Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, with a focus on banks, telecommunications, logistics, and hotels [1] - The popularity of insurance companies in the Philippines has influenced investment strategies, leading to diversification beyond traditional savings in banks and properties [1] - The trend of investing in blue-chip companies has evolved, with a broader portfolio now including various industries and market capitalizations [1] Group 2 - The entry into the US market has been a strategic move, with insights gained from using a relative's trading account before establishing an independent account [1] - The analysis of US market stocks, particularly in banking, hotels, shipping, and logistics, has been compared to the Philippine market, indicating a cross-market investment strategy [1] - The engagement with platforms like Seeking Alpha has facilitated knowledge sharing and enhanced market analysis capabilities for investors [1]

Core Insights - AVITA Medical, Inc. is under investigation by Kirby McInerney LLP for potential violations of federal securities laws and unlawful business practices [1][3] - The company's second quarter 2025 financial results revealed a significant backlog in unpaid provider claims for its Recell procedures, which negatively impacted demand [3] - AVITA's share price dropped by approximately 21% following the announcement of the backlog, from $5.38 to $4.25 per share [3] Company Overview - AVITA Medical, Inc. is involved in the development and commercialization of wound care products, specifically the Recell system [3] - The company faced challenges due to contractors from the Centers for Medicare & Medicaid Services failing to timely adjudicate claims and assign appropriate pricing for its products [3] Financial Impact - The backlog of unpaid claims accumulated from January to June 2025, leading to uncertainty among providers and a reduction in Recell utilization during the first half of the year [3] - The decline in share price reflects investor concerns regarding the company's operational challenges and financial health [3]

Core Viewpoint - Lantheus Holdings, Inc. is under investigation for potential violations of federal securities laws following disappointing Q2 2025 financial results and a significant drop in share price [1][3]. Financial Performance - Lantheus reported Q2 2025 consolidated net revenue of $378 million, a decrease of 4.1% compared to previous periods [3]. - The company lowered its full year 2025 revenue guidance from $1.550 billion - $1.585 billion to $1.475 billion - $1.51 billion [3]. - Adjusted fully diluted EPS guidance was also reduced from $6.60 - $6.70 per share to $5.50 - $5.70 per share [3]. Market Reaction - Following the announcement of disappointing results, Lantheus shares fell by $20.76, or approximately 51.87%, from $72.63 on August 5, 2025, to close at $51.87 on August 6, 2025 [3]. Management Commentary - The CEO of Lantheus cited intensified pricing pressure in the PSMA PET market and a strategic decision to prioritize long-term franchise value over volume at certain accounts [3].

Core Viewpoint - Nutex Health Inc. is under investigation for potential violations of federal securities laws and unlawful business practices, following a significant surge in its share price and subsequent allegations of fraudulent activities related to its revenue reporting [1][3]. Group 1: Share Price Surge and Allegations - On July 22, 2025, Blue Orca Capital published a report claiming that Nutex's recent 20-fold share price increase was artificially inflated by a third-party vendor, HaloMD, which allegedly facilitated inflated billing awards [3]. - The report indicated that multiple federal lawsuits have been filed against HaloMD, alleging a fraudulent scheme that siphoned millions from insurers, raising doubts about the legitimacy of Nutex's reported revenue [3]. - Following the report, Nutex's share price fell by $11.18, approximately 10.05%, from $111.19 on July 21, 2025, to $100.01 on July 22, 2025 [3]. Group 2: Delay in Financial Reporting - On August 14, 2025, Nutex announced a delay in filing its quarterly financial statements for the period ending June 30, 2025, due to incomplete accounting adjustments [4]. - This announcement led to a further decline in Nutex's share price by $18.22, or approximately 16.39%, from $111.13 on August 14, 2025, to close at $92.91 on August 15, 2025 [4].

