EL DORADO HILLS, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Blaize Holdings, Inc. (NASDAQ: BZAI), a pioneer in scalable, energy-efficient AI computing across edge to cloud, today announced it will participate in the upcoming D.A. Davidson 1st Annual Consumer & Technology Conference on June 10, 2025, in Nashville, Tennessee.
The conference will bring together public and private companies, institutional investors, and thought leaders across the consumer and technology landscape. Blaize will participate in a live Q&A session as part of the event’s broader agenda of moderated discussions and sector insights.
Blaize Live Q&A Session, D.A. Davidson 1st Annual Consumer & Technology Conference Date: June 10, 2025 Time: 8:50am-9:30am CDT (6:50am-7:30am PDT/9:50am-10:30am EDT) Webcast Link: https://wsw.com/webcast/dadco67/bzai/1903280 *A live and archived webcast of the session will be available at ir.blaize.com
About Blaize Blaize provides a full-stack programmable processor architecture suite and low-code/no-code software platform that enables AI processing solutions for high-performance computing at the network’s edge and in the data center. Blaize solutions deliver real-time insights and decision-making capabilities at low power consumption, high efficiency, minimal size, and low cost. Headquartered in El Dorado Hills (CA), Blaize has more than 200 employees worldwide with teams in San Jose (CA) and Cary (NC), and subsidiaries in Hyderabad (India), Leeds and Kings Langley (UK), and Abu Dhabi (UAE). To learn more, visit www.blaize.com or follow us on LinkedIn and on X at @blaizeinc.
Cautionary Statement Regarding Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are based on beliefs and assumptions and on information currently available to Blaize, including statements regarding the industry in which Blaize operates, market opportunities, and product offerings. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the expected benefits of Blaize’s business combination with BurTech Acquisition Corp. (the “Business Combination”) are not obtained; (iii) the ability to continue to meet stock exchange listing standards following the consummation of the Business Combination; (iv) the risk that the Business Combination disrupts current plans and operations of Blaize as a result of the consummation of the Business Combination; (v) failure to realize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (vi) costs related to the Business Combination; (vii) changes in applicable law or regulations; (viii) the outcome of any legal proceedings that may be instituted against Blaize; (ix) the effects of competition on Blaize’s future business; (x) the ability of the combined company to issue equity or equity-linked securities or obtain debt financing; (xi) the enforceability of Blaize’s intellectual property rights, including its copyrights, patents, trademarks and trade secrets, and the potential infringement on the intellectual property rights of others; and (xii) those factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on April 15, 2025 and other documents filed by Blaize from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Blaize assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. Blaize does not give any assurance that it will achieve its expectations.
The financial projections in this release are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Blaize’s control. While such projections are necessarily speculative, Blaize believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of financial information or projections in this press release should not be regarded as an indication that Blaize, or its representatives and advisors, considered or consider the information or projections to be a reliable prediction of future events. The independent registered public accounting firm of Blaize has not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this press release and, accordingly, has not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release.
Source: United States House of Representatives – Representative Mike Johnson (LA-04)
WASHINGTON — This afternoon, Speaker Johnson joined Fox News’s America Reports to discuss Senate consideration of the One Big Beautiful Bill, dispel the CBO’s inaccurate estimates, and outline the House’s efforts to codify savings found by the Department of Government Efficiency.
Watch the full interview here
On Senate Consideration of the One Big Beautiful Bill:
I’ve encouraged them to do as little reworking as possible because we have a very delicate balance we’ve maintained in the House, and in the Senate, we both have small majorities. I don’t disagree with my good friend Ron Johnson. He’s right. We have a big national debt problem. But I think what’s being discounted here is the fact that we are achieving the largest amount of savings in the history of government on planet Earth. I mean, we’re going to save over $1.5 trillion in spending. That’s a big, big thing. We didn’t get in this economic situation overnight, and it’s going to take us a while to get out of it, but this would be the biggest, largest, most dramatic turn that we’ve ever had in Congress. And it’s a big achievement.
On the CBO’s history of inaccurate estimates:
They’ve always been off. By way of example, they were off on their projections of the Tax Cuts and Jobs Act in the first Trump administration by $1 trillion. The problem is they do not use what we call dynamic scoring. What that means in layman’s terms is they don’t give us any credit for the extraordinary economic growth that will be spurred along by this bill.
This is a pro-growth package. Lower tax rates, less regulation. We’ll do exactly what we did in the first Trump administration, but this time on steroids. And so we’re going to have an extraordinary growth in the economy. You’re going to have more jobs created, higher wages, more labor participation, and all those things need to be factored in because that’s reality. And by the way, the CBO is giving no credence whatsoever, no calculation at all to the new revenues that are being produced by the Trump tariff policies and all these other things that are happening. We believe we’re going to get the economy going, and this is going to be deficit reducing at the end of the day. It matters how you do the math, and that’s what’s important for everybody to remember.
On House efforts to codify DOGE savings:
I think you’ll find a big appetite across the conference, every Republican in Congress wants to cut fraud, waste, and abuse. We want government to be leaner and more efficient and effective. And the beauty of what DOGE has been able to do, the reason it’s so revolutionary, is because Elon cracked the code. He had access, all the stars aligned. We had a President who was bold enough to do it, and we had somebody with Elon’s talent and capability to come in and have his magic algorithms running through the data to find all these irregularities. And these are things that have been hidden from Congress. We’ve been trying to do our oversight responsibility, but the bureaucracy was hiding these things. And so, this changes the way government works. And Elon’s exactly right, the DOGE effort will go on long beyond his tenure as a temporary assistant in all this. Because it’s changing the way people look at this. And the oversight’s a really important component. And that’s going to be a permanent part of government now, and it’s an exciting thing.
WASHINGTON — U.S. Immigration and Customs Enforcement today announced a leadership realignment to support its increasing operational tempo as the agency achieved its highest number of arrests in its history this week.
Organizational realignments will help ICE achieve President Trump and the American people’s mandate of arresting and deporting criminal illegal aliens and making American communities safe.
After 33 years of service to the agency and the American people, ICE’s Acting Executive Associate Director of Enforcement and Removal Operations Ken Genalo has decided to retire and will continue to serve the public as a special government employee to ICE. The decision, which places him in a valuable advising role for field leadership, will allow him to spend more time with his family after being away from them since early January.
“Ken Genalo, who’s dedicated more than three decades to ICE and the American people, served as a field office director in New York City before selflessly agreeing to come to ICE Headquarters at the beginning of the Trump administration,” said ICE Acting Director Todd M. Lyons. “Genalo has served in this acting capacity to help meet the mandate set forth by the American people — his contributions were integral in the successes we’re seeing today. He’s now going to serve as a special government employee working with field office directors within ICE. I can’t thank him enough.”
Homeland Security Investigations Acting Executive Associate Director Robert Hammer, who has spent the past two decades with HSI and has a wealth of operational knowledge, will transition to another critical leadership position within the agency’s headquarters that requires his unique expertise.
In addition, the following changes were implemented:
Marcos Charles will become the Acting Executive Associate Director of ERO, and Mellissa Harper will serve as his Acting Deputy.
Derek Gordon will step into the role of Acting Executive Associate Director of HSI. William “Bill” Walker will serve as Gordon’s Deputy.
Garrett Ripa will resume his duties as Field Office Director for ERO Miami, FL.
Tatum King will serve as HSI Acting Assistant Director of Domestic Operations.
Denesha Helland will serve as Acting Assistant Director of ERO’s Non-Detained Management Division.
Tom Giles will serve as the Acting Director for ERO Field Operations.
Charles Wall will head the agency’s Office of the Principal Legal Advisor.
Susan Cullen Dunbar will become the Executive Associate Director of the agency’s Management and Administration Directorate.
SAN FRANCISCO – Fernando Aguilera was sentenced yesterday to 45 months in federal prison for being a felon in possession of ammunition. Senior U.S. District Judge William Alsup handed down the sentence.
Aguilera, 37, a national of Honduras, was indicted by a federal grand jury on July 18, 2023. On Feb. 12, 2025, Judge Alsup found Aguilera guilty of being a felon in possession of ammunition in violation of 18 U.S.C. § 922(g)(1) after a bench trial. According to court documents and evidence presented at trial, Aguilera took a gun out of his waistband on two occasions at a crowded bar in San Francisco. He then left the bar and fired into the air two separate times with people and cars nearby. When law enforcement arrived, Aguilera fled from the police before being apprehended in the garden area of a nearby residence. Law enforcement found a firearm with the wrong caliber bullet stuck in the chamber next to Aguilera and ammunition in his bag. At the time of his arrest, Aguilera had four prior felony convictions for being an accessory, being a prohibited person with ammunition, and second-degree burglary.
United States Attorney Craig H. Missakian and FBI Special Agent in Charge Sanjay Virmani made the announcement.
In addition to the prison term, Judge Alsup also sentenced the defendant to a three-year period of supervised release. The defendant has been in custody since the offense.
Assistant U.S. Attorneys Kelsey Davidson and Sophia Cooper prosecuted the case with the assistance of Kevin Costello and Marina Ponomarchuk. The prosecution is the result of an investigation by the FBI and San Francisco Police Department.
SAN FRANCISCO – Lafayette Davenport was sentenced today to 90 months in federal prison for carjacking a San Francisco AIDS Foundation vehicle in the Tenderloin in August 2023, unlawfully possessing a firearm, and brandishing a firearm in furtherance of a crime of violence. Senior U.S. District Judge William Alsup handed down the sentence.
Davenport, 30, of San Francisco, was indicted by a federal grand jury on July 17, 2024, on charges of carjacking in violation of 18 U.S.C. § 2119(1), brandishing a firearm during and in relation to a crime of violence in violation of 18 U.S.C. § 924(c)(1), and being a felon in possession of a firearm and ammunition in violation of 18 U.S.C. § 922(g)(1). Davenport pleaded guilty on Feb. 11, 2025, to all three counts.
According to the plea agreement and court documents, on the morning of Aug. 24, 2023, Davenport saw an employee of the San Francisco AIDS Foundation driving in the Tenderloin neighborhood in a vehicle marked with the nonprofit organization’s logos. As the victim driver completed a pickup of discarded needles and returned to the car, Davenport, wearing a ski mask, ran up to the victim and pointed a pistol at him, saying “Don’t make me shoot you” and “I swear I’ll shoot you right here.” Davenport stole the victim’s watch and car keys and drove the San Francisco AIDS Foundation vehicle several feet before fleeing on foot to a nearby apartment building.
