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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In iLearningEngines To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $75,000 in iLearningEngines between April 22, 2024 and August 28, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . [You may also click here for additional information] NEW YORK , Nov. 30, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP , a leading national securities law firm, is investigating potential claims against iLearningEngines, Inc. ("iLearningEngines" or the "Company") (NASDAQ: AILE ) and reminds investors of the December 6, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York , Pennsylvania , California and Georgia . The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com . As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) the Company's "Technology Partner" was an undisclosed related party; (2) that the Company used its undisclosed related party Technology Partner to report "largely fake" revenue and expenses; (3) that, as a result of the foregoing, the Company significantly overstated its revenue; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. On August 29, 2024 , before the market opened, Hindenburg Research published a report titled "iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners and Artificial Revenue." In its report, Hindenburg Research alleged that nearly all of the Company's revenue and expenses in 2022 and 2023 were run through an undisclosed related party, which the Company refers to as their "Technology Partner." Hindenburg Research further alleged that iLearningEngines uses its undisclosed related party relationship to report revenue and expenses that are "largely fake." Among other things, Hindenburg Research alleged the Company used its undisclosed related party relationship with this Technology Partner to falsely report $138 million in revenue from the Indian market in 2022, when in reality, total revenue was, in fact, approximately $853,471.00 , or 99.4% less than what iLearningEngines claimed in revenue in the country that period. On this news, the Company's share price fell $1.70 or 53.3%, to close at $1.49 on August 29, 2024 , on unusually heavy trading volume. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding iLearningEngines' conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the iLearningEngines class action, go to www.faruqilaw.com/AILE or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . Follow us for updates on LinkedIn , on X , or on Facebook . Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner. SOURCE Faruqi & Faruqi, LLPPresident-elect Donald Trump has promised swift immigration action during his second term in office. He has repeatedly pledged to seal the U.S.-Mexico border and implement a mass deportation program targeting millions of people who are in the U.S. illegally. On Dec. 8, in a wide-ranging interview with NBC’s “Meet the Press,” Trump suggested he is considering deporting entire families, including children who are U.S. citizens with undocumented parents. “I don’t want to be breaking up families, so the only way you don’t break up the family is you keep them together and you have to send them all back,” Trump said, echoing remarks his border czar Tom Homan made in October. Multiple people on social media claim the president cannot legally deport U.S. citizens because doing so would be unconstitutional. Recent online search trends show many people online are wondering if this is true. THE QUESTION Is it unconstitutional to deport U.S. citizens? THE SOURCES 14th Amendment of the U.S. Constitution Afroyim v. Rusk Michelle Mittelstadt , director of communications and public affairs for the Migration Policy Institute Allen Orr, Jr., J.D. , an immigration attorney and founder of Orr Immigration Law Firm P.C. Jean Lantz Reisz, J.D. , co-director of the USC Immigration Clinic, and clinical associate professor of law at the USC Gould School of Law Maureen Sweeney, J.D. , law school professor and director of the Chacón Center for Immigrant Justice at the University of Maryland Francis King Carey School of Law Scott D. Pollock & Associates, P.C , an immigration law firm in Chicago, Illinois THE ANSWER Yes, deporting U.S. citizens is a violation of the U.S. Constitution. Sign up for the VERIFY Fast Facts daily Newsletter! WHAT WE FOUND The president cannot deport U.S. citizens, including those with undocumented parents, because doing so would be unconstitutional, according to immigration law experts. The U.S. Constitution protects natural-born citizens from being deported by the government. But citizens may choose to renounce their citizenship voluntarily. “It is unconstitutional to deport U.S. citizens,” said Michelle Mittelstadt, a spokesperson for the nonpartisan Migration Policy Institute. U.S. citizenship through birth, which is known as “birthright citizenship,” comes via the 14th Amendment , which