Month: February 2022

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Nvidia is Investigating a Major Cyberattack

American chipmaker Nvidia was recently hit by a massive cyberattack that completely compromised the company’s internal systems for almost two days. Nvidia has confirmed to The Verge, Bloomberg, and others that its currently investigating the “incident”.

Nvidia spokesman Hector Marinez said:

We are investigating an incident. Our business and commercial activities continue uninterrupted. We are still working to evaluate the nature and scope of the event and don’t have any additional information to share at this time.

Even The Telegraph, which originally reported the cyberattack, is claiming that Nvidia hasn’t had any data stolen or deleted. There is currently no evidence suggesting that the cyberattack is related to the recent Russia-Ukraine war. It’s been three days since Russia invaded Ukraine and cyberattacks have been part of the offensive. Internet infrastructure has also been a target.

Bloomberg is now reporting that the “incident” was only a minor ransomware attack according to a “person familiar with the incident”.

If a major US-based company like Nvidia is targeted by Russia, it is going to have serious consequences. It would provoke retaliation from America as the US President Joe Biden said:

If Russia pursues cyberattacks against our companies, our critical infrastructure, we’re prepared to respond.

Source: Pro Pakistan

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SBP Further Relaxes Conditions For Housing Finance

State Bank of Pakistan (SBP) has further relaxed the condition of housing finance for customers, facilitating them to avail bank financing in projects being completed.

Accordingly, purchasers of housing units in under-construction projects may avail housing finance against their housing units in projects where builder/developer has not availed construction financing.

In such cases, the builder/developer will have to create a mortgage charge over the project’s land in favor of the bank/DFI through an agreement. The charge will only be vacated after completion of the project and transfer of housing units to the purchasers. Moreover, the builder/developer will comply with all other provisions of subject guidelines, stated by the SBP circular.

Any bank/DFI can provide housing finance to a purchaser of a housing unit in such under-construction projects. However, if the purchaser wants to avail financing from a bank/DFI other than the mortgagee bank/DFI, then it will have to obtain NOC from the mortgagee bank/DFI in this regard. Moreover, the financing bank/DFI of such purchasers will also be required to enter into a bilateral arrangement with the mortgagee bank/DFI to secure its risk.

Previously, purchasers of housing units in the project availing mortgage finance shall sign a tripartite agreement with the builder/developer and bank(s)/DFI(s) specifying superior rights of the bank(s)/DFI(s) over the project land and constructions thereon. Further, banks shall also obtain informed consent from the purchasers who do not avail mortgage finance under these guidelines.

With regard to the requirement of informed consent prescribed earlier, it is clarified that the builder/developer will be responsible to arrange written informed consent from the customers who intend to purchase housing units from their own sources without availing mortgage finance. The letters of written consent of such purchasers will be submitted to the bank/DFI in original by the builder/developer.

Source: Pro Pakistan

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Govt Takes Notice of Low-quality Locally Assembled Cars

The Parliamentary Public Accounts Committee (PAC) has taken cognizance of the poor quality of locally manufactured vehicles and called upon the concerned officials from the Ministry of Industries and Production to discuss the matter.

It met on Thursday under the chairmanship of Rana Tanveer Hussain to assess the Federal Board of Revenue’s (FBR) audit objections for 2019-20.

Additionally, MNA Khawaja Asif highlighted the problem of low-quality vehicles being manufactured in Pakistan and stated that many cars lack airbags because of which Pakistan is unable to export them.

It was also brought to PAC’s attention that the commodities impounded by FBR were not auctioned punctually, and Senator Talha Mahmood stated that captured vehicles are sold only when they are rusty and disintegrating.

Chairman Hussain claimed that the police take the recovered automobiles for themselves, and (MNA Munaza) Manza Hassan remarked that many of the parliament’s cars are broken down.

Officials from FBR responded that it has devised a policy for using tampered vehicles and that they might be given to government departments.

Source: Pro Pakistan

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Pakistan-Afghan border closed two days after deadly clash

Published by
Al-Araby

Hundreds of people were stranded Saturday at a key border crossing between Pakistan and Afghanistan, days after fighting between security forces left at least three dead. Border tensions have risen since the Taliban’s return to power last year, with Pakistan alleging militant groups are planning attacks from Afghan soil. The Taliban deny harbouring Pakistani militants, but are also infuriated by a fence Islamabad is erecting along their 2,700-kilometre (1,600-mile) border, drawn up in colonial times and known as the Durand Line. Each side blamed the other for Thursday’s fighting at the Chaman-…

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ROSEN, GLOBALLY RECOGNIZED INVESTOR COUNSEL, Encourages Acutus Medical, Inc. Investors with Losses Over $100K to Secure Counsel Before Important Deadline in Securities Class Action – AFIB

