60.8 F
Laguna Hills
Wednesday, Jun 12, 2024
-Advertisement-

Business Bites

Argosy University in Orange said it will launch a master of law in compliance online degree program with a health law concentration in September. It can be done in a year and is intended for healthcare professionals who aren’t attorneys but want to increase their knowledge of compliance issues in healthcare law. Argosy is a system of for-profit colleges owned by Education Management Corp. in Pittsburgh.

— Deirdre Newman

The board of Irvine-based MIND Research Institute named Brett Woudenberg chief executive to replace co-founder Matthew Peterson, who’ll focus on innovation as the organization’s chief research and development officer. Woudenberg most recently served as MIND’s chief operating officer, leading interdisciplinary teams to increase student and teacher access to programs and services.

— Deirdre Newman

Irvine-based device maker Axonics Modulation Technologies Inc. completed a $20.5 million second closing of its series C, bringing the total amount of capital raised for the round to $35 million. Proceeds will be used to conduct a clinical trial in overactive-bladder patients, to support a bid for FDA approval of the company’s rechargeable sacral neuromodulation system to treat urinary and bowel dysfunction. Axonics got approval last year to market the product in Europe and Canada.

— Sherry Hsieh

A U.S. District Judge in Illinois issued an order clearing Irvine-based Ubiquity Inc. of a $7.7 million judgment, according to news reports. In December, the amount was levied in favor of Gerald North, principal of the former Chicago-based Gerald D.W. North & Associates, stemming from a federal breach-of-contract lawsuit filed in 2014. The case against Ubiquity was dismissed for lack of personal jurisdiction over the defendant. Ubiquity argued that the court in Illinois, where the suit was filed, had no jurisdiction, as the contract was entered into in California. Ubiquity Interim Chief Executive Chris Carmichael said North filed the lawsuit in Illinois because the statute of limitation had expired in California.

— Deirdre Newman

Portland State University in Oregon said alumnus and OC resident Fariborz Maseeh will give $5 million to renovate Neuberger Hall at its downtown campus. Maseeh is founder and president of Newport Beach-based Massiah Foundation, which makes philanthropic investments in education, the arts and health-related causes. He founded tech company IntelliSense Corp. in 1991 and sold it in 2000 to Corning Inc. in New York in a deal that valued the company at $750 million. Maseeh has since run two investment funds.

— Deirdre Newman

Squar Milner LLP, the largest Orange County-based independent accounting firm, said three partners and all of the associates of Sobelman, Cohen, Moss & Associates LLP will join its Encino office. The effective date of the combination is Nov. 1.

— Peter Brennan

Vizio Inc. filed two lawsuits against LeEco, contending the Chinese conglomerate made false financial statements and claims in the run-up to its proposed $2 billion acquisition, which collapsed in April. The Irvine-based consumer electronics brand contends LeEco, its management team and finance arm breached the sales contract, failed to negotiate in good faith, and refused to pay it the remaining $50 million in buyer termination fees, according to documents filed in Superior Court in Santa Ana. The suit says LeEco and its corporate entities “concocted a secret plan” to leverage the acquisition to try to gain access to Vizio’s corporate customers and key decision makers. It seeks damages of $50 million, plus litigation costs.

— Chris Casacchia

Newport Beach activist investor Engaged Capital LLC is targeting Hain Celestial Group, a maker of organic drinks and ingredients. Engaged boosted its shareholdings from 6.1 million to 10.4 million at prices from $31.06 to $37.39 in May and June. Since the announcement, the shares have climbed 8.7% to $38.71 and are worth about $404 million. Hain said in June that it resolved its accounting issues; the company in February had revealed the Securities and Exchange Commission was investigating. Engaged has nominated seven candidates to the eight-member board.

— Peter Brennan

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-