Latest news with #Superior
Business Wire
4 days ago
- Business
- Business Wire
Superior Industries International, Inc. Receives NYSE Continued Listing Standards Notice
SOUTHFIELD, Mich.--(BUSINESS WIRE)-- Superior Industries International, Inc. ('Superior' or the 'Company') (NYSE:SUP), one of the world's leading aluminum wheel suppliers, today announced that on June 2, 2025, it received written notice (the 'Notice') from the New York Stock Exchange ('NYSE') of non-compliance with Section 802.01B of NYSE Listed Company Manual (the 'Manual'), which requires an average global market capitalization of not less than $50 million over a consecutive 30-trading day period and stockholders' equity of not less than $50 million. As set forth in the Notice, as of May 30, 2025, the Company's 30-trading day average market capitalization was approximately $45.9 million, and the Company's last reported stockholders' deficit, as of March 31, 2025, was approximately $(288.7) million. In accordance with applicable NYSE procedures, within 45 days from receipt of the Notice, the Company must submit to NYSE a business plan that demonstrates compliance with Section 802.01B of the Manual within 18 months of receipt of the Notice. The Listing Operations Committee of NYSE will review the business plan and will either accept the plan, at which time the Company will be subject to ongoing quarterly monitoring for compliance with the business plan, or reject it, at which time the Company will be subject to suspension and delisting proceedings. The Company expects to timely submit such a business plan to NYSE. Pursuant to NYSE rules, the Company's common stock will continue to be listed and traded on NYSE during the cure periods outlined above, subject to the Company's compliance with other NYSE continued listing requirements. The current noncompliance with the standards described above does not affect the Company's ongoing business operations or its reporting requirements with the Securities and Exchange Commission (the 'SEC'). About Superior Industries Superior is one of the world's leading aluminum wheel suppliers. Superior's team collaborates with customers to design, engineer, and manufacture a wide variety of innovative and high-quality products utilizing the latest light weighting and finishing technologies. Superior serves the European aftermarket with the brands ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in Southfield, Michigan, Superior is listed on the New York Stock Exchange. For more information, please visit Forward-Looking Statements This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as 'assumes,' 'may,' 'should,' 'could,' 'will,' 'expects,' 'expected,' 'seeks to,' 'anticipates,' 'plans,' 'believes,' 'estimates,' 'foresee,' 'intends,' 'guidance,' 'predicts,' 'projects,' 'projecting,' 'potential,' 'targeting,' 'will likely result,' or 'continue,' or the negative of such terms and other comparable terminology. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond Superior's control, including, without limitation, future fluctuations in the Company's market capitalization and stockholders' equity; its ability to submit a required business plan and regain compliance with the Manual and maintain a listing of the Company's common stock on NYSE. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, risks, and uncertainties discussed in Superior's SEC filings and reports. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect Superior. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law
Reuters
5 days ago
- Politics
- Reuters
US Supreme Court backs Catholic group's bid for Wisconsin unemployment tax exemption
WASHINGTON, June 5 (Reuters) - The U.S. Supreme Court on Thursday backed a bid by an arm of a Catholic diocese in Wisconsin for a religious exemption from the state's unemployment insurance tax in the latest ruling in which the justices took an expansive view of religious rights. The 9-0 ruling overturned a lower court's decision that had rejected the tax exemption bid by the Catholic Charities Bureau - a nonprofit corporation operating as the social ministry arm of the Catholic diocese in the city of Superior - and four entities that the bureau oversees. At issue was whether Wisconsin's denial of the tax exemption violated the U.S. Constitution's First Amendment guarantee of free exercise of religion, as well as its separation of church and state. Under Wisconsin's unemployment insurance program, the state collects taxes from employers and uses the revenue to provide a temporary source of income to eligible jobless workers. "The First Amendment mandates government neutrality between religions and subjects any state-sponsored denominational preference to strict scrutiny," liberal Justice Sonia Sotomayor wrote for the court. The Wisconsin court's decision "imposed a denominational preference by differentiating between religions based on theological lines," Sotomayor added. The federal government and all states exempt certain religious entities from having to pay into unemployment insurance programs. Most of these laws, including Wisconsin's, require that organizations be "operated primarily for religious purposes" to be eligible for a religious exemption. The Wisconsin Supreme Court in 2024 rejected the tax exemption bid by Catholic Charities Bureau and its subsidiaries. Although the groups "assert a religious motivation behind their work," that court found, their activities were "primarily charitable and secular" and thus were not "operated primarily for religious purposes." The Catholic Charities Bureau since 1917, it said on its website, has provided "services to the poor, the disadvantaged, the disabled, the elderly and children with special needs as an expression of the social ministry of the Catholic Church in the Diocese of Superior." The Catholic Charities Bureau and its subsidiaries do not require their employees to be of any particular religion, nor do they seek to instill Catholic beliefs in those receiving their services. Among the subsidiary groups involved in the case are organizations that provide services to people with disabilities including job placements and training, as well as daily living services and home visitation, according to court papers. During the Great Depression, Wisconsin in 1932 became the first U.S. state to enact an unemployment compensation law. Three years later, Democratic U.S. President Franklin Roosevelt signed into law the landmark Social Security Act of 1935 that established, among other programs, a cooperative federal-state unemployment insurance plan that would eventually lead to all U.S. states