August 31st, 2022 - Hedge Fund Investor Letters News, August 5th, 2021 - Hedge Fund Investor Letters News, February 13th, 2020 - Hedge Funds Insider Trading, June 19th, 2019 - Hedge Funds Insider Trading, January 23rd, 2019 - Hedge Funds Insider Trading, November 26th, 2018 - Hedge Fund Investor Letters Hedge Funds Market Movers News, February 8th, 2018 - Hedge Funds Insider Trading, August 22nd, 2016 - Hedge Fund Analysis Hedge Funds News. UP Fintech Holding (TIGR) A Smart Long-Term Buy? Max Pain $30 next friday! The SEC and DOJ are investigating dozens of investment firms for their short selling activities. It also settled charges filed by the Securities and Exchange Commission by paying a $180 million fine. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Following this news, Cambers stock price fell $1.56, or over 50%, to close at $1.53 per share on October 5, 2021. $DWAC is the SPAC that is taking Trump Media and Technology Group (future $TMTG) to the public stock exchange via the NASDAQ. Yet, none of that remotely existed when DWAC signed the merger agreement with TMTG. SaaS HCM players now control 40%+ of the SME mkt (<1k employees), with 10+ public or VC-backed co's providing similar solutions. December 10, 2019 - The Securities and Exchange Commission today announced settled charges against Kornitzer Capital Management, Inc. (KCM), a Kansas-based registered investment adviser, and its President, CEO, and majority owner John C. Kornitzer, for not following client instructions and for failing to adopt or implement reasonably designed written policies and procedures connected to client objectives and restrictions. The SEC's evidence at trial showed that after establishing a short position in Ligand through his hedge fund, Lemelson made a series of false statements to shake investor confidence in Ligand and lower its stock price . Washington D.C., Feb. 4, 2021 . Let's take a look at how research firms serving hedge funds have done with their short calls this year and at whether the market benefits from these reports at all. GPB Capital allegedly violated the whistleblower provisions of the securities laws by including language in termination and separation agreements that impeded individuals from coming forward to the SEC, and by retaliating against a known whistleblower. According to Spruce Point, the company is "reporting remarkable financial success, wildly expanded margins at its European targets, and cash flow after years of operating in the red." According to Breakout Point, Night Market Research also had two of the top 10 best short calls with Mountain Valley MD and BeyondSpring. Recent SEC actions confirm that 1) the agency is serious about reining in a financial sector widely regarded as rife with potential fraud and conflicts of interest, and 2) SPAC enforcement investigations are priority matters within the commission. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. While recent pressure on DWAC shares has been attributed to the executive exodus at TMTG and Elon Musk's interest in acquiring Twitter, DWAC's stock has much further to fall given the demonstrably misleading statements in DWAC's registration statement, the status of TMTG's operations at the time the merger agreement was executed, the cast of characters seeking to consummate that merger and those individuals' flagrant disregard for SEC rules and regulations. Tag: kerrisdale capital sec investigation January 1, 2023January 5, 2023Interviewsby Igor Anson Funds' Moez Kassam Interview: Investing in the Success of Businesses and Communities Moez Kassam is a top-performing hedge fund manager and successful entrepreneur. Without admitting or denying the findings, KCM and Kornitzer agreed to be censured, to cease-and-desist orders, and to a joint and several penalty of $2.7 million. So how do the benefits hedge funds enjoy when publicizing their shorts compare against the benefits the rest of the markets receive when they identify fraudulent companies? A copy of the same can be downloaded here. UPDATE: This community is now RESTRICTED. Spruce published on Nuvei, and shares hit -40% price target within only few hours of report publication.". Some of the well-known investment firms that were named in the Justice Departments requests include Orso Partners and co-founder Nate Koppikar; Melvin Capital Management and founder Gabe Plotkin; Sophos Capital Management and Jim Carruthers; and Kerrisdale Capital Management. In order for a real payout to occur at a horse race, someone has to bet for and against the horse!". Spruce Point also believes the company's financial disclosures are weak and that its results "are being temporarily enhanced from concentrated exposure to high-risk gaming and eCommerce.". The SEC's examination that led to this enforcement action was conducted by Susan Day, Stephanie Fischer Bennett, Tim Worthington, Lisa Byington, Craig Ellis, Nick Madsen, and Tom Piccone of the Denver Regional Office. Contrary to the uninformed views of bulls, the SEC does have the ability to effectively kill the proposed merger, using, ironically, the same mechanism it used to kill three of ARC Groups companies just five years ago. "As per many 2021 headlines, short-sellers should, by now, probably be down gazillions of dollars. The litigation will be led by Mr. Stoelting, Ms. Pauley, and Ms. Moilanen. Six weeks into Truth Socials