PLUG DEADLINE: ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Plug Power Inc. Investors With Losses in Excess of $100K to Secure Counsel Before Important June 12 Deadline in Securities Class Action – PLUG

NEW YORK, June 10, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Plug Power Inc. (NASDAQ: PLUG) between August 9, 2022 and March 1, 2023, both dates inclusive (the “Class Period”) of the important June 12, 2023 lead plaintiff deadline. SO WHAT: If […]

NEW YORK, June 10, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Plug Power Inc. (NASDAQ: PLUG) between August 9, 2022 and March 1, 2023, both dates inclusive (the “Class Period”) of the important June 12, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Plug Power common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Plug Power class action, go to https://rosenlegal.com/submit-form/?case_id=1011 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 12, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: The lawsuit alleges that, throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about Plug’s business and operations. Specifically, defendants misrepresented and/or failed to disclose that Plug was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, increased inventory levels, and several large deals being delayed until at least 2023, among other issues. As a result, defendants’ statements about Plug Power’s business, operations, prospects, and ability to effectively manage its supply chain and production lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Plug Power class action, go to https://rosenlegal.com/submit-form/?case_id=1011 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
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cases@rosenlegal.com
www.rosenlegal.com

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Afghan Refugee Crackdown Continues in Pakistan Despite Taliban Objections

Pakistan is continuing a months-long crackdown on Afghan refugees living in the country, detaining hundreds of people accused of lacking proper documentation.Taliban leaders have asked Pakistan to stop the process “immediately.” Not only has it continu…

Pakistan is continuing a months-long crackdown on Afghan refugees living in the country, detaining hundreds of people accused of lacking proper documentation.

Taliban leaders have asked Pakistan to stop the process "immediately." Not only has it continued, but Afghan refugees in Pakistan have told VOA that the crackdown in recent days has intensified in Islamabad, Rawalpindi and adjacent areas.

"Unfortunately, the detentions have intensified, and it still continues," said Shukria, an Afghan refugee who fled Afghanistan after the Taliban’s takeover.

Shukria, who asked that her full name be withheld, told VOA that the security forces arrested "even those refugees who have UNHCR’s documents."

She added that some Afghan refugees were arrested at their homes.

"In the places where most Afghans live, Pakistani police arrest Afghans from their houses. They know where they are living ... as they were required to register in the nearest police station," she said.

Shukria said that "among those arrested include women and children."

She added that Afghan refugees are "terrified."

"Most of the Afghans do not want to get out of their houses," she said.

The Afghan Embassy in Islamabad, in a tweet Thursday, said that Taliban officials at the embassy met with officials of Pakistan’s Ministry of Interior and had a "serious discussion on the detentions and harassment of Afghans in Pakistan, and it should stop immediately."

"The Pakistani side assured the leadership of the [Afghan] embassy of cooperation and added that they only arrest those who do not have legal documents."

Abdul Karim Haqqani, a Taliban official in the Afghan Embassy in Islamabad, told VOA on Wednesday that 300-400 Afghans have been detained by Pakistani security forces.

He added that they are trying to negotiate with the Pakistani officials for their "immediate release."

Asif Durrani, Pakistan’s newly appointed special envoy to Afghanistan, told VOA that those Afghans "without proper documents, or he or she has overstayed their visa limit, there is a law that they will be detained."

Quoting Pakistani officials, local media reported that undocumented Afghans face deportation.

But Arsala Khan, an Afghan refugee who works as a laborer at Islamabad’s Fruit and Vegetable Market, told VOA that he was detained while working even though he had his refugee card on him.

"I was halfway loading a car. I was arrested though I showed my smart card to them," said Khan, who said he was later released on bail.

The government of Pakistan, with the support of the United Nations, began issuing smart cards to Afghan refugees in Pakistan in April 2021.

United Nations High Commissioner for Refugees stated that more than 1.3 million registered Afghan refugees are in Pakistan.

The U.N. refugee agency says about 3.7 million Afghans are living in Pakistan.

Of about 1.6 million Afghans who fled Afghanistan to neighboring countries after the Taliban seized power in August 2021, about 600,000 went to Pakistan, according to the agency.

Devon Cone, senior advocate for women and girls at Refugees International, told VOA that refugees who fled to Pakistan after August 2021 "bring a lot of challenges."

Cone said that the Afghans who arrived in Pakistan after the fall of Afghanistan into the hands of the Taliban have "limited opportunities."

Cone added that newly arrived Afghan refugees in Pakistan are "running out of money. Most of them sold all their belongings in Afghanistan, and almost two years later, they’ve run out of money ... Their visas expired. They can’t work in the labor market. They can’t access public education."

"And finally, they have mental stress and trauma from having had to flee Afghanistan, [and] not being able to go back," Cone said.

Richard Bennett, the U.N. special rapporteur on human rights in Afghanistan, told VOA that once refugees cross the border, they have "a right to international protection."

"All [refugees] have the right to have their asylum cases treated seriously and fairly," he said.