On Feb. 22, 2024, San Francisco Police Department officers arrested Davenport in the Tenderloin neighborhood. Officers found Davenport with the ski mask and the loaded pistol that he had used during the carjacking. At the time of his arrest, Davenport was on probation and had been convicted of prior felonies, including second-degree burglary of automobiles while on parole.
In addition to the prison term, Judge Alsup also sentenced the defendant to a five-year period of supervised release and ordered $500 in restitution.
United States Attorney Craig H. Missakian and FBI Special Agent in Charge Sanjay Virmani made the announcement.
Assistant U.S. Attorney Sara E. Henderson prosecuted the case with the assistance of Claudia Hyslop, Alycee Lane, and Janice Pagsanjan. The prosecution is the result of an investigation by the FBI and San Francisco Police Department.
NEW YORK, May 29, 2025 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP; MBNKO), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today that on July 1, 2025 (the “Redemption Date”) it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (the “Series F Preferred Stock”) (Nasdaq: MBNKP) at the redemption price of $25.00 per share (the “Redemption Price”).
Because the Redemption Date is a dividend payment date for the Series F Preferred Stock, the Redemption Price does not include declared and unpaid dividends. The regular quarterly dividend on the Series F Preferred Stock was separately declared and will be paid separately on July 1, 2025 to holders of record on the record date for such dividend payment in the customary manner.
On and after the Redemption Date, the Series F Preferred Stock will no longer be deemed outstanding and dividends on the shares of Series F Preferred Stock will cease to accrue.
All shares of Series F Preferred Stock are held in book-entry form through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC.
Equiniti Trust Company, LLC is the transfer agent, registrar and redemption agent for the Series F Preferred Stock.
Equiniti Trust Company, LLC’s address and telephone number are as follows:
First Class/Registered/Certified Equiniti Trust Company, LLC Operations Center, Attn: Reorganization Department 55 Challenger Road, Suite 200 Ridgefield Park, New Jersey 07660 718-921-8317
Investors in the Series F Preferred Stock should contact the bank or broker through which they hold a beneficial interest in the Series F Preferred Stock for information about obtaining the Redemption Payment for the Series F Preferred Stock in which they have a beneficial interest.
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp.
Company Contact: Investor Relations 212-328-2176 InvestorRelations@medallion.com
CHANDLER, Ariz., May 29, 2025 (GLOBE NEWSWIRE) — Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today updated the range of its prior guidance for net Sales and GAAP and non-GAAP earnings per share for its fiscal first quarter of 2026 ending June 30, 2025. Microchip now expects consolidated net sales for the June quarter to be between $1.045 billion and $1.070 billion. Microchip previously provided guidance on May 8, 2025 of consolidated net sales to be between $1.025 billion and $1.070 billion. GAAP loss per share is now expected to be between $(0.11) and $(0.07), and non-GAAP earnings per share is now expected to be between $0.22 and $0.26. The original guidance for the GAAP loss per share was $(0.15) and $(0.07), and the original guidance for non-GAAP earnings per share was between $0.18 and $0.26.
Steve Sanghi, Microchip’s CEO and President, commented, “With almost two months of the quarter behind us, our business is performing better than we expected at the time of our May 8, 2025 earnings conference call. Our bookings activity for the month of May is tracking to be higher than any month in the last two years. We are gaining confidence in the recovery of our business as we execute on our strategic initiatives, reduce inventory levels and make progress towards our long-term business model.”
There will be no conference call associated with this press release. Microchip is attending the Stifel 2025 Cross Border 1×1 Conference and the B of A Securities Global Technology Conference on Wednesday June 3, 2025. A live webcast and replays from the B of A Conference will be available at www.microchip.com
Cautionary Statement:
The statements in this release relating to expecting consolidated net sales for the June quarter to be between $1.045 billion and $1.070 billion, GAAP loss per share to be between $(0.11) and $(0.07), non GAAP earnings per share to be between $0.22 and $0.26, that our business is performing better than we expected, that our bookings activity for the month of May is tracking to be higher than any month in the last two years, that we are gaining confidence in the recovery of our business as we execute on our strategic initiatives, reduce inventory levels and make progress towards our long-term business model are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in the scope and level of tariffs, interest rates or high inflation, actions taken or which may be taken by the Trump administration or the U.S. Congress (including budget and tax legislation), monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017); fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.
For a detailed discussion of these and other risk factors, please refer to Microchip’s filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or the SEC’s website (www.sec.gov) or from commercial document retrieval services.
Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 8, 2025 press release, or to reflect the occurrence of unanticipated events.
About Microchip:
Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 109,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.
Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.
INVESTOR RELATIONS CONTACT: Sajid Daudi — Head of Investor Relations….. (480) 792-7385
~ Full-Year 2025 Adjusted Net Income Guidance Increased to $195 Million to $205 Million ~
LA JOLLA, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar” or the “Company”) today announced the successful completion of certain reinsurance programs incepting June 1, 2025, and increased the Company’s full year 2025 adjusted net income guidance.
The Company has procured approximately $455 million of incremental limit to support the growth of its Earthquake franchise. Palomar’s reinsurance coverage now extends to $3.53 billion for earthquake events and $100 million for continental United States hurricane events.
Palomar’s per occurrence event retention is $11 million for hurricane events, reduced from $15.5 million the previous treaty year, and $20 million for earthquake events, levels that continue to be meaningfully within management’s previously stated guideposts of less than one quarter’s adjusted net income and less than 5% of stockholders’ equity.
The reinsurance program continues to provide ample capacity for the Company’s growth in the subject business lines as well as coverage to a level exceeding Palomar’s 1:250-year peak zone Probable Maximum Loss. Of note, $525 million of the $3.53 billion earthquake limit was sourced through Palomar’s sixth and largest Torrey Pines Re catastrophe bond issuance, which exceeded management’s $425 million target and priced at the lower end of the indicated range.
Effective June 1st, Palomar also executed the first standalone excess of loss (‘XOL’) treaty covering the Hawaii hurricane policies issued by Laulima Exchange. This business was previously covered through Palomar’s core reinsurance tower, which now consists of over 95% earthquake-only coverage as a result of this change. Laulima’s XOL reinsurance program consists of per occurrence coverage up to $735 million with a retention of $1.5 million.
“We are very pleased with the outcome of our June 1 excess of loss placement and remain grateful for the continued support of our broad and diverse reinsurance panel,” commented Mac Armstrong, Palomar’s Chairman and Chief Executive Officer. “Beyond the risk adjusted rate decrease of approximately 10%, this renewal saw Palomar procure incremental earthquake limit to support our growth, maintain our earthquake event retention despite significant year-over-year exposure growth, reduce our wind event retention to $11 million, upsize our Torrey Pines Re catastrophe bond and successfully execute our first standalone Laulima excess of loss treaty. Importantly these initiatives were consummated at attractive prices that should enhance our earnings prospects for the remainder of 2025 and the first half of 2026. As a result, we are raising our full-year 2025 adjusted net income guidance range to $195 million to $205 million from the previously indicated range of $186 million to $200 million.”
Other highlights of the Company’s reinsurance program include:
$1.15 billion of multi-year ILS capacity providing diversifying collateralized reinsurance capital;
A reinsurance panel of over 100 reinsurers and ILS investors, including multiple new reinsurers, all of which have an “A-” (Excellent) or better financial strength rating from A.M. Best and/or S&P (Standard & Poor’s) or are fully collateralized;
Prepaid reinstatements for substantially all layers that include a reinstatement provision, thereby limiting the pre-tax net loss to $11 million for hurricane events and $20 million for earthquake events, with modest additional reinsurance premium due.
Palomar’s Chief Risk Officer, Jon Knutzen, added, “We are grateful for the strong and diversified support we received from the reinsurance market. The continued confidence from both incumbent and new partners is a testament to the strength of our portfolio and the disciplined execution of our risk transfer strategy. The June 1 placement further enhances the stability and predictability of our results, positioning us to deliver increased value to our shareholders over the long term. We appreciate the collaboration and partnership that made this successful outcome possible.”
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best. To learn more, visit PLMR.com.
Follow Palomar on LinkedIn: @PLMRInsurance
Safe Harbor Statement Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact Media Inquiries Lindsay Conner 1-551-206-6217 lconner@plmr.com
Source: United States Senator Peter Welch (D-Vermont)
RUTLAND, VT – Last night in Rutland, U.S. Senator Peter Welch (D-Vt.) hosted a community conversation where he discussed challenges facing Vermont and ways he is working to make Vermont’s communities more affordable, businesses more successful, and families healthier and safer. The town hall event was attended by hundreds of Vermonters.
“We have an affordability crisis, and Vermonters are worried about how Trump’s policies will impact their daily lives. In Rutland, I heard directly from folks who will be hurt by the Republicans’ budget—it will make feeding their families and accessing the health care they need more difficult,” said Senator Welch. “In true Rutland fashion, folks are united in trying to find a way to make things better, and I’m proud to join them in that effort. I’ll bring Vermonters’ concerns and priorities back to D.C. and continue to push back against Trump’s reckless agenda, which is already raising costs for hardworking families.”
Watch a video of the town hall here.
Support continues to grow for President Donald J. Trump’s One, Big, Beautiful Bill — a generational opportunity to secure historic tax cuts, deficit reduction, border security, and more.
READ: The National Fraternal Order of Police endorses the One, Big, Beautiful Bill
In recent days:
The National Fraternal Order of Police — the nation’s largest organization of law enforcement —announcedtheir support, highlighting the bill’s strong pro-labor provisions: “The ‘One Big Beautiful Bill Act’ is more than legislation—it is a promise kept to the public safety officers across the country and a bold step toward an economy that respects, rewards, and uplifts the people who keep it safe … We appreciate that President Trump is always fighting for our nation’s law enforcement officers.”
Secretary of Transportation Sean Duffyurgedthe Senate to quickly pass the bill and fund the long overdue modernization of America’s air traffic control systems: “We have an antiquated and old air traffic control system, anywhere from 25 to 35, 40 years old in some places. It is in desperate need of a brand-new build. We need Congress to act.”
