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Posts Tagged ‘IPO’

Another Israeli Firm Files for Wall Street IPO

Tuesday, June 4th, 2013

The Israeli-based Wix website developer company has filed for a $75 million initial public offering (IPO) to raise the company’s value to $400 million.

Last week, the Israeli-based Kamada medical treatments company completed an IPO prior its stock trading on NASDAQ last week. Software developer Babylon also has filed for IP, and Caesarstone Sdot Yam Ltd., a maker of quartz-based countertops raised slightly more than $84 million in its IPO a year ago.

Wix, founded in 2006 by CEO Avishai Abrahami, his brother Nadav and Giora Kaplan, has developed an online platform for people to quickly and easily create their own websites.

Wix’s success has resulted in one million new users each month. Altogether, 28 million people have used its services and created 26 million websites. Wix employs approximately 400 people, most in Tel Aviv.

Wix’s business model is based on payments from users for its various premium services, such as larger storage space or options to add sale elements on websites. Users can choose among hundreds of website templates, and choose the colors, size, and other features as they see fit.

Business Insider earlier this year ranked Wix 65th in its Digital 100 list of the world’s 100 most valuable private tech companies, alongside companies such as Twitter and Dropbox.

On Boycotting Israel

Tuesday, November 13th, 2012

I am happy to say that Britain still has some exports. Sad to say, they include vicious anti-Israel boycotts and propaganda. Take developments from the past couple of weeks alone.

In recent years the Israel Philharmonic Orchestra (IPO), among other Israeli musicians, has found it increasingly difficult to perform in Britain without being subjected to interruption and protest. At last year’s BBC Promenade concerts, the highlight of the musical year in London, protestors repeatedly interrupted the IPO’s performance. The orchestra – under Zubin Mehta – carried on, but each piece on the program was at some point marred by shouting, protest songs and more.

A year earlier the Jerusalem String Quartet had its performance at the Wigmore Hall repeatedly halted by the forward reconnaissance unit of the UK’s anti-Israel brigade. There, as at the Proms, the collection of anti-classical music bravehearts sang witless anti-Israel songs of their own invention to ensure that the quartet could not play its program of Ravel and Mozart. The Wigmore Hall protestors were entirely Jewish, the Albert Hall ones mainly so, thus causing a collective sigh of despair and a smacking of hands on foreheads by sane Jews everywhere.

As though to show how swiftly bad behavior can spread, last week it was the turn of protestors in New York to oppose the IPO. Among the chants of the protestors were “Oboe, trumpet or bassoon, apartheid is out of tune” and “IPO gets no ovation, ambassador for occupation.”

If, like me, you ever labored under the misunderstanding that orchestras exist to play music and that music is an international language which brings peace and understanding between people – and all that jazz – then you are clearly unaware of the new low that Israel’s opponents have sunk to. Music today may still be an international language, but it is best listened to only once you have ascertained that none of the woodwinds section is Zionist. Or the strings. Or brass. A single self-hating Jew in the percussion section, playing the triangle for instance, might be permissible. But otherwise it should be boycott, boycott, boycott. Sing it loud: “No Israelis is our tune, is that a Jew on third bassoon?’ ‘We’d like a word with that bearded drummer, from where we stand he could be a frummer.”

The dozens of New Yorkers from the New York Campaign for the Boycott of Israel (or NYCftBoI for short) who disrupted the Carnegie concert claimed that the Israeli state is engaged in “apartheid policies against the Palestinian people” and that no amount of world-class musicianship can “cover up the injustice that Palestinians face.”

Which leads one to wonder what they do think is acceptable. Both North Korea and Iran have symphony orchestras. Or at least Iran did until this month when the mullahs boycotted it for us, after not having paid the musicians for three months. Music, apparently, is Zionist – or at least Western music is, which to hard-line mullahs is evidently the same thing. Anyhow, this strikes me as a shame. Personally I would love to have heard it – and the North Korean symphony as well. If the latter could ever be persuaded to visit London or New York – and provided that their musicians didn’t perform – as is their management’s wont – with background montages of nuclear tests, I would welcome them with great enthusiasm. Indeed I would regard listening to their playing and applauding them enthusiastically as a noteworthy demonstration to them that I recognize a difference between their government and themselves.

Iranian state forces may shoot students, hang gays from cranes and seek to annihilate a whole people, but I should think it very strange if anyone thought that the appropriate response would have been to shout anti-Iranian abuses at their national orchestra or question the very existence of their country during the piccolo solo. Likewise, if the North Korean National Symphony Orchestra were engaged in a rendition of their beautiful national tune, Arirang, I would think it not only the height of bad manners but exactly the wrong moment to start hollering about their government’s creation of multi-generational concentration camps and violation of the non-proliferation agreement.

In both of these cases the sin is real. Iran and North Korea actually are states that practice the most vile oppression of their people. Israel does not. Yet it is orchestras from Israel, string-quartets from Israel and, indeed, dance-troupes from Israel that are threatened and vilified where it would be the height of bad manners and, in fact, powerful statecraft to oppose orchestras from real totalitarian societies.

SEC Shuts Down Ponzi Scheme Targeting Persian-Jewish Community in Los Angeles

Tuesday, April 17th, 2012

The Securities and Exchange Commission obtained an emergency court order to halt an ongoing Ponzi scheme that targeted members of the Persian-Jewish community in Los Angeles.

The SEC alleges that for the past two years, Shervin Neman raised more than $7.5 million from investors by claiming to be a hedge fund manager. Neman told investors that his purported hedge fund – Neman Financial L.P. – invested in foreclosed residential properties that would be quickly flipped for profit as well as in Facebook shares obtained in private transactions and other highly anticipated initial public offerings including Groupon, LinkedIn, and Angie’s List.

Although Neman promised investors exorbitant returns resulting from his investing acumen and access to pre-IPO shares of well-known companies, what they actually received was simply other investors’ money in hallmark Ponzi scheme fashion.

“Neman deceived members of his own community to raise money in this fraudulent Ponzi scheme,” said Michele Wein Layne, Associate Regional Director of the SEC’s Los Angeles Office. “By exploiting investors’ trust in him, Neman was continually able to raise more money to pay back existing investors and finance an extravagant lifestyle.”

The Honorable Jacqueline H. Nguyen for the U.S. District Court for the Central District of California granted the SEC’s request for a temporary restraining order and asset freeze against Neman and the entities he controlled.

According to the SEC’s complaint, Neman raised funds from at least 11 investors in the fraudulent securities offering. Most of the investors are members of the Los Angeles Persian-Jewish community along with Neman, who lives in the Century City area of Los Angeles. More than 99 percent of the money Neman raised was used either to pay existing investors or fund his lavish lifestyle. Neman spent nearly $1.6 million of investor funds to buy jewelry and high-end cars as well as to finance his wedding and honeymoon, other vacations, and VIP tickets to sporting events.

The SEC’s investigation was conducted by Cindy Eson of the Los Angeles Regional Office. Molly White will lead the litigation. Joshua Bauder, Harden Sooper, and Yanna Stoyanoff conducted the SEC examination that prompted the investigation.

Judge Nguyen has scheduled a court hearing for April 23 at 2 p.m. on the SEC’s motion for a preliminary injunction.

Printed from: http://www.jewishpress.com/news/us-news/sec-shuts-down-ponzi-scheme-targeting-persian-jewish-community-in-los-angeles/2012/04/17/

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