Source: Voice of America

Pakistan Issues Warning Over Cyclone Biparjoy

The Pakistan Meteorological Department said Sunday that Cyclone Biparjoy, a “very severe cyclonic storm,” is over the east-central Arabian Sea. It is “maintaining its intensity” and is located about 840 kilometers south of Karachi, 830 kilometers south…

The Pakistan Meteorological Department said Sunday that Cyclone Biparjoy, a “very severe cyclonic storm,” is over the east-central Arabian Sea. It is “maintaining its intensity” and is located about 840 kilometers south of Karachi, 830 kilometers south of Thatta and 930 kilometers southeast of Ormara.

Biparjoy is traveling with maximum sustained winds of 130 to 140 kph, with maximum wave heights between 7.5 and 8.5 meters.

The weather forecasters say Biparjoy could evolve into an “extremely severe cyclonic storm.”

The Pakistan Meteorological Department predicts Biparjoy will “most likely” travel in a north-northeast direction toward Southeast Sindh-Indian Gujarat coast.

Source: Voice of America

Government Increases Defence Budget to Rs 1.8 Trillion

For the fiscal year 2023-24, the federal government has designated Rs. 1.804 trillion for defense purposes, representing a 13 percent increase from the previous year. Defense spending now accounts for 1.7 percent of the country’s GDP and 12.5 percent …

For the fiscal year 2023-24, the federal government has designated Rs. 1.804 trillion for defense purposes, representing a 13 percent increase from the previous year. Defense spending now accounts for 1.7 percent of the country’s GDP and 12.5 percent of total government expenditure.

The majority of the defense budget, Rs. 824.6 billion, has been allocated to the army, while the Pakistan Air Force and Pakistan Navy received Rs. 368.5 billion and Rs. 188.2 billion, respectively.

In addition, the pension for retired military officials has risen by 26 percent to Rs. 563 billion, which is not included in the defense budget.

The defense budget is divided into several categories: Defense administration (Rs. 5.4 billion), Employee-related expenses (Rs. 705 billion), Operating expenses (Rs. 442 billion), Physical assets (Rs. 461 billion), and Civil works (Rs. 195 billion).

Defense administration covers salaries and allowances for troops and civilian employees while operating expenses include transport, petroleum, oil and lubricants, rations, medical treatment, and training. Physical assets encompass local purchases and import of arms and ammunition, and civil works involve the maintenance of existing infrastructure and construction of new buildings.

The government has stated that this increase is “necessary” to ensure the country’s security and sovereignty.

Source: Pro Pakistani

RCCI Terms Budget 2023-24 as Balanced, Growth-Driven and Industry Friendly

The Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the fiscal budget 2023-24 as balanced, with a special focus on drivers of growth and industry-friendly under a challenging economic environment.RCCI President Saqib Rafiq while giving r…

The Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the fiscal budget 2023-24 as balanced, with a special focus on drivers of growth and industry-friendly under a challenging economic environment.

RCCI President Saqib Rafiq while giving remarks after the Budget Speech said that a detailed version will be presented after looking at the budget documents. He said that key suggestions submitted by RCCI have been added to the budget document which is very satisfactory.

However, he cautioned that it is not clear how the Rs. 9,200 billion tax targets will be met.

Group leader Sohail Altaf said that the overall budget is positive and no harsh measures have been taken. He lauded the abandonment of covered area condition from TIER1.

RCCI has always pushed for promoting non-conventional sectors like IT, Gems, minerals etc. It is laudable that the Government has exempted tax and duties on the import machinery for minerals, he added.

The tax exemption on solar panels is appreciable, as it will ease the load on Power Management and is also an environmentally friendly initiative. A significant amount of Rs. 450 billion has been allocated for Benazir Income Support. This will provide relief to the marginalized sections of the society.

While appreciating the government for prioritizing the ‘five Es’ — ‘exports’, ‘e-Pakistan’ through digitization, the ‘environment’, ‘energy and infrastructure’, and ‘equity and empowerment’, Saqib Rafiq said that the business community is very hopeful that the priorities set by the current government will be carried forward by the incoming governments and added that RCCI has been vocal for consensus on the charter of economy and continuity of policies.

Source: Pro Pakistani

IT Industry Demands Consistency in Govt Policies for At least 10-15 Years

Muhammad Zohaib Khan, Chairman of Pakistan Software Houses Association ([email protected]), has apprised that there are some indications that the government is contemplating an incentives package for the IT and ITeS industry to boost IT exports in FY2…

Muhammad Zohaib Khan, Chairman of Pakistan Software Houses Association ([email protected]), has apprised that there are some indications that the government is contemplating an incentives package for the IT and ITeS industry to boost IT exports in FY24 to $4.5 billion from FY23’s expected $2.5 – 3.0 billion; when the final numbers come in.

Mr. Khan, nonetheless, strongly demanded that the IT industry wants legally-covered consistency in fiscal, financial, taxation, exports, HR, and infrastructure policies for a period of 10 – 15 years; as only then we can bring FDI in the country coupled with long-term private-sector investments in the IT industry; enhance exports rapidly and sustainably; expand the pool of skilled IT professionals and establish joint ventures with the international players.

