The Commerce Department and the International Trade Commission published the following Federal Register notices May 28 on AD/CVD proceedings:
A listing of recent Commerce Department antidumping and countervailing duty messages posted on CBP's website May 24, along with the case number(s) and CBP message number, is provided below. The messages are available by searching for the listed CBP message number at CBP's ADCVD Search page.
The International Trade Commission published notices in the May 24 Federal Register on the following AD/CVD injury, Section 337 patent or other trade proceedings (any notices that warrant a more detailed summary will be in another ITT article):
The Commerce Department published notices in the Federal Register May 24 on the following AD/CV duty proceedings (any notices that announce changes to AD/CV duty rates, scope, affected firms or effective dates will be detailed in another ITT article):
The Commerce Department issued its final determinations in its countervailing duty investigations on paper shopping bags from China (C-570-153) and India (C-533-918). Suspension of liquidation is currently not in effect for entries on or after March 5, 2024, and Commerce will only require cash deposits of estimated CV duties on future entries if it issues a CVD order.
The Commerce Department issued its final determinations in the antidumping duty investigations on paper shopping bags from Cambodia (A-555-002), China (A-570-152), Colombia (A-301-805), India (A-533-917), Malaysia (A-557-825), Portugal (A-471-808), Taiwan (A-583-872) and Vietnam (A-552-836). Cash deposit rates set in this final determination take effect May 24, when the notices were published in the Federal Register.
The Commerce Department and the International Trade Commission published the following Federal Register notices May 24 on AD/CVD proceedings:
Senior officers of Cambium Networks made “materially false” or misleading statements and failed to disclose “material adverse facts” about their business, operations and prospects between May 8, 2023, and Jan. 18, 2024, alleged Benjamin Hamby’s Securities Exchange Act class action Wednesday (docket 1:24-cv-04240) in U.S. District Court for Northern Illinois in Chicago. Cambrium designs, develops and manufactures wireless broadband and Wi-Fi networking infrastructure solutions. The complaint alleges that the company, its former and current CEOs and its former chief financial officer failed to disclose that the company’s distribution channels had an inventory buildup, that the company and its distributors were reasonably likely to offer aggressive discounts to reduce the high channel inventories and that revenue “would decline sequentially until the excess channel inventory was sold through,” it said. They also failed to disclose that Cambium was likely to incur “significant charges” to write down excess and obsolete inventory, and that as a result, its fiscal 2023 revenue and earnings would be “adversely affected,” it said. The complaint further alleges that the defendants’ positive statements about the company’s business, operations and prospects lacked “a reasonable basis,” it said. As a result of the defendants’ wrongful acts and omissions, and the “precipitous decline” in the market value of Cambium’s stock, Hamby and other class members “have suffered significant losses and damages,” it said. The complaint cites the example of Cambium’s Oct. 4, 2023, announcement that preliminary third-quarter 2023 revenue would fall between $40 million and $45 million, compared with the previous outlook of $62 million to $70 million. The company blamed the shortfall on a decrease in orders and an increase in stock rotations from distributors in the enterprise business, plus pressure from channel inventories, said the complaint. The disclosure sent Cambium shares tumbling 36.2% the next trading day on “unusually heavy trading volume,” it said. The market for Cambium’s securities “was open, well-developed and efficient at all relevant times,” said the complaint. As a result of the defendants’ materially false or misleading statements or failures to disclose, the company’s securities traded at “artificially inflated prices” during the class period, it said. Hamby and other members of the class purchased Cambium’s stock, “relying upon the integrity of the market price” of the company’s securities and market information relating to Cambium, “have been damaged thereby,” it said.
The 9th U.S. Circuit Appeals Court granted the parties’ joint motion to stay Montana Attorney General Austin Knudsen’s (R) appeal to reverse the preliminary injunction that bars him from enforcing a statewide TikTok ban (see [Ref:2405220003), a clerk’s order said Wednesday (docket 24-34). The stay will remain until the D.C. Circuit resolves the TikTok/ByteDance petition challenging the constitutionality of the federal TikTok law, “or until further order of this court,” said the order. The parties must notify the court by filing a status report and joint motion for further relief within 30 days of a D.C. Circuit decision, it said.
A listing of recent Commerce Department antidumping and countervailing duty messages posted on CBP's website May 23, along with the case number(s) and CBP message number, is provided below. The messages are available by searching for the listed CBP message number at CBP's ADCVD Search page.