enacting their own unemployment relief programs. The Supreme Court, with its 6-3 conservative majority, has taken an expansive view of religious rights in a series of rulings in recent years. In May, however, the court in a 4-4 ruling blocked a bid led by two Catholic dioceses to establish in Oklahoma the nation's first taxpayer-funded religious charter school in a major case involving religious rights in American education. In 2017, the court in a Missouri case ruled that churches and other religious entities cannot be flatly denied public money based on their religious status - even in states whose constitutions explicitly ban such funding. In 2020, it endorsed Montana tax credits that helped pay for students to attend religious schools. In 2021, the court ruled in favor of a Catholic Church-affiliated agency that sued after Philadelphia refused to place children for foster care with the organization because it barred same-sex couples from applying to become foster parents. In 2022, it backed two Christian families in their challenge to a Maine tuition assistance program had excluded private religious schools. Also in 2022, it ruled that a Washington state public school district violated the rights of a Christian high school football coach who was suspended for refusing to stop leading prayers with players on the field after games.
The Guardian
5 days ago
- Business
- The Guardian
US supreme court backs Catholic charity group in unemployment taxes case
The US supreme court has sided with a Catholic charity group in a case that tested whether the charity and other religious groups should be exempt from unemployment taxes. In Catholic Charities Bureau Inc v Wisconsin Labor & Industry Review Commission, Catholic Charities argued it should not be required to pay unemployment taxes because it is a religious organization. The unanimous ruling from the nine-member bench on Thursday overturned a lower court's decision that had rejected the tax exemption bid by the Catholic Charities Bureau - a non-profit corporation operating as the social ministry arm of the Catholic diocese in the city of Superior - and four entities that the bureau oversees. Wisconsin, like other states, requires employers to pay into its unemployment system, though religious organizations are exempt. But, a state commission decided and the state supreme court then confirmed, Catholic Charities was not doing 'distinctively religious' activities; it helps people with housing and job training, though its mission is religious. Catholic Charities has argued this violates the first amendment's freedom of religion protections. The organization should not need to engage in specific practices, like worship or proselytizing, to meet the standard for an exemption, it said. The justices, on the whole, had seemed to side with this idea during oral arguments at the end of March. 'I thought it was pretty fundamental that we don't treat some religions better than other religions. And we certainly don't do it based on the content of the religious doctrine that those religions preach,' liberal justice Elena Kagan said during the March arguments. The case served as another test of the current court's views on religion in governance. The court, led by conservatives, has been weighing in on test cases that explore the boundaries of the separation of church and state. A recent ruling on the potential first religious charter school in the country concluded the school could not open as a public charter because the decision was tied, four votes to four, with Justice Amy Coney Barrett recusing herself because of a connection to the case.
Yahoo
6 days ago
- Business
- Yahoo
Fresno County DA, sheriff get an extra two years in battle over election schedule
Two of Fresno County's top law enforcement officials just got extensions on their services, despite their own reservations and a voter-backed initiative that would have seen them up for re-election in 2026. On Monday, a state court judge ruled to invalidate Fresno County's Measure A, the 2024 ballot initiative that aligned District Attorney and Sheriff elections with the gubernatorial election cycle. The ruling pushes Fresno County District Attorney Lisa Smittcamp and Sheriff John Zanoni into six-year terms, with their re-elections now set for 2028. Measure A passed in 2024's March primary election with 55% of the vote and immediately put Fresno County at odds with AB 179, a 2022 state law that mandated such elections be synced to the presidential cycle. In July, California's Attorney General and Secretary of State challenged the measure in court, claiming it was preempted by the state law. In a 19-page ruling released Monday, Superior Court Judge Tyler Tharpe agreed. While the county has 'authority to set the terms of its elected officials,' he wrote, 'it is not authorized under the California Constitution to set the dates on which the elections of local officials will be held.' Judge Tharpe acknowledged the change as 'a fairly minor intrusion on the County's power to set the terms of its officials.' It is a one-time extension. 'Any district attorney and sheriff elected from 2028 onward will serve four-year terms as specified by the county's charter.' In a joint statement, Smittcamp and Zanoni said they are prepared to serve the six-year terms and 'remain committed to fulfilling our responsibilities with integrity and dedication for the full duration,' even as the county Board of Supervisors meets to discuss potential next steps, which it will do in closed session June 10. But they also expressed concerns about the legislative process that led to the enactment of AB 759 in the first place. 'After sitting in the Senate Appropriations Committee's suspense file for over a year, the bill advanced rapidly in the final weeks of the legislative session,' they wrote. Gov. Gavin Newsom signed the bill into law in September 2022 'with little to no opportunity for public review,' Smittcamp and Zanoni said in their statement. 'As a result, local governments and voters were excluded from a policy decision that directly affects the terms of their elected officials.' For his part, Attorney General Rob Bonta claimed Monday's ruling as a win for voters. 'There is nothing more fundamental to American democracy than the right to vote and make your voice heard,' Bonta said in a statement. 'With Measure A, Fresno County threatened to undermine that fundamental right, intentionally seeking to move elections for sheriff and district attorney to off years, when voters are far less likely to show up and cast a ballot,' he wrote. 'Our democracy works best when everyone can participate.'