Zohaib Khan emphasized that, most importantly, the IT industry wants nothing less than the state of Pakistan to provide a guarantee of the consistency, continuity, implementation, and reliability of IT industry policies as he recalled, there have been multiple IT policies and incentives packages for the IT industry over the last decade; however, with the change of the government, policies and packages become redundant – this phenomenon, in fact, causes more harm than good.

Zohaib Khan added that, for example, there was an IT Policy and Incentives Package was announced in March 2022 with much fanfare and received applause from IT companies as well; but, the very next month, i.e. April 2022, saw the change in the federal government and the entire package became obsolete.

As the foremost demand of the IT industry, [email protected] Chairman has stressed that the government should announce tax holiday for the IT and ITeS industry in income tax, tax on dividends, capital gains, and profits for 10 years like many other countries in the world; calculating the very real potential to achieve an enormous growth rate of 30 percent in IT exports every year consecutively.

Zohaib Khan explained that substantial funds should be allocated for the IT industry in the federal budget 2023 – 24; and, those funds should primarily go towards human resources and skills development; infrastructure development; promoting soft-image of and building Brand Pakistan and capacity enhancement of the tech ecosystem in the country.

Muhammad Zohaib Khan, who also sits on PM’s Advisory Council on Digital Economy, noted that another area of concern for the IT industry is foreign exchange retention; for which [email protected] proposes allowing 100 percent forex exchange retention in foreign currency accounts and 100 percent repatriation as IT industry is totally dependent and operates on USD.

Chairman [email protected] added that the IT industry appreciates the idea of special technology zones (STZs); however, special technology zones authority (STZA) has not been able to deliver on its promises, despite being established for many years now and given funds in billions of rupees so far. Therefore, [email protected] advocates that, in the upcoming budget FY24, benefits meant for STZs should directly go to IT and ITeS companies to effectively and efficiently help the exporters directly.

Elaborating on the financing needs of the IT industry, Zohaib Khan said that – like many other countries – the government of Pakistan needs to introduce cash rebate schemes for the IT industry; preferably, a 5 percent on export income and prioritizing export refinancing scheme for the industry through discounted interest rate by at least 10 percent as compared to the prevailing key policy rate of 21 percent of the State Bank. This will make access to finance possible for the IT exporters; rationalize the cost of doing business with reference to international competitors and enhance the country’s ease of doing business score.

Mr. Ali Ihsan, Senior Vice Chairman of [email protected], maintained that it is crucial for the government to address these IT industry’s demands promptly. By doing so, we can unleash the full potential of IT exports; leading to sustainable economic growth, and job creation and positioning Pakistan as a formidable player in the global digital landscape.

Source: Pro Pakistani

Car Prices Likely to Rise After Govt Removes Limit on Import Duties

The government has proposed withdrawing fixed duties and taxes on the import of old and used Asian cars above 1300cc in its budget for the fiscal year 2023-24.The current cap on duties and taxes for imported used cars up to 1800cc was put in place in …

The government has proposed withdrawing fixed duties and taxes on the import of old and used Asian cars above 1300cc in its budget for the fiscal year 2023-24.

The current cap on duties and taxes for imported used cars up to 1800cc was put in place in 2005. The government’s decision to withdraw the cap is likely to lead to higher prices for imported used cars, as customs officials will now be able to charge duties and taxes based on the actual value of the vehicle.

The decision is part of the government’s efforts to raise revenue and reduce the country’s budget deficit. The government is also facing pressure from the International Monetary Fund (IMF) to implement reforms to stabilize the economy.

Pakistan’s economy is in turmoil amid financial woes and the delay in the IMF agreement. The IMF has been providing Pakistan with financial assistance since 2019, but the government has been struggling to meet its conditions for continued support.

The government’s budget for fiscal year 2023-24 is being closely watched by economists and investors. It is seen as a key test of the government’s ability to implement reforms and stabilize the economy.

The government has proposed a number of measures, including raising taxes, reducing spending, and increasing privatization. However, it remains to be seen whether they will be enough to satisfy the IMF and avoid a default on Pakistan’s debt.

Source: Pro Pakistani

FIA Arrests Three Suspects for Stealing Credit Card Info

The Federal Investigation Agency (FIA) Cybercrime Circle raided two illegal call centers in Karachi on Friday, arresting three suspects for allegedly stealing credit card data from Pakistani and United States (US) citizens.The suspects, identified as …

The Federal Investigation Agency (FIA) Cybercrime Circle raided two illegal call centers in Karachi on Friday, arresting three suspects for allegedly stealing credit card data from Pakistani and United States (US) citizens.

The suspects, identified as Zaigham Javed, Saim, and Owais Alamgir, were caught red-handed while making a fake call to a US citizen. The FIA spokesperson said that the suspects posed as bank employees and called people to trick them into revealing their personal information, including their credit card numbers.

The suspects then used this information to make fraudulent purchases. The FIA spokesperson said that the suspects purchased the data of US citizens through social media. The raiding teams also recovered other devices from the suspects’ possession and lodged two cases against them.

FIA has warned the public to be vigilant and not to share their personal information with strangers. The agency has also urged people to report any suspicious activity to the FIA Cybercrime Circle.

Source: Pro Pakistani