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Action Alerts PLUS is a registered trademark of TheStreet, Inc. Start the year strong, access the AAP portfolio today. 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. 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.". Insider Monkey tracks hedge funds' moves to identify the best stocks to buy and short. 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. only one party can lie. 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. 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." 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. Content copyright 2023. 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. 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, an investment management company, released an investor letter covering Lightwave Logic, Inc. (NASDAQ:LWLG) in June. 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. | Source: 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. 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 . Laurence Rosen, Esq. As alleged in our complaint, the defendants told investors that they would be paid distributions from profits of the portfolio companies when, in reality, many of the payments were being made from the investors own funds, said Richard Best, Director of the SECs New York Regional Office. 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. Holzer & Holzer, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. Sorry, no results has been found matching your query. Is Tencent Music Entertainment Group (TME) A Smart Long-Term Buy? All rights reserved. The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. 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 next month, and just fired its accounting firm in September." Get our editors daily picks straight in your inbox! Compliance with securities regulations has always been a point of significant emphasis at the firm since inception and we have not been subject to any regulatory action regarding insider trading or short-selling in our 13-year history.. We will always cooperate with any such investigations and are happy to assist regulators in carrying out their duties, he told Bloomberg. 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). The Shorties are a bunch of crooks https://www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting. 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).". 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. 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. Night Market Research is in the top spot with an average return of -75% for the companies it shorted. The company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders for $175 million. 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." The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. Manage your own risk! (R-NC). Left said he has not been accused any wrongdoing. 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. "Eleven stocks were added to short sellers' naughty list in December," he said in an email. 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. Both the spokespeople and the SEC declined to comment. DWAC is not just another dubious 2021 SPAC; it is a poster child for some of the worst abuses the investment vehicle has spawned. 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. 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. 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. To inquire about an investor login, please fill out the form here. Back in 2009, Sahm Adrangi decided it was time to launch his own hedge fund, and so he founded Kerrisdale Capital Management, a New York-based investment management firm with the main focus on long-term Sahm Adrangi's Kerrisdale Capital was the top performing hedge fund tracked by our database in Q3 according to our returns methodology. 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. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in. Hedge funds that issued short reports earlier this month have done quite well, sending the shares of the companies they uncovered into a tailspin. 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. CONTACT:Corey D. Holzer, Esq. 2023 TheStreet, Inc. All rights reserved. While recent pressure on DWAC shares has been attributed to the executive exodus at TMTG and Elon Musks interest in acquiring Twitter, DWACs stock has much further to fall given the demonstrably misleading statements in DWACs registration statement, the status of TMTGs 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. 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 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 Management LLC. It also settled charges filed by the Securities and Exchange Commission by paying a $180 million fine. 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. 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. Your email address will not be published. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. The SEC also charged GPB Capital with violating the whistleblower protection laws. The firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs." Muddy Waters accused the company of inflating its revenue. 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. 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. Viceroys Perring also said his company did not receive any requests for information. 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. The MSM is the most dangerous element working to destroy this great republic. By all indications, in October 2021 TMTG was a shell company with no or only nominal operations. 