Group 1 - The law firm Kirby McInerney LLP is investigating potential claims against National Grid USA Service Company, Inc. for possible violations of federal securities laws and unlawful business practices [1] - A report by the National Energy System Operator revealed that a fire at Heathrow Airport was caused by a known fault at an electrical substation owned by National Grid, which the company had been aware of since 2018 but failed to address [3] - Following the release of the NESO report, National Grid's American Depositary Receipt (ADR) price fell by $3.77, or approximately 5.07%, from $74.38 to $70.61 [3] Group 2 - Kirby McInerney LLP specializes in securities litigation and has achieved recoveries totaling billions of dollars for shareholders [6]

Core Viewpoint - Kirby McInerney LLP is investigating potential claims against BellRing Brands, Inc. regarding possible violations of federal securities laws and unlawful business practices [1] Group 1: Company Performance - On May 5, 2025, BellRing announced that several key retailers had lowered their weeks of supply on hand starting in Q2 2023, which would negatively impact Q3 2025 growth. The company also stated it would expand promotions to boost sales and offset reductions in retailer trade inventory levels [3] - Following this announcement, BellRing's share price fell by $13.96, approximately 18%, from $77.34 on May 5, 2025, to close at $63.38 on May 6, 2025 [3] - On August 4, 2025, BellRing reported disappointing quarterly consumption of Premier Protein RTD Shakes, which did not meet expectations of outpacing shipments due to retailer destocking. This led to a share price decline of $17.46, or approximately 33%, from $53.64 on August 4, 2025, to close at $36.18 on August 5, 2025 [4] Group 2: Legal Investigation - The investigation by Kirby McInerney LLP focuses on whether BellRing and/or its officers have engaged in unlawful business practices or violated federal securities laws [1] - The law firm has a history of successful recoveries in securities litigation, totaling billions of dollars for shareholders [7]

Core Insights - Kirby McInerney LLP is investigating potential claims against PubMatic, Inc. regarding possible violations of federal securities laws and unlawful business practices [1][3] - PubMatic reported a significant revenue decline expected in Q3 2025 due to reduced ad spend from a major demand-side platform (DSP) partner [3] Financial Performance - On August 11, 2025, PubMatic disclosed a headwind from a top DSP buyer that shifted clients to a new platform, impacting revenue [3] - Following the announcement, PubMatic's share price fell by $2.23, approximately 21.1%, from $10.57 to $8.34 [3]

Core Viewpoint - Albany International Corporation is under investigation for potential violations of federal securities laws and unlawful business practices, following disappointing financial results that led to a significant drop in share price [1][3]. Financial Performance - On July 30, 2025, Albany reported non-GAAP earnings per share of $0.57, which was $0.16 below consensus estimates [3]. - The company's President and CEO acknowledged that the financial results "lagged our expectations" due to "certain timing and operational issues" [3]. - Following the earnings announcement, Albany's share price fell by $16.77, or approximately 23.63%, from $70.96 to $54.19 [3]. Legal Investigation - Kirby McInerney LLP is investigating potential claims against Albany and its officers regarding possible violations of federal securities laws [1]. - The law firm is reaching out to individuals who purchased Albany securities or have relevant information to discuss their rights [4]. Law Firm Background - Kirby McInerney LLP specializes in securities, antitrust, whistleblower, and consumer litigation, with a history of achieving recoveries totaling billions of dollars for shareholders [6].

Core Viewpoint - A class action lawsuit has been filed against Lineage, Inc. alleging securities fraud related to misleading statements in the company's registration statement prior to its IPO [3]. Summary by Relevant Sections Allegations of the Lawsuit - The lawsuit claims that Lineage's registration statement was false or misleading, failing to disclose several critical issues: - Lineage was experiencing a sustained decline in customer demand due to increased cold-storage supply, destocking of excess inventory from the COVID-19 pandemic, and a shift to leaner inventory management by customers [3]. - The company had raised prices before the IPO, which could not be maintained due to the weakening demand environment [3]. - Lineage was unable to mitigate adverse trends through minimum storage guarantees or operational efficiencies, contrary to claims made in the registration statement [3]. - Instead of stable revenue growth and high occupancy rates, Lineage faced stagnant or declining revenue, occupancy rates, and rent prices [3]. Stock Performance - Since the IPO, Lineage's stock price has dropped to approximately $40 per share, indicating a significant decline in market confidence [3].