Yahoo
17-05-2025
- Business
- Yahoo
Superior council considers splash pad, road construction contracts
May 16—SUPERIOR — Two major projects could get underway soon after the Public Works Committee recommended awarding contracts and entering related agreements Thursday, May 15. The projects are the reconstruction of East Fifth Street between 24th and 31st avenues east and a new splash pad in Wade Bowl. The East Fifth Street project is expected to get underway in June and wrap up in mid-October. Plans include a full excavation and replacement of the roadway and sidewalk, a new drainage system to extend the life of the new road and utility work. The committee recommended awarding the construction contract to M. Jolma Inc. of Ashland after the company submitted a low bid of less than $3.4 million for the project. Five companies submitted bids, with the next lowest bid costing about $428,000. However, Northern Building Trades, a collective of trade unions, questioned whether the lowest bid was presented by a company that meets the requirements of the city's responsible contractor ordinance. The ordinance defines what a responsible contractor is based on applicable state and federal law. Dan Olson, who served on the council when the ordinance was written, shared the building trades concerns, including over a violation of employee-related offenses regarding wage and hour violations and secondary violations related to the Davis Bacon Act investigated by the U.S. Department of Labor Wage and Hour Division. "It is my information that M. Jolma withheld the information of the violations and the responsible contractor's ordinance says that you need to disclose all this stuff and it wasn't," Olson said. "It's never fun to go in front of a city council," said Aaron Dean, an attorney representing M. Jolma Inc. "We want the contract. We don't want the fight." Dean said the company paid what it was required to following the investigation. "We didn't try to chisel anyone and say we're going to question any of the allegations," Dean said. City Attorney Frog Prell cautioned the committee to brace themselves for packets of information on every contractor or subcontractor the city would do business with and higher costs if they start rejecting the low bid. Councilor Garner Moffat made the motion to accept M. Jolma Inc.'s bid, which was seconded by Councilor Tylor Elm. "You're sitting across from someone that basically lied on their application and did not disclose things," Olson said. Elm said the violation should have been disclosed, suggesting the ordinance is not working the way that it should. However, "The fact that the Department of Labor did not put a penalty on this is telling," Elm said. Oversight of the project would be performed by Short Elliot Hendrickson Inc. for $282,000. Agreements with Superior Water, Light & Power, and Burlington Northern Santa Fe Railway were also recommended as part of the reconstruction project. Water infrastructure will be removed and replaced, and SWL&P agrees to pay for the estimated $760,000 expense associated with the water infrastructure. Utility service interruptions are anticipated during the project. The railroad crossing at about 25th Avenue East will also be replaced. While the current crossing does not require replacement under the Office of the Commissioner of Railroads' guidelines, BNSF has agreed to partner with the city and share the cost equally for sidewalk replacement and roadway crossing improvements. The city contribution totals about $54,000. The project will be funded with grants from the state's Local Road Improvement Program and the city's capital improvement program. The Environmental Services Division enterprise fund will pay for sanitary and storm sewer work. Wade Bowl was selected as the site for a splash pad after the Comprehensive Outdoor Recreation Plan identified the community's desire for a splash pad. Designed by MSA, the splash pad includes multiple water features built around an outdoor nature theme, a picnic and seating area, and a bio-infiltration swale to collect and absorb water to support a natural vegetation area. The committee is recommending Northern Interstate Construction Inc. of South Range for the project after the company submitted the low bid of $688,000. Three companies bid on the project. The splash pad will be funded through the city's Community Development Block Grant. The council will consider all the agreements and contracts when it meets Tuesday, May 20.