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. This is the most SUCCESSFUL #DWACtheSEC Call to Action Any explanation for the big jump at the end of day??? Ortex data. The Department of Justice and the U.S. Securities and Exchange Commission are investigating dozens of investment firms for their short selling activities. Edited: We'd all love a little more transparency from DWAC. I bet u/thepatrickorlando gets a good laugh as hes fact checking this piece. In DWAC, the SEC has been handed textbook examples of the types of SPAC-related misconduct that it is intent on shutting down. 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. 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 . 3 mo. This year's most successful short-sellers. 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 is an investment management firm. Here is DWACfam Mark Willis hand delivering his DWAC UPDATE: Response from Rep. Dan Bishop's Office. Contacts. Six weeks into Truth Socials bungled launch, senior executives are already fleeing. (For a time, it also had a fake CFO - long story.). People familiar with the matter also said they wanted records from 36 people that were associated with those companies. DWAC SPACkers should remember these threats to our republic and reserve their resources and commercial purchases for firms that build up this great country and not these lobotomized liberal bastions of hatred that permeate our society today. One thing that would help in creating a parallel economy is if someone makes a financial institution to compete with the likes of Blackrocka giant money manager that invests in companies that actually benefit the majority of real people, and actually follow sound business practices, instead of politics that deliberately alienate at least half of their customers. 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. 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. Carson Block, founder of Muddy Waters LLC, speaks, during a Bloomberg Television interview in New York, U.S., on Wednesday, July 17, 2013. The MSM is the most dangerous element working to destroy this great republic. 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. at cholzer@holzerlaw.com or Joshua Karr, Esq. 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. "The most active was Kerrisdale Capital with three new short calls and corresponding average shares decline of 12.5%, while the most successful was Spruce Point Capital. 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 . 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. 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. (888) 508-6832 (toll-free)cholzer@holzerlaw.com, To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98655, Our goal is to create a safe and engaging place for users to connect over interests and passions. 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. Kerrisdale Capital is an investment management firm. Kerrisdale Capital, an investment management firm, published its second quarter 2021 investor letter a copy of which can be downloaded here. "As per many 2021 headlines, short-sellers should, by now, probably be down gazillions of dollars. Following this news, Cambers stock price fell $1.56, or over 50%, to close at $1.53 per share on October 5, 2021. Sources told Bloomberg that the Justice Department is looking for potential abuses within the trading activities of these firms. KerrisdaledescribesHubSpot as "an unprofitable SaaS company that, despite the recent downward re-rating of the tech sector, still trades at 20x forward revenue." Create an account to follow your favorite communities and start taking part in conversations. This field is for validation purposes and should be left unchanged. HUBS In December, Bloomberg's article said that Citron, Anson Funds, Marcus Aurelius Value and Muddy Waters Capital were being investigated. The firm believes HubSpot is a COVID beneficiary whose growth will ultimately disappoint. Reflecting on his worst year ever, all-star hedge fund manager David Einhorn explained in a letter to investors why his hedge funds lost more than a third of its value last year. 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. STAY CONNECTED We literally havent spoken to anyone at the government in many years.. Please click here to read full disclosures. 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. Follow this author to stay notified about their latest stories. 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. Yet, none of that remotely existed when DWAC signed the merger agreement with TMTG. KCM and Kornitzer told the board members that they would reduce the concentrations to 10% within 12 to 18 months. In order to improve our community experience, we are temporarily suspending article commenting, https://www.newsfilecorp.com/release/98655. 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." (888) 508-6832 (toll-free)cholzer@holzerlaw.com, To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98655, https://www.newsfilecorp.com/release/98655, Hawaii fisherman overboard, missing after hooking large ahi, Reality TV star Julie Chrisley reassigned from Florida prison to federal medical center, The rich and powerful flocked to Davos via private jet to discuss climate change, study finds, 4 arrested, including middle school teacher, after teen found naked, beaten, In Montecito, the Million-Dollar Views Still Come With Mudslide Risks. Competition will hurt $PAYC's growth & margins, and sector multiples will suffer 4/8 Show this thread The SEC and DOJ are investigating dozens of investment firms for their short selling activities. 