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Victory Capital Management Inc. grew its stake in MGM Resorts International ( NYSE:MGM – Free Report ) by 4.3% during the third quarter, HoldingsChannel reports. The firm owned 114,385 shares of the company’s stock after buying an additional 4,745 shares during the quarter. Victory Capital Management Inc.’s holdings in MGM Resorts International were worth $4,471,000 at the end of the most recent reporting period. Other hedge funds and other institutional investors also recently made changes to their positions in the company. UMB Bank n.a. increased its holdings in shares of MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after buying an additional 237 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in MGM Resorts International by 1.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock valued at $1,018,000 after purchasing an additional 278 shares during the last quarter. HB Wealth Management LLC boosted its stake in shares of MGM Resorts International by 6.3% during the second quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock valued at $219,000 after purchasing an additional 293 shares in the last quarter. Quent Capital LLC grew its holdings in shares of MGM Resorts International by 14.6% during the third quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock worth $93,000 after purchasing an additional 304 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares during the period. 68.11% of the stock is owned by institutional investors. Insider Buying and Selling at MGM Resorts International In related news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the sale, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website . 2.13% of the stock is currently owned by company insiders. MGM Resorts International Trading Down 0.6 % MGM Resorts International ( NYSE:MGM – Get Free Report ) last posted its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the firm posted $0.64 EPS. As a group, analysts forecast that MGM Resorts International will post 2.5 EPS for the current fiscal year. Wall Street Analysts Forecast Growth MGM has been the topic of several analyst reports. Mizuho reduced their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Wells Fargo & Company decreased their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Susquehanna lifted their price objective on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. JMP Securities reduced their target price on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating on the stock in a report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.15. View Our Latest Stock Analysis on MGM Resorts International MGM Resorts International Company Profile ( Free Report ) MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. See Also Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International ( NYSE:MGM – Free Report ). Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter .NEW YORK, Dec. 12, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Light & Wonder, Inc. (NASDAQ: LNW) resulting from allegations that Light & Wonder may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Light & Wonder securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=29678 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. WHAT IS THIS ABOUT: On September 24, 2024, the Las Vegas Review-Journal published an article entitled “Slot manufacturer scores major win against Las Vegas-based rival.” It stated that “Aristocrat Technologies Inc.’s request for a preliminary injunction in its trade-secret and copyright infringement lawsuit against Light & Wonder” had been granted, and that the “order prohibits [Light & Wonder] from the ‘continued or planned sale, leasing, or other commercialization of Dragon Train,’ which Aristocrat claims uses intellectual property developed for its Dragon Link and Lightning Link games.” On this news, the price of Light & Wonder common stock fell 19.49% on September 24, 2024. 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 litigate securities class actions. 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 achieved the largest ever securities class action settlement against a Chinese Company at the time. 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. 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 case@rosenlegal.com www.rosenlegal.com
Foreign H-1B visa workers received starting salaries about 10 percent less than their American counterparts at Deloitte, a multinational accounting firm whose wage data was hacked and published. The H-1B visa program, created by former President George H.W. Bush, allows companies to import hundreds of thousands of foreign workers — primarily from India and China — to take white-collar American jobs under the guise that there is a “labor shortage,” particularly in STEM occupations. For years, Breitbart News has chronicled the abuses against white-collar American professionals as a result of the H-1B visa program. Americans are often laid off in the process and forced to train their foreign replacements, as highlighted by Breitbart News. Research, published in the September issue of the Journal of Business Ethics, reviewed wage data that was hacked from Deloitte to compare starting wages for foreign H-1B visa workers with their American counterparts. Deloitte paid foreign H-1B visa workers about 10 percent less than Americans doing the same line of work, the results showed. “We observe that relative to U.S. citizen new hires — matched on office, position, and time of hire — newly hired accountants with H-1B visas