National Federation of Independent Business SVP Jeff Brabantpraisedthe legislation’s commitment to economic prosperity: “This is one of the more pro-small business pieces of legislation, in my opinion, in recent history. Hopefully this thing becomes law.”
Scores of other organizations have declared their support for the One, Big, Beautiful Bill:
Association of Equipment Manufacturers SVP of Government and Industry Relations Kip Eideberg: “Equipment manufacturers applaud the House of Representatives for passing the One Big Beautiful Bill Act, which will supercharge job creation and investment in domestic manufacturing. The bill’s critical tax proposals – including protecting the corporate tax rate, reinstating immediate R&D expensing, and increasing the pass-through deduction – will strengthen the U.S. equipment manufacturing industry and bolster our global competitiveness. We urge the Senate to keep these pro-manufacturing provisions and act swiftly to pass this historic legislation.”
National Restaurant Association President and CEO Michelle Korsmo: “This legislation is a major victory for restaurant owners, employees, and the communities they serve. It incorporates key tax provisions vital for industry growth, such as the 199A qualified business income deduction, full expensing of capital investments, and the reinstatement of depreciation and amortization in calculating business interest expenses. These measures are crucial for helping businesses have the working capital they need to cover payroll, manage rising supply costs, and stay competitive. The inclusion of the No Tax on Tips and No Tax on Overtime provisions recognizes the value of our dedicated workforce. More than two million tipped servers and bartenders stand to benefit, while the overtime measure rewards the commitment of over 13 million hourly team members across the sector. Tax policy can determine the survival of small businesses, especially restaurants, where pre-tax margins are often just 3–5%. The inclusion of so many supportive policies was made possible by the unified efforts of our National and State Association members, including the restaurant owners, industry advocates, and employees who shared compelling stories with House members about the positive effect these changes will have on businesses and local economies. We’re grateful for the strong policy provisions and look forward to collaborating with the Senate as the process moves forward.”
International Foodservice Distributors Association SVP of Government and Public Affairs Mala Parker: “IFDA applauds House passage of the One Big Beautiful Bill Act, which includes tax policy essential for the foodservice distribution industry, almost 90 percent of which are family-owned businesses. Increasing and making permanent the 199A pass-through deduction and estate tax exemption will provide certainty and encourage growth for the industry that makes meals away from home possible. We urge the Senate to maintain these provisions as the bill works its way through the legislative process.”
Independent Insurance Agents and Brokers of America SVP Nathan Riedel: “The House took a very big and positive step to bring economic certainty to thousands of small business owners and the consumers they represent. We urge the Senate to do its work to move this legislation forward.”
American Farm Bureau Federation President Zippy Duvall: “Farm Bureau applauds the House passage of H.R.1, which modernizes farm bill programs and extends and improves critical tax provisions that benefit America’s small farmers and ranchers. Updated reference prices will provide more certainty for farmers struggling through tough economic times. Making business tax deductions permanent and continuing current estate tax exemptions will ensure thousands of families will be able to pass their farms to the next generation. We urge the Senate to work together and swiftly pass legislation to deliver much-needed relief to America’s farm and ranch families.”
U.S. Chamber of Commerce Executive Vice President Neil Bradley: “The House sent a clear message today—American workers and businesses want and need permanent tax relief. A competitive, pro-growth tax code doesn’t just grow the overall U.S. economy, it raises wages for workers and improves the lives of Americans. The legislation passed out of the House this morning contains critical measures that support main street businesses, enhance America’s global competitiveness, and bolster sustained economic growth. The Chamber commends Speaker Johnson for his leadership and commitment to ensuring the permanence of President Trump’s pro-growth tax reforms, and applauds the lawmakers involved in driving this effort forward. We encourage the Senate to continue to move the legislative process forward to deliver lasting benefits for American workers and businesses.”
Airlines for America: “A4A commends the House for passing the One Big Beautiful Bill Act which includes a critical investment of $12.5 billion for modernizing the Federal Aviation Administration’s air traffic facilities, systems and infrastructure. ATC staffing shortages and antiquated equipment, such as copper wires, floppy disks and paper strips, have been a serious concern for years—we are past time to make meaningful change and ensure that the United States has a world-class aviation system. This funding is a vital down payment on updating the system that guides 27,000 flights, 2.7 million passengers and 61,000 tons of cargo every day. The legislation also makes smart, strategic investments in Customs and Border Protection personnel and training for the aviation workforce of tomorrow while supporting American energy dominance in aviation fuel production. We encourage the Senate to move swiftly to pass this bill and send it to the President.”
National Cattlemen’s Beef Association President Buck Wehrbein: “Cattle farmers and ranchers need Congress to invest in cattle health, strengthen our resources against foreign animal disease, support producers recovering from disasters or depredation, and pass tax relief that protects family farms and ranches for future generations. Thankfully, this reconciliation bill includes all these key priorities. NCBA was proud to help pass this bill in the House and we will continue pushing for these key policies until the bill is signed into law.”
Uber CEO Dara Khosrowshahi: “Big news from DC—the House just passed President Trump’s tax bill, bringing No Tax On Tips one step closer to the finish line. While it still needs to clear the Senate, this is a big win for hardworking @Uber drivers and couriers across the country 👏”
Job Creators Network CEO Alfredo Ortiz: “Congratulations to President Trump and Speaker Johnson for passing their reconciliation bill in the House. This bill offers historic tax cuts for small businesses and ordinary Americans. By making the Tax Cuts and Jobs Act permanent and expanding key provisions, such as the small business tax deduction, which Job Creators Network was the loudest voice for, this bill offers significant tax relief for decades to come. It will allow small businesses, the backbone of the American economy, to expand, hire, raise wages, and reinvest in their communities, ushering in a new economic Golden Age. On behalf of all small businesses, JCN thanks President Trump and Speaker Johnson for their leadership in passing this bill, which the media said couldn’t be done on this aggressive timeline. Now it’s time for the Senate to follow suit and pass similar legislation, which includes the House’s key small business tax cuts, as soon as possible.”
National Association of Manufacturers President and CEO Jay Timmons: “Today’s House passage of this historic legislation marks a major victory for manufacturers across America. This pro-growth legislation preserves crucial tax policies that will enable manufacturers to create jobs, invest in their communities, grow here at home and compete globally. In short, this is a manufacturers’ bill … This is a pivotal moment. It’s time to double down on policies that encourage manufacturers to invest and create jobs in America and keep our industry strong and our nation competitive on the world stage—because when manufacturing wins, America wins.”
Business Roundtable President and COO Kristen Silverberg: “Under Speaker Johnson’s leadership, the House has achieved a major milestone toward extending and strengthening President Trump’s historic tax reform. Business Roundtable commends the House on taking a giant step forward to protect and boost the economic benefits that tax reform delivered for American businesses, workers and families. By maintaining a competitive corporate tax rate and enhancing essential domestic and international tax provisions, the House budget reconciliation bill will help fuel U.S. investment, innovation and economic growth. As the Senate prepares to act, we stand ready to continue working with Congress and the Administration to pass the most competitive, pro-growth tax package possible.”
American Petroleum Institute President and CEO Mike Sommers: “We applaud the House of Representatives for passing the One Big Beautiful Bill Act to help restore American energy dominance. By preserving competitive tax policies, beginning to reverse the ‘methane fee,’ opening lease sales and advancing important progress on permitting, this historic legislation is a win for our nation’s energy future. We look forward to working with the Senate to strengthen pro-investment provisions and keep America at the forefront of energy innovation.”
National Association of Wholesaler-Distributors CEO Eric Hoplin: “We applaud the House of Representatives for passing the One Big Beautiful Bill Act and extend our sincere thanks to Speaker Mike Johnson, Chairman Jason Smith, the Ways and Means Committee, and House leadership for championing this pro-business, pro-worker legislation. This is a win for the people who roll up their sleeves every day to power our economy, entrepreneurs who build businesses from the ground up, and the workers who keep them running. We urge the Senate to act swiftly and send this bill to the President’s desk so America’s job creators and workers can keep driving our economy forward. The bill makes the 199A deduction permanent and expands it to 23%, helping millions of small businesses, including most wholesaler-distributors. It raises the death tax exemption, protecting family-owned businesses, and restores vital incentives that encourage investment, innovation, and long-term economic growth.”
Small Business & Entrepreneurship Council President and CEO Karen Kerrigan: “H.R. 1 delivers a big, beautiful boost to U.S. entrepreneurship and small businesses. SBE Council applauds U.S. House passage of this critically important legislation. In addition to permanent tax relief and incentives that will help entrepreneurs and small business owners grow their firms, level up their businesses, and support their employees, various measures in the legislation correctly right-fit various federal programs and functions that have gone awry and consequently have undermined fiscal accountability and the private sector. Time is of the essence in getting the One Big Beautiful Bill to President Trump’s desk, and we urge the U.S. Senate to move post haste on the work that must be done to deliver the big benefits of the package to small business owners, all taxpayers, and the U.S. economy.”
National Business Aviation Association President and CEO Ed Bolen: “We commend the House for recognizing the importance of improving ATC infrastructure and strengthening the controller workforce to enhance safety and efficiency in the National Airspace System. Business aviation’s ability to serve citizens, companies and communities is only possible because the U.S. leads the world in aviation … As the House reconciliation bill moves to the Senate for consideration, we look forward to working with lawmakers on both sides of the aisle to advance these forward-looking provisions that bolster an essential industry, support countless workers and promote American competitiveness.”
America’s Credit Unions President and CEO Jim Nussle: “Thank you to the U.S. House of Representatives for securing credit unions’ not-for-profit tax status as part of H.R. 1 and recognizing the industry’s importance to strong Main Streets across the country. More than 142 million Americans trust and rely on credit unions to achieve their American Dream, and this bill allows them to continue on their path of financial freedom. We will continue to advocate for policies that create more opportunities for credit unions to bolster our nation’s economic prosperity. We call on the U.S. Senate to continue to protect the credit union tax status as they consider this legislation.”
National Taxpayers Union Executive Vice President Brandon Arnold: “The bill passed by the House contains growth-focused tax relief and some important first steps toward long-needed spending restraint. The Senate now has a strong package that it can build upon and further improve.”
