Cognyte Software SEC Filings

Legal & General Group Plc and four affiliated investment entities have filed Amendment No. 1 to Schedule 13G reporting their aggregate beneficial ownership of Radware Ltd. (NASDAQ: RDWR) ordinary shares as of 31 December 2023.

• Aggregate position: 2,115,897 shares, representing 5.03 % of Radware’s outstanding ordinary shares.
• Voting/Dispositive power: All shares are held with shared voting and dispositive power; none are held with sole authority.
• Reporting entities: (i) Legal & General Group Plc (parent); (ii) Legal & General Investment Management Ltd; (iii) LGIM Managers (Europe) Ltd; (iv) Legal & General UCITS ETF Plc; (v) Legal & General Investment Management America Inc.
• Subsidiary breakdown shows LGIM Managers (Europe) Ltd and Legal & General UCITS ETF Plc each controlling 2,081,228 shares (≈4.9 %), while LGIM America holds 1,700 shares (≈0 %).
• The filing is made pursuant to Rule 13d-1(b), indicating a passive, non-activist investment.
• Certification is signed by Mary Ann Colledge, Head of Conduct Advisory, on 07 February 2025.

This disclosure signals that one of the UK’s largest asset managers now crosses the 5 % reporting threshold in Radware, adding a sizeable institutional holder to the share register. No strategic intentions, transactions, or changes in control are indicated in the filing.

Preliminary Pricing Supplement Overview
UBS AG is offering unsubordinated, unsecured Phoenix Autocallable Buffer Notes with Memory Interest linked to the common stock of CrowdStrike Holdings, Inc. (ticker CRWD). The Notes have an expected 54-week term, a $1,000 denomination and will settle on 16 July 2025. They are designed to provide quarterly contingent interest payments of at least $51.625 per Note (5.1625% per quarter) when CrowdStrike’s closing price on an observation date is at or above the Interest Barrier (80 % of the initial price). Missed coupons can be recovered later through the “memory” feature if the barrier condition is subsequently met.

Autocall & Principal Repayment Mechanics

• Automatic Call: If CRWD closes at or above the Initial Price on any quarterly Autocall Observation Date, the Notes are redeemed early at par plus any due and unpaid contingent interest.
• Downside Buffer: If not called, full principal is repaid at maturity only if CRWD’s Final Price is ≥ the Downside Threshold (also 80 % of Initial Price).
• Loss Exposure: Should the Final Price fall below the Downside Threshold, investors receive a cash equivalent based on a 1.25 : 1 loss ratio—i.e., principal erodes 1.25 % for every 1 % CRWD falls below the threshold, potentially to zero.

Key Dates
Trade Date: 11 Jul 2025 | Valuation Date: 24 Jul 2026 | Maturity / Call Settlement: 29 Jul 2026.
Autocall / Interest Observation Dates: 24 Oct 2025, 26 Jan 2026, 24 Apr 2026, and the Valuation Date.

Pricing / Distribution

• Issue price: $1,000 per Note; underwriting discount: $10; proceeds to UBS: $990.
• Estimated initial value: $954.20 – $984.20 (reflects internal models & funding spread).
• Minimum investment: 10 Notes ($10,000).
• Placement agents: J.P. Morgan Securities LLC and affiliates; UBS Securities LLC acts as lead and will make a secondary market if it chooses.

Risk Highlights

• Credit exposure to UBS AG; payments depend on issuer solvency.
• No exchange listing; liquidity likely thin, bid-offer spreads wide.
• Missed coupons possible in volatile markets; investors forego CRWD dividends and upside appreciation.
• Tax treatment uncertain; intended characterization is prepaid derivative with ordinary-income coupons.
• FINMA resolution powers could subject holders to write-down or conversion should UBS face distress.

Illustrative Scenarios
Hypothetical examples show total returns ranging from +20.65 % (all coupons received, no call, CRWD ≥ barrier) to –44.84 % (no call, CRWD – 60 %, buffer breached). Investors must be able to tolerate loss of principal and reinvestment risk if called early.

Investor Suitability
Appropriate for sophisticated investors seeking elevated contingent income, comfortable with single-stock volatility, credit risk, illiquidity, potential tax complexity and loss of some or all capital.

Legal & General Group Plc and four asset-management affiliates filed Amendment No. 1 to Schedule 13G disclosing passive ownership of 2,965,994 shares of Mitek Systems, Inc. (MITK) common stock as of 31 Dec 2021. The position represents approximately 6.6 % of MITK’s outstanding shares, giving the group shared voting and dispositive power over virtually the entire block. No sole voting or dispositive authority is claimed, underscoring that the stake is held across index and ETF vehicles managed by LGIM rather than for activist purposes. The U.K. and Ireland-based entities account for nearly all holdings, while the U.S. subsidiary owns only 12,999 shares (<0.03 % of the class). Filing as a financial institution (FI) under Rule 13d-1(b) confirms the investment is passive and subject to routine 13G reporting rather than 13D activism.

Key takeaways for investors: (1) the addition/confirmation of a well-known global asset manager as a >5 % holder can enhance MITK’s institutional ownership base and trading liquidity; (2) because authority is shared among multiple funds, the risk of concentrated voting influence is low; and (3) future changes in LGIM fund mandates could still affect MITK’s float, so monitoring subsequent 13G updates remains prudent.