was ratified after the Civil War to secure citizenship for newly freed Black Americans. It was later, after multiple court challenges, used to guarantee citizenship to all babies born on U.S. soil regardless of the citizenship of their parents. Section 1 of the 14th Amendment reads: “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.” Trump has repeatedly said he would attempt to end birthright citizenship through executive action in his second term. However, we previously found that the president cannot end birthright citizenship by executive order because it would also violate the Constitution. Amending the Constitution would require congressional action and ratification by three-quarters of the states. Law experts agree that any executive order by Trump or any president to terminate birthright citizenship would likely be subjected to legal and judicial challenges. On Dec. 8, immigration attorney Allen Orr Jr. wrote on X that a president cannot deport U.S. citizens because “U.S. citizenship cannot be revoked arbitrarily” under the 14th Amendment. Orr added that in 1967, the U.S. Supreme Court ruled in a landmark case known as Afroyim v. Rusk “that the government cannot involuntarily strip a citizen of their citizenship, meaning a person can only lose their citizenship if they voluntarily relinquish it.” Jean Reisz, a law professor and the co-director of the USC Immigration Clinic, told VERIFY it is unclear if Trump actually plans to forcefully deport U.S. citizens with undocumented parents, which she agrees he cannot legally do because it would be unlawful. “It seems to me Trump is addressing a situation that often occurs in mixed-status families with young U.S. citizen or LPR [legal permanent resident] children, and/or spouses where a noncitizen family member is going to be deported and the family must decide whether they will go with the noncitizen to the country to where the noncitizen is being deported and start a life there, or stay in the U.S. and be separated from the noncitizen,” Reisz explained. VERIFY reached out to the Trump transition team for clarification but did not hear back before publication. Although deporting U.S. citizens is unconstitutional, it has happened illegally in the past, according to Mittelstadt and Maureen Sweeney, the director of the Chacón Center for Immigrant Justice at the University of Maryland Francis King Carey School of Law. “U.S. citizens have been deported, unlawfully, during prior instances of significant deportations, including during local ‘repatriation drives’ that took place around the U.S. during the Great Depression and during ‘Operation Wetback ’ in the Eisenhower administration,” Mittelstadt said. “These deportations were illegal then, as they would be now,” Sweeney noted. The Associated Press contributed to this report . Related Articles No, the president cannot end birthright citizenship by executive order Yes, Trump will have the authority to pardon Jan. 6 rioters What we can VERIFY about Trump’s plan to use the military to support mass deportations The VERIFY team works to separate fact from fiction so that you can understand what is true and false. Please consider subscribing to our daily newsletter , text alerts and our YouTube channel . You can also follow us on Snapchat , Instagram , Facebook and TikTok . Learn More » Follow Us YouTube Snapchat Instagram Facebook TikTok Want something VERIFIED? Text: 202-410-8808
Technology giants such as Meta, TikTok and Snapchat have responded to the government's new social media laws, which ban children and teenagers under 16 from using the platforms. The world-first laws passed the Senate late on Thursday night and immediately made headlines around the world. Under the laws, which won't come into force for another 12 months, social media companies could be fined up to $50 million for failing to take "reasonable steps" to keep under 16s off their platforms. Now, the tech companies behind the apps used by millions of Australians have responded – and they have plenty of questions. Meta 'concerned' about 'rushed' legislation Meta, which owns both Facebook and Instagram, said in a statement that the company "respects the laws decided by the Australian Parliament". "However, we are concerned about the process which rushed the legislation through while failing to properly consider the evidence, what industry already does to ensure age-appropriate experiences, and the voices of young people. "Last week, the parliament's own committee said the 'causal link with social media appears unclear,' with respect to the mental health of young Australians, whereas this week the rushed Senate Committee report pronounced that social media caused harm." Meta says... Jessica RigaWho are the favorites to win Golden Globes? | Streamed & Screened podcastAwards season has arrived in the form of the Golden Globes nominations. The awards, which honor both movies and television programs, is often viewed as a