National Association of REALTORS Executive Vice President Shannon McGahn: “We appreciate House leaders for taking this important step with this tax reform bill, which supports hardworking families and strengthens the real estate economy. With lower tax rates, SALT relief, and new incentives for small businesses and community development, this proposal brings real benefits to everyday Americans.”
National Electrical Contractors Association CEO David Long: “These provisions recognize the real-world needs of the electrical construction industry. Whether it’s power generation, grid modernization, cutting-edge data center projects, or clean energy installations, electrical contractors are at the forefront of America’s infrastructure evolution. This legislation gives our contractors the certainty they need to plan, invest, and grow.”
American Hotel & Lodging Association President and CEO Rosanna Maietta: “This is a win for Main Street businesses. We commend lawmakers for including critical tax provisions in the budget reconciliation bill that will prevent a tax increase on American workers and the small businesses that are the backbone of America’s hotel and lodging industry. This is a critical step to stave off the expiration of important tax provisions that will provide our members, the majority of whom are small business owners, the level of certainty they need to effectively operate their businesses. We urge the U.S. Senate to swiftly pass this legislation and send it to President Trump’s desk.”
National Pork Producers Council President Duane Stateler: “America’s pork producers are one step closer to more certainty with the House’s reconciliation bill passage, which includes necessary legislation to keep farms afloat during uncertain times.”
Associated Equipment Distributors President and CEO Brian P. McGuire: “AED commends House Speaker Mike Johnson and his leadership team for securing House passage of the budget reconciliation bill. This legislation delivers pro-growth tax policies, streamlines energy project approvals and strengthens surface transportation infrastructure investments. We look forward to working with the Senate to ensure final passage of this comprehensive package.”
American Federation for Children CEO Tommy Schultz: “We are grateful for the efforts of Speaker Johnson and Congressional leaders in both chambers who have stood up so far to ensure that President Trump’s goal of school choice for every family in every state becomes a reality. American parents deserve nothing less, and we will continue working to get school choice across the finish line as the Senate can deliver on a historic national school choice tax credit. Bringing school choice to every state will be a legacy item for the lawmakers who stand boldly behind parents. We will continue to stand with them to achieve this goal.”
National Federation of Independent Business SVP for Advocacy Adam Temple: “The One Big Beautiful Bill Act includes the most important thing Congress can do to help small businesses and their workers – increasing and making the Small Business Deduction permanent. The bill also provides a tax cut for small business owners through lower individual rates, encourages new capital investments, and helps small business owners provide greater health care benefits to their employees. Members of Congress have a historic opportunity to provide over 33 million small business owners with permanent tax relief and NFIB strongly encourages them to do so.”
Growth Energy CEO Emily Skor: “We’re grateful to our champions on Capitol Hill who have worked hard to preserve and extend rural priorities, like the 45Z clean fuel production tax credit. This budget reconciliation package would give farmers and ethanol producers the freedom and flexibility to deliver for the American people. It ultimately delivers on the President’s agenda—it’s good for rural communities, good for innovation, good for investment, and good for American energy dominance.”
Americans for Prosperity Chief Government Affairs Officer Brent Gardner: “On behalf of our network of grassroots activists and small business owners nationwide, AFP congratulates Speaker Johnson, Majority Leader Scalise, Whip Emmer, and all the committee chairs for shepherding this legislation through the U.S. House of Representatives. Thanks to the efforts of policy champions across the House GOP conference, we are one step closer to giving Americans the pro-growth tax policy they voted for in November. Beyond cementing the foundation for a post-Biden economic recovery, we are poised to embrace an all-of-the-above approach to U.S. energy production, and finally secure our southern border.”
National Foreign Trade Council Vice President for International Tax Policy Anne Gordon: “We would like to once again thank Chairman Smith and the Ways & Means Committee and staff for their tireless work on this bill and Speaker Johnson and the leadership team for their efforts to bring critical U.S. tax legislation one step closer to becoming a reality. We congratulate the House on passing the One, Big, Beautiful Bill and urge the Senate to take up work on it as quickly as possible.”
American Land Title Association CEO Diane Tomb: “We commend the House for passing legislation that recognizes the needs of American small businesses, including the thousands of title and settlement companies ALTA represents. The expanded deduction under Section 199A is a welcome step that supports the long-term health of our small business members and the communities they serve. ALTA is especially pleased to see the preservation of Section 1031 like-kind exchanges, which play a vital role in fueling real estate investment, promoting property improvements and driving local economic growth. Provisions supporting homeownership, including those related to mortgage interest and capital gains exclusions, help provide certainty for buyers, sellers and lenders alike—strengthening the entire housing ecosystem. We urge the Senate to build on this momentum and protect the real estate and housing incentives that help Americans build wealth, promote generational stability and drive our economy forward.”
NRA Institute for Legislative Action Executive Director John Commerford: “This morning, the U.S. House of Representatives passed President Trump’s One, Big, Beautiful Bill, which includes the complete removal of suppressors from the National Firearms Act (NFA). This represents a monumental victory for Second Amendment rights, eliminating burdensome regulations on the purchase of critical hearing protection devices. The NRA thanks the House members who supported this bill and urges its swift passage in the U.S. Senate.”
RATE Coalition Executive Director Dan Combs: “Today’s vote is an historic step toward securing a tax code that rewards investment, supports job growth, and puts American workers first. This legislation builds on the success of the Tax Cuts and Jobs Act, preserving the policies that have helped drive wages up, unemployment down, and investment back into the U.S. economy. The House has done its part to move this forward. Now it’s time to keep that momentum going and get this across the finish line.”
Independent Women’s Center for Economic Opportunity Director Patrice Onwuka: “BOOM. Tax cuts, welfare reforms, green spending cuts, and border strengthening. Major credit is due to @SpeakerJohnson for getting @potus @realDonaldTrump #OneBigBeautifulBill through the House. He has proven to be a quiet force for conservatives. Now onto the Senate.”
Missouri Farm Bureau President Garrett Hawkins: “Our organization remains firmly committed to bringing the next generation home to rural Missouri. The legislation as passed contains top-tier Missouri Farm Bureau priorities to do just that, including making permanent several critical tax provisions such as an increased estate tax exemption, increasing access to Section 179 expensing, and ensuring continued use of key tools such as cash accounting, business interest deductions, and expensing for farms and small businesses. Additionally, the bill contains critical updates to the current farm safety net, including a reference price increase under farm bill programs and updates to dairy margin coverage. We are pleased to see several provisions related to promoting affordable, reliable and domestically produced energy and biofuels contained in the legislation. All of these things together, we believe, will help build a stronger and more resilient rural economy for our children and grandchildren to call home.”
Georgia Commissioner of Agriculture Tyler J. Harper: “President Trump’s Big Beautiful Bill is a much-needed win for Georgia Farmers and American Agriculture after four years of failure under President Biden. I am grateful to every Georgia member who voted in favor, and I urge Senators Ossoff and Warnock to put partisan politics aside and support this critical legislation.”
Headline: Governor Stein Statement on Revised State Revenue Forecast
Governor Stein Statement on Revised State Revenue Forecast lsaito
Raleigh, NC
Today Governor Josh Stein released the following statement on the Consensus Forecasting Group’s revised consensus general fund revenue forecast:
“This nonpartisan report confirms our concerns about the fiscal cliff the state faces if we do not take action to address future revenue shortfalls. State revenues for the two fiscal years ahead are predicted to be lower than what was expected in February: $218 million for FY 2025-26 and $222 million for the fiscal year after that. Slower revenue growth means fewer state dollars to invest in keeping people safe, educating our young people, and providing other important public services.
“This news comes in the midst of an uncertain economy and federal budget pressures that may put funding for critical resources including Medicaid and SNAP in jeopardy. It also comes as we find ourselves on the hook for even more Hurricane Helene recovery expenses. That’s why I proposed freezing tax rates where they are. While the House rejects my proposal and keeps the tax cuts in law, it did create more fiscally prudent triggers that must be satisfied before the cuts go into effect. I call upon the Senate budget writers to follow suit. We need to balance our books, not bury our heads in the sand.”
CHARLESTON, W.Va. – Laurel Blankenship, 58, of Bluefield, was sentenced today to two years in prison, to be followed by one year of supervised release, for conspiracy to commit witness tampering.
On January 18, 2024, a federal jury found Blankenship and her husband, Terry Leon Blankenship, guilty of conspiracy to commit witness tampering following a one-day trial. Evidence at trial proved that from on or about April 4, 2023 through at least July 25, 2023, the Blankenships conspired to influence the testimony of a witness in a federal sex trafficking case against Terry Leon Blankenship.
The witness was a 12-year-old girl who alleged that Terry Leon Blankenship had paid her for sexual activity with vapes and other items. Based upon those allegations, Terry Leon Blankenship was indicted on a charge of sex trafficking of a minor under the age of 14. Later, the minor victim recanted the allegation during the course of a West Virginia Child Protective Services (CPS) investigation that could have resulted in her being placed into foster care. In multiple recorded audio and video jail calls while Terry Leon Blankenship was incarcerated pending trial in the sex trafficking case, he and his wife had numerous conversations about ensuring that the minor witness maintained the recantation she had allegedly made to CPS. The recorded conversations included discussions about bribing the minor witness with an iPhone to ensure she stood by her recantation.
At the time of this offense conduct, Terry Leon Blankenship was a registered sex offender after pleading guilty to possession of child pornography in United States District Court for the Southern District of West Virginia on December 5, 2008. He was sentenced to eight years and four months in prison in that case, and was serving a lifetime term of supervised release at the time of the alleged sex trafficking offense and subsequent attempts at witness tampering.
Following an evidentiary hearing, the Court concluded that Terry Leon Blankenship engaged in sex acts with the minor female, that her initial disclosure of his sexual abuse was credible, and that the later recantation was not.
“Despite knowing that her husband was on federal supervised release and not permitted to be around children, Laurel Blankenship allowed children into their home including overnight,” said Acting United States Attorney Lisa G. Johnston. “She fostered the environment that allowed her husband to sexually abuse the child.”
The jury also convicted Terry Leon Blankenship, 56, of interfering with the enforcement of federal sex trafficking laws and attempted witness tampering. He was sentenced on Tuesday, May 27, 2025, to 12 years in prison, to be followed by a lifetime of supervised release. He is scheduled for a revocation hearing on his alleged violations of supervised release on June 10, 2025.
