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Roivant anticipates $950M Moderna payment in July as it outlines 2H 2026 mosliciguat and IMVT-1402 readouts (NASDAQ:ROIV)

Earnings Call Insights: Roivant Sciences Ltd. (ROIV) Q4 2025

Management View

  • CEO Matthew Gline said the quarter included “the preliminary open-label period data from the 1402 study in D2T RA” and a “planned spotlight… on mosliciguat,” alongside “some smaller updates on the brepocitinib program.”

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Becerra’s advisor pleaded guilty. Gubernatorial rivals are piling on

As Xavier Becerra rose to the top echelons of power in Washington and Sacramento over the last two decades, his trusted advisor Sean McCluskie joined him at every step.

The son of a Scottish immigrant, McCluskie had a reputation as a political street fighter and his gruff style complemented Becerra’s more measured, cerebral approach.

Now Becerra is under attack in California’s wide-open governor’s race after McCluskie, 57, pleaded guilty in December to stealing more than $200,000 from Becerra’s campaign account.

The charges were part of a broader scandal that implicated or brushed up against some of Sacramento’s most influential Democratic political advisors, a scheme prosecutors allege included payments, bank fraud and an FBI sting operation that swept McCluskie’s incriminating private conversations and texts into evidence.

Rivals in the California governor’s race have seized on the case to question whether Becerra, one of the front-runners in the contest to succeed outgoing Gov. Gavin Newsom, is fit for office and could be swept up in the case.

“We can’t have someone who is running as a Democrat who could run into legal difficulties,” said candidate Tom Steyer, who is close to Becerra in the polls.

Becerra has not been accused of wrongdoing, and prosecutors’ court filings describe him as a victim. He told The Times that he cooperated with investigators, including appearing before the grand jury.

“Sean was as close as any staffer that I’ve ever had,” Becerra said in an interview last week, describing how McCluskie moved across the country twice to work for him.

He added that he’s “racked” his brain to understand the case involving McCluskie and his longtime political consultant, Dana Williamson, both of whom he described as “very highly accomplished people.”

Williamson, who also served as Gov. Gavin Newsom’s chief of staff, was indicted in November. She had refused to cooperate with federal investigators and pleaded not guilty, but recently discussed a plea deal with prosecutors. A court hearing is set for Thursday, according to court filings.

An agreement could unearth more details about the case in the coming weeks, a possibility not lost on the Democrats and Republicans running for governor.

Former Orange County Rep. Katie Porter, one of the Democrats who has watched Becerra’s rapid ascent in the race, said in a CNN interview Monday that California can’t risk having Becerra in the race with the specter of the ongoing criminal case.

She acknowledged that “I do not have the facts” about the case, but said if Becerra were to finish in the top two in the June 2 primary and then be indicted by the Trump administration’s Department of Justice, a Republican ultimately could win the governor’s race in November.

“Secretary Becerra cannot and has not guaranteed or promised the people of California that he will not be named as a co-conspirator and indicted,” she said.

Other candidates, and reporters, have questioned whether Becerra had a blind spot in trusting McCluskie.

Appearing on Fox40 News last year, Becerra likened the criminal case to being “married for 20 years” and “all of a sudden you find out that your spouse has been cheating.”

According to prosecutors, McCluskie, Williamson, and another consultant skimmed $225,000 from one of Becerra’s dormant campaign accounts and funneled it to McCluskie through various entities.

McCluskie, who declined to speak to The Times, sought the money because he’d taken a pay cut after joining Becerra in Washington when Becerra became Health and Human Services secretary in 2021, according to prosecutors.

And unlike Becerra, he didn’t move full-time to D.C., and was splitting his time between the nation’s capital and California, where his family lived.

On a phone call recorded by the FBI in 2024, McCluskie talked about the scheme and told a consultant, “This money you guys are giving me is helping me fly back and forth to D.C. and live there half part time.”

Becerra, in an interview, said McCluskie never mentioned his money problems. The pair worked together when Becerra served in Congress and as California attorney general.

After President Biden appointed Becerra to lead Health and Human Services, the pair discussed the move back to D.C.

“Even before we went to HHS, we had talked about whether we wanted to do this,” Becerra said. “We both agreed, ‘Yeah, you know, it’s going to be a sacrifice. We’re going to have to make changes.’”

Former Becerra staffers told The Times that Becerra and McCluskie were such a close team that they have a hard time imagining Becerra working in government without McCluskie.

Another former staffer, Amanda Renteria, said the two men bonded over their humble immigrant backgrounds. McCluskie’s family came from Scotland and Italy; Becerra’s relatives came from Mexico.

McCluskie relished going to battle for those less fortunate, she said.

“When Becerra became A.G., [people questioned] whether or not he had the style that could really take on Trump. If you were to meet Sean, you’d be like, Oh yeah, Sean is totally ready for a fight, he’s ready to take him on.

“That was sort of a difference with Becerra. Becerra had that fight in him. Sean wore it a little bit more,” said Renteria, a political strategist.

