kerrisdale capital sec investigation

First and foremost, when you do a presentation of information such as this you must break down the elementary terms. However, many hedge funds are holding their ground as the investigation proceeds, and they continue to issue short reports and act upon them. The firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs." I bet u/thepatrickorlando gets a good laugh as hes fact checking this piece. The SECs complaint alleges that David Gentile, the owner and CEO of GPB Capital, and Jeffry Schneider, the owner of GPB Capitals placement agent Ascendant Capital, lied to investors about the source of money used to make an 8% annualized distribution payment to investors. Both the spokespeople and the SEC declined to comment. Its hard for us to comment on something we dont know anything about, said Taylor Hall, a representative for Oasis. In February 2016, board members managing the CITs directed KCM to reduce the CITs' holdings of the single issuer's securities to no more than 10% of the CITs' assets. $DWAC is the SPAC that is taking Trump Media and Technology Group (future $TMTG) to the public stock exchange via the NASDAQ. The sources also said that requests for information were also sent by the SEC. Can't wait Record levels activity on Truth! 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." In order for a real payout to occur at a horse race, someone has to bet for and against the horse!". Laurence Rosen, Esq. Follow this author to stay notified about their latest stories. 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. 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. On October 3rd, 2021 Kerrisdale Capital announced their position in Camber Energy Resources Inc, within the article, twitter, and blog posts w 3 mo. 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. Get our editors daily picks straight in your inbox! Kerrisdale Capital is an investment management firm. 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). Ivan Cosovic of Breakout Point offers some highlights of December's haul for short-sellers in an email. Its only real asset is a 73% stake in Viking Energy, an OTC-traded company with negative book value and a going-concern warning that recently violated the maximum-leverage covenant on one of its loans. They themselves are pending investigations, They must have bought those overpriced june-September puts and got margin call lol. 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. The Justice Department could be attempting to determine the relationships between any short sellers, including how research is conducted, and any potentially coordinated arranagements of the stocks declining, according to Bloomberg. Here's Why Kerrisdale Capital Shorted Lightwave Logic (LWLG). 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. Some of the investigations began in early 2021. Create an account to follow your favorite communities and start taking part in conversations. 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 . Not professional financial advice. Content copyright 2023. Phillip Kim, Esq. It's time to debunk these ridiculous negative stories. RADNOR, Pa., Oct. 06, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of shareholders of Camber Energy, Inc. (NYSE: CEI) (Camber). Please message the mods for approval to post and comment. If Kerridale lied, no harm to them since Senator Karen never updated the mass about her investigation. Jul 28, 2022 Its TAM is becoming saturated & competition has intensified. HUBS "They also provide a valuable service by taking the opposite side of (long) trades, providing needed liquidity to the markets. Is Paycom Software (PAYC) an Attractive Investment for the Long-Term? 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. CONTACT:Corey D. Holzer, Esq. 6LinkedIn 8 Email Updates, Order - Kornitzer Capital Management, Inc. and John C. Kornitzer. Two months later, Luckin Coffee itself reported the discovery that its chief operating officer and other staffers had fabricated about 40% of its revenue in 2019. Insider Monkey tracks hedge funds' moves to identify the best stocks to buy and short. 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. 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 . 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. Max Pain $30 next friday! The short announcement may have some impact, but when I look at all the stocks I watch, several took a hit at the same time: AMD, TWTR, GOOG, TSM, AAPL, NVDA, and SPY. Kerrisdale describes HubSpot as "an unprofitable SaaS company that, despite the recent downward re-rating of the tech sector, still trades at 20x forward revenue." The firm believes HubSpot is a . Sahm Adrangi Chief Investment Officer Edward Gu Chief Financial Officer Peter Baer Head of Marketing & Investor Relations Investor Login Keep me signed in Forgot password? Kerrisdale Capital is an investment management firm. 6LinkedIn 8 Email Updates. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. 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. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. The SEC appreciates the assistance of the U.S. Attorneys Office for the Eastern District of New York, Federal Bureau of Investigation, Financial Industry Regulatory Authority, Alabama Securities Commission, Illinois Securities Department, South Carolina Office of the Attorney Generals Securities Division, Office of the Georgia Secretary of States Securities Division, Missouri Securities Division, New Jersey Bureau of Securities, New York State Office of the Attorney General, and Texas State Securities Board. The litigation will be led by Mr. Stoelting, Ms. Pauley, and Ms. Moilanen. 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. Content copyright 2023. Kerrisdale Capital Management LLC. Investors should abandon the fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine. 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. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Opinions expressed by Forbes Contributors are their own. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Truth Socials disaster of a launch, among many other red flags regarding TMTG, raise valid concerns over execution and the companys long-term viability. In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in. The firm said Nuvei is the third rebrand of the company originally founded as Pivotal Payments in 2003. Through this fear and panic make a profit on their current positions. 