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. Good news coming for us Newbie Here: Just DRSd 500 shares of dwac Scary but Gary Gensler, Head of the SEC(securities and exchange Press J to jump to the feed. Phillip Kim, Esq. All our reports are based on information that is publicly available, sourced from records that anyone at any given time could research or find. , which it shorted last year, and new reports on Veritone, Mountain Valley MD, Cielo Waste Solutions, and BeyondSpring. On this report, the price of the Company's stock plummeted. 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. FALSE, WRONG, FAKE, NOWHERE NEAR TRUE COMPLETE BS. Can't wait Record levels activity on Truth! Holzer & Holzer, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. 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. 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. "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. Kerrisdale also highlights the sponsor of Digital World Acquisition being a Chinese firm that previously had three shell companies "killed by the SEC in the past." The SPAC merger announcement. Top performing activist shortsellers in 2021, "Overall, a great year for activist short sellers," Cosovic said in an email. Your email address will not be published. optimusprimemfs 9 mo. Hindenburg Research frequently does well with its short calls, landing five of the top 10 calls last year, and it is in second place for the most successful firms this year with an average share return of -65%. A copy of the same can be downloaded here. While Night Market Research did not make Breakout Point's list of the top 10 most successful short callsof 2020, many of the firms on this year's list are regulars. All rights reserved. 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. Kessler Topaz Meltzer & Check LLP. Ivan Cosovic of Breakout Point offers some highlights of December's haul for short-sellers in an email. Photographer: Peter Foley/Bloomberg. We make value-oriented investments in public securities. The complaint also charges GPB Capital and Gentile with violating the antifraud provisions of the Investment Advisers Act of 1940 and charges GPB Capital with violating the registration and whistleblower provisions of the Exchange Act and the Advisers Acts custody and compliance rules. The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. 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. 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? 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." The complaint seeks disgorgement of ill-gotten gains plus prejudgment interest and penalties. ago Patriot . "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. 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. CONTACT:Corey D. Holzer, Esq. Their manifested ignorance and persistent hatred of the common everyday worker is clearly evident every time they publish these non factual stories. 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. With each passing day, the truth becomes harder to deny; a merger between two sketchy companies that is already taking too long is likely headed for collapse. The sources also said that requests for information were also sent by the SEC. Press question mark to learn the rest of the keyboard shortcuts, https://www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting. 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. Kessler Topaz Meltzer & Check LLP 1 Twitter 2 Facebook 3RSS 4YouTube Trumps got the Info on all the cockroaches! KCM and Kornitzer, however, failed to do so, and the CITs incurred significant losses as a result. According to the complaint, these defendants along with Ascendant Alternative Strategies, which marketed GPB Capitals investments, told investors that the distribution payments were paid exclusively with monies generated by GPB Capitals portfolio companies. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Breakout Point also provided data on this year's most successful short-sellers year to date. 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. I write about hedge funds with a focus on emerging managers. 6LinkedIn 8 Email Updates, Order - Kornitzer Capital Management, Inc. and John C. Kornitzer. Max Pain $30 next friday! Kerrisdale Capital has crossed the line into blatant market manipulation through inciting fear and panic in the stocks they are currently invested in through their blog and twitter posts. 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. 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. 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. Through this fear and panic make a profit on their current positions. Investors should abandon the fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine. Starting a social media platform from scratch, particularly one linked to the former President, requires experienced leadership and resources across a host of critical technical disciplines. Finally, KerrisdaledescribesMeta Materials as a company with a $1 billion market cap "whose business is comprised of a whole lot of nothing." if DWAC lied on their 10k, Senator Karen already came out. Its hard for us to comment on something we dont know anything about, said Taylor Hall, a representative for Oasis. Please read & abide by sub rules! ago. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. The litigation will be led by Mr. Stoelting, Ms. Pauley, and Ms. Moilanen. 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 next month, and just fired its accounting firm in September." On October 3rd, 2021 Kerrisdale Capital announced their position in Camber Energy Resources Inc, within the article, twitter, and blog posts w 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. 