Latest news with #JohnGivens
Reuters
a day ago
- Business
- Reuters
3M lawsuit says attorneys falsified black lung claims to pressure settlement
CHICAGO, June 13 (Reuters) - 3M sued three plaintiffs' attorneys in federal court on Friday, accusing them of running a racketeering scheme to file dozens of dubious lawsuits over its respirators and then use the claims to pressure the company to settle. The Minnesota-based company sued attorneys Glenn Hammond, Michael Martin and John Givens in Kentucky federal court, accusing them of conspiring to file more than 20 fraudulent complaints on behalf of more than 850 people over the alleged failure of 3M's respirators to protect coal miners from a disease commonly known as black lung. Hammond's law office is in Kentucky, Martin's is in Texas and Givens' is in Mississippi. A law assistant answered an email sent to Martin, saying he was not immediately available to comment on the allegations. Neither Hammond nor Givens immediately responded to requests for comment. A spokesperson for 3M declined to comment. The company is seeking reimbursement of its costs to defend against the lawyers' claims, as well as 'the ill-gotten gains from the defendants' unlawful scheme.' 3M has faced hundreds of millions of dollars in litigation costs related to lawsuits brought by coal miners over its 'dust masks,' or respirators, which can be worn in mines as a protective measure against dust, according to filings with the U.S. Securities and Exchange Commission. In 2018, a jury awarded two coal miners $65 million after finding that 3M's respirators failed to protect them from coal mine dust. The next year, the company settled the majority of the then-pending coal mine lawsuits in Kentucky and West Virginia for $340 million, according to the filings. In the filings, 3M said its respirators are "effective as claimed when used in the intended manner and in the intended circumstances." The 110-page complaint lays out what 3M says was a years-long plot, beginning in 2020, to pump up the pressure on the company by filing claims the lawyers knew were for people who didn't have black lung, hadn't worn a 3M respirator or were outside of the statute of limitations. 3M says the lawyers falsely attested that the claims were valid. Hammond was responsible for recruiting coal miners to their scheme, often cold-calling them and then coaching them on what to say to make their cases seem viable, the lawsuit said. Hammond would file the claims, and then Martin would litigate them and apply pressure on 3M to settle, the lawsuit said. Givens was the 'work engine' of the plot, doing whatever was needed to move things forward, according to the filing. The plan was to pressure the company to settle the claims en masse, without litigating each case and revealing its problems, the lawsuit claims. At least some of the lawsuits the group brought against 3M are still pending, according to the lawsuit.
Business Insider
13-05-2025
- Business
- Business Insider
VirTra reports Q1 EPS 11c vs. 4c last year
Reports Q1 revenue $7.2M vs. $7.3M last year. The company states: 'First quarter bookings totaled $6.4 million, a strong increase from $2.9 million in Q1 2024 and contributing to $33.4 million in bookings over the last twelve months, reflecting continued traction despite persistent federal funding uncertainty, including delayed disbursements and continuing resolutions. Backlog totaled $21.2 million as of March 31, 2025, including $9.9 million in Capital, $5.8 million in Service, and $5.5 million in STEP contracts.' VirTra (VTSI) CEO John Givens stated, 'We started 2025 with improved operational execution and a solid backlog foundation, though bookings moderated quarter-over-quarter due to delays in federal budget disbursements, standard seasonality, and a more cautious demand environment across the law enforcement and defense sectors. These dynamics have reinforced the importance of programs like STEP, which provide affordable, recurring access to immersive training systems even when procurement cycles slow down. Our development efforts related to the U.S. Army's IVAS program also advanced during the quarter, including expanded recoil kit validation and reliability testing, which are key steps as we prepare for a potential transition into the production phase. Alongside this, demand for our V-XR platform continues to build, with the first delivery expected in Q2 and additional units already in process. With more focused sales and marketing functions, we're engaging priority agencies more directly and improving conversion across channels. As part of this effort, we reentered the General Services Administration procurement program in Q1 with standardized product bundles, enabling eligible agencies to purchase directly from a federal catalog and reducing friction in the purchasing process. VirTra is positioned to convert opportunity into growth in the quarters ahead. Our focus remains on disciplined execution and aligning closely with the evolving training needs of our customers.'