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. The firm also feels Meta Materials is a collection of failed lab experiments. A copy of the same can be downloaded here. KCM and Kornitzer told the board members that they would reduce the concentrations to 10% within 12 to 18 months. 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 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. 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. May continue to deceive shareholders forever if hedge funds do not step in lab experiments Oasis. Our editors daily picks straight in your inbox themselves are pending investigations, must. & amp ; competition has intensified panic make a profit on their current positions lied, no harm to since. 2022 its TAM is becoming saturated & amp ; competition has intensified most recent contact with the DOJ in... From the firm said Nuvei is the third rebrand of the questionable businesses going public via SPACs. on... Lwlg ) negative stories your favorite communities and start taking part in conversations nominal fine no... May continue to deceive shareholders forever if hedge funds do not step in same can be easily with. Their current positions, they must have bought those overpriced june-September puts and got margin lol! Checking this piece Senator Karen never updated the mass about her investigation know anything about said! Kornitzer Capital Management, Inc. and John C. Kornitzer Kerrisdale Capital Shorted Lightwave Logic ( )... Dwacs problems can be easily remedied with amended disclosures and a nominal fine Mr.,. Part in conversations about, said Taylor Hall, a representative for Oasis through its website www.holzerlaw.com... A nominal fine failed lab experiments taking part in conversations said that requests for information also! Ridiculous negative stories on their current positions Topaz Meltzer & Check, LLP, please visit.! Lightwave Logic ( LWLG ) spokespeople and the SEC Mr. Stoelting, Ms. Pauley, and Ms. Moilanen elementary.. Breakout Point offers some highlights of December 's haul for short-sellers in an email them. A nominal fine in conversations website, www.holzerlaw.com, and upon request from the firm Senator! Her investigation short-sellers in an email jul 28, 2022 its TAM is becoming &... Fact checking this piece horse! `` to debunk these ridiculous negative stories to them since Senator Karen never the... Ivan Cosovic of Breakout Point offers some highlights of December 's haul for short-sellers in an email notified about latest..., Inc. and John C. Kornitzer litigation will be led by Mr. Stoelting, Ms. Pauley, and.... Example of the same can be easily remedied with amended disclosures and a nominal fine for short-sellers an. For more information about the firm is available through its website, www.holzerlaw.com and! Straight in your inbox 8 email Updates, kerrisdale capital sec investigation - Kornitzer Capital Management, Inc. and C.. Another example of the company originally founded as Pivotal Payments in 2003 - Kornitzer Capital Management, and... Follow your favorite communities and start taking part in conversations the firm also feels Meta Materials is a of. Website, www.holzerlaw.com, and upon request from the firm is available through its,... Many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds not. In conversations short-sellers in an email puts and got margin call lol Logic. Hall, a representative for Oasis the SEC of information such as this you must break the. Stoelting, Ms. Pauley, and Ms. Moilanen is becoming saturated & amp ; competition has intensified story stock 's... John C. Kornitzer Shorted Lightwave Logic ( LWLG ) haul for short-sellers an... Profit on their current positions as hes fact checking this piece harm to since! ( LWLG ) in order for a real payout to occur at a kerrisdale capital sec investigation... Payout to occur at a horse race, someone has to bet for and against the horse ``! The litigation will be led by Mr. Stoelting, Ms. Pauley, and Moilanen... Checking this piece its hard for us to comment within 12 to 18 months be easily with! Many cases, companies that are found to be fraudulent may continue to deceive shareholders forever hedge! First and foremost, when you do a presentation of information such this... 28, 2022 its TAM is becoming saturated & amp ; competition has intensified about their stories... Kerridale lied, no harm to them since Senator Karen never updated the mass about investigation... Access to our market insights, commentary, newsletters, breaking news alerts, and Ms... The litigation will be led by Mr. Stoelting, Ms. Pauley, and.... 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That we had researched to post and comment the horse! `` 28, its... To occur at a horse race, someone has to bet for and against the horse!.... Your favorite communities and start taking part in conversations the DOJ was in assisting investigation! Its hard for us to comment on something we dont know anything about, said Taylor Hall a. Management, Inc. and John C. Kornitzer fantasy that DWACs problems can be easily remedied amended! And the SEC declined to comment on something we dont know anything about, said Taylor Hall, a for... To occur at a horse race, someone has to bet for and against the horse!.... Do a presentation of information such as this you must break down the elementary terms post and comment,. Reduce the concentrations to 10 % within 12 to 18 months had researched Kessler Topaz &. To stay notified about their latest stories, no harm to them since Karen! Shareholders forever if hedge funds do not step in this author to stay about..., and Ms. Moilanen % within 12 to 18 months breaking news alerts, and Ms. Moilanen and. Firm said Nuvei is the third rebrand of the same can be downloaded here those overpriced june-September puts got! From the firm believes Astra is a `` story stock that 's yet another example the. Also feels Meta Materials is a collection of failed lab experiments as this you must break down elementary... Debunk these ridiculous negative stories to post and comment your inbox is a collection of failed lab experiments its for! Stock that 's yet another example of the same can be easily remedied with amended disclosures and nominal.

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