Cheetah Net Supply Chain Service Inc
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Consumer Discretionary : Distributors |
Company profile

Cheetah Net Supply Chain Service Inc. is a supplier of parallel-import vehicles in the United States to be sold in the People’s Republic of China (PRC) market. The Company and its wholly owned subsidiaries are primarily engaged in the parallel-import vehicle dealership business. In the PRC, parallel-import vehicles refer to those purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers’ official distribution systems. The Company purchases automobiles, primarily luxury brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, from the U.S. market and resells them to its customers, including both U.S. and PRC parallel-import car dealers. The Company holds 100% of the equity interests in the subsidiaries, such as Allen-Boy International LLC, Canaan International LLC, Pacific Consulting LLC, Canaan Limousine LLC, Entour Solutions LLC, Spirit Solutions LLC, and Cheetah Net Logistics LLC.

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Wells Fargo settles shareholder lawsuit for $1 billion: report

7:46 am ET May 16, 2023 (MarketWatch)

By Mike Murphy

Wells Fargo & Co. has agreed to pay $1 billion to settle a shareholders lawsuit related to its 2016 fake-accounts scandal, according to the Wall Street Journal.

Citing court documents, the Journal reported Monday night that Wells Fargo (WFC) settled a class-action suit brought by shareholders who claimed bank executives overstated the bank's progress at cleaning up its risk-management systems and governance in the wake of the scandal.

In a statement to the Journal, Wells Fargo said: "While we disagree with the allegations in this case, we are pleased to have resolved this matter."

The settlement, which still needs to be approved by a judge, likely would be the 17th-largest ever for a shareholders' class action, the Journal reported.

Wells Fargo has paid billions in fines and settlements related to the scandal. In December, the Consumer Financial Protection Bureau ordered Wells Fargo to pay $3.7 billion as a result of alleged widespread mismanagement, and in March, a former Wells Fargo executive accused of overseeing the fake-account scheme pleaded guilty to criminal charges, agreeing to a 16-month prison term and a $17 million fine.

Wells Fargo shares are down 6% year to date and are off 8% over the past 12 months, compared to the S&P 500's 8% gain in 2023 and 3% rise over the past year.

-Mike Murphy

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 16, 2023 07:46 ET (11:46 GMT)

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