Yahoo
28-03-2025
- Business
- Yahoo
VirTra Inc (VTSI) Q4 2024 Earnings Call Highlights: Navigating Challenges with Strategic Growth ...
Q4 Revenue: $5.4 million, down from $10.9 million in the prior year period. Full Year 2024 Revenue: $26.4 million, compared to $38.8 million in 2023. Q4 Bookings: $12.2 million, a 37% sequential increase from Q3 2024. Full Year 2024 Bookings: $29.6 million, a decline of $4.2 million year-over-year. Q4 Gross Profit: $3.7 million or 69% of total revenue. Full Year 2024 Gross Profit: $19.4 million or 74% of total revenue. Q4 Net Operating Expense: $4.2 million, a 13% increase from the prior year period. Full Year 2024 Net Operating Expense: $17.4 million, compared to $17 million in 2023. Q4 Net Loss: $0.9 million or negative $0.08 per diluted share. Full Year 2024 Net Income: $1.4 million or $0.12 per diluted share. Full Year 2024 Adjusted EBITDA: $2.9 million, compared to $12.4 million in 2023. Cash and Cash Equivalents: $18 million as of December 31, 2024. Backlog as of December 31, 2024: $22 million. Warning! GuruFocus has detected 5 Warning Signs with VTSI. Release Date: March 27, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. VirTra Inc (NASDAQ:VTSI) achieved sequential bookings growth in every quarter of 2024, indicating a strong recovery in demand and sales execution. The company closed the year with a $22 million backlog, positioning it well for revenue conversion as market conditions stabilize. VirTra Inc (NASDAQ:VTSI) secured international contracts, expanding its presence in Europe and Latin America, and recorded its first V-XR platform sale in Canada. The company has significantly expanded its scenario catalog and leveraged AI efficiencies to accelerate content production, enhancing its leadership in immersive training. VirTra Inc (NASDAQ:VTSI) completed the final development phase for the US Army's Integrated Visual Augmentation System (IVAS) program ahead of schedule, marking a significant milestone. Total revenue for the fourth quarter was $5.4 million, a significant decrease from $10.9 million in the prior year period, due to federal budget delays and grant distribution pauses. For the full year 2024, revenue was $26.4 million compared to $38.8 million in 2023, reflecting a challenging funding environment. Net operating expense for the fourth quarter increased by 13% from the prior year period, driven by investments in personnel and expanded sales and marketing efforts. The company reported a net loss of $0.9 million for the fourth quarter, compared to net income of $3.5 million in the same period of 2023. Federal grant disbursement delays have impacted near-term order conversion timing, creating uncertainty in revenue recognition. Q: Given the challenging funding environment, how long do you expect this softness to last? A: John Givens, CEO: We've been through these cycles before. The current environment is due to election-related uncertainties and frozen funding distributions. I anticipate that after a couple more quarters of assessments, the funding environment will stabilize and potentially improve for VirTra and similar companies. Q: What initiatives are you undertaking to navigate the current funding uncertainty? A: John Givens, CEO: Our sales team is actively assisting departments in navigating federal funding and grants. We've created a grant program to guide customers to appropriate funding sources. Additionally, I've met with policymakers to advocate for clearer funding processes, ensuring grants are structured to meet our customer needs. Q: Regarding the IVAS opportunity, how does the transition from Microsoft to Anduril impact VirTra? A: John Givens, CEO: The transition is positive for us. Anduril has extensive experience with government contracts, unlike Microsoft's commercial electronics model. Our product's strong performance has been recognized, and Anduril's involvement is expected to enhance contract management and execution. Q: Can you clarify if bookings have a secured funding source and how much of the $22 million backlog will be recognized in 2025? A: Alanna Boudreau, CFO: If we record it as a booking, the funding is secured. We expect the majority of the $22 million backlog to convert into revenue in 2025, although some may extend into 2026 or 2027 due to service contracts. Q: What is the market opportunity for the V-XR platform, and how do you see it impacting growth? A: John Givens, CEO: The V-XR platform fills a gap in our offerings, targeting smaller agencies with budget constraints. Price points range from $35,000 to $100,000. We anticipate significant adoption over the next two to five years, with the platform complementing our screen-based systems and expanding our reach into untapped markets. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