Johnston made the announcement and commended the investigative work of the Mercer County Sheriff’s Department.
United States District Judge Thomas E. Johnston imposed the sentence. Assistant United States Attorney Jennifer Rada Herrald and former Assistant United States Attorney Andrew D. Isabell prosecuted the case.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 1:23-cr-97.
Revenue grows 23% year-over-year to $678.0 million
Calculated billings grows 25% year-over-year to $784.5 million
Deferred revenue grows 26%year-over-year to $1,985.0 million
GAAP net loss of $4.1 million compared to GAAP net income of $19.1 million on a year-over-year basis
Non-GAAP net income of $136.8 million compared to non-GAAP net income of $113.0 million on a year-over-year basis
SAN JOSE, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (Nasdaq: ZS), the leader in cloud security, today announced financial results for its third quarter of fiscal year 2025, ended April 30, 2025.
“We delivered outstanding Q3 results as an increasing number of customers adopt our expanding Zero Trust Exchange platform. We enable customers to realize Zero Trust Everywhere while lowering operational cost and complexity,” said Jay Chaudhry, Chairman and CEO of Zscaler. “The proliferation of AI in all aspects of business is increasing the need for our AI security. We empower customers to securely adopt both public GenAI apps and their own private AI apps, and we are increasing our investments in this area.”
ThirdQuarter Fiscal 2025 Financial Highlights
Revenue: $678.0 million, an increase of 23% year-over-year.
Income (loss) from operations: GAAP loss from operations was $25.4 million, or 4% of revenue, compared to $3.0 million, or 1% of revenue, in the third quarter of fiscal 2024. Non-GAAP income from operations was $146.7 million, or 22% of revenue, compared to $121.8 million, or 22% of revenue, in the third quarter of fiscal 2024.
Net income (loss): GAAP net loss was $4.1 million, compared to GAAP net income of $19.1 million in the third quarter of fiscal 2024. Non-GAAP net income was $136.8 million, compared to $113.0 million in the third quarter of fiscal 2024.
Net income (loss) per share, diluted: GAAP net loss per share was $0.03, compared to GAAP net income per share of $0.12 in the third quarter of fiscal 2024. Non-GAAP net income per share was $0.84, compared to $0.71 in the third quarter of fiscal 2024.
Cash flows: Cash provided by operations was $211.1 million, or 31% of revenue, compared to $173.4 million, or 31% of revenue, in the third quarter of fiscal 2024. Free cash flow was $119.5 million, or 18% of revenue, compared to $123.1 million, or 22% of revenue, in the third quarter of fiscal 2024.
Deferred revenue: $1,985.0 million as of April 30, 2025, an increase of 26% year-over-year.
Cash, cash equivalents and short-term investments: $3,005.6 million as of April 30, 2025, an increase of $595.9 million from July 31, 2024.
Recent Business Highlights
Announced the appointment of Kevin Rubin as Chief Financial Officer. Rubin brings over two decades of experience leading finance organizations at high-growth public and private companies.
Announced the appointment of Raj Judge to the Board of Directors, and as EVP of Corporate Strategy & Ventures. Judge brings over 25 years of experience in the tech legal and venture capital space.
In May 2025, signed a definitive agreement to acquire Red Canary, a leading managed detection and response (MDR) vendor. By combining Zscaler’s high-volume and high-quality data with Red Canary’s domain expertise in MDR, Zscaler will accelerate its vision to deliver AI-powered security operations.
Recognized as a Leader in the 2025 Gartner® Magic Quadrant™ for Security Service Edge (SSE) for the fourth year in a row.
Positioned as a Leader in the IDC MarketScape: Worldwide Data Loss Prevention (DLP) 2025 Vendor Assessment, which offers a comprehensive evaluation of nine companies in the competitive DLP space based on detailed analysis of vendor capabilities and performance and market trajectories.
Introduced Zscaler Asset Exposure Management, a critical foundation of the company’s broader Continuous Threat Exposure Management (CTEM) offerings. Asset Exposure Management provides organizations with a comprehensive and accurate inventory of their assets and their risk.
Zscaler’s ThreatLabz published several research reports, including the 2025 AI Security Report, the 2025 VPN Risk Report, and the 2025 Phishing Report.
The 2025 AI Security Report found that enterprises’ usage of AI/ML tools increased by over 3,000% in the past year, reinforcing the need to deploy Zero Trust Everywhere to stay ahead of rapidly evolving cyberthreats.
The 2025 VPN Risk Report found that 92% of organizations are concerned about ransomware attacks due to VPN vulnerabilities, and 81% of organizations are planning to implement a zero trust everywhere strategy.
The 2025 Phishing Report found that attackers are using GenAI to launch targeted attacks against high-impact business functions like HR and finance, making a Zero Trust + AI defense strategy mission critical for organizations.
Announced T-Mobile modernized its infrastructure with Zscaler’s Zero Trust Exchange to provide Zero Trust security to its employees and team members whether they are in the office, at home or on the go.
Announced the inclusion of Zscaler solutions in the AWS Marketplace for the U.S. Intelligence Community (ICMP), a curated digital catalog from Amazon Web Services (AWS) that makes it easy to discover, purchase, and deploy software packages and applications from vendors that specialize in supporting government customers.
Change in Non-GAAP Measures Presentation
Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.
Financial Outlook
For the fourth quarter of fiscal 2025, we expect:
Revenue of $705 million to $707 million
Non-GAAP income from operations of $152 million to $154 million
Non-GAAP net income per share of approximately $0.79 to $0.80, assuming approximately 164 million fully diluted shares outstanding and a non-GAAP tax rate of 23%
For the full year of fiscal 2025, we expect:
Revenue of approximately $2.659 billion to $2.661 billion
Calculated billings of $3.184 billion to $3.189 billion
Non-GAAP income from operations of $573 million to $575 million
Non-GAAP net income per share of $3.18 to $3.19, assuming approximately 163 million fully diluted shares outstanding and a non-GAAP tax rate of 23%
These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Guidance for non-GAAP income from operations excludes stock-based compensation expense and related employer payroll taxes, amortization of debt issuance costs, and amortization expense of acquired intangible assets. We have not reconciled our expectations of non-GAAP income from operations and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. For those reasons, we are also unable to address the probable significance of the unavailable information, the variability of which may have a significant impact on future results. Accordingly, a reconciliation for the guidance for non-GAAP income from operations and non-GAAP net income per share is not available without unreasonable effort.
For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.
Conference Call and Webcast Information
Zscaler will host a conference call for analysts and investors to discuss its third quarter of fiscal 2025 and outlook for its fourth quarter of fiscal 2025 and full year fiscal 2025 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).
To join by phone, register at the following link: (https://register-conf.media-server.com/register/BIa63048e1e74d49ad9d61c0370b786cbb. After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call.
Upcoming Conferences
Fourth quarter of fiscal 2025 investor conference participation schedule:
Bank of America 2025 Global Technology Conference in San Francisco Thursday, June 5, 2025
2025 BMO Virtual Software Conference (Virtual) Monday, June 9, 2025
Sessions which offer a webcast will be available on the Investor Relations section of the Zscaler website at https://ir.zscaler.com/
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our financial outlook for the fourth quarter of fiscal 2025 and full year fiscal 2025. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks related to the use of AI in our platform; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth, including fluctuations from period to period; our limited experience with new products and subscriptions and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings and our ability to remain competitive; length of sales cycles; useful lives of our assets and other estimates; and general market, political, economic and business conditions.
Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in our filings and reports with the Securities and Exchange Commission (“SEC”), including our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2025 filed on March 10, 2025 and our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed on September 12, 2024, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Use of Non-GAAP Financial Information
We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.
About Zscaler
Zscaler (Nasdaq: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.
Zscaler™ and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.
Less: Antidilutive impact of capped call transactions (4)
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(2,050
)
(1,656
)
(1,539
)
Weighted-average shares used in computing non-GAAP net income per share, diluted
163,401
159,657
162,782
159,338
___________
(1) Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.
(2) Consists of income tax adjustments related to our long-term non-GAAP effective tax rate of 23%. In the three and nine months ended April 30, 2025, we recognized a tax benefit of $0.2 million and $17.4 million, respectively, attributable to the release of the valuation allowance on U.K. deferred tax assets.
(3) The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted non-GAAP net income per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the non-GAAP net income per share, and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP net income per share.
(4) We exclude the in-the-money portion of the convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our capped call transactions. Our outstanding capped call transactions are antidilutive under GAAP but are expected to mitigate the dilutive effect of the convertible senior notes and therefore are included in the calculation of non-GAAP diluted shares outstanding. The capped calls have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price.
ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)
Three Months Ended
Nine Months Ended
April 30,
April 30,
2025
2024
2025
2024
Calculated Billings
Revenue
$
678,034
$
553,201
$
1,953,889
$
1,574,903
Add: Total deferred revenue, end of period
1,984,985
1,577,014
1,984,985
1,577,014
Less: Total deferred revenue, beginning of period
(1,878,505
)
(1,502,175
)
(1,894,974
)
(1,439,676
)
Calculated billings
$
784,514
$
628,040
$
2,043,900
$
1,712,241
Free Cash Flow
Net cash provided by operating activities
$
211,081
$
173,414
$
721,849
$
576,289
Less: Purchases of property, equipment and other assets
(72,163
)
(35,651
)
(104,206
)
(95,204
)
Less: Capitalized internal-use software
(19,455
)
(14,637
)
(62,871
)
(32,453
)
Free cash flow
$
119,463
$
123,126
$
554,772
$
448,632
Free Cash Flow Margin
Net cash provided by operating activities, as a percentage of revenue
31
%
31
%
37
%
37
%
Less: Purchases of property, equipment and other assets, as a percentage of revenue
(10
)%
(6
)%
(6
)%
(6
)%
Less: Capitalized internal-use software, as a percentage of revenue
(3
)%
(3
)%
(3
)%
(3
)%
Free cash flow margin
18
%
22
%
28
%
28
%
ZSCALER, INC. Explanation of Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, as it has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.
Expenses Excluded from Non-GAAP Measures
Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity incentive awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of acquired intangible assets and amortization of debt issuance costs from the convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance.
Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.
Non-GAAP Financial Measures
Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.
Non-GAAP Income from Operations and Non-GAAP Operating Margin. We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue.
