Published: Saturday, February 23, 2008
Business briefs
Eden attempts to boost stock
Eden Bioscience Corp. completed a 1-for-3 reverse stock split Friday, reducing its total shares from more than 8 million to just 2.7 million. The move is designed to increase the Bothell company's stock trading price, which has stayed below $1 a share for months. If the biotechnology company's shares don't rise above that level, and stay at $1 or higher for 10 straight trading days, its stock will be delisted from the exchange.
Investors sue Yahoo over Microsoft offer
Two Detroit pension funds have sued Yahoo Inc. and its board of directors, saying they breached their duties to shareholders in trying to thwart a takeover by Microsoft Corp. According to the lawsuit, Yahoo's board is pursuing "value-destructive" other deals in an effort to fight off Microsoft, which on Feb. 1 offered a takeover bid of $31 per share, 62 percent higher than Yahoo's previous closing price.
Bankers sentenced for fraud with Enron
Three British bankers were sentenced Friday to just over three years in prison for their roles in a fraudulent scheme with former Enron Chief Financial Officer Andrew Fastow, and they're hoping to serve some of that time back home. A federal judge sentenced David Bermingham, Giles Darby and Gary Mulgrew to 37 months each. They pleaded guilty last year to one count of wire fraud.
Encrypted data can easily be hacked
Want to break into a computer's encrypted hard drive? Just blast the machine's memory chip with a burst of cold air. That's the conclusion of new research out of Princeton University demonstrating a novel, low-tech way hackers can access even the most well-protected computers, provided they have physical access to the machines.
UAW, GM move to shift retiree costs
The United Auto Workers and General Motors Corp. have taken a big legal step toward shifting billions of dollars in retiree health care costs from the automaker to an independent trust fund. The union and attorneys representing retirees sued GM this week in an effort to get court approval of the change. The lawsuit is not a hostile action, as GM joined the UAW and retirees in filing.
FDA approves drug for breast cancer
A Genentech drug received federal approval on Friday to treat breast cancer, a surprise decision that could represent a shift in standards for assessing the effectiveness of cancer medicines. Going against the recommendation of its advisory panel, the Food and Drug Administration judged the effectiveness of Avastin based on measurements of tumor growth, not patient survival.
From Herald staff
and news services
Investors sue Yahoo over Microsoft offer
Two Detroit pension funds have sued Yahoo Inc. and its board of directors, saying they breached their duties to shareholders in trying to thwart a takeover by Microsoft Corp. According to the lawsuit, Yahoo's board is pursuing "value-destructive" other deals in an effort to fight off Microsoft, which on Feb. 1 offered a takeover bid of $31 per share, 62 percent higher than Yahoo's previous closing price.
Bankers sentenced for fraud with Enron
Three British bankers were sentenced Friday to just over three years in prison for their roles in a fraudulent scheme with former Enron Chief Financial Officer Andrew Fastow, and they're hoping to serve some of that time back home. A federal judge sentenced David Bermingham, Giles Darby and Gary Mulgrew to 37 months each. They pleaded guilty last year to one count of wire fraud.
Encrypted data can easily be hacked
Want to break into a computer's encrypted hard drive? Just blast the machine's memory chip with a burst of cold air. That's the conclusion of new research out of Princeton University demonstrating a novel, low-tech way hackers can access even the most well-protected computers, provided they have physical access to the machines.
UAW, GM move to shift retiree costs
The United Auto Workers and General Motors Corp. have taken a big legal step toward shifting billions of dollars in retiree health care costs from the automaker to an independent trust fund. The union and attorneys representing retirees sued GM this week in an effort to get court approval of the change. The lawsuit is not a hostile action, as GM joined the UAW and retirees in filing.
FDA approves drug for breast cancer
A Genentech drug received federal approval on Friday to treat breast cancer, a surprise decision that could represent a shift in standards for assessing the effectiveness of cancer medicines. Going against the recommendation of its advisory panel, the Food and Drug Administration judged the effectiveness of Avastin based on measurements of tumor growth, not patient survival.
From Herald staff
and news services
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