bungled launch, senior executives are already fleeing. Hah! Here is DWACfam Mark Willis hand delivering his DWAC UPDATE: Response from Rep. Dan Bishop's Office. The SEC's order finds that KCM violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7 thereunder, and that Kornitzer violated Section 206(2) of the Advisers Act and caused KCM's violation of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder. Phillip Kim, Esq. Kessler Topaz Meltzer & Check LLP The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. Kerrisdale also feels Astra is poorly positioned in an overcrowded market and that its primary competitors will soon launch larger payload rockets while it continues to struggle to overcome major developmental hurdles. In December, Bloomberg's article said that Citron, Anson Funds, Marcus Aurelius Value and Muddy Waters Capital were being investigated. The other two shorts are HubSpot Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. A prime actor in this affair is an obscure Chinese investment firm, ARC Group, that has been repeatedly punished by the SEC for lying about the true nature of businesses that turned out to be shell companies. Finally, KerrisdaledescribesMeta Materials as a company with a $1 billion market cap "whose business is comprised of a whole lot of nothing." The SECs complaint further alleges that GPB Capital and Ascendant Capital made misrepresentations to investors about millions of dollars in fees and other compensation received by Gentile and Schneider. People familiar with the matter also said they wanted records from 36 people that were associated with those companies. at jkarr@holzerlaw.com, call our toll-free number at (888) 508-6832, or visit our website at www.holzerlaw.com to discuss your legal rights. Kerrisdale Capital also alleges the "market is badly mistaken about Camber's share count and ignorant of [Camber's] terrifying capital structure," estimating the Company's "fully diluted. Atlanta, Georgia--(Newsfile Corp. - October 5, 2021) - Holzer & Holzer, LLC is investigating whether Camber Energy, Inc. ("Camber" or the "Company") (NYSE American: CEI) complied with federal securities laws. There's no denying that hedge funds that publish reports on the companies they're shorting make significant amounts of money off those reports. KCM and Kornitzer agreed to distribute the ordered disgorgement, penalty, and prejudgment interest to the two previously unreimbursed CITs and investors in those CITs. We havent been contacted by DOJ, SEC or any governmental authorities about any investigations, Sahm Adrangi,Kerrisdales chief investment officer, wrote in an email. As alleged, the fraudulent scheme continued for more than four years in part because GPB Capital kept investors in the dark about the limited partnership funds true financial condition, failing to deliver audited financial statements and register two of its funds with the SEC. Can't wait Record levels activity on Truth! Is Paycom Software (PAYC) an Attractive Investment for the Long-Term? All our reports are based on information that is publicly available, sourced from records that anyone at any given time could research or find. FCEL Hedge fund expert Linsey Lebowitz Hughes of Duke University says that shorting is an important part of the health of financial markets, and hedge funds play a critical role. However, many hedge funds are holding their ground as the investigation proceeds, and they continue to issue short reports and act upon them. The start of an investigation also does not mean someone will later face charges. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. Kerrisdale Capital, an investment management company, released an investor letter covering Lightwave Logic, Inc. (NASDAQ:LWLG) in June. The Justice Department has also recently subpoenaed some market participants seeking calendars, communications and other records for nearly 30 investment and research companies, according to the sources. Your email address will not be published. On October 5, 2021, Kerrisdale Capital issued a report which stated that, "Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is. Jul 28, 2022 Its TAM is becoming saturated & competition has intensified. The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. However, it believes Nuvei is under pressure after organic declines in North America. (R-NC). This year's other top calls include Bonitas' call on Ageagle Aerial Systems, Wolfpack's call on Chinese firm EHang Holdings, and Hindenburg's and Culpers' calls on the Chinese firm Sos Ltd. Last year's list of the top 10 calls included the Chinese coffee shop chain Luckin Coffee, which three different firms reported on: J Capital Research, Muddy Waters and Ash Illuminations Research. Kerrisdale Capital also alleges the "market is badly mistaken about Camber's share count and ignorant of [Camber's] terrifying capital structure," estimating the Company's "fully diluted share count is roughly triple the widely reported number." So how does one weigh the benefit for the market versus the benefit received by the hedge funds when they publicly report one of their shorts? 