On Monday, Michael Kors Holdings Ltd (NYSE:KORS)’s shares inclined 1.59% to $47.34.
Michael Kors Holdings Ltd (KORS) agreed to pay $4.88 million and change its sales practices to settle a class action lawsuit claiming it used deceptive price tags at its outlet stores to fool shoppers into believing they were getting big bargains.
The preliminary settlement was filed on Friday in Manhattan federal court, and requires court approval.
Shoppers said the suggested retail prices were artificial because the tagged products had been made exclusively for Michael Kors outlets, and the London-based fashion house never intended to sell them at those prices.
As part of the settlement, Michael Kors will replace “MSRP” with “Value” on its price tags and display signage explaining that term, or stop using reference prices for products made exclusively for its outlets.
Michael Kors Holdings Limited engages in the design, marketing, distribution, and retailing of branded women’s apparel and accessories, and men’s apparel. The company operates in three segments: Retail, Wholesale, and Licensing. The Retail segment is involved in the sale of women’s apparel; accessories, which comprise handbags and small leather goods, such as wallets; footwear; and licensed products comprising watches, jewelry, fragrances and beauty, and eyewear.
Gold Fields Limited (ADR) (NYSE:GFI)’s shares gained 1.27% to $3.19.
Gold Fields Limited (ADR) (GFI) said the U.S. Securities and Exchange Commission, which probed the producer’s sale of a stake in its South Deep mine under a South African program to expand black ownership, recommended no enforcement action be taken.
The SEC offered the notice under guidelines in a section of the Securities Act Release No. 5310, which states that the notice “must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation,” the Johannesburg-based company said in a statement Monday.
In August 2010, Gold Fields agreed to issue 600,000 shares to a black-owned group and allowed it to buy 10 percent of South Deep, the world’s largest gold deposit after Grasberg in Indonesia. Local law requires mining companies to sell or cede 26 percent of their operations to black citizens. The SEC investigated the transaction in the U.S., where investors trade Gold Fields via American depositary receipts.
Gold Fields Limited operates as a gold mining company. The company engages in the exploration, extraction, processing, and smelting of gold and copper properties. It holds interests in eight operating mines in South Africa, Ghana, Australia, and Peru. The company has total gold mineral reserves of about 48.1 million ounces and mineral resources of about 108.3 million ounces.
At the end of Mondays trade, Home Depot Inc (NYSE:HD)‘s shares surged 0.57% to $113.07.
Home Depot Inc (HD) accomplished a public offering of $1,250,000,000 aggregate principal amount of its 2.625% Senior Notes due 2022 and $1,250,000,000 aggregate principal amount of its 4.250% Senior Notes due 2046 (collectively, the “Notes”). The offering of the Notes was made following the Company’s shelf registration statement on Form S-3 (Registration No. 333-183621) filed with the Securities and Exchange Commission (the “SEC”) on August 29, 2012, counting a related prospectus and prospectus supplement filed with the SEC on August 29, 2012 and May 29, 2015, respectively.
In connection with the offering of the Notes, the Company reached an Underwriting Agreement dated May 28, 2015 (the “Underwriting Agreement”) among the Company and Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the underwriters named therein (together, the “Underwriters”). Following the Underwriting Agreement, the Company agreed to sell the Notes to the Underwriters, and the Underwriters agreed to purchase the Notes for resale to the public. The Underwriting Agreement comprises customary representations, warranties and covenants by the Company. It also provides for customary indemnification by each of the Company and the Underwriters against certain liabilities and customary contribution provisions in respect of those liabilities.
The Home Depot, Inc. operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, and lawn and garden products, in addition to provide installation, home maintenance, and professional service programs to do-it-yourself, do-it-for-me, and professional customers.
Prospect Capital Corporation (NASDAQ:PSEC), ended its Monday’s trading session with 0.52% gain, and closed at $7.76.
Prospect Capital Corporation (PSEC) declared that Prospect has offered Capstone Logistics, LLC (“Capstone”), an existing portfolio company of Prospect, with an incremental $37.5 million of floating rate secured term debt to support Capstone’s acquisition of Pinnacle Workforce Logistics LLC (“Pinnacle”). Prospect holds Capstone’s entire senior second lien facility, which totals about $100 million.
Headquartered in Atlanta, Capstone services over 50 customers at more than 240 facilities across 45 states. Capstone is an outsourced supply-chain-solutions provider offering freight handling services, supply-chain consulting, and administration of distribution centers. Capstone’s workforce solutions allow distribution center operators to outsource non-core labor-intensive elements of their supply chains. The Jordan Company, L.P. purchased Capstone in August 2014.
Pinnacle provides fully managed workforce solutions with a North American platform of over 80 client-owned sites across multiple end markets. Services comprise freight handling, order selection, warehouse maintenance, and co-packing and kitting. Capstone and Pinnacle together expect to share complementary end markets and services, offer a strengthened platform to better serve customers, and experience immediate cost synergies.
Prospect Capital Corporation is a financial services company that primarily lends to and invests in middle market privately-held companies. The Company is a closed-end investment company which invests primarily in first and second lien secured loans and unsecured debt, senior and subordinated debt and equity of companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes. The Company is a non-diversified company and also focuses on making investments in private companies.
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