[PART I – FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for Kirby Corporation [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents Kirby Corporation's unaudited condensed consolidated financial statements for Q2 2025, including balance sheets, earnings, cash flows, and detailed notes [Condensed Balance Sheets](index=2&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2025, total assets increased to $6.08 billion from $5.85 billion at year-end 2024, primarily driven by growth in property and equipment and current assets Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total current assets** | $1,185,033 | $1,068,559 | | **Property and equipment – net** | $4,135,050 | $4,022,966 | | **Total assets** | **$6,079,965** | **$5,851,952** | | **Total current liabilities** | $679,457 | $734,753 | | **Long-term debt, net** | $1,111,332 | $866,722 | | **Total liabilities** | $2,690,075 | $2,498,704 | | **Total equity** | **$3,389,890** | **$3,353,248** | [Condensed Statements of Earnings](index=4&type=section&id=Condensed%20Statements%20of%20Earnings) For the second quarter of 2025, Kirby reported a 3.8% year-over-year increase in total revenues to $855.5 million, with operating income growing 9.4% and net earnings attributable to Kirby rising 12.4% Statement of Earnings Summary (in thousands, except per share data) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | YoY Change | H1 2025 (in thousands) | H1 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $855,455 | $824,390 | +3.8% | $1,641,114 | $1,632,412 | +0.5% | | **Operating Income** | $131,846 | $120,498 | +9.4% | $237,392 | $222,021 | +6.9% | | **Net Earnings Attributable to Kirby** | $94,277 | $83,854 | +12.4% | $170,263 | $153,922 | +10.6% | | **Diluted EPS** | $1.67 | $1.43 | +16.8% | $2.99 | $2.62 | +14.1% | [Condensed Statements of Cash Flows](index=6&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash provided by operating activities decreased significantly to $130.5 million, while investing activities used $238.8 million and financing activities provided $102.3 million Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Category | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $130,463 | $302,607 | | **Net cash used in investing activities** | ($238,830) | ($225,785) | | **Net cash provided by (used in) financing activities** | $102,306 | ($55,859) | | **Increase (decrease) in cash** | ($6,061) | $20,963 | [Notes to Condensed Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) The notes detail key financial events and accounting policies, including a Q1 2025 acquisition, revenue growth in both segments, and a significant increase in long-term debt - On March 27, 2025, the Company acquired **14 inland tank barges** and **four high horsepower towboats** for **$97.3 million** in cash[25](index=25&type=chunk) Revenues by Segment (in thousands) | Segment | Q2 2025 (in thousands) | Q2 2024 (in thousands) | H1 2025 (in thousands) | H1 2024 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Marine transportation** | $492,562 | $484,808 | $968,711 | $960,220 | | **Distribution and services** | $362,893 | $339,582 | $672,403 | $672,192 | Segment Operating Income (in thousands) | Segment | Q2 2025 (in thousands) | Q2 2024 (in thousands) | H1 2025 (in thousands) | H1 2024 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Marine transportation (KMT)** | $99,052 | $94,876 | $185,636 | $177,859 | | **Distribution and services (KDS)** | $35,435 | $29,436 | $58,026 | $51,450 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides a detailed analysis of the company's financial performance, segment results, and liquidity, highlighting improved revenue and operating income in both segments and a positive outlook for 2025 [Results of Operations](index=19&type=section&id=Results%20of%20Operations) This section details the performance of the company's two primary segments, Marine Transportation (KMT) and Distribution and Services (KDS), both showing increased revenue and operating income [Marine Transportation (KMT)](index=19&type=section&id=Marine%20Transportation) KMT revenues increased 2% in Q2 2025 and 1% in H1 2025 year-over-year, with operating income rising 4% for both periods, driven by higher pricing and strong barge utilization KMT Financial Performance (in thousands) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Change | H1 2025 (in thousands) | H1 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $492,562 | $484,808 | 2% | $968,711 | $960,220 | 1% | | **Operating Income** | $99,052 | $94,876 | 