Good morning, MBA readers,
Investors who are angry over Sprint’s allegedly misleading customer data are suing the company in a new class-action lawsuit. Shoppers in Kansas City will have a more convenient way to buy groceries from Walmart, and JPMorgan Chase is abandoning a millennial-focused mobile app that it tested in the St. Louis market. Kick off your week with those stories and the day’s other top business headlines from across the state.
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From our newsroom
With expansion, Logboat Brewing eyes experimentation
Columbia’s Logboat Brewing has experienced rapid growth since its founding five years ago. Logboat CEO Tyson Hunt discussed his company’s decision to open a second Columbia facility for the sake of experimenting with new beers.
High water affects roads, railways along Missouri’s rivers
Severe flooding had caused the closure of more than 340 roads across Missouri as of last week. A photo gallery shows the toll high waters have taken on two Missouri river towns.
Investors sue Sprint over subscriber data
A federal class-action lawsuit filed on behalf of investor Isaac Solomon claims the Overland Park, Kansas-based telecom company filed inaccurate financial statements to mislead investors about the number of new customers it was adding. (Kansas City Business Journal)
Missouri River traffic closure extended
The U.S. Coast Guard and Army Corps of Engineers have indefinitely closed the Missouri River to all boat and barge traffic from St. Louis to Sioux City, Iowa due to recent flooding. (KSCJ)
Walmart to launch home deliveries in KC this fall
The new service called InHome Delivery, which will also launch in Pittsburgh and Vero Beach, Florida, is part of the company’s drive to expand its shopping options to compete with Amazon. (Associated Press)
Chase to ditch banking app tested in St. Louis
JP Morgan Chase is abandoning Finn, a mobile banking app aimed at wooing millennials, because its offerings overlapped with Chase’s existing mobile offerings. (St. Louis Business Journal)
Cardinals-Cubs rivalry to go abroad in 2020
The St. Louis Cardinals will face off against the Chicago Cubs in two games next June at London Stadium, as part of Major League Baseball’s two-year contract with the city. (St. Louis Business Journal)
Missouri investment adviser, builder sentenced in fraud case
Former adviser William Glaser was sentenced to three years in prison for defrauding investors with loans to Paul E. Creager, a St. Louis County builder who was sentenced to more than six years. Glaser and Creager were ordered to pay back a sum of about $4.8 million to victims. (St. Louis Post-Dispatch)
Boone County residents voice concerns over proposed wind farm
Opponents at a Boone County Planning and Zoning Commission meeting were wary of potential long-term health effects on local residents and wildlife. (Columbia Missourian)
St. Louis startup pitch event draws dozens of job seekers
At the event, organized by jobs platform PluggedIN, each prospective employee gave a one-minute pitch to local companies like Prattle and SwipeSum. (St. Louis Post-Dispatch)
Say that again
“We had probably 20 entrepreneurs in the room. … The question I asked them is, ‘What do you need to be successful here?’ The answer was … ‘We’ve got a lot of great ideas but no capital availability.’ The next day, literally, I had a meeting of some of the wealthiest individuals and family offices in the city. Wealth amounting to tens of billions of dollars. And my question was, ‘Why aren’t you investing in early stage businesses?’ And the answer was ‘There are no good ideas here.'”
That’s Ron LeMay, CEO of Main Street Data and former president and COO of Sprint. In an interview with Startland News, LeMay said there’s a gulf between Kansas City entrepreneurs and wealthy investors, which he fears could push those entrepreneurs out of the region to the coastal startup scenes. Based on his experience leading Sprint, LeMay believes that getting startups and large corporations to work together could benefit both parties.
That’s how much of its profits Trinity Products will share with each of its 170 employees this year, the St. Louis Post-Dispatch reports. The St. Charles-based steel pipe maker’s profit shares are up from $1,100 per worker last year. The three years before that, Trinity didn’t earn enough to trigger the payments. Company president Robert Griggs said the business is booming due to President Donald Trump’s tariffs on Chinese goods. In 2016 and 2017, the firm lost big orders to competitors in China who can sell pipes for less than Trinity would have paid for the raw steel. Trinity and other U.S. steelmakers say that Trump’s tariffs on imported steel have turned things around for them.
Hello, my name is
The James Beard Award finalist plans to open a second restaurant in Kansas City, The Kansas City Star reports. A departure from his existing supper club in the city, the new restaurant will focus on fast-casual options, including cheeseburgers, chicken sandwiches, fries and malts. The eatery is planned to open early July.