6LinkedIn 8 Email Updates. However, it believes Nuvei is under pressure after organic declines in North America. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen . The MSM's arrogance is self evident- Kerrisdale Capital can publicly assert there is an active SEC investigation because low information voters have a minimum level of understanding how things work in this world. 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. Six months after the merger, DWAC still hasnt filed even an initial S-4. 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? Anything posted in this sub is OPINION ONLY! 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. We value DWAC at the cash held in trust: $10 (-80%). In itsshort reportabout Nuvei, Ben Axler's Spruce Point said it believes the "highly promoted payments processing technology company has covered up a patter of business failures, lack of organic growth and a web of relationships with individuals connected to major Ponzi Schemes and alleged fraudulent activities." UP Fintech Holding (TIGR) A Smart Long-Term Buy? Required fields are marked *. Nearly all requests get approved, so dont be shy with those requests. Truth Socials disaster of a launch, among many other red flags regarding TMTG, raise valid concerns over execution and the companys long-term viability. Kerrisdale Capital, an investment management company, released its investor letter for July. 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. Shorts are exiting! 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. There's no denying that hedge funds that publish reports on the companies they're shorting make significant amounts of money off those reports. We are a community of serious BULLISH DWAC investors. 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. Spruce published on Nuvei, and shares hit -40% price target within only few hours of report publication.". Given these challenges we think there is significant risk DWAC never files an S-4 at all. Opinions expressed by Forbes Contributors are their own. This action shows our continued pursuit of those who deceive investors and conceal their misconduct to reap profits for themselves., Jane Norberg, Chief of the SEC's Office of the Whistleblower, added, Whistleblower protections are a cornerstone of the SECs whistleblower program. As alleged, GPB Capital actually used investor money to pay portions of the annualized 8% distribution payments. Kerrisdale Capital's Q2 2021 Investor Letter, fuboTV (FUBO): Kerrisdale Capital's Short Thesis, Hedge Fund and Insider Trading News: Sahm Adrangi, Daniel Loeb, P2 Capital Partners, GMT Capital, Chatham Asset Management, Mettler-Toledo International Inc. (MTD), Tetra Tech, Inc. (TTEK), and More, Hedge Fund Battleground Stock Crashes and Burns, Hedge Fund and Insider Trading News: Sahm Adrangi, Bernard Selz, Stryker Corporation (SYK), VBI Vaccines Inc (VBIV), and More, Hedge Fund and Insider Trading News: David Einhorn, John Paulson, Kerrisdale Capital, Bridgewater Associates, Nielsen Holdings PLC (NLSN), VEREIT, Inc. (VER), and More, Kerrisdale Capital Managements Return, AUM, and Holdings, Kerrisdale Capital Investor Letter: The Bullish Thesis That Lead to 80% Q3 Returns, Hedge Fund and Insider Trading News: George Soros, Kerrisdale Capital, Trilogy Metals Inc (TMQ), American Airlines Group Inc (AAL), and More, 13G Filing: Kerrisdale Capital and Adamas Pharmaceuticals Inc (ADMS), Kerrisdale Capital Betting On A Turnaround With 5 New Tech Positions, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. 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. "They also provide a valuable service by taking the opposite side of (long) trades, providing needed liquidity to the markets. In a recent letter to its investors, Sahm Adrangi's Kerrisdale Capital disclosed its performance during the second quarter and first-half of 2016. They themselves are pending investigations, They must have bought those overpriced june-September puts and got margin call lol. Some of the investigations began in early 2021. Content copyright 2023. Im cooperating and I have full faith in the system and the First Amendment.. LOG IN 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. This year's reports included updates on Zynex and FuelCell Energy Kerrisdale Capital Management LLC. 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). Picture taken May 12, 2021. Its very tough to defend yourself when you havent been accused of anything, he told Bloomberg. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. We havent been contacted by DOJ, SEC or any governmental authorities about any investigations, Sahm Adrangi,Kerrisdales chief investment officer, wrote in an email. Washington D.C., Feb. 4, 2021 . 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. According to Breakout Point, Night Market Research also had two of the top 10 best short calls with Mountain Valley MD and BeyondSpring. Jul 28, 2022 Its TAM is becoming saturated & competition has intensified. However, many hedge funds are holding their ground as the investigation proceeds, and they continue to issue short reports and act upon them. In addition, as the post-merger surviving operating business, TMTG would reasonably be expected to have the infrastructure necessary to function as a public company. It's time to debunk these ridiculous negative stories. Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.280 King of Prussia RoadRadnor, PA 19087(844) 887-9500info@ktmc.com, Camber Energy, Inc. Security Investigation. 