Core Viewpoint - Cleveland-Cliffs Inc. is facing scrutiny for potential violations of federal securities laws following a disappointing financial report and operational changes [1][2]. Financial Performance - Cleveland-Cliffs reported an adjusted loss that was larger than expected for Q1 2025, with a year-over-year revenue decline of 11%, totaling $4.63 billion [2]. - The company's share price fell from $8.49 to $7.15 following the announcement of its financial results [2]. Operational Changes - The company plans to fully or partially idle six steel plants due to negative impacts from underperforming non-core assets and lower index prices experienced in late 2024 and early 2025 [2]. - Cleveland-Cliffs is repositioning its portfolio to focus more on the automotive industry, moving away from non-core markets such as rail, high-carbon sheet, and specialty plate products [2].

Core Viewpoint - The recent actions of the Board of Opus Genetics, including a highly dilutive financing and a shift in strategic focus, have raised significant concerns regarding governance, stockholder interests, and the overall direction of the company [1][4][31]. Group 1: Board Actions and Governance - The Board executed a highly dilutive financing that added over 13 million new shares just before the record date for the Annual Meeting, effectively sidelining stockholders from decision-making [1][5][11]. - The timing of the financing, which coincided with the record date for the Annual Meeting, raises serious governance concerns as it appears designed to influence the election outcome [12][13][18]. - The Board has previously undertaken major transactions, such as a merger, without stockholder input, leading to questions about transparency and accountability [15][27]. Group 2: Financial Impact and Stockholder Value - The company's outstanding share count nearly doubled from 25 million to 45 million, with expectations of reaching 60 million after the Annual Meeting, resulting in significant dilution for existing stockholders [5][11]. - The stock price has fallen below $1 per share, down from over $6 per share in April 2023, indicating a destruction of value that is uncorrelated with the Nasdaq Biotech Small Cap Index [5][31]. - The recent financing and merger transactions have been criticized for providing minimal valuation to the FDA-approved product RYZUMVI™, despite its long-term potential [1][26]. Group 3: Strategic Direction and Legacy Assets - The company has shifted its focus towards high-risk, early-stage gene therapy programs while sidelining legacy assets like RYZUMVI™, which could generate significant revenue without the same development risks [25][26][28]. - The narrative around legacy asset APX3330 has changed dramatically, raising concerns about the integrity of the company's communications and its commitment to maximizing shareholder value [20][23]. - The strategic pivot towards gene therapy has not been adequately explained, and there is a lack of transparency regarding the rationale behind abandoning de-risked assets [28][29]. Group 4: Future Considerations - The company is urged to consider strategic partnerships and risk-sharing collaborations for its early-stage gene therapy programs to mitigate high-risk development and further dilution [30]. - Stockholders are encouraged to scrutinize the company's governance and capital allocation decisions, as the recent actions have raised important questions about the Board's oversight and commitment to transparency [31][32].

Core Viewpoint - Horizon Technology Finance 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 stock price [1][2][3]. Financial Performance - For the fourth quarter and full year ended December 31, 2024, Horizon reported total investment income of $23.5 million, which was below the consensus estimate of $26.1 million and represented a decline from both the previous quarter and year-over-year [2]. - The net asset value per share decreased to $8.43 from $9.06 in the previous quarter, attributed to "stressed investments" by the CEO [2]. Stock Market Reaction - Following the announcement of the financial results, Horizon's stock price fell by $0.96 per share, or 9.95%, closing at $8.65 per share on March 5, 2025 [3].