NEW YORK, Feb. 26, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Acutus Medical, Inc. (NASDAQ: AFIB) between May 13, 2021 and November 11, 2021, inclusive (the “Class Period”) of the important April 18, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Acutus Medical securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Acutus Medical class action, go to https://rosenlegal.com/submit-form/?case_id=3255 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 18, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) a material percentage of the AcQMap systems under evaluation had been randomly installed at sites with little, if any, consideration given to whether the healthcare providers at the selected locations were likely to adopt, or desire, Acutus Medical’s products; (2) a material percentage of the AcQMap systems under evaluation had been installed in locations where Acutus Medical did not possess the infrastructure necessary to appropriately educate, train, and support medical service providers on the system’s operations; (3) as a result, Acutus Medical was in the process of designing a strategic plan to terminate and relocate approximately 20% of then-existing AcQMap systems evaluation arrangements; (4) Acutus Medical’s management discussion and analysis was materially false and misleading and failed to disclose that the termination and relocation of approximately 20% of existing AcQMap systems evaluation arrangements was reasonably likely to have a material adverse effect on Acutus Medical’s 2021 financial results; and (5) Acutus Medical’s risk factor discussions were materially false and misleading and made reference to potential risks without disclosing that such risks were then-existing or adequately describing the specific nature of the risks then facing Acutus Medical. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Acutus Medical class action, go to https://rosenlegal.com/submit-form/?case_id=3255 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————–

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

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ROSEN, A TOP RANKED LAW FIRM, Encourages Fennec Pharmaceuticals Inc. Investors with Losses Over $100K to Secure Counsel Before Important Deadline in Securities Class Action – FENC

NEW YORK, Feb. 26, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Fennec Pharmaceuticals Inc. (NASDAQ: FENC) between May 28, 2021 and November 26, 2021, inclusive (the “Class Period”) of the important April 11, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Fennec Pharmaceuticals securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Fennec Pharmaceuticals class action, go https://rosenlegal.com/submit-form/?case_id=3153 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 11, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Fennec Pharmaceuticals had not successfully remediated, and overstated its efforts to remediate, issues with the manufacturing facility of its drug product manufacturer for PEDMARK; (2) as a result, the U.S. Food and Drug Administration was unlikely to approve the Resubmitted PEDMARK New Drug Application (“NDA”); (3) accordingly, the regulatory and commercial prospects of the Resubmitted NDA were overstated; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Fennec Pharmaceuticals class action, go https://rosenlegal.com/submit-form/?case_id=3153 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

        Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

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FM Qureshi, Ukrainian counterpart discuss evacuation of Pakistani community, students

Foreign Minister Shah Mahmood Qureshi held a telephonic conversation with his Ukrainian counterpart Dmytro Kuleba on Sunday and took up the important matter of evacuation of Pakistani community and students in Ukraine and their safe return to Pakistan.

Foreign Minister Qureshi shared Pakistan’s perspective in detail, reiterating serious concern at the situation, underscoring the importance of de-escalation, and stressing the indispensability of diplomacy.

He appreciated the role played by the Ukrainian authorities in the evacuation process and asked for continued facilitation and smooth border crossing at the earliest possible.

The Foreign Minister noted that Prime Minister Imran Khan in his recent visit to Moscow regretted the latest situation between Russia and Ukraine and said that Pakistan had hoped diplomacy could avert a military conflict. He stressed that conflict is not in anyone’s interest, and that the developing countries are always hit the hardest economically, in case of conflict.

The Foreign Minister underlined Pakistan’s belief that disputes should be resolved through dialogue and diplomacy.

He appreciated the role played by the Ukrainian authorities in the evacuation process and asked for continued facilitation and smooth border crossing at the earliest possible.

The two Foreign Ministers agreed to remain in contact.

Foreign Minister Makhdoom Shah Mahmood Qureshi also received a telephone call from UK Minister of State Lord Tariq Ahmad on Sunday.

The two sides exchanged views on Pakistan-UK relations and regional and international issues of mutual interest.

Shah Mahmood Qureshi reiterated the importance Pakistan attaches to its good relations and close cooperation with the UK and other European partners.

On the developments in Ukraine, Foreign Minister Qureshi emphasized that diplomacy and a peaceful solution are indispensable. He emphasised on sustained engagement through diplomacy and dialogue.

 

Source: Radio Pakistan

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PM expresses resolve, unwavering commitment to country’s security

Prime Minister Imran Khan says believing in conflict resolution through dialogue and diplomacy should never be taken as a sign of weakness.

On the occasion of third anniversary of Operation Swift Retort in a tweet on Sunday, he said we are resolute and unwavering in our commitment to the security of our country and our nation.

He said we showed India on 27 February 2019, when it chose to attack us, that our armed forces backed by the nation will respond to military aggression and prevail at all levels.

Source: Radio Pakistan

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