receive starting salaries that are lower by approximately 10%,” the researchers found: We find, in line with the cost savings argument, that a Big 4 firm pays H-1B visa holders in tax and audit lower starting wages than U.S. citizen peer hires. There are several other explanations besides a desire to save on wage costs that could drive this wage discount (such as a difference in English communication skills or an attempt to recoup the considerable filing fees involved in hiring an H-1B worker). We are unable to identify the exact driver of this discrepancy, but our results are at least consistent with the pattern predicted by H-1B critics. In our secondary tests, we find no evidence that H-1B workers are substitutes for U.S. citizens in accounting, but rather some weak evidence of complementarities. That is, controlling for office size and growth, U.S. citizen new hires are paid slightly more in offices that have recently hired an H-1B visa holder in a peer role. [Emphasis added] The wage data confirms accusations that the H-1B visa program is used across several industries to cut labor costs for companies while crowding American professionals out of jobs that would otherwise go to them. About a year ago, laid-off American professionals — who say they were replaced with Indian H-1B visa workers — scored a $4.65 million settlement against Indian outsourcing firm Larsen & Toubro Infotech (LTI). The initial lawsuit brought by the laid-off Americans said LTI deployed a “four-pronged policy” of anti-American discrimination to ensure that jobs went to Indian H-1B visa workers: First, LTI allegedly maintains an “inventory” of “visa ready” workers from India to fill positions at the company by petitioning the federal government’s lottery program to obtain a large amount of H-1b visas , and preferences hiring from this pool of applicants over U.S. citizens and visa-ready individuals not from South Asia (in particular, India). [Emphasis added] ... Second, LTI’s internal and third-party recruiters in the United States disproportionately select South Asian and Indian applicants located in the United States over non-South Asian, non-Indian applicants located in the United States, even if applicants are less qualified. [Emphasis added] Third, LTI promotes South Asian, Indian, visa holders at disproportionately high rates, in particular by giving these workers higher scores on their quarterly and annual employee appraisals. [Emphasis added] Fourth, and finally, LTI terminates non-South Asian, non-Indian, and non-visa holders at disproportionately higher rates , in part because these workers are relegated to the “bench” more often and then are not staffed on more projects. [Emphasis added] Most prominently, the Department of Justice (DOJ) settled with Facebook over its lawsuit that the tech corporation had discriminated against qualified Americans for jobs, preferring to hire foreign H-1B visa workers. Recently, Americans detailed to Bloomberg News how Cognizant Technology Solutions Corporation discriminated against Americans using the H-1B visa program. One such insider at Cognizant was Abby Israel, who was hired to ensure that federal anti-discrimination laws were being followed. What she discovered was shocking: In 2018, Israel’s team produced an internal report that found large racial disparities in rates of “involuntary terminations” at Cognizant over the first eight months of the year. Black employees were let go at a rate 23 times that of Asian [mostly Indian] workers, the data showed. For Hispanic or Latino employees, the rate was 16 times the rate of their Asian counterparts. For White workers, it was eight times as high. (The Asian workers were overwhelmingly from India and were working on [H-1B and other] visas, according to the report.) Israel told the jury that those were some of the most extreme racial disparities she’d ever seen. She also said that when she reached out to Cognizant’s hiring managers with those findings, her supervisor told her to stop sharing the data beyond HR leaders. [Emphasis added] In December 2022, the DOJ announced a settlement with Secureapp Technologies, whose Fortune 500 clients include Pfizer, Comcast, Deloitte, JPMorgan Chase, FedEx, and Nike, after the firm was found to have discriminated against qualified Americans, hiring foreign H-1B visa workers from India instead. Another infamous case involved the defunct biotech corporation Theranos, whose founder and CEO, Elizabeth Holmes, was convicted of fraud and conspiracy. Holmes, along with her partner and former boyfriend Ramesh “Sunny” Balwani, had raked in billions in investments from 2003 to 2015 by claiming that Theranos’s nanotechnology could retrieve tiny blood samples from patients and test them for a myriad of illnesses and diseases. Holmes and Balwani used the H-1B visa program to keep their employees quiet and compliant, even as the fraud scheme unraveled, according to John Carreyrou’s bombshell reporting. “For the dozens of Indians Theranos employed, the fear of being fired was more than just the dread of losing a paycheck. Most were on H-1B visas and dependent on their continued employment at the company to remain in the country,” Carreyrou reported in his book. “With a despotic boss like Sunny holding their fates in his hands, it was akin to indentured servitude,” Carreyrou reported. “Sunny, in fact, had the master-servant mentality common among an older generation of Indian businessmen. Employees were his minions.” John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here .
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