Non-GAAP Net Income per Share, Diluted. We define non-GAAP net income as GAAP net income (loss) excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, amortization of debt issuance costs, and the non-GAAP provision for income taxes adjustment. We define non-GAAP net income per share, diluted, as non-GAAP net income plus the non-GAAP interest expense related to the convertible senior notes divided by the weighted-average diluted shares outstanding, which includes the effect of potentially diluted common stock equivalents outstanding during the period and the anti-dilutive impact of the capped call transactions entered into in connection with the convertible senior notes.
Calculated Billings. We define calculated billings as revenue plus the change in deferred revenue in a period. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services for our new and existing customers. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance.
Free Cash Flow and Free Cash Flow Margin. We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives.
LOS ANGELES, May 29, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank (“the Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company”, announced that its Board of Directors authorized a stock repurchase plan providing for the repurchase of up to $18 million of the Company’s outstanding common stock through June 30, 2026.
The repurchase plan permits shares to be purchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Commission. The authorized repurchase plan may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase plan does not obligate the Company to purchase any particular number of shares.
Corporate Overview
RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2025, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to Asian-centric communities through 24 full-service branches across 6 states including California, Nevada, New York, New Jersey, Illinois, and Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.
Safe Harbor
Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.
SAN JOSE, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, today announced the appointment of Kevin Rubin as Chief Financial Officer. In his role, Rubin will oversee Zscaler’s global finance organization and play a critical role in scaling the company’s operations to support its next phase of growth and innovation.
Rubin brings a wealth of financial expertise and strategic leadership experience in the technology industry, with a strong track record of driving operational excellence, managing business transformations, and delivering shareholder value. He will succeed Remo Canessa, who announced his intention to retire last year. Canessa will remain with Zscaler until the end of the fiscal year 2025 in an advisory capacity to support the transition.
“I am thrilled to welcome Kevin to the Zscaler leadership team during this transformative era of growth,” said Jay Chaudhry, Chairman and CEO of Zscaler. “As organizations around the globe embrace AI security and Zero Trust Everywhere for their digital transformation journeys, Kevin’s exceptional financial expertise, industry depth, and leadership at scale will be pivotal in driving Zscaler towards $5 billion and beyond in Annual Recurring Revenue. His proven CFO experience will be instrumental as we empower businesses to reimagine secure cloud adoption, harness AI-driven innovation, and shape the future of cybersecurity. I look forward to collaborating closely with Kevin to achieve our goals and further strengthen Zscaler’s leadership in the market.”
Rubin brings over two decades of experience leading finance organizations at high-growth public and private companies. Prior to Zscaler he was CFO at BetterUp, where he guided the company’s financial strategy and operational scale. Before that, Rubin served as CFO at Alteryx, where he was responsible for global financial operations, investor relations, corporate development and ventures, real estate, and workplace services. Rubin led the company’s successful IPO, and under his leadership, the company’s Annual Recurring Revenue grew to $1 billion. Previously, Rubin served as CFO at MSC Software, Pictage, DDN Storage and MRV Communications, honing a diverse skill set in financial strategy, operations, compliance, and investor relations.
“Zscaler is driving a major paradigm shift in cybersecurity with its unique Zero Trust platform which enables organizations to digitally transform their operations and securely adopt AI for productivity and efficiency gains,” said Kevin Rubin. “I am excited to join such a dynamic and innovative company and look forward to collaborating with the team to advance Zscaler’s mission.”
Forward-Looking Statements
This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. These forward-looking statements include the potential impact of the executive appointment to Zscaler’s future recurring revenue and ability to grow and scale. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. A significant number of factors could cause actual results to differ materially from statements made in this press release.
Additional risks and uncertainties are set forth in our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on March 10, 2025, which is available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. Any forward-looking statements in this release are based on the limited information currently available to Zscaler as of the date hereof, which is subject to change, and Zscaler will not necessarily update the information, even if new information becomes available in the future.
About Zscaler
Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.
Zscaler™, Zscaler Zero Trust Exchange™, Zscaler Internet Access™, and Zscaler Private Access™, ZIA™, and ZPA™ and Zscaler B2B™ are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.
Congressman Fry Leads Push for State-Led Management of South Atlantic Snapper-Grouper Fishery
WASHINGTON, D.C. – Congressman Russell Fry (SC-07) led a letter from Republican members of the South Carolina delegation to U.S. Secretary of Commerce Howard Lutnick, urging the Department of Commerce to adopt a new state-led framework for managing the snapper-grouper fishery in the South Atlantic. The letter calls for putting a stop to heavy-handed federal restrictions and letting states like South Carolina take the lead in managing and tracking their own fisheries.
Earlier this month, South Carolina Governor Henry McMaster signed a similar bill giving more control of the red snapper industry to the state.
The South Carolina lawmakers expressed strong concerns over the National Oceanic and Atmospheric Administration’s (NOAA) reliance on flawed Marine Recreational Information Program (MRIP) data, which has driven severe restrictions, including extremely short recreational red snapper seasons and expansive bottomfishing closures.
South Carolina’s recreational fishing and boating economy generates over $6.5 billion annually and supports more than 27,000 jobs. Local anglers and business owners—from Murrells Inlet to Hilton Head—depend on fair and effective fisheries management to sustain their way of life.
In their letter, the lawmakers urged the Department of Commerce to:
Pause implementation of Amendment 59 and similar federal closures
Support a cooperative, state-led fisheries management approach modeled after the successful Gulf red snapper program
Empower states to collect better data and deliver more balanced, accountable management
“For too long, federal mismanagement has hurt our coastal communities and undermined trust in the system,” said Congressman Fry. “South Carolina anglers deserve better than critical decisions based on bad data. It’s time to follow the successful model we’ve seen in the Gulf of America and let states lead the way, just like we did under the first Trump administration in the Gulf.”
This letter was signed by South Carolina Senators Lindsey Graham and Tim Scott, as well as South Carolina Representatives Sherri Biggs, Nancy Mace, Ralph Norman, William Timmons, and Joe Wilson.
Read the full letter here.
Congressman Fry serves on both the House Energy and Commerce Committee and the House Judiciary Committee. To stay up to date with Congressman Fry and his work for the Seventh District, follow his official Facebook, Instagram, and X pages and visit his website at fry.house.gov.
Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)
Today, Congresswoman Suzan DelBene (WA-01) highlighted the harm of President Trump’s ongoing tariff chaos at the Port of Seattle with Washington workers, businesses, and health care providers.
Tariffs are a tax on imported goods paid by American businesses and often passed along to American consumers. Since taking office, Trump has put sweeping tariffs in place against some of our closest allies and trading partners with no clear plan. In other instances, he has threatened to do so and pulled back at the last minute. This instability is extremely harmful to businesses and their customers as they cannot adequately plan for the future. This leads to more expensive business inputs, supply chain disruptions, and fewer markets available to sell goods into.
Tariffs hit Washington especially hard because the state is trade-dependent: 4-in-10 Washington jobs are tied to trade. Slowdowns at the Port of Seattle and other ports of entry can mean less work for longshoremen, truckers, and other shipping jobs, and fewer goods on shelves.
“Washington is a very trade-dependent state, and the president’s tariff chaos is hurting businesses, threatening jobs, and raising prices on families. Trump has no clear plan for his trade war, and damage is being done. As a former businesswoman, I know firsthand that businesses need stability to plan and grow,” said DelBene. “Congress must reassert its constitutional authority over trade by making clear any president must get a vote before putting in place sweeping tariffs.”
At the event, DelBene was joined by representatives from the Northwest Seaport Alliance, Port of Seattle, International Longshore and Warehouse Union (ILWU), Washington Hospital Association, Overlake Medical Center, and SOGDA, a Washington-based seafood wholesaler.
“International trade and supply chains rely on predictable, consistent policy. We remain concerned about the market disruptions, cargo fluctuations, and lost business caused by the initial tariff implantation as well as the continued lack of clarity. We are deeply grateful to have Congresswoman DelBene advocating for trade policy that helps Washington businesses grow and prosper,” said Northwest Seaport Alliance and Port of Seattle Commissioner Sam Cho.
“At the Northwest Seaport Alliance, we take pride in being a top export gateway for American agricultural goods and manufacturers. Trade wars often hit our exporters hardest, and we are closely tracking the impacts to Northwest producers. We hope our policymakers can continue working towards an outcome that lowers trade barriers and unnecessary tariffs. We thank Congresswoman DelBene for her steadfast commitment to these issues,” said Northwest Seaport Alliance and Port of Tacoma Commissioner Deanna Keller.
“We have seen a slowdown in cargo operations in Seattle and the Pacific Northwest. We longshoremen need stability in long-term decisions from Washington, DC. These are 20- and 30-year decisions for international shipping companies that are being disrupted by daily changes currently. We look forward to jobs for longshoremen, trucking companies, warehouse workers, and farmers,” said ILWU President Mark Elverston.
DelBene has introduced several pieces of legislation that would ensure any president must come to Congress for a vote before any sweeping tariffs could be put in place. Republicans in Congress have hidden from votes on repealing Trump’s tariffs and voted against DelBene offering them as amendments to legislation. Two federal courts have now ruled that Trump’s tariffs are illegal but the administration has vowed to appeal.
Home Newsroom AG Labrador Joins Coalition Urging Meta to Address AI Sexual Exploitation Risks
BOISE — Attorney General Raúl Labrador has joined a coalition of 28 state attorneys general in demanding answers from Meta Platforms, Inc. after disturbing reports surfaced showing that Meta’s social media AI assistant, known as “Meta AI,” may expose children to sexually explicit content and allow adults to simulate the grooming of minors. “The reports concerning Meta’s AI exposing children to sexually explicit content and enabling virtual grooming are deeply alarming,” said Attorney General Labrador. “We are demanding immediate answers from Meta regarding these grave allegations. Protecting children from exploitation remains my top priority, and we expect Meta to take swift, decisive action to ensure their platforms are safe to use.” Meta AI, integrated across Instagram, Facebook, and WhatsApp, allows users to interact with synthetic personas through text, voice, and image exchanges. Some personas are created by Meta and impersonate celebrities like Kristen Bell or John Cena, while others are user-generated but approved and promoted by Meta. Recent investigative reporting has revealed that several Meta AI personas have engaged in graphic sexual conversations with users identifying as minors. In one case, a Meta-created persona using the voice of John Cena described a sexual encounter with a user posing as a 14-year-old girl and acknowledged its illegality. User-created underage personas were also implicated in facilitating pedophilic scenarios with adult-identifying users. The attorneys general are seeking answers to several urgent questions, including:
Whether Meta intentionally removed safeguards to allow sexual role-play, Whether any of these capabilities remain available on Meta’s social media platforms, and Whether Meta plans to halt access to sexual role-play on its platforms.