preview of the upcoming Oscars. In this week's episode, co-hosts Bruce Miller and Terry Lipshetz go over the list, focusing largely on the movies, which tend to shine brightest at the ceremony. But they also take time to review a few of the TV shows, including the great, but rarely funny "The Bear," which is again in the comedy or musical category. We also have an interview with "Nickel Boys" director RaMell Ross, who spoke with Miller prior to the film receiving a nomination for best drama. Miller also talked with Aunjanue Ellis-Taylor, who starred in the film. “Wicked”; “Anora”; “Emilia Perez”; “Challengers”; “A Real Pain”; “The Substance” “The Brutalist”; “A Complete Unknown,”; “Conclave”; “Dune: Part Two”; “Nickel Boys;” “September 5” Jesse Eisenberg, “A Real Pain”; Hugh Grant, “Heretic”; Gabriel LaBelle, “Saturday Night; Jesse Plemons, “Kinds of Kindness”’ Glen Powell, “Hitman”; Sebastian Stan, “A Different Man” Amy Adams, “Nightbitch”; Cynthia Erivo, “Wicked”; Karla Sofia Gascón, “Emilia Pérez”; Mikey Madison “Anora”; Demi Moore, “The Substance”; Zendaya, “Challengers” Pamela Anderson, “The Last Showgirl′′; Angelina Jolie, ”Maria”; Nicole Kidman, “Babygirl”; Tilda Swinton, “The Room Next Door”; Fernanda Torres, “I’m Still Here”; Kate Winslet, “Lee” Adrien Brody, “The Brutalist”; Timothée Chalamet, “A Complete Unknown’; Colman Domingo, “Sing Sing”; Ralph Fiennes, “Conclave”; Sebastian Stan, “The Apprentice’’ “Alien: Romulus”; Beetlejuice Beetlejuice”; Deadpool & Wolverine”; “Gladiator II”; “Inside Out 2”; “Twisters”; “Wicked”; “The Wild Robot” “All We Imagine As Light′′; ”Emilia Pérez”; “The Girl With the Needle”; “I’m Still Here”; “The Seed of the Sacred Fig”; “Vermiglio” “Flow”; “Inside Out 2”; “Memoir of a Snail”; “Moana 2”; “Wallace and Gromit: Vengeance Most Fowl”; “The Wild Robot” Selena Gomez, ”Emilia Pérez”; Ariana Grande, “Wicked”; Felicity Jones, “The Brutalist”; Margaret Qualley, “The Substance”; Isabella Rossellini, “Conclave”; Zoe Saldaña, ”Emilia Pérez” Yura Borisov, “Anora”; Kieran Culkin, “A Real Pain”; Edward Norton, “A Complete Unknown”; Guy Pearce, “The Brutalist”; Jeremy Strong, ”The Apprentice”; Denzel Washington, “Gladiator II” Jacques Audiard, “Emilia Pérez”; Sean Baker, ”Anora”; Edward Berger, “Conclave”; Brady Corbet, “The Brutalist”; Coralie Fargeat, “The Substance”; Payal Kapadia, “All We Imagine As Light” Jacques Audiard, “Emilia Pérez”; Sean Baker, ”Anora”; Brady Corbet, Mona Fastvold, “The Brutalist”; Jesse Eisenberg, “A Real Pain”; Coralie Fargeat, “The Substance”; Peter Straughan, “Conclave” Volker Bertelmann, “Conclave”; Daniel Blumberg, “The Brutalist”; Kris Bowers, “The Wild Robot”; Clement Ducol, Camille “Emilia Pérez”; Trent Reznor, Atticus Ross, “Challengers”; Hans Zimmer, “Dune: Part Two” “Beautiful That Way” from “The Last Showgirl” (music/lyrics by Andrew Wyatt, Miley Cyrus, Lykke Zachrisson); “Compress/Repress” from “Challengers’ (music/lyrics by Trent Reznor, Atticus Ross, Luca Guadagnino; “El Mal” from EL MAL” from “Emilia Pérez” (music/lyrics by Clément Ducol, Camille, Jacques Audiard; “Forbidden Road” from ”Better Man′′ (music/lyrics by Robbie Williams, Freddy Wexler, Sacha Skarbek); “Kiss the Sky” from “The Wild Robot′′ (music/lyrics by Delacey, Jordan K. Johnson, Stefan Johnson, Maren Morris, Michael Pollack, Ali Tamposi); ”Mi Camino′′ from “Emilia Pérez” (music/lyrics by Clément Ducol, Camille) “Shogun”; “The Diplomat”; “Slow Horses”; “Mr. and Mrs. Smith”; “The Day of the Jackal”; “Squid Game” “Abbott Elementary”; “The Bear; “Hacks”; “Nobody Wants This”; “Only Murders in the Building”; “The Gentlemen” Donald Glover, “Mr. and Mrs. Smith”; Jake Gyllenhaal, “Presumed Innocent”; Gary Oldman, “Slow Horses”; Eddie Redmayne, “The Day of the Jackal”; Hiroyuki Sanada, “Shogun”; Billy Bob Thornton, “Landman” Kathy Bates, “Matlock”; Emma D’Arcy, “House of the Dragon”; Maya Erskine, “Mr. & Mrs. Smith”; Keira Knightley, “Black Doves”; Keri Russell, “The Diplomat”; Anna Sawai, “Shogun” Kristen Bell, “Nobody Wants This”; Quinta Brunson, “Abbott Elementary”; Ayo Edebiri, “The Bear”; Selena Gomez, “Only Murders in the Building”; Kathryn Hahn, “Agatha All Along”; Jean Smart, “Hacks” Adam Brody, “Nobody Wants This”; Ted Danson, “A Man on the Inside”; Steve Martin, “Only Murders in the Building”; Jason Segel, “Shrinking”; Martin Short, “Only Murders in the Building”; Jeremy All White, “The Bear” “Baby Reindeer”; Disclaimer"; “Monsters: The Lyle and Erik Menendez Story”; “The Penguin”; “Ripley”; “True Detective: Night Country” Cate Blanchett, “Disclaimer''; Jodie Foster, ”True Detective: Night Country"; Cristin Milioti, “The Penguin''; Sofia Vergara, ”Griselda"; Naomi Watts, “Feud: Capote vs. The Swans”; Kate Winslet, “The Regime” Colin Farrell, “The Penguin”; Richard Gadd, “Baby Reindeer”; Kevin Kline, “Disclaimer”; Cooper Koch, “Monsters: The Lyle and Erik Menendez Story”; Ewan McGregor, “A Gentleman in Moscow”; Andrew Scott, “Ripley” Liza Colón-Zayas, “The Bear”; Hannah Einbinder, “Hacks”; Dakota Fanning, “Ripley”; Jessica Gunning, “Baby Reindeer”; Allison Janney, “The Diplomat”; Kali Reis, “True Detective: Night Country” Tadanobu Asano, “Shogun''; Javier Bardem, “Monsters: The Lyle and Erik Menendez Story”; Harrison Ford, “Shrinking”; Jack Lowden “Slow Horses”; Diego Luna, “La Maquina”; Ebon Moss-Bachrach, “The Bear” Jamie Foxx, “Jamie Foxx: What Had Happened Was”; Nikki Glaser, “Nikki Glaser: Someday You'll Die”; Seth Meyers, “Seth Meyers: Dad Man Walking”; Adam Sandler, "Adam Sandler: Love You"; Ali Wong, “Ali Wong: Single Lady”; Ramy Youssef, “Ramy Youssef: More Feelings” —List compiled by The Associated Press Receive the latest in local entertainment news in your inbox weekly!
