On Thursday, Shares of Chevron Corporation (NYSE:CVX), gained 0.26% to $78.26.
Chevron Corporation has reached a settlement agreement with H5, a California-based e-discovery and litigation services firm. In the settlement, H5 has withdrawn its support from the litigation against Chevron in Ecuador and has assigned its 1.25 percent interest in the $9.5 billion Ecuadorian judgment to Chevron. In 2014, Chevron obtained court-ordered discovery from H5 for the company’s role in supporting and advancing the lawsuit led by Steven Donziger, which a federal judge found to be tainted by fraud.
“Chevron is happy that H5 has ended its association with this scheme,” said R. Hewitt Pate, Chevron’s vice president and general counsel. “Chevron is also happy that H5 has taken the further action of disclaiming any interest in the Ecuadorian judgment and relinquishing its interest to Chevron. It remains Chevron’s intent to hold accountable those responsible for what a federal judge found to be a fraud.”
H5 became involved in the case in 2009, supporting a variety of activities. It assisted enlist funding from Burford Capital Limited, a U.K.-based litigation funder, and James Russell DeLeon, a Gibraltar-based businessman. It also played an integral role in bringing the Patton Boggs law firm into the case to provide legal support. Burford, DeLeon and Patton Boggs have all since withdrawn their support from the fraudulent lawsuit and settled with Chevron. H5 also assisted Donziger’s team in responding to Chevron’s discovery related to the Cabrera Report, an Ecuadorian court-ordered damages report that a U.S. federal court later found was secretly authored by Donziger and Stratus Consulting, a Colorado-based environmental consulting firm. Stratus has also subsequently settled with Chevron.
Chevron Corporation, through its auxiliaries, engages in the petroleum, chemicals, and power and energy operations worldwide. The company operates in two segments, Upstream and Downstream.
Shares of Motorola Solutions Inc (NYSE:MSI), inclined 0.60% to $65.11, during its last trading session.
Motorola Solutions declared that Greg Brown, chairman, and chief executive officer, will speak at the Citi Global Technology Conference on Wednesday, Sept. 9, in New York.
Motorola Solutions, Inc. provides mission-critical communication infrastructure, devices, software, and services in North America, Latin America, the Asia Pacific, the Middle East, Europe, and Africa.
Finally, Goodrich Petroleum Corporation (NYSE:GDP), ended its last trade with 4.82% gain, and closed at $0.870.
Goodrich Petroleum Corporation declared that on August 27, 2015, the New York Stock Exchange notified the Company that it is not in compliance with the continued listing standards set forth in Sections 802.01B and 802.01C of the NYSE Listed Company Manual. Specifically, the NYSE notified the Company that the average closing price per share of the Company’s common stock over the preceding 30 trading-day period had fallen below the minimum average closing price required by Section 802.01C of $1.00 per share over a successive 30 trading-day period. Additionally, the NYSE notified the Company that the Company’s average market capitalization for the preceding 30 trading-day period is below $50 million, and the Company’s stockholders’ equity is less than $50 million, which are the NYSE minimum requirements under Section 802.01B. In compliance with NYSE procedures, the Company intends to notify the NYSE within ten business days of its intent to cure both deficiencies and return to compliance with the NYSE continued listing requirements.
Under Section 802.01C (i.e., share price standard), the Company has six months following its receipt of the NYSE notice to regain compliance with the minimum share price requirement. The Company can regain compliance with Section 802.01C at any time during the six-month cure period if the Company’s common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or the last trading day of the cure period.
To indicate the Company’s desire and ability to regain compliance with Section 802.01B (i.e., market capitalization standard) within 18 months, the Company will submit a business plan to the NYSE within 45 days from its receipt of the NYSE notice. If the NYSE approves the Company’s business plan, the Company’s shares will continue to be listed and traded on the NYSE during the 18-month cure period, subject to its compliance with other NYSE continued listing standards.
Goodrich Petroleum Corporation, an independent oil and natural gas company, engages in the exploration, development, and production of oil and natural gas. The company holds interest in the Tuscaloosa Marine Shale located in southwest Mississippi and southeast Louisiana; the Eagle Ford Shale Trend located in South Texas; and the Haynesville Shale Trend in Northwest Louisiana and East Texas.
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