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Adobe sued again.

Adobe Inc. (NASDAQ: ADBE) has been hit with another class action lawsuit, filed in the United States District Court for the Northern District of California. The lawsuit accuses the software giant of violating California’s Automatic Renewal Law (ARL), alleging deceptive subscription practices that make it difficult for consumers to cancel their memberships.

Vikram Singh, on behalf of himself and other similarly situated individuals, claims that Adobe failed to clearly disclose subscription terms, did not obtain affirmative consent for auto-renewal, and made the cancellation process unnecessarily complicated. The lawsuit enumerates multiple allegations including unfair competition, false advertising, and negligent misrepresentation.

You can read more on the matter here.

What’s going on?

• The Great Oil Shortage: Are We Ready for the Next Crisis? (theDeepDive)

• Israel-Hamas Cease-Fire Talks Show New Signs of Progress (WSJ)

• Another One Bites The [FTX] Dust: Yield App Announces Liquidation Following Insolvency (theDeepDive)

• Greater Toronto home sales down 16% in June despite Bank of Canada's rate cut (BNN)

• Barcelona Mayor Wants to Fix Housing Crisis by Banning Short-Term Tourist Rentals (theDeepDive)

• Biden faces mounting pressure from Democrats to bow out of election (Globe)

• Saks Owner to Buy Neiman Marcus—With Help From Amazon (WSJ)

• South Korea Skeptical About North’s Claims of Successful New Missile Test (theDeepDive)

• Aramco Cuts Aug. Crude Prices to Asia in Sign of Weaker Demand (Bloomberg)

What’s the latest?

• Digital Services Tax: Trudeau's government has implemented a digital-services tax on large foreign tech companies, despite U.S. warnings of trade retaliation. The tax, effective June 28, imposes a 3% levy on digital services revenue from Canadian users exceeding $20 million annually, targeting companies with worldwide revenues over $1.1 billion.

• Real Estate: The Toronto Regional Real Estate Board reported a 16.4% decline in home sales for June compared to the previous year, with 6,213 homes sold versus 7,429 in June 2023. The average selling price decreased by 1.6% year-over-year to $1,162,167, while new listings rose by 12.3% to 17,964.

• Bezos Selling: Jeff Bezos revealed a plan to sell 25 million additional shares of Amazon.com Inc., valued at US$5 billion, coinciding with the stock hitting a new record. The notice, filed after market close on Tuesday, follows his February sale of shares worth $8.5 billion. This would bring his total sales this year to approximately $13.5 billion.

• Hudson’s Bay: Hudson's Bay Co. has reportedly agreed to purchase luxury department store chain Neiman Marcus for US$2.65 billion. The deal follows speculation about HBC's interest in the brand, which operates 36 U.S. locations. This acquisition comes as HBC continues to revamp its operations, following the closure of Home Outfitters and the sale of Lord & Taylor in 2019.

• Trade Deficit: Canada's merchandise trade deficit increased to $1.9 billion in May, up from a revised $1.3 billion in April, as exports dropped to their lowest level since July of the previous year. Statistics Canada reported that exports fell 2.6 per cent to $62.4 billion, with notable declines in metal and non-metallic mineral products, energy products, and transportation equipment.

Why titanium matters

The stock market and stuff

• FTC Blocks $4 Billion Tempur Sealy-Mattress Firm Merger on Competition Concerns (theDeepDive)

• Tesla short sellers lost $3.5 billion in two days of trading after deliveries report (CNBC)

• Shell Pauses Rotterdam Biofuel Plant: Sign of Shifting Renewable Priorities? (theDeepDive)

• Cybersecurity In Demand: From Industry Leaders Like Crowdstrike To Tiny Microcaps Like Plurilock Security, Players Are Fighting For A Piece Of This Booming Market. (theDeepDive)

In the juniors

• Hut 8 Reports 107 BTC Produced In June (theDeepDive)

• Golden Cariboo Enhances Focus On Establishing Geological Model At Quesnelle Gold Property (theDeepDive)

• Mako Mining Closes On $33 Million All Stock Purchase Of Goldsource Mines (theDeepDive)

• RUA Gold: A Promising Player in New Zealand’s Gold Mining Renaissance (theDeepDive)

FULL DISCLOSURE: Hertz Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Hertz Energy. The author has been compensated to cover Hertz Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.