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. 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. To gain SEC approval of a supposedly forthcoming S-4, DWAC needs to accurately detail the extent of the due diligence it conducted regarding TMTG within just six weeks, as well as explain the specific reasons why it believes merging with a de facto shell company is in DWAC shareholders best interests. Please message the mods for approval to post and comment. The other two shorts are HubSpot 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. Is Paycom Software (PAYC) an Attractive Investment for the Long-Term? 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. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. 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. Bloomberg reported that Luckin Coffee is one of the targets being reviewed by federal prosecutors investigating the relationship between research firms that publish short reports and hedge funds. The start of an investigation also does not mean someone will later face charges. Washington D.C., Feb. 4, 2021 . If Kerridale lied, no harm to them since Senator Karen never updated the mass about her investigation. The MSM's arrogance is self evident- Kerrisdale Capital can publicly assert there is an active SEC investigation because low information voters have a minimum level of understanding how things work in this world. FCEL October 06, 2021 17:06 ET 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. Here's Why Kerrisdale Capital Shorted Lightwave Logic (LWLG). Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. The Rosen Law Firm, P.A. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. On this report, the price of the Company's stock plummeted. UPDATE: This community is now RESTRICTED. A copy of the same can be downloaded here. Aside from Kerrisdale Capital and Spruce Point, other firms that have published short reports this month include Fraser Perring's Viceroy Research Group, Carson Block's Muddy Waters, Mephisto Research, White Diamond Research, and Matthew Wiechert's Bonitas Research. We recommend about 10-15 long positions and 5-10 short positions in our quarterly newsletter every quarter. "We haven't been contacted by DOJ, SEC or any governmental authorities about any investigations," Sahm Adrangi, Kerrisdale's chief investment officer, wrote in an email. First and foremost, when you do a presentation of information such as this you must break down the elementary terms. We are short shares of Digital World Acquisition Corp. As the result of the definitive agreement, privately-held GammaRey brings to GoLogiq (OTC:GOLQ): Profitable business with strong cash flow.Nearly $800 million in customer financial assets.Full-stack fintech ecosystem designed for the New World Digital Economy, including a commodity-backed digital currency, digital wallet, and proprietary transaction platform for securities, goods and services.Pipeline of accretive and/or technology-enabling acquisitions. 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. 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. STAY CONNECTED In addition, the order finds that prior to February 2018, KCM failed to adopt written policies and procedures reasonably designed to prevent violations of the Advisers Act in connection with adhering to client objectives and restrictions, and after February 2018 failed to implement such policies and procedures. 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 literally haven't. 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. 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. $DWAC is the SPAC that is taking Trump Media and Technology Group (future $TMTG) to the public stock exchange via the NASDAQ. According to the SEC's order, KCM served as investment adviser to four collective investment trusts (CITs), and Kornitzer served as their portfolio manager. and Meta Materials. 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. In order for a real payout to occur at a horse race, someone has to bet for and against the horse!". Hah! at cholzer@holzerlaw.com or Joshua Karr, Esq. Washington D.C., Sept. 24, 2021 The Securities and Exchange Commission today charged Thomas Powell and Stefan Toth, and their entities, Resolute Capital Partners LTD LLC and Homebound Resources LLC, with making material misrepresentations and omissions in connection with more than a dozen unregistered oil and gas securities offerings. 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. The firm said Nuvei is the third rebrand of the company originally founded as Pivotal Payments in 2003. The charges filed today reinforce the Commissions commitment to protecting whistleblowers from retaliation and attempts to stifle the free flow of information to the Commission about possible securities law violations.. SaaS HCM players now control 40%+ of the SME mkt (<1k employees), with 10+ public or VC-backed co's providing similar solutions. (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. The firm also feels Meta Materials is a collection of failed lab experiments. Not professional financial advice. First and foremost, when you havent been accused any wrongdoing Securities and Exchange are! Hubs in December, Bloomberg 's article said that Citron, Anson funds Marcus! 2022 its TAM is becoming saturated & amp ; competition has intensified of ill-gotten gains PLUS prejudgment and! Software ( PAYC ) an Attractive investment for the big jump at the end of?! Fantasy that DWACs problems can be downloaded here literally havent spoken to anyone at the cash held in trust $! 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