Becerra has faced repeated questions about his financial judgment after the criminal case revealed that he agreed to pay up to $10,000 a month to Williamson and another consultant to oversee one of his dormant campaign accounts.

The consultants charged him the fee as part of the scheme to divert money to McCluskie, prosecutors allege.

At the time, Becerra, a Biden Cabinet member, was barred from involving himself in campaign matters.

Becerra defended the payments during an interview with Fox40 last year, stating, “I was told that’s the rate I would have to pay to get someone who could manage that and make sure that I don’t have to worry about [violating any federal rules].”

Campaign finance records show Becerra had never paid such a high fee for his other accounts.

Becerra told The Times that his longtime attorney Stephen Kaufman, whom he was also paying to oversee the account, didn’t flag the payments. “I would have expected him to raise issues if he thought there was something wrong,” Becerra said.

Kaufman didn’t respond to questions about the account.

Los Angeles-based political consultant Eric Hacopian told The Times that the fees are “certainly high.”

“It’s obviously something he should’ve noticed. Either he was not paying attention, or was too trusting of these people,” said Hacopian, who isn’t involved in the governor’s race. “At the end of the day, he’s the primary victim.”

At a debate last week, rival candidate Antonio Villaraigosa pounced on the payments made by Becerra, saying that the politician “has to be under suspicion because it doesn’t pass the smell.”

Danni Wang, a spokesperson for Steyer, said in a statement, “So, which is it — did Becerra know about the illegal payments and participate in the campaign’s corruption, or was he a totally incompetent manager oblivious to what was going on underneath his nose?”

Renteria, the former Becerra staffer, said the allegations against McCluskie and others are particularly surprising given Becerra’s reputation as a “straight A student.”

“Part of it broke my heart,” she said.

Jonathan Underland, a Becerra spokesperson, said Becerra “has always been consistent and clear: Every action he took was in accordance with the law.”

“What he didn’t know — and what the FBI’s own investigation goes out of its way to clarify — is that his staff cooked up a scheme designed to deceive him.”

Becerra, in an interview, repeatedly said that he relied on McCluskie. It was McCluskie, he said, who advised him to make the payments. “I trusted him to handle the accounts,” he said.

He also said he was unaware of some of the details laid out by prosecutors.

Prosecutors said Williamson and others created a “no show” job for McCluskie’s wife, Kerry MacKay, to do work for the consultants.

MacKay never was paid, however, and the money went to an account controlled by McCluskie. MacKay, who didn’t respond to requests for comment, was not charged.

McCluskie’s plea agreement states that he told Becerra about his wife’s job with the consultants, though he didn’t tell the politician that his wife wouldn’t actually be doing any work.

Becerra, in an interview, said he didn’t recall McCluskie informing him about his wife’s work.

McCluskie’s sentencing is scheduled for June 4, two days after the primary.

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Jet2 reminds passengers of payment ‘rule’ for 2026 flights

People need to remember this, or they could be caught out

Passengers set to head off on holiday with Jet2 soon have been reminded of an important policy they will need to follow on their flight. Failing to prepare could see people caught out by the fairly common airline rule.

Anyone who has been on an aeroplane recently will know that cabin crew will often offer a choice of popular snacks and drinks as well as meal options. On short-haul flights, these are not included in the ticket price, and people can pay extra for them if they choose.

Ahead of their holiday with the airline, a passenger asked Jet2’s customer service team online for a reminder. Posting on X, Kim said: “Am I able to pay with cash on board flight or are you cashless?”

Jet2 responded within minutes to confirm the policy. The airline said: “Hi Kim, that is correct. We operate a fully cashless service onboard all flights, accepting only card and contactless payments.”

Aside from in-flight food and drinks, Jet2 offers customers a selection of in-flight purchases to start or end their holiday. Passengers can use the on-board magazine to browse from the choice of available skincare, makeup, beauty, watches and more.

Content cannot be displayed without consent

Why have airlines stopped accepting cash for on-board purchases?

Accepting payments by debit or credit card, including Apple Pay or Google Pay, helps cabin crew keep services running as quickly and smoothly as possible while in the air. It removes the need for staff to handle and keep cash secure on flights.

Businesses in the UK are under no legal obligation to accept cash. While cash is legal tender, businesses have the right to set their own terms of sale and choose which payment methods to accept, according to Parliament.

There is no law requiring businesses to accept cash, though this is a subject of ongoing debate regarding consumer choice. A business can legally refuse cash, provided they inform customers of its card-only policy.

In Jet2’s case, it is made clear on the company website, as a spokesperson said: “Just so you know, we only accept card and contactless payments onboard all our flights. You’ll need to bring your physical bank card to use chip and PIN when purchasing products from our Jet2shop.”

In other news, Jet2 has shared a new ‘suspended’ Greece holiday update for passengers. On its website, the firm issued an announcement on Tuesday, April 28, that will affect travellers with flights and holidays booked to the European country.

