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Victoria Plc H1 Pre-tax Profit Surges

Kraft Heinz Sued For Misleading Preparation Time For Velveeta Shells & Cheese

A Florida woman has filed a lawsuit against Kraft Heinz Foods Company (KHC), alleging the food manufacturer’s Velveeta Shells & Cheese takes longer than advertised to prepare.

Amanda Ramirez filed the $5 million suit on November 18 in the U.S. District Court Southern District of Florida. The suit alleges that Velveeta Shells & Cheese claims that the product is “ready in 3 1/2 minutes” is “false and misleading.”

In addition to the $5 million in damages, the plaintiffs are also seeking statutory and/or punitive damages from Kraft Heinz Foods Company.

The box of Velveeta Shells & Cheese list four simple steps, from removing the lid and cheese sauce pouch, adding water, microwaving, then stirring.

“Consumers seeing ‘ready in 31/2 minutes’ will believe it represents the total amount of time it takes to prepare the Product, meaning from the moment it is unopened to the moment it is ready for consumption,” the complaint argues.

“We are aware of this frivolous lawsuit and will strongly defend against the allegations in the complaint,” the company said in a statement to USA TODAY.

BlockFi Announces Bankruptcy as FTX Contagion Spreads

  • BlockFi, a company with heavy exposure to the now-bankrupt FTX, just announced it was also forced to file for bankruptcy.
  • The company halted withdrawals and limited activity on its website already last week and cited “FTX problems”.
  • On November 14th, BlockFi published an update in which the company denied that most of its assets were custodied at FTX, but stated withdrawals would remain paused and asked its customers not to make new deposits.
  • Earlier on November 15th, WSJ reported that some insiders said BlockFi was planning to file for bankruptcy.
  • BlockFi is the latest victim of the FTX collapse that unfolded rapidly between Tuesday and Friday last week.

This article originally appeared on The Tokenist

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Nestlé Edges Up FY22 Sales View; Announces Strategic Options For Palforzia Business Unit

Nestlé S.A. (NSRGY.PK,NSTR.L), a Swiss food and drink processing company, said on Tuesday that it has raised sales outlook for the fiscal 2022, while reiterating guidance for operating income.

The company also said it is exploring strategic alternatives for Palforzia, its peanut allergy treatment unit citing, “slower than expected adoption by patients and healthcare professionals.”

For the full-year, Nestlé now expects organic sales growth of 8 percent to 8.5 percent as against its previous projection of around 8 percent.

For the fiscal 2022, the Swiss firm still projects its underlying trading operating profit around 17 percent.

For the 12-month period, Nestlé continues to anticipate its underlying earnings per share in constant currency and capital efficiency to increase.

The company said that it also aims to deliver an annual underlying EPS growth of 6 percent to 10 percent in constant currency over the period 2022 to 2025.

Denver metro school delays and closures for Nov. 29, 2022

On days with severe weather, school closures and government office closures will be updated throughout the day.

A status of “Other” means there is an early closing or some cancellations — check the website by clicking the name in the list.

Pre-market Movers: EBON, SLS, IXHL, ATTO, NXL…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 06.50 A.M. ET).

In the Green

SELLAS Life Sciences Group, Inc. (SLS) is up over 15% at $2.97
Atento S.A. (ATTO) is up over 11% at $7.80
Nexalin Technology, Inc. (NXL) is up over 11% at $2.28
Selina Hospitality PLC (SLNA) is up over 10% at $4.55
Celanese Corporation (CE) is up over 6% at $105.97
Cross Country Healthcare, Inc. (CCRN) is up over 5% at $36.39
Vipshop Holdings Limited (VIPS) is up over 5% at $9.38
iQIYI, Inc. (IQ) is up over 5% at $2.99

In the Red

Ebang International Holdings Inc. (EBON) is down over 17% at $5.50
Incannex Healthcare Limited (IXHL) is down over 12% at $3.60
Tenon Medical, Inc. (TNON) is down over 10% at $2.65
Atlis Motor Vehicles, Inc. (AMV) is down over 9% at $9.20
Zoom Video Communications, Inc. (ZM) is down over 8% at $73.50
Satixfy Communications Ltd. (SATX) is down over 5% at $29.53

Victoria Plc H1 Pre-tax Profit Surges

Victoria Plc (VCP), a British designer, maker, and distributor flooring products, on Tuesday reported a surge in pre-tax earnings for the first-half, driven by an increase in revenue.

For the six-month period to October 1, the UK-based firm posted a pre-tax income of 53.1 million pounds, higher than last year’s 2.9 million pounds.

Post-tax earnings were at 47.5 million pounds or 36.69 pence per share, compared with a loss of 3.1 million pounds or 2.68 pence per share a year ago.

Operating income stood at 82 million pounds as against 27.7 million pounds of previous fiscal.

Victoria generated revenue of 776.1 million pounds, versus 489 million pounds posted for the same period of 2021.