Gen Digital Inc. - GEN STOCK NEWS

Avast, a global digital security brand under Gen (NASDAQ: GEN), warns of a heightened risk of ransomware attacks in 2023, predicting increased threats to both individuals and businesses if ransom demands are not met. The company highlights the manipulation of economic fears by scammers, leading to a rise in social engineering tactics. With malware becoming more accessible, cybergangs may recruit individuals for malicious activities. Overall, Avast emphasizes the urgent need for personal and corporate cybersecurity measures to combat these evolving threats.

Norton, a Cyber Safety brand of Gen (NASDAQ: GEN), released its predictions for 2023, highlighting the impact of economic pressures on cybercrime. Experts warn that inflation and rising costs will make consumers more vulnerable to scams, such as financial assistance fraud and fake e-commerce sites. Norton anticipates a surge in data breaches as companies operate with fewer staff, and AI advancements will make scamming easier. To combat these threats, Norton recommends consumers manage their passwords, adopt stronger multi-factor authentication methods, and remain skeptical of suspicious communications.

Norton, a Cyber Safety brand of Gen (NASDAQ: GEN), is urging online shoppers to adopt safety measures ahead of Cyber Monday. With sales expected to surpass $200 billion in 2022, the incidence of cybercrimes is increasing, with nearly 40% of shoppers reporting scams during the holiday period. A study revealed that 25% of U.S. adults have been targeted by scams. Norton advises using secure sites, being cautious with deals, and protecting personal information while shopping online. More than 89% of Americans feel confident in online shopping but 43% are unsure how to do it safely.

Genesis Healthcare has appointed Harry Wilson as its new CEO, succeeding Robert Fish. Wilson aims to develop a turnaround strategy while enhancing patient care and strengthening the company’s position in eldercare. The board expressed gratitude to Fish and welcomed Wilson’s transformational leadership experience. Wilson’s background includes notable restructuring roles, including the turnaround of General Motors. Alongside Wilson, David Harrington assumes the role of Executive Chairman. Genesis provides skilled nursing and rehabilitation services across the U.S.

Genesis Healthcare announced a strategic restructuring plan to enhance liquidity and reduce debt by approximately $256 million. The plan includes terminating a master lease for 51 facilities leased from Welltower and receiving about $86 million for debt repayment. An additional $170 million in debt reduction is expected upon meeting certain conditions. Furthermore, Genesis secured a $50 million investment from ReGen Healthcare, which could increase to $75 million. The company will voluntarily delist its shares from the NYSE and expects to transition to the OTC Pink Sheets.

On March 2, 2021, ProMedica and Welltower (NYSE: WELL) announced strategic transactions to enhance their partnership, focusing on patient care and clinical outcomes. The joint venture will divest a portfolio of 25 non-strategic skilled nursing facilities for $265 million. In addition, nine state-of-the-art PowerBack rehabilitation facilities will be integrated into the joint venture, enhancing ProMedica's capabilities. These changes are expected to strengthen both organizations' positions in strategic markets and improve care quality.

Genesis HealthCare announced that 84% of its skilled nursing residents and 61% of staff have received their first dose of the COVID-19 vaccine as of January 29, 2021. These rates surpass the national averages reported by the CDC. Genesis facilities began vaccinations on December 17, 2020, and aim to continue increasing acceptance rates through educational initiatives. The company is collaborating with Brown University to monitor vaccine safety among residents. Genesis operates over 325 skilled nursing facilities nationwide.

LTC ACO and Third Eye Health have partnered to form a new Virtual Care Network aimed at enhancing patient care in long-term care facilities. This initiative offers access to Third Eye Health's physicians and telehealth technology for over 6,000 beneficiaries across more than 200 facilities. The network aims to provide 24/7 physician access, improving quality of care and reducing hospital transfers. LTC ACO previously reported a 19.6% cost savings and a 94.5% quality score, indicating potential financial benefits for all parties involved.

Genesis Healthcare has announced the retirement of CEO George V. Hager, Jr., effective January 5, 2021. The Board has appointed Robert H. Fish, the current Chairman, as the new CEO. Fish, a board member since 2013 with extensive healthcare experience, will also maintain his role as Chairman. Hager will assist in a senior advisory role, facilitating a transition while focusing on the company's recovery amid COVID-19 challenges. Genesis operates over 325 skilled nursing facilities across 24 states, offering post-acute care services and rehabilitation therapy.