Manage your own risk! The rquests from the Justice Department seeking information also included: Atom Investors, Bonitas Research, Connective Capital Management, Falcon Research, GeoInvesting, Gotham City Research, GrizzlyRock Capital, J Capital Research, Oasis Management, Park West Asset Management, QKM, Sabrepoint Capital Management, Silverado Capital, Spruce Point Capital Management, Valiant Capital Management and White Diamond Research. Hah! In a recent letter to its investors, Sahm Adrangi's Kerrisdale Capital disclosed its performance during the second quarter and first-half of 2016. Kessler Topaz Meltzer & Check LLP. 3 mo. 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. Our most recent contact with the DOJ was in assisting an investigation into the fraud at a company that we had researched.. 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 . 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." Yet, none of that remotely existed when DWAC signed the merger agreement with TMTG. Through this fear and panic make a profit on their current positions. The SECs complaint, filed in federal court for the Eastern District of New York, charges Gentile, Schneider, GPB Capital, Ascendant Alternative Strategies, and Ascendant Capital with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Lash with aiding and abetting certain of those violations. Follow this author to stay notified about their latest stories. Jul 28, 2022 Its TAM is becoming saturated & competition has intensified. Carson Block, founder of Muddy Waters LLC, speaks, during a Bloomberg Television interview in New York, U.S., on Wednesday, July 17, 2013. 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. The Department of Justice is reportedly investigating the relationship between research firms that publish short reports and the hedge funds that short the companies in those reports. Get our editors daily picks straight in your inbox! "We literally haven't. CONTACT:Corey D. Holzer, Esq. Kerrisdale Capital, an investment management firm, published its second quarter 2021 investor letter a copy of which can be downloaded here. 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. Kerrisdale Capital, an investment management company, released an investor letter covering Lightwave Logic, Inc. (NASDAQ:LWLG) in June. (484) 270-1453; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or please visit the following link to fill out our online form: https://www.ktmc.com/new-cases/camber-energy-inc-investigation?utm_source=PR&utm_medium=link&utm_campaign=camber. 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. It is unknown which short sellers named in thesubpoenas could be investigated in the future, or which ones just have relationships with other companies or are people of interest to the DOJ. 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. 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. Nearly all requests get approved, so dont be shy with those requests. Is Tencent Music Entertainment Group (TME) A Smart Long-Term Buy? "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. UP Fintech Holding (TIGR) A Smart Long-Term Buy? The SEC also charged GPB Capital with violating the whistleblower protection laws. 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. Opinions expressed by Forbes Contributors are their own. Trumps got the Info on all the cockroaches! 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. Muddy Waters accused the company of inflating its revenue. 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. 1 Twitter 2 Facebook 3RSS 4YouTube 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 in danger of having its stock delisted next month, and just fired its accounting firm in September. I write about hedge funds with a focus on emerging managers. All rights reserved. Top performing activist shortsellers in 2021, "Overall, a great year for activist short sellers," Cosovic said in an email. To inquire about an investor login, please fill out the form here. KCM also agreed to pay disgorgement of $4,978,448 and prejudgment interest of $80,670, for a total of $5,059,118, of which $4,132,132 is deemed satisfied by payments KCM previously made to two CITs and investors in those CITs. Investors should abandon the fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine. A large number of the representatives for several of those companies, including Falcon, GrizzlyRock, J Capital, Oasis, Valiant and White Diamond, said they did not receive any requests from investigators. 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. The start of an investigation also does not mean someone will later face charges. STAY CONNECTED 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. 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." On this report, the price of the Company's stock plummeted. KCM and Kornitzer told the board members that they would reduce the concentrations to 10% within 12 to 18 months. We literally havent spoken to anyone at the government in many years.. "As per many 2021 headlines, short-sellers should, by now, probably be down gazillions of dollars. On October 3rd, 2021 Kerrisdale Capital announced their position in Camber Energy Resources Inc, within the article, twitter, and blog posts w 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. We havent been contacted by DOJ, SEC or any governmental authorities about any investigations, Sahm Adrangi,Kerrisdales chief investment officer, wrote in an email. And, given DWACs and TMTGs exceptionally high profile, an aggressive enforcement action would be an ideal way for the SEC to send a loud, unmistakable message to the industry. There's no denying that hedge funds that publish reports on the companies they're shorting make significant amounts of money off those reports. Spruce published on Nuvei, and shares hit -40% price target within only few hours of report publication.". at cholzer@holzerlaw.com or Joshua Karr, Esq. However, short-sellers saw stocks they publicly talked about decline [an] amazing 42% on average (if all major short calls from period Jan-Nov are observed).". Six months after the merger, DWAC still hasnt filed even an initial S-4. 6LinkedIn 8 Email Updates. All our reports are based on information that is publicly available, sourced from records that anyone at any given time could research or find. The MSM is the most dangerous element working to destroy this great republic. Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Camber is an independent oil and natural gas company that engages in the acquisition, development, and sale of crude oil, natural gas, and natural gas liquids in the Cline shale and upper Wolfberry shale in Glasscock County, Texas. GPB Capital and Gentile with assistance from Jeffrey Lash, a former managing partner at GPB Capital, also allegedly manipulated the financial statements of certain limited partnership funds managed by GPB Capital to perpetuate the deception by giving the false appearance that the funds income was closer to generating sufficient income to cover the distribution payments than it actually was. 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 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. October 06, 2021 17:06 ET KCM and Kornitzer agreed to distribute the ordered disgorgement, penalty, and prejudgment interest to the two previously unreimbursed CITs and investors in those CITs. Im cooperating and I have full faith in the system and the First Amendment.. "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. Kerrisdale Capital is an investment management firm. This year's reports included updates on Zynex and FuelCell Energy | Source: The Shorties are a bunch of crooks https://www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting. The firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs." In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in. ago. 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. On October 5, 2021, Kerrisdale Capital released a report alleging the Company "has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted . 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. In order for a real payout to occur at a horse race, someone has to bet for and against the horse!". However, Luckin Coffee may be an excellent example of why some believe hedge funds that short companies and write about any fraud they uncover are doing a service to the market. 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. But more importantly, these factors raise serious doubts regarding the scope of due diligence DWAC conducted in the six weeks between its IPO and execution of the TMTG merger agreement. Washington D.C., Feb. 4, 2021 . Can't wait Record levels activity on Truth! optimusprimemfs 9 mo. 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. Hedge funds that issued short reports earlier this month have done quite well, sending the shares of the companies they uncovered into a tailspin. Researchers that are well known in the short selling industry such as Nate Anderson and his Hindenburg Research and Fraser Perring and his Viceroy Research were also part of the list. (For a time, it also had a fake CFO - long story.). 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 firm also feels Meta Materials is a collection of failed lab experiments. We recommend about 10-15 long positions and 5-10 short positions in our quarterly newsletter every quarter. 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. Kerrisdale Capital Management LLC. Required fields are marked *. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. 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.
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