Acadia pops after pricing stock sale
Shares of Acadia Healthcare are up more than 4 percent in Wednesday afternoon trading after the behavioral health care provider said it would price at $15.50 the more than 8 million shares it has registered to sell. That price is just 3 percent below Acadia's closing price on April 27, the last trading day before it announced the offering.
Eddy Arnold grandson helps launch label
Seeking to provide a new home for American music of various stripes, Shannon Pollard, the grandson of the late Eddy Arnold, has teamed up with producer Don Cusic and punk legend Cheetah Chrome to launch Plowboy Records. Check out more info on MusicRow.com.
Tennessee AG office helps in Skechers settlement
The $45 million agreement reached between the Federal Trade Commission and shoemaker Skechers USA, Inc., has a major Tennessee component.
The Tennessee Attorney General Office, joined by its peer AG office in Ohio, spearheaded the effort for 42 states and the District of Columbia. Under the settlement agreement, Skechers — accused of deceptive advertising related to claims of improved health and appearance (and using Kim Kardashian and Brooke Burke to showcase their shapes) — will pay $40 million, to be refunded to consumers who purchased Shape-Ups, Tone-Ups, and the Skechers Resistance Runners. It is the largest such pool in history for an advertising substantiation case. As part of the settlements, Skechers will pay an additional $5 million to the states.
Under the settlement, which Davidson County Circuit Court Judge Hamilton Gayden Jr., signed Wednesday, Skechers is prohibited from making future claims unless it has adequate substantiation to do so.
Skechers does not admit any wrongdoing and denies the factual allegations asserted in the attorney general’s complaint.
Klein rebranding Solantic urgent care chain
A year after taking over the reins at urgent-care clinic operator Solantic, Mike Klein is changing the name of the company launched by ex-Columbia HCA boss Rick Scott and launching a rebranding push that will create CareSpot Express Healthcare. The move comes as Klein's Maryland Farms-based team is ramping up its expansion plans, especially outside of its Florida base. CareSpot plans to open more than a dozen new locations before the end of this year, which will lift its total above 40.
ASCAP adds communications director
ASCAP Nashville has hired Alison Toczylowski as director of communications and media.
MusicRow.com has the story here.
Templeton to keynote Tennessee stocks conference
Lauren Templeton, great niece of value investing guru John Templeton, will deliver the keynote speech at next month's Invest Tennessee Equity Conference at the Nashville Convention Center. Templeton's Chattanooga-based firm manages about $145 million and runs the Global Maximum Pessimism Fund.
SEE ALSO: A 2010 Daily Finance interview with Templeton and her husband, Scott Phillips.
Genesco directors get a raise
The nonexecutive directors of apparel retailer Genesco will be paid an extra $20,000 this fiscal year. The increase is coming courtesy of equal bumps in both the cash retainer and the restricted stock grant Genesco will pay.
The increases represent the last installment in a planned, two-year program to bring non-employee director compensation near the market median, calculated based upon peer group comparative data, for non-employee director compensation. The data indicate that Genesco’s non-employee director compensation prior to the increases was approximately $40,000 per year in total value below the market median.
Delek refineries to run below capacity for a while
Delek US Holdings officials late on Tuesday said their cash-cow refineries in Texas and Arkansas will run well below capacity for the next few weeks because of various factors. In Tyler, Texas, a power interruption last week has resulted in the idling of part of the facility. In the Natural State, Delek execs have only partially replaced the supplies Exxon took away late last month. Those factors mean Delek's refining operations will process around 110,000 barrels per day in May — 22 percent below capacity and Q1 output — and 120,000 barrels in June.
The news could put a dent in shares of Delek (Ticker: DK), which closed Tuesday trading at $15.93. They're up 40 percent year to date.
Bluegrass festival set to move to Carolina
Looks like downtown will lose the World of Bluegrass festival to North Carolina. A press conference is scheduled for Wednesday in Raleigh, where officials appear to have the edge on Nashville in part because of the outdoor amphitheater adjacent to their convention center.
The World of Bluegrass includes a business conference, the IBMA Awards show and Fan Fest, which included more than 60 acts last year. In 2011, the Fan Fest had 3,900 unique visitors each day for three days and the business conference attracted 1,610 over four days. The last estimated economic impact of the event was more than $4 million in 2008, according to the IBMA.
Senate subcommittee to assess proposed UMG, EMI merger
A U.S. Senate judiciary subcommittee focused on antitrust issues will investigate Universal Music Group's proposed buyout of EMI’s recorded music division.
MusicRow.com has the story here.
