counsel for the class of Pfizer investors, not all class members are likely to claim, resulting in higher per-share distributions.In the lawsuit, investors alleged that Pfizer had illegally promoted Bextra, an anti-inflammatory drug, and several other drugs ‘off label’ to boost sales.Off-label marketing is the promotion of pharmaceutical products for uses unapproved by the US Food and Drug Administration.Pfizer and its officers were alleged to have concealed from investors that the company was earning substantial revenue from this illegal promotion, and was subject to an extensive government investigation.Materially false and misleading statements were claimed to have been made to investors between January 2006 and January 2009 (the ‘class period’).Furthermore, investors claimed that false financial results and reports were filed with the US Securities and Exchange Commission that did not sufficiently account for, or disclose, probable loss contingencies resulting from Pfizer’s off-label marketing, as required by Generally Accepted Accounting Principles.Three days after the end of the class period, Pfizer announced it had agreed to pay $2.3bn to settle allegations by the US Department of Justice that it had engaged in off-label marketing.That day, Pfizer’s share price dropped from $17.45 to $15.65.Mike Dowd, partner at RGRD, said: “We are very pleased the court approved the settlement providing a $400m recovery for Pfizer investors. “In granting the approval, the court found that the settlement and the plan of allocation – i.e. the formula for how the recovery will be shared among the class of Pfizer investors – was fair and reasonable.” The precise allocation to class members will be determined over the next few months.
Image source: Fijian GovernmentFijian Government has just announced that the dredging works on the 18 kilometer long Waidamu River are expected to start in the following days.According to their latest release, the Minister for Waterways and Environment, Dr. Mahendra Reddy, and Minister for Lands and Mineral Resources, Ashneel Sudhakar, commissioned the works in Waicoka Village, Tailevu, yesterday.Commenting the latest news, Minister Reddy said that communities affected by the impacts of climate change will not be ignored and the Fijian Government will assist in full force by coming up with smart solutions.There are more than 200 residents in Waicoka Village and the commissioning has brought the villagers a great sense of relief, Fijian Government said in its release.Lands and Mineral Resources Minister, Ashneel Sudhakar, added that thorough consultations have been carried out in order to undertake this project.Image source: Fijian Government
Message Bus is a new company that will offer an API for sending e-mail. It sounds like SendGrid or Amazon SES (see our coverage of SES for more competitors in this area). According to the blog post announcing the project, the team is focusing on an agnostic messaging architecture, “at the plumbing level, Twitter’s road not taken.”Message Bus was founded by CTO Jeremy LaTrasse, former operations manager at Twitter and President Narendra Rocherolle and CEO Nick Wilder, both formerly of Webshots and 30Box.The company sees itself as part of a growing community of “infrastructure apps.” The term infrastructure apps was coined by Gary Orenstein at GigaOM to refer to apps like Twilio (coverage), Loggly (coverage), SimpleGeo (coverage), New Relic (coverage), Urban Airship (coverage) and Dasient (coverage).From the announcement:There’s not much more information available on the service than that.Email is first. It is mission critical and yet suffers from a chronic opaqueness when it comes to data and analytics. We have crossed the threshold where maintaining and administering email systems for companies large and small no longer makes financial sense. Message Bus reduces messaging to a simple API call. That’s it. You hand us a message and we deliver it with real-time reporting. Think of us as your digital FedEx.It was incubated at The Start Project, and just completed a $3 million round of series A funding from True Ventures.Disclosure: SendGrid is a sponsor of ReadWriteWeb.Photo by Alex Perkins Tags:#cloud#saas Related Posts A Web Developer’s New Best Friend is the AI Wai… klint finley Top Reasons to Go With Managed WordPress Hosting 8 Best WordPress Hosting Solutions on the Market Why Tech Companies Need Simpler Terms of Servic…
There is no change in the condition of former cricketer Mohammad Azharuddin’s son. Ayazuddin, who was involved in a road mishap, continued to be very critical on Wednesday.”Mr. Ayazuddin has remained unconscious and his neurological status (following hypoxia due to cardiac arrest prior to arrival at the hospital) continues to be a cause of grave concern,” Dr Hari Prasad, CEO, Apollo Hospitals, Hyderabad, said.Prasad added, “He is being continuously monitored by a multi-specialty team round the clock. His vital parameters are being maintained with supports and he continues to be on the ventilator. His status remains to be critical.”Ayaz crashed his sports bike on Sunday morning near a toll gate. Both he and his cousin were taken to hospital in an unconscious state. Ajmal was later declared dead.Ayaz is the youngest of the two sons of Azharuddin from his first wife Naureen, whom the latter divorced to marry actor Sangeeta Bijlani.