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NEW YORK (AP) — A slide for market superstar Nvidia on Monday knocked Wall Street off its big rally and helped drag U.S. stock indexes down from their records. The S&P 500 fell 0.6%, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average dipped 240 points, or 0.5%, and the Nasdaq composite pulled back 0.6% from its own record. Nvidia’s fall of 2.5% was by far the heaviest weight on the S&P 500 after China said it’s investigating the company over suspected violations of Chinese anti-monopoly laws. Nvidia has skyrocketed to become one of Wall Street’s most valuable companies because its chips are driving much of the world’s move into artificial-intelligence technology. That gives its stock’s movements more sway on the S&P 500 than nearly every other. Nvidia’s drop overshadowed gains in Hong Kong and for Chinese stocks trading in the United States on hopes that China will deliver more stimulus for the world’s second-largest economy. Roughly three in seven of the stocks in the S&P 500 also rose. The week’s highlight for Wall Street will arrive midweek when the latest updates on inflation arrive. Economists expect Wednesday’s report to show the inflation that U.S. consumers are feeling remained stuck at close to the same level last month. A separate report on Thursday, meanwhile, could show an acceleration in inflation at the wholesale level. They’re the last big pieces of data the Federal Reserve will get before its meeting next week on interest rates. The widespread expectation is still that the central bank will cut its main interest rate for the third time this year. The Fed has been easing its main interest rate from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation. Expectations for a series of cuts from the Fed have been a major reason the S&P 500 has set so many all-time highs this year. “Investors should enjoy this rally while it lasts—there’s little on the horizon to disrupt the momentum through year-end,” according to Mark Hackett, chief of investment research at Nationwide, though he warns stocks could stumble soon because of how overheated they’ve gotten. On Wall Street, Interpublic Group rose 3.6% after rival Omnicom said it would buy the marketing and communications firm in an all-stock deal. The pair had a combined revenue of $25.6 billion last year. Omnicom, meanwhile, sank 10.2%. Macy’s climbed 1.8% after an activist investor, Barington Capital Group, called on the retailer to buy back at least $2 billion of its own stock over the next three years and make other moves to help boost its stock price. Super Micro Computer rose 0.5% after saying it got an extension that will keep its stock listed on the Nasdaq through Feb. 25, as it works to file its delayed annual report and other required financial statements. Earlier this month, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board following the resignation of its public auditor . All told, the S&P 500 fell 37.42 points to 6,052.85. The Dow dipped 240.59 to 4,401.93, and the Nasdaq composite lost 123.08 to 19,736.69. In the oil market, a barrel of benchmark U.S. crude rallied 1.7% to settle at $68.37 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, added 1.4% to $72.14 per barrel. The price of gold also rose 1% to $2,685.80 per ounce amid the uncertainty created by the end of the Assad family’s 50 years of iron rule. In stock markets abroad, the Hang Seng jumped 2.8% in Hong Kong after top Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. That’s a shift away from a more cautious, “prudent” stance for the first time in 10 years. A major planning meeting later this week could also bring more stimulus for the Chinese economy. U.S.-listed stocks of several Chinese companies climbed, including a 12.4% jump for electric-vehicle company Nio and a 7.4% rise for Alibaba Group. Stocks in Shanghai, though, were roughly flat. In Seoul, South Korea’s Kospi slumped 2.8% as the fallout continues from President Yoon Suk Yeol ’s brief declaration of martial law last week in the midst of a budget dispute. In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.15% late Friday. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.