4% | $185,636 | $177,859 | 4% | | **Operating Margin** | 20.1% | 19.6% | | 19.2% | 18.5% | | Contract Pricing Increases (2025 vs. 2024 Renewals) | Market | Q1 2025 | Q2 2025 | | :--- | :--- | :--- | | **Inland Term** | 3% – 5% | 2% – 4% | | **Inland Spot** | 6% – 8% | 6% – 8% | | **Coastal Term** | 24% – 26% | 24% – 26% | - Inland tank barge utilization averaged in the **low to mid-90% range**, while coastal tank barge utilization was in the **mid to high 90% range** during the second quarter of 2025[68](index=68&type=chunk)[90](index=90&type=chunk) [Distribution and Services (KDS)](index=21&type=section&id=Distribution%20and%20Services) KDS revenues grew 7% in Q2 2025 year-over-year, with operating income increasing 20%, driven by strong performance in marine repair and power generation, offsetting weakness in oil and gas KDS Financial Performance (in thousands) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Change | H1 2025 (in thousands) | H1 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $362,893 | $339,582 | 7% | $672,403 | $672,192 | — | | **Operating Income** | $35,435 | $29,436 | 20% | $58,026 | $51,450 | 13% | | **Operating Margin** | 9.8% | 8.7% | | 8.6% | 7.7% | | - In Q2 2025, the commercial and industrial market contributed **48% of KDS revenues**, power generation **39%**, and oil and gas **13%**; growth in the first two markets offset a decline in oil and gas[107](index=107&type=chunk)[108](index=108&type=chunk) [Outlook](index=23&type=section&id=Outlook) The company anticipates improved financial results for the full year 2025, driven by positive market dynamics in marine transportation and strong growth in power generation for distribution and services - The company expects positive market dynamics in inland marine transportation due to limited new barge construction, which should support **high utilization** and put **upward pressure on term contract prices**[79](index=79&type=chunk) - In the KDS segment, continued strong growth is anticipated in power generation orders, driven by **data center demand** and the need for backup power, which is expected to offset lower activity in the oil and gas market[80](index=80&type=chunk) [Financial Condition, Capital Resources and Liquidity](index=32&type=section&id=Financial%20Condition,%20Capital%20Resources%20and%20Liquidity) The company's financial condition is marked by a 57% decrease in operating cash flow for H1 2025, a 28% increase in long-term debt to fund acquisitions and share buybacks, and projected 2025 capital expenditures between $260 million and $290 million - Net cash provided by operating activities decreased by **57%** to **$130.5 million** in the first six months of 2025, down from **$302.6 million** in the same period of 2024[129](index=129&type=chunk) - During the first six months of 2025, the company purchased **1.3 million shares** of its common stock for **$132.7 million**[131](index=131&type=chunk) - Long-term debt increased by **28%** to **$1.11 billion** as of June 30, 2025, compared to December 31, 2024, primarily due to increased borrowings under the 2027 Revolving Credit Facility[122](index=122&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states that its exposure to market risk has not materially changed since December 31, 2024, referring to its Annual Report on Form 10-K for detailed disclosures - The Company's exposure to market risk has not changed materially since December 31, 2024[140](index=140&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the second quarter - The Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[141](index=141&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control[143](index=143&type=chunk) [PART II – OTHER INFORMATION](index=37&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section includes disclosures on legal proceedings, risk factors, and details on issuer purchases of equity securities [Legal Proceedings, Risk Factors, and Other Information](index=37&type=section&id=Other%20Information%20Items) This section provides other required disclosures, referring to Note 13 for legal proceedings and the 2024 Form 10-K for risk factors, and reports the purchase of 331,900 shares of common stock for approximately $31.2 million during Q2 2025 - For details on legal proceedings, the company refers to Note 13 of the financial statements[145](index=145&type=chunk) - The company is subject to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024[146](index=146&type=chunk) Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | **Total Q2 2025** | 331,900 | $94.01 |