The letter gives Meta until June 10, 2025, to respond. Attorney General Labrador’s office has been at the forefront of protecting children from evolving digital threats. Last year, the Idaho Legislature passed House Bill 465 (2024), now Idaho Code Section 18-1507C, a forward-looking statute that criminalizes the production, distribution, receipt, possession, or access of visual representations of the sexual abuse of children created using generative AI or machine learning. This new law provides prosecutors with crucial tools to combat emerging forms of child exploitation.Attorney General Labrador joined South Carolina Attorney General Alan Wilson, who led the letter, along with the attorneys general from Alabama, Alaska, Arkansas, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, and Wyoming. You can read the letter here.
RALEIGH, N.C. – Mitchell Summerfield, age 45, of Raleigh, pleaded guilty Tuesday to conspiracy to commit bank fraud and wire fraud in connection with a scheme to fraudulently obtain COVID-19 loan funds. At sentencing, Summerfield faces a maximum sentence of 30 years’ imprisonment, a $1,000,000 fine, and five years of supervised release. Summerfield will also be required to pay restitution in an amount to be determined.
According to court documents and other information presented in court, Summerfield was the pastor of the Word of God Fellowship Church in Raleigh, and also owned various other entities, including Winning Ways, KHS Investments, and Vision and Destiny. Between July 2020 and July 2021, Summerfield conspired with others to submit false and fraudulent applications for Paycheck Protection Program (PPP) loans and Economic Injury Disaster loans (EIDL) for these entities.
Congress created the PPP program in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in order to mitigate the economic impacts of the COVID-19 pandemic for small businesses. PPP loans were fully guaranteed by the United States and forgivable so long as the proceeds were used for payroll and other qualified expenses. The CARES Act also expanded the EIDL program to assist small businesses experiencing financial distress due to the pandemic. The PPP and EIDL programs were administered by the U.S. Small Business Administration (SBA).
Summerfield submitted multiple EIDL and/or PPP applications on behalf of Winning Ways, KHS Investments, and Vision and Destiny. Summerfield made various false statements in the applications to induce the SBA and lending institutions to approve and disburse the requested loan amounts. Summerfield also provided fabricated IRS tax forms, including false income tax returns. As a result of the fraudulent applications, Summerfield received more than $400,000 in PPP and EIDL funds. Summerfield used the loan fraud proceeds for unauthorized and unlawful purposes, including paying for personal expenses.
Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina, made the announcement after U.S. District Judge Terrence W. Boyle accepted the plea. The Internal Revenue Service, Criminal Investigation, investigated the case. Special Assistant U.S. Attorney Lisa K. Labresh prosecuted the case.
CHARLESTON, W.Va. – Brice Allen Pomeroy, 26, of Hernshaw, was sentenced today to two years of federal probation and ordered to pay $2,051.21 in restitution for obstruction of mail.
According to court documents and statements made in court, on May 11, 2023, Pomeroy knowingly and willfully threw away approximately 227 pieces of mail by depositing a large plastic bad containing the mail pieces into a trash can located outside a gas service station in Charleston.
At the time of the offense, Pomeroy was employed by a United States Postal Service vendor as a mail handler at the vendor’s facility in Charleston. The 227 pieces of mail included Mother’s Day, graduation, anniversary, and birthday cards. Any cash or gift cards that had been in the mail pieces was removed by the time they were discarded at the service station. Over $2,000 in cash or gift cards was reported stolen.
Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the U.S. Postal Inspection Service.
United States District Judge Irene C. Berger imposed the sentence. Assistant United States Attorney Jonathan T. Storage prosecuted the case.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:25-cr-2.
MADISON, WIS. – Timothy M. O’Shea, United States Attorney for the Western District of Wisconsin, announced that Efrain Estrada, 31, Onalaska, Wisconsin was sentenced today by Chief U.S. District Judge James D. Peterson to 132 months in federal prison for possessing 400 grams or more of fentanyl intended for distribution and possessing firearms as a felon. Estrada pleaded guilty to these charges on March 13, 2025.
On July 22, 2024, law enforcement found approximately 5,000 fentanyl pills and 3,000 methamphetamine pills in a package mailed from Houston, Texas, to La Crosse, Wisconsin. On July 25, 2024, after replacing the pills with candy, agents conducted a controlled delivery to the recipient address and arrested the person who retrieved the package. Upon arrest, the person told agents that the package was meant for Estrada and agreed to conduct a controlled delivery to Estrada’s house in Onalaska, Wisconsin. The person then delivered the package to Estrada and agents arrested him as he left his house.
Law enforcement then searched Estrada’s house and found another 2,800 fentanyl pills, approximately 1,000 pills containing other controlled substances, and more than 600 grams of methamphetamine. Law enforcement also found 10 firearms and ammunition of varying caliber in various locations throughout the house, some containing loaded high-capacity magazines. One firearm was a short-barreled rifle, and 2 other firearms were sawed-off shotguns with scratched off serial numbers. Some of the drugs and guns were found in a hidden compartment of a coffee table accessible only through a key card found in Estrada’s dresser.
At sentencing, Judge Peterson acknowledged Estrada inherited a mature drug operation from a deceased relative, but Estrada was not an amateur and did not simply fall into drug trafficking. He said Estrada not only stepped into it but embraced it, and it constituted a very destructive financial shortcut for him. Estrada was not a low-level actor in someone else’s organization caught with a large quantity of drugs – this was Estrada’s organization for which he was fully accountable. Judge Peterson also observed that Estrada possessed a mini arsenal of firearms that had no purpose other than to protect his drug operation and that the result would have been catastrophic if he had used the firearms for that purpose.
The charges against Estrada were the result of an investigation conducted by the U.S. Postal Inspection Service, Wisconsin Department of Justice-Division of Criminal Investigation, La Crosse Sheriff’s Office, La Crosse Police Department, Madison Police Department, and the ATF Madison Crime Gun Task Force, which consists of federal agents from ATF and Task Force Officers (TFOs) from state and local agencies throughout the Western District of Wisconsin. Assistant U.S. Attorneys Steven Ayala and David Reinhard prosecuted this case.
Ocala, Florida – United States District Judge Thomas P. Barber has sentenced a federal inmate, Jessie Wooden (36, Miami), to 10 years in federal prison for possession with the intent to distribute 50 grams or more of methamphetamine. A co-defendant, Janai Chanel Stephens (38, Opa Locka), also was sentenced to 18 months’ probation for her role in introducing contraband into a federal prison and making false statements to a federal agent. A federal grand jury indicted Wooden and Stephens on May 28, 2024. Both defendants entered guilty pleas to the charges in January 2025.
According to the court records, on March 10, 2024, Wooden was an inmate at the Coleman Federal Correctional Complex (FCC Coleman) in Sumter County, Florida. On that date, Stephens visited Wooden at the prison. She entered FCC Coleman with a bag containing contraband 78 grams of methamphetamine and tobacco cigarettes that she intended to give to Wooden. Federal inmates are prohibited from possessing such items because they threaten the order, discipline, and security of the prison.
Prior to the visitation, Stephens falsely represented to a corrections officer on a written form that she did not have any contraband in her possession. When she subsequently met with Wooden in a visitation room, however, she threw him the bag containing the contraband. After being confronted by law enforcement, Stephens confessed to bringing in the contraband for Wooden, though she claimed only to know about the tobacco products. Wooden admitted that he had planned to distribute the methamphetamine and other items to inmates inside FCC Coleman.
“Individuals who smuggle contraband into federal prisons put lives at risk,” said Eric Fehlman, Special Agent in Charge of the Department of Justice Office of the Inspector General Southeast Region. “The Department of Justice Office of Inspector General will continue to work with our law enforcement partners to keep federal prisons safe and hold those who would exploit our correctional system for personal gain accountable.”
This case was prosecuted as part of a United States Department of Justice (DOJ) task force aimed at rooting out contraband and misconduct in the Federal Bureau of Prisons (BOP). The task force was led by the BOP and the DOJ – Office of the Inspector General (DOJ-OIG), with support from the Federal Bureau of Investigation (FBI), the Drug Enforcement Administration (DEA), and the United States Attorney’s Office for the Middle District of Florida. It was prosecuted by Assistant United States Attorney Hannah Nowalk Watson.
ELKINS, WEST VIRGINIA – Joshua Ray Vanreenan, 37, of Hillsboro, West Virginia, was sentenced today to 46 months in federal prison for the distribution of methamphetamine.
According to court documents and statements made in court, Vanreenan was selling methamphetamine from his home in Pocahontas County. He has prior firearms convictions, as well as a domestic violence protection order.
Vanreenan will serve three years of supervised release following his prison sentence.
Assistant U.S. Attorney Stephen Warner prosecuted the case on behalf of the government.
The Mountain Region Drug Task Force, a HIDTA-funded initiative investigated.
Chief U.S. District Judge Thomas S. Kleeh presided.
BOSTON – A Boston man pleaded guilty yesterday in federal court in Boston to child exploitation offenses.
Kyle Joyner, 40 pleaded guilty to one count of sexual exploitation of children and one count of possession of child pornography. U.S. District Court Judge Denise Casper scheduled sentencing for Sept. 10, 2025. Joyner was indicted by a federal grand jury on March 6, 2024.
On various dates between Jan. 3, 2023, through Sept. 17, 2023, Joyner sexually exploited a minor victim known to him by producing child sexual abuse material (CSAM). Additionally, two cell phones seized from Joyner in October 2023 were found to contain over 700 CSAM images that included prepubescent females.
The charge of sexual exploitation of children provides for a mandatory minimum sentence of 15 years and up to 30 years in prison, a lifetime of supervised release and a fine of up to $250,000. The charge of possession of child pornography provides for a sentence of up to 20 years in prison, up to a lifetime of supervised release and a fine of $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
United States Attorney Leah B. Foley and Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Valuable assistance was provided by the Boston Police Department. Assistant U.S. Attorney Jessica L. Soto of the Major Crimes Unit is prosecuting the case.