In the announcement, Jet2 praised Greek authorities for “prioritising customers” by putting the European Union ‘s new Entry/Exit System (EES) checks on hold. It follows the country’s confirmation of the suspension of the EES biometric checks for UK holidaymakers travelling to Greece.

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DOJ recovers millions of dollars in Colonial Pipeline ransom

The Justice Department recovered $2.3 million in cryptocurrency ransom that Colonial Pipeline paid to hackers whose cyberattack last month shut down its major East Coast pipeline, leading to gas shortages up and down the East Coast, authorities said.

Deputy Atty. Gen. Lisa Monaco said the FBI on Monday seized the majority of the ransom that Colonial Pipeline paid to hackers who used malware developed by DarkSide, a Russia-linked hacking group, to encrypt and lock up the company’s computer systems. The company, which Monaco credited with quickly alerting the FBI to the attack, said it paid the hackers $4.4 million in bitcoin to regain access to its systems.

“Today we turned the tables on DarkSide,” Monaco said, calling such ransomware attacks an “epidemic” that poses a “national security and economic threat” to the U.S. “This was an attack against some of our most critical infrastructure.”

Though the malware did not affect systems that operate the company’s pipelines, which stretch from New Jersey to Texas, Colonial discovered the hack on May 7 and closed its spigots for five days out of an abundance of caution. The pipeline supplies about 45% of the jet fuel, gasoline and heating oil consumed on the East Coast, and the shutdown sparked panic from drivers, who raced to top off tanks, leading gas stations to run out of fuel.

The Justice Department did not disclose how much Colonial paid in ransom, but the company’s chief executive told the Wall Street Journal last month that it made a $4.4-million payment in bitcoin. Colonial CEO Joseph Blount said the company paid the extortion demand because he was concerned a prolonged disruption of the pipeline would hurt the nation.

“I know that’s a highly controversial decision,” Blount told the newspaper. “I didn’t make it lightly. I will admit that I wasn’t comfortable seeing money go out the door to people like this.”

Ransomware hackers typically trick unwitting employees into opening an email and clicking on an attachment or a link, which then infects computer servers with malware that encrypts data and locks the systems. Victims must pay a ransom to the hackers to obtain a decryption key to unlock and recover the information. DarkSide’s malware poses a double whammy — it can also siphon out information, giving hackers more leverage because they can threaten to disclose sensitive data if they are not paid.

FBI Deputy Director Paul Abbate said DarkSide produces ransomware that it sells to hackers who conduct cyberattacks and share a percentage of their proceeds with the malware’s developers. DarkSide’s product is one of about 100 ransomware variants the FBI is investigating, Abbate said.

The bureau has been investigating DarkSide since last year, Abbate said, and has identified more than 90 victims of its ransomware in manufacturing, legal, insurance and healthcare industries. Working with other U.S. government agencies, the FBI identified “a virtual currency wallet” that the DarkSide hackers were using to collect payment from a victim, Abbate said.

The Justice Department then obtained a warrant to seize those bitcoins, officials said.

“The old adage ‘follow the money’ still applies,” said Monaco, the deputy attorney general. “That’s exactly what we do.”

The Colonial Pipeline attack was the latest in a series of ransomware assaults that has crippled government agencies, hospitals and businesses, including a major meat producer that was forced last week to idle plants, sparking concerns about potential increases in meat prices and shortages. A task force of more than 60 experts from industry, government and nonprofits issued a report in April that calls ransomware “a flourishing criminal industry that not only risks the personal and financial security of individuals, but also threatens national security and human life.”

The report, published by the nonprofit Institute for Security and Technology, estimates that nearly 2,400 governments, healthcare facilities and schools were victims of ransomware attacks last year. Ransom payments rose to $350 million last year, a 300% increase over 2019, the report says. The average such payment topped $300,000.

Cybersecurity experts and former federal prosecutors and agents blamed several trends for the increase. The rise of difficult-to-trace cryptocurrency has made it far easier for criminal gangs to collect payments, the experts said. Cybercriminals have also begun to increasingly operate within the borders of U.S. adversaries, particularly Russia. The Kremlin, for example, allows hackers to operate with impunity if they do not target Russian businesses or citizens and focus their energy on sowing chaos and confusion in the West.

The Biden administration is seeking to find ways to combat the rise. President Biden said he will discuss ransomware attacks this week with U.S. allies during a European trip, and bring up the subject during a June 16 meeting with Russian President Vladimir Putin. The Justice Department has launched a task force to better coordinate its approach to the crime wave. Justice Department officials said the Colonial Pipeline ransom seizure was the first such payment recovery by the task force. Justice Department officials could not say how many other ransoms they have recovered.

“This is a big deal,” said Scott Jasper, a lecturer at the Naval Postgraduate School and author of “Russian Cyber Operations: Coding the Boundaries of Conflict.” “The question is: Will this be big enough to change the behavior of DarkSide or of other cyber actors? It’s too early to tell. It’s a slow game, a long-term game. This is a significant, big business. This is a big enterprise.”

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