TORONTO, Nov. 10, 2024 /CNW/ – Berger Montague (Canada) PC, a Toronto-based law firm that focuses on representing investors in cross-border shareholder disputes, has launched an investigation into CAE Inc. (TSX: “CAE” and FRA: “CE9”)

CAE is a Canadian incorporation technology company that develops software-based simulation training and critical operations support solutions, which is based in Saint-Laurent, Quebec.  It is subject to the Quebec Securities Act.

On November 14, 2023, CAE announced that it made a decision to retire certain “legacy contracts” in its Defense and Security Segment.  CAE negligently omitted to disclose to the market what it anticipated the financial impact of retiring these legacy contracts and it omitted to disclose the size of the impairment of goodwill/writeoff.

On May 21, 2024, however, CAE announced that, as a result of a “re-baselining of its Defense business, Defense impairments, [and] accelerated risk recognition on Legacy Contracts,” the Company had “recorded a $568.0 million non-cash impairment of Defense goodwill,” “$90.3 million in unfavorable Defense contract profit adjustments as a result of accelerated risk recognition on the Legacy Contracts,” and a “$35.7 million impairment of related technology and other non-financial assets which are principally related to the Legacy Contracts.”

The Market’s reaction was immediate; CAE stock declined $1.33 per share, or approximately 5%, from a closing price of $27.06 per share on May 21, 2024, to a close of $25.73 per share on May 22, 2024. Within 10-trading days the price continued to drop to $25.03.

Investors believe that CAE knew or should have known that the retirement of these legacy contracts would cost over $600 million and could have been disclosed on November 14, 2023, and not May 21, 2024, therefore allowing new investors to avoid that financial loss.

If you purchased shares of CAE, Inc. between November 14, 2023 and May 21, 2024, and would like to know more about our investigation or have information to share, please contact us at Canadainfo@bm.net or by phone at (674) 576-7840.

www.bergermontague.ca 

SOURCE Berger Montague (Canada) PC

The 6th China-CEEC (Cangzhou) SME Cooperation Forum Launches

CANGZHOU, China, Nov. 10, 2024 /PRNewswire/ – A news report by Xinhuanet:

On November 7, the 6th China-Central and Eastern European Countries (CEEC) (Cangzhou) SME Cooperation Forum commenced in Cangzhou, Hebei Province. The forum was jointly hosted by the China Centre for Promotion of SME Development (ProSME) of the Ministry of Industry and Information Technology (MIIT), the Hebei Provincial Department of Industry and Information Technology, and Cangzhou Municipal People’s Government. Supporting organizations include the China International Cooperation Association of SMEs (CICASME) and the Office of Foreign Affairs Commission of the CPC Hebei Provincial Committee. The event was co-organized by the China-CEEC (Cangzhou) SME Cooperation Zone and the Cangzhou Municipal Bureau of Industry and Information Technology.

This year’s forum, themed “Deepening Cooperation and Sharing Opportunities,” combines both offline and online formats, with a primary focus on in-person engagement. Key activities include the Opening Ceremony and Keynote Forum, the Zero-Carbon Energy and Green Industry Innovation Forum, the International Forum on Remanufacturing Industry, the International Forum on Aviation Industry and Low Altitude Economy, and the SMEs’ Cross-border Collaboration and Matchmaking Meeting, and the European Segment of the 2024 International SME Innovation and Entrepreneurship Competition.

Throughout the forum, leading experts and dignitaries from around the world delivered speeches under the theme ‘New Path for Pragmatic Cooperation between SMEs of China and CEECs.’ They emphasized the critical roles of sustainable energy, the digital economy, and trade and logistics in strengthening ties between China and Central and Eastern European countries. In parallel, the event featured a range of innovative activities aimed at building an international platform to foster industrial cooperation and exchanges among SMEs from the participating nations.

At the Zero-Carbon Energy and Green Industry Innovation Forum, participating specialists and researchers engaged in discussions on developing a zero-carbon economy. They explored new opportunities, technologies, models, and challenges associated with lithium, hydrogen, and energy storage, with the aim of collaboratively advancing the green economy.

By attracting leading European innovation projects, the European division of the 2024 International SME Innovation and Entrepreneurship Competition has successfully transformed a number of innovative ideas into real-world applications, enhancing the collaborative development of new technologies between Chinese and European SMEs.

The China-CEEC (Cangzhou) SME Cooperation Forum, now in its sixth year, has emerged as Hebei Province’s leading foreign affairs initiative. The forum has drawn high-profile participants from Slovakia, Serbia, Germany, Finland, and neighboring countries, as well as ambassadors to China, and executives from leading Chinese and international industry associations and businesses. It has also spurred numerous collaborative projects between China and Central and Eastern European countries, enhancing cultural exchanges, educational partnerships, and technology transfers.  

Cangzhou is positioning the forum as a premier, open platform designed to be engaging, impactful, and competitive. The city’s objective is to significantly improve and sustain high-level interactions and collaborations between China and Central and Eastern European countries across the manufacturing, technology, investment and trade sectors.