The case is brought as part of Project Safe Childhood. In 2006, the Department of Justice created Project Safe Childhood, a nationwide initiative designed to protect children from exploitation and abuse. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to locate, apprehend and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.
ELKINS, WEST VIRGINIA – Wesley Shane Haggerty, 37, of Cabins, West Virginia, was sentenced today to 120 months in federal prison for the unlawful possession of a firearm.
According to court documents and statements made in court, Pendleton County Sheriff’s deputies were called to a disturbance involving a firearm. When officers arrived at the home, Haggerty was arrested after a short foot pursuit. Haggerty had a pistol and is prohibited from having firearms because of seven prior felony convictions and two misdemeanor domestic battery convictions.
Haggerty will serve three years of supervised release following his prison sentence.
The Bureau of Alcohol, Tobacco, Firearms, and Explosives and the Pendleton County Sheriff’s Office investigated.
Assistant U.S. Attorney Stephen Warner prosecuted the case on behalf of the government.
Chief U.S. District Judge Thomas S. Kleeh presided.
COLUMBIA, S.C. — A federal grand jury in Florence has returned a 13-count indictment charging Stephen Todd Greene, 55, of West Columbia, with conspiracy to produce child sexual abuse material, two counts of production of child sexual abuse material, four counts of distribution of child sexual abuse material, three counts of receipt of child sexual abuse material, possession of child sexual abuse material, and two counts of coercion and enticement of a minor into illegal sexual conduct.
The indictment alleges that from June 2023 through September 2024, Greene worked with a woman in Brazil, referred to in the indictment as C0-Conspirator 1, to sexually exploit her nieces, who are 3 years old and 9 years old as of the date of the indictment. Co-Conspirator 1 abused the children in person and Greene abused the children virtually, including by livestreaming their sex abuse to his home in West Columbia and by directing Co-Conspirator 1 to engage in certain abuse over livestream, according to the indictment.
Greene and Co-Conspirator 1 used Instagram, WhatsApp, Telegram, and FaceTime to facilitate the scheme, as well as a series of cameras installed in Greene’s home and in Co-Conspirator 1’s home in Brazil, which allowed a livestream from both locations. According to the indictment, Greene produced, received, distributed, and possessed child sexual abuse material, and he engaged in sexually explicit conduct on video and caused the minor victims to watch. During the scheme, Greene travelled twice to Brazil, where he gained direct access to the children, and he transferred money during the scheme to Co-Conspirator 1 through a wire service, according to the indictment.
Agents with the FBI Columbia field office arrested Greene and he was arraigned in federal court earlier this afternoon. He was ordered detained pending a bond hearing.
Greene faces a maximum penalty of life in prison. He also faces a mandatory minimum of 15 years on the conspiracy to produce child sexual abuse material and the production of child sexual abuse material charges, a mandatory minimum of 10 years on the coercion and enticement charges, and a mandatory minimum of five years on the receipt and distribution of child sexual abuse material charges. Greene also faces up to a $250,000 fine, restitution payable to the minor victims for damages incurred as a result of the conduct, a special assessment of $5,000, lifetime supervision by the U.S. Probation Office following any term of incarceration, and potential sex offender registry requirements.
The case was investigated by the FBI Columbia field office and the Brazilian Federal Police. Assistant U.S. Attorneys Elliott B. Daniels and Elle E. Klein are prosecuting the case.
The FBI’s Columbia field office is seeking any information regarding additional potential victims in this investigation. Tips can be provided at 1-800-CALL-FBI or tips.fbi.gov.
U.S. Attorney Bryan P. Stirling stated that all charges in the indictment are merely accusations and that defendants are presumed innocent unless and until proven guilty.
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* The term “pornography” is currently used in federal statutes and is defined as any visual depiction of sexually explicit conduct involving a person less than 18 years old. While this phrase still appears in federal law, “child sexual abuse material” is preferred, as it better reflects the abuse that is depicted in the images and videos and the resulting trauma to the child. The Associated Press Stylebook also discourages the use of the phrase “child pornography.”
ALEXANDRIA, Va. – A Maryland woman was sentenced yesterday to four years in prison for bank fraud, aggravated identity theft, and possession of a firearm by a convicted felon.
According to court documents, on Nov. 23, 2022, Loryn Michelle Dorsey, 36, of Elkridge, Maryland, fraudulently obtained the personal identifying information (PII) of two victims, identified as K.R. and Z.B, due to their high credit scores, which she needed to fraudulently obtain a loan from a bank to purchase a vehicle. Dorsey also assumed the fake identity of “Julia Ball,” who is not a real person.
On December 6, 2022, Dorsey used K.R.’s PII to apply online for financing to purchase a vehicle from a car dealership in Fairfax, falsely presenting herself as K.R., a female. The dealership then submitted the information to financial institutions to provide the requested credit. Ally Bank, among others, received but rejected the application, but no loan was awarded, and no vehicle was purchased.
Later that day, Dorsey again attempted to obtain approval for financing to purchase a vehicle from the same dealership, this time applying with Z.B. as the co-purchaser and “Julia Ball” as the co-owner. Through the dealership’s website, Dorsey was granted conditional approval of a loan from Ally Bank based on Z.B.’s good credit rating. Because Z.B. had to be present to complete the purchase, and because Z.B. is a man, Dorsey asked a coconspirator to accompany her to the dealership and fraudulently present himself as Z.B. Dorsey also arranged for someone to create a fraudulent identification document with Z.B.’s information and the co-conspirator’s photograph.
Dorsey and the co-conspirator, at Dorsey’s direction, completed paperwork to purchase a 2015 Cadillac Escalade for $48,629.20, with $1,000 cash downpayment provided by Dorsey and the remaining sum of $47,629.20 to be financed by Ally Bank. Fairfax County Police (FCPD) arrived at the dealership after the paperwork was completed. When Dorsey was arrested, she was in possession of a firearm. In 2016, Dorsey was convicted of possession with the intent to distribute a controlled substance in Maryland. As a previously convicted felon, Dorsey cannot legally possess a firearm or ammunition.
Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia; and Emily Odom, Special Agent in Charge of the FBI Washington Field Office’s Criminal and Cyber Division, and Kevin Davis, Fairfax County Chief of Police, made the announcement after sentencing by Senior U.S. District Judge Anthony J. Trenga.
FCPD Auto Crimes Enforcement and the FBI WFO TOC-E/Major Theft Task Force investigated this case.
Assistant U.S. Attorney Nicholas A. Durham prosecuted the case.
This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:24-cr-7.
TORONTO, May 29, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint”), one of Canada’s leading independent investment managers, today announced a new strategic partnership with WP Global Partners LLC (“WP Global”), a private equity investment firm with more than $3.2 billion in assets under management and a distinguished 20-year track record in the U.S. lower middle market.
Through this partnership, Ninepoint Institutional Partners LP, the institutional division of Ninepoint, has been appointed as the exclusive capital formation partner in Canada for certain WP Global lower middle market private equity strategies, including its flagship COREalpha series. The collaboration aims to provide Canadian institutional investors with access to WP Global’s highly curated private equity partnership and co-investment opportunities focused on small and midsize companies across the United States.
Founded in 2005, WP Global‘s team has collectively invested over $5.7 billion across more than 450 funds and $1.6 billion in 145 portfolio companies. WP Global is known for its rigorous manager selection process, thematic co-investments, and consistent performance across multiple market cycles. The firm’s WP COREalpha flagship series targets value creation through a diversified portfolio of private equity partnerships and direct private equity co-investments with a focus on defensible businesses in healthcare, business services, consumer, and specialty manufacturing sectors.
“We are excited to partner with WP Global” said Jalaj Antani, Director, Ninepoint Institutional Partners LP. “We believe WP Global’s decades of experience and notable track record in selecting lower middle market private equity investments will be very appealing for Canadian institutional investors.”
“We are thankful for the collaboration with Ninepoint and are excited to partner with Canadian investors to help them scale down into the attractive and expansive U.S. lower middle market.” said J.F. Berry, Senior Managing Partner at WP Global Partners.
WP Global’s investment philosophy focuses on sectors with strong growth dynamics and low correlation to public markets, including companies with recurring consistent revenue, defensible business models, and clear value creation levers. Through its mandates, WP seeks to build portfolios with long-term resilience and enhanced return potential.
About Ninepoint Partners
Ninepoint Institutional Partners works with Canadian Pension Plans, Foundations, Endowments, Insurance Companies, Family Offices, and other institutional allocators to deliver objective, comprehensive investment management solutions from around the globe. By collaborating with best-in-class managers, we offer access to unique strategies that optimize risk/return profiles in institutional portfolios.
Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.
Founded in 2005, WP Global Partners LLC is a private equity investment firm with over $3.2 billion in assets under management. WP Global focuses on partnership and co-investment strategies across the U.S. lower middle market and its team has invested in more than 450 funds and 145 companies. The firm operates offices in Chicago, New York, Los Angeles, and South Walton. WP Global is recognized for its experienced team, disciplined investment process, and long-standing relationships with premier fund managers.
Source: United States Department of Defense (video statements)
Demonstrating peace through strength! Over the weekend, Air Force Global Strike Command led the first-ever tri-bomber/fighter formation over Miami Beach in honor of Memorial Day, showcasing American Airpower to potential adversaries and the American people. The seven-ship “Freedom Flyover” highlighted the Air Force’s total force components, bringing together active duty, guard, and reserve forces to create an incredible display of strength and resolve.
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Your military is an all-volunteer force that serves to protect our security and way of life, but Service members are more than a fighting force. They are leaders, humanitarians and your fellow Americans. Get to know more about the men and women who serve, who they are, what they do, and why they do it.
For more on the Department of Defense, visit: http://www.defense.gov
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Keep up with the Department of Defense on social media!
Like the DoD on Facebook: http://facebook.com/DeptofDefense
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Source: United States Department of Defense (video statements)
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@usarmy Golden Knights take you on a POV demonstration jump during the Indy500 pre-race activities in Speedway, Ind.
#military #usa
For more on the Department of Defense, visit: http://www.defense.gov
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Keep up with the Department of Defense on social media!
Like the DoD on Facebook: http://facebook.com/DeptofDefense
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