Here's what we are reading this morning:
Liberty Tax Parent Files Ch. 15 As It Preps Sale - Law360: Liberty Tax parent NextPoint Financial Inc. and 29 U.S. affiliates have launched Chapter 15 proceedings in Delaware, declaring $284 million in debt, after NextPoint sought bankruptcy protection in Canada a day earlier under that nation's Companies' Creditors Arrangement Act.
Bed Bath & Beyond investor Ryan Cohen must face emoji-inspired shareholder suit | Reuters: The case poses an extraordinary question: Can plaintiffs plausibly allege that a cartoon emoji is an actionable misrepresentation? In shareholder class actions, after all, plaintiffs have to prove that defendants intended to defraud the market and that the market relied upon their misrepresentations. That’s a lot of freight for an emoji to carry.
PCE inflation June 2023: Yearly rate increase is lowest since March 2021: Inflation showed further signs of cooling in June, according to a gauge released Friday that the Federal Reserve follows closely.
J&J Cancer Lawsuit Strategy Tossed By Bankruptcy Judge (1): Johnson & Johnson cannot use a unit’s bankruptcy case to press tens of thousands of cancer victims to drop their lawsuits and accept an $8.9 billion settlement, a judge ruled.
Trucker Yellow Lays Off a Swath of Its Workforce - WSJ: The debt-laden freight carrier dismissed parts of its sales force, business staff and IT workers as it prepares a bankruptcy filing.