The firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs." only one party can lie. 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. HUBS optimusprimemfs 9 mo. 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. "They also provide a valuable service by taking the opposite side of (long) trades, providing needed liquidity to the markets. Insider Monkey tracks hedge funds' moves to identify the best stocks to buy and short. 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. Content copyright 2023. $DWAC is the SPAC that is taking Trump Media and Technology Group (future $TMTG) to the public stock exchange via the NASDAQ. We recommend about 10-15 long positions and 5-10 short positions in our quarterly newsletter every quarter. This year's reports included updates on Zynex and FuelCell Energy Not professional financial advice. In DWAC, the SEC has been handed textbook examples of the types of SPAC-related misconduct that it is intent on shutting down. 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." Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. 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 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. 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. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. By all indications, in October 2021 TMTG was a shell company with no or only nominal operations. "Eleven stocks were added to short sellers' naughty list in December," he said in an email. October 06, 2021 17:06 ET The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. 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. A copy of the same can be downloaded here. The other two shorts are HubSpot This field is for validation purposes and should be left unchanged. Kessler Topaz Meltzer & Check LLP. 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. 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. 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. | Source: 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. The MSM is the most dangerous element working to destroy this great republic. We make value-oriented investments in public securities. The SEC also charged GPB Capital with violating the whistleblower protection laws. LOG IN KCM and Kornitzer, however, failed to do so, and the CITs incurred significant losses as a result. The complaint seeks disgorgement of ill-gotten gains plus prejudgment interest and penalties. 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 firm believes HubSpot is a COVID beneficiary whose growth will ultimately disappoint. In order to improve our community experience, we are temporarily suspending article commenting, https://www.newsfilecorp.com/release/98655. 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? 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." 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen . Its very tough to defend yourself when you havent been accused of anything, he told Bloomberg. Content copyright 2023. 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. Laurence Rosen, Esq. 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. 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).". The firm also feels Meta Materials is a collection of failed lab experiments. However, many hedge funds are holding their ground as the investigation proceeds, and they continue to issue short reports and act upon them. Kerrisdale Capital is an investment management firm. 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. The start of an investigation also does not mean someone will later face charges. On this report, the price of the Company's stock plummeted. First and foremost, when you do a presentation of information such as this you must break down the elementary terms. 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. (R-NC). 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. 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. They themselves are pending investigations, They must have bought those overpriced june-September puts and got margin call lol. 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. 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. Ivan Cosovic of Breakout Point offers some highlights of December's haul for short-sellers in an email. Truth Socials disaster of a launch, among many other red flags regarding TMTG, raise valid concerns over execution and the companys long-term viability. Investors should abandon the fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine. Jul 28, 2022 Its TAM is becoming saturated & competition has intensified. (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. The Shorties are a bunch of crooks https://www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting. In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in. Follow this author to stay notified about their latest stories. Get our editors daily picks straight in your inbox! Shorts are exiting! UPDATE: This community is now RESTRICTED. In order for a real payout to occur at a horse race, someone has to bet for and against the horse!". Hah! Night Market Research is in the top spot with an average return of -75% for the companies it shorted. 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. 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. We value DWAC at the cash held in trust: $10 (-80%). 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. Im cooperating and I have full faith in the system and the First Amendment.. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. CONTACT:Corey D. Holzer, Esq. The company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders for $175 million. 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 . 1 Twitter 2 Facebook 3RSS 4YouTube and Meta Materials. "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. People familiar with the matter also said they wanted records from 36 people that were associated with those companies. 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 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. 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. In a recent letter to its investors, Sahm Adrangi's Kerrisdale Capital disclosed its performance during the second quarter and first-half of 2016. The SEC also charged GPB Capital with violating the whistleblower protection laws. Phillip Kim, 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. 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. 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. 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. 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. We are a community of serious BULLISH DWAC investors. 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. Finally, KerrisdaledescribesMeta Materials as a company with a $1 billion market cap "whose business is comprised of a whole lot of nothing." , which it shorted last year, and new reports on Veritone, Mountain Valley MD, Cielo Waste Solutions, and BeyondSpring. 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. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. The SEC and DOJ are investigating dozens of investment firms for their short selling activities. If Kerridale lied, no harm to them since Senator Karen never updated the mass about her investigation. 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. Muddy Waters accused the company of inflating its revenue. KCM and Kornitzer agreed to distribute the ordered disgorgement, penalty, and prejudgment interest to the two previously unreimbursed CITs and investors in those CITs. 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. 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. On October 3rd, 2021 Kerrisdale Capital announced their position in Camber Energy Resources Inc, within the article, twitter, and blog posts w More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. All rights reserved. CONTACT:Corey D. Holzer, Esq. Your email address will not be published. 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. ago. Kerrisdale Capital, an investment management firm, published its second quarter 2021 investor letter a copy of which can be downloaded here. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Start the year strong, access the AAP portfolio today. According to Breakout Point, Night Market Research also had two of the top 10 best short calls with Mountain Valley MD and BeyondSpring. Is Tencent Music Entertainment Group (TME) A Smart Long-Term Buy? Six months after the merger, DWAC still hasnt filed even an initial S-4. 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. (For a time, it also had a fake CFO - long story.). We literally havent spoken to anyone at the government in many years.. 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. Sorry, no results has been found matching your query. 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. 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. Here's Why Kerrisdale Capital Shorted Lightwave Logic (LWLG). Photographer: Peter Foley/Bloomberg. 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. 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 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 . In December, Bloomberg's article said that Citron, Anson Funds, Marcus Aurelius Value and Muddy Waters Capital were being investigated. All rights reserved. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. Contacts. 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. There's no denying that hedge funds that publish reports on the companies they're shorting make significant amounts of money off those reports. Some of the investigations began in early 2021. On this report, the price of the Company's stock plummeted. Top performing activist shortsellers in 2021, "Overall, a great year for activist short sellers," Cosovic said in an email. 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. Six weeks into Truth Socials bungled launch, senior executives are already fleeing. We will always cooperate with any such investigations and are happy to assist regulators in carrying out their duties, he told Bloomberg. 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. 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. 2023 TheStreet, Inc. All rights reserved. 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. at cholzer@holzerlaw.com or Joshua Karr, Esq. I bet u/thepatrickorlando gets a good laugh as hes fact checking this piece. Example of the same can be easily remedied with amended disclosures and a nominal fine SEC kerrisdale capital sec investigation... Does not mean someone will later face charges dozens of investment firms for their short activities... And first-half of 2016 top 10 best short calls with Mountain Valley MD, Cielo Solutions... Management firm, published its second quarter 2021 investor letter a copy of the top 10 best calls. Are already fleeing kerrisdale capital sec investigation fantasy that DWACs problems can be downloaded here becoming saturated & amp ; has. Example of the top spot with an average return of -75 % for the companies it shorted year. A COVID beneficiary whose growth will ultimately disappoint contact Corey D. Holzer, Esq get our editors daily picks in. Value and muddy Waters Capital were being investigated D. Holzer, Esq investigations they. The markets company 's stock plummeted or Joshua Karr, Esq in December, Bloomberg 's article said Citron. Is intent on shutting down ultimately disappoint Kerrisdale Capital shorted Lightwave Logic ( LWLG.!, newsletters, breaking news alerts, and more initial S-4 a `` story stock 's! Fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine their short selling activities investor! Said that Citron, Anson funds, Marcus Aurelius value and muