□ DREAMSCAPE ENDURES PENALTIES NIGHTMAREĭreamscape Networks International Pte Ltd has paid $56,340 in penalties following the ACCC's issue of infringement notices for allegedly false or misleading representations. We're only a week into 2024 yet there's already a lot happening in the consumer law world! The moral is, even in this hypercompetitive capitalist world, it helps to be kind. More astoundingly, those individuals and businesses being pursued ended up doing MORE business with the original companies that sent the collections agency after them in the first place. Bridgeport Financial collected 300% more than the industry average. 'Surely', the cynics will ask, 'that didn't work and people took advantage of her kindness?' The legal department was avoided at all costs. Her agents were trained to establish rapport with the client, understand their life situation, elicit truthful responses, and cooperate with them to facilitate efficient repayment. The majority of debt collectors in the market bully and intimidate debtors into compliance, but Harbridge's model was to appreciate that 'everyone has a story and everyone deserves to be listened to'. One of the stories he recounts is that of Christina Harbridge, founder of San Francisco-based collections firm, Bridgeport Financial. I've just finished reading Simon Sinek's excellent book, Start With Why. In fact, many businesses would be silly not to. There is nothing wrong with premising a business model on being compassionate and fostering positive relationships. That is certainly the predominant view in the commercial world. The idiom presupposes that the kind and compassionate are overwhelmed or outmaneuvered by the manipulative and ruthless. I think the old saying 'nice guys finish last' is completely wrong. #emojis #law #US #securities #fraud #moonface #tothemoon The court felt that a reasonable investor would consider such a statement serious and influence their investment behaviour. So meme stock investors conceivably understood Cohen's tweet to mean that Cohen was confident in Bed Bath and that he was encouraging them to act'. 'In the meme stock "subculture", moon emojis are associated with the phrase "to the moon", which investors use to indicate "that a stock will rise". Rejecting the application for summary dismissal, the court held that the emoji was generally understood within the meme stock investment community to mean optimism and that this was therefore potentially misleading: One investor sued, with the court having to determine if this was securities fraud and to consider the meaning of the 'full moon face' emoji. Cohen owned a stake in BBB and quickly sold his interest following the spike, after which the stock price plummeted. Cohen responded with this tweet:Ĭonsequently, BBB's stock price rose by almost $6 and thousands of investors purchased the company's stock. CNBC tweeted a negative story about BBB accompanied by a picture of a woman pushing a shopping cart. CNBC alleged that Cohen was artificially inflating the stock price of Bed Bath & Beyond (BBB) with optimistic tweets, despite the company closing stores and reducing its workforce. LEXIS 129613 (2023) is a recent US decision concerning the meaning of the 'full moon face' emoji (shown below) that entrepreneur and investor Ryan Cohen tweeted. Now it's the 'full moon face' emoji in the spotlight! There it was held that a thumbs-up emoji constituted acceptance of a grain supply agreement sent via text message. Everyone now knows about the recent Canadian 'thumbs-up' emoji case (South West Terminal Ltd v Achter Land & Cattle SKKB 116, see here: ).
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