Photo – https://mma.prnewswire.com/media/2552716/IMG_5336.jpg

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The ZURU-Backed Pet Treat and Nappy Companies Both Continue Record-Breaking Growth in the US Market

AUCKLAND, New Zealand, Nov. 11, 2024 /PRNewswire/ —  ZURU Edge brands, BONKERS and Millie Moon, are proud to announce that they have been recognized for Demand Generation at Target’s 2024 Essentials and Beauty Vendor Summit. The Target Vendor Summit honors a select group of vendors and partners who have demonstrated outstanding performance in driving traffic to Target stores. These brands are recognized for strong brand, content, and media strategies, packaging, and a consumer experience that drives repeat sales through product superiority.

Target is one of the largest retail chains in the United States, boasting over 1,900 stores across the country and generating approximately USD $100 billion in annual revenue. Known for its wide range of affordable products, from groceries and clothing to electronics and home goods, it caters to millions of American shoppers each week. An alternative to Walmart, Target has a distinct brand image, known for its clean stores, trendy merchandise, and iconic red bullseye logo.

This recognition is particularly special as New Zealand’s ZURU Edge brands were represented in 2 out of the 5 categories within consumables, and BONKERS was the only national, non-exclusive-to-Target brand to win across all categories.

Millie Moon Nappies are exclusive to Target in the US, and since launching in 2021, they have sold over 6.7 million packs, quickly becoming Target’s fastest-growing nappy brand. Millie Moon is the #1 most productive nappy brand at Target retailers, in both dollars and unit sales. Parents are passionate about Millie Moon nappies, as reflected in the 16,000+ 5-star reviews on Target.com, and best-in-class repeat purchase rates – In a Numerator study, Millie Moon holds the top spot for trip frequency within nappies, above Target’s other leading nappy brands.

BONKERS launched in October 2022 in response to the growing share of Millennial and Gen Z pet owners. The brand is part of the ZURU owned Rhodes Pet Science portfolio of brands and was built first-and-foremost to foster the bond between pets and their people, based on the insight that new generation pet parents expect more from their petcare brands. In just over 2 years, it has grown from a non-existent brand to one sitting on shelves in 13,500 stores across 3 countries with distribution points growing at 50% year-over-year. Within 1 week, it became the most-liked pet treats brand on TikTok globally, with over 80 million views on the BONKERS page and over 700 community posts under the #betterwhenitsBONKERS hashtag. The BONKERS award-winning marketing campaigns, matched with products that deliver on quality and affordable pricing have driven tremendous growth: 19% of total US industry cat treat growth last year with just 1.6% of shelf space. The momentum continues, with viral product BONKERS Purrpops hitting 8 of the top 25 emerging Google search terms against the topic ‘cat treat’ in the US. 

About Rhodes Pet Science:

Rhodes Pet Science is reimagining the future of pet care by engineering products that completely redefine what is possible. Its mission is to build a new generation of brands to better serve modern consumers: brands loved by pets and their people. Rhodes Pet Science’s portfolio of brands include: BONKERS, NOOD, Goodlands, Smart Box and Business Litter. Right now, Rhodes Pet Science is the fastest-growing pet food company in the world.

Rhodes Pet Science is proudly part of the ZURU Group. One of the fastest-growing consumer goods companies in the world, ZURU has established brands in 120+ markets worldwide, with a team of 5000+ employees based out of 26 global offices.

For more on Rhodes Pet Science, please visit: www.rhodespetscience.com  

About Millie Moon

Millie Moon launched in 2021 exclusively at Target in the US and expanded to Loblaws in Canada in 2023. The brand has made it their mission to provide a range of luxury nappies and sensitive wipes that are expertly crafted, luxuriously soft and designed to perform, all at an affordable price. They are passionate in their belief that every child deserves the best. Their award-winning products are available in over 2,000 stores in the US and Canada. As a company, they are also proud to support Reach Out and Read, an early literacy nonprofit helping children on their reading journey. 

For more on Millie Moon, please visit: https://mymilliemoon.com/

About ZURU

From its origins in toys, ZURU Group has grown to six consumer vertical brands, operating out of 26 offices worldwide, with products sold in 120+ markets.

ZURU is on a mission to disrupt across industries, challenge the status quo and catalyze change through radical innovation and automation advances. This is evident in different pillars of the company: ZURU Toys are reimagining what it means to play; ZURU Tech is reimagining the future of housing by leading the next building revolution; ZURU Edge is reimaging new generation FMCG brands to better serve modern household consumers. 

For more on ZURU, please visit: https://zuru.com/

For More Information:
Nicole Daley / Daley Public Relations
nicole@daleypr.com / 415.408.8664

View original content:https://www.prnewswire.com/apac/news-releases/zuru-backed-bonkers-and-millie-moon-brands-achieve-extraordinary-recognition-at-the-us-2024-target-vendor-summit-302300578.html

SOURCE ZURU Edge