6LinkedIn 8 Email Updates, Order - Kornitzer Capital Management, Inc. and John C. Kornitzer. The company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders for $175 million. Sorry, no results has been found matching your query. We are short shares of Digital World Acquisition Corp. (DWAC), a SPAC valued at over $8bn on a pro forma basis, because we believe it will never secure the necessary regulatory approval to close its proposed merger with Trump Media & Technology Group (TMTG). Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. Kerrisdale Capital also alleges the "market is badly mistaken about Camber's share count and ignorant of [Camber's] terrifying capital structure," estimating the Company's "fully diluted. "We are short shares of Fubo, a $6bn company that has seen its share price increase 4x following its October 7th IPO on the NYSE. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. The FBI took computers from the home of Andrew Left, the founder of Citron Research, which is known for its short selling trading, sources told Bloomberg. ago. Through this fear and panic make a profit on their current positions. On October 3rd, 2021 Kerrisdale Capital announced their position in Camber Energy Resources Inc, within the article, twitter, and blog posts w Create an account to follow your favorite communities and start taking part in conversations. Kerrisdale Capital Management LLC. Initiating research coverage on long and short investments, Company updates, market commentary, case studies and other topics we consider worth discussing, Secular Transformation To Drive Re-Rating Amidst Cyclical Upturn, As a private investment partnership, we do not provide access to information about certain of our products and services to the general public for regulatory reasons. Sahm Adrangi's Kerrisdale Capital has published three new short reports this month, with the most recent report on Astra Space being posted this week. If you are a Camber investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. The SEC's investigation was conducted by John H. Mulhern and Kimberly L. Frederick of the Asset Management Unit in the Denver Regional Office, and Daniel M. Konosky of the Denver Regional Office. Laurence Rosen, Esq. Representatives for the majority of the companies, includng Melvin, Orso, Sophos and Hindenburg, either declined to comment to Bloomberg or did not reply to messages seeking comment. The SECs examination that led to the investigation was conducted by Anthony P. Fiduccia, Kristine E. Geissler, Todd Naznitsky, Amritpal Sidhu, Merryl Hoffman, and Thomas J. Butler. The firm believes HubSpot is a COVID beneficiary whose growth will ultimately disappoint. Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. and Meta Materials. DWAC has admitted it is under SEC investigation for statements made in its S-1, as well as the timing and circumstances surrounding its proposed merger with TMTG. The SEC also charged GPB Capital with violating the whistleblower protection laws. The order finds that as of December 2015, the securities of a single issuer constituted between 30% and 89% of the assets held by the CITs. Kerrisdale Capital Management's Return, AUM, and Holdings Back in 2009, Sahm Adrangi decided it was time to launch his own hedge fund, and so he founded Kerrisdale Capital Management, a New. Gregory Lemelson and Massachusetts-based Lemelson Capital Management LLC were charged with fraud in September 2018 for reaping more than $1.3 million in illegal profits by making false statements to drive down the price of San Diego-based Ligand Pharmaceuticals Inc. All rights reserved. Ivan Cosovic of Breakout Point offers some highlights of December's haul for short-sellers in an email. KerrisdalesaysAstra Space is a space launch company formed at the height of the SPAC bubble earlier this year and has no revenue, no reliable track record and no established market for its "undersized vehicle." A luxury yacht owned by hedge fund manager Daniel Loeb damaged a pristine reef atoll in Belize near the famous Great Blue Hole, a popular diving site. (For a time, it also had a fake CFO - long story.). Kerrisdale "the three stooges" Capital and it fellow dunces like Mr. Greg GERST, CFA have thrown all the crap they can against the wall and it is beginning to drop on their heads. The firm also feels Meta Materials is a collection of failed lab experiments. HUBS Opinions expressed by Forbes Contributors are their own. From 2016 to 2018, the board members repeatedly directed KCM and Kornitzer to provide and execute the requested plan to bring the CITs' concentration levels into compliance with the limit. The SECs investigation was conducted by Kristin M. Pauley, Lindsay S. Moilanen, Kerri L. Palen, David Stoelting, Neal Jacobson, Melissa A. Coppola, Alistaire Bambach, and Sheldon L. Pollock, and supervised by Lara S. Mehraban. Valiant has a long-standing policy of cooperating with any inquiries it receives from regulators and other government bodies, but is not aware of being involved in the short-selling probe, chief compliance officer Michaela Beckman said in an email to Bloomberg. Investors should abandon the fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Start the year strong, access the AAP portfolio today. "Hedge funds that uncover shortcomings in companies and short stocks provide a valuable service to the markets by 'outing' companies who are not running sound businesses," she said in an email. % price target within only few hours of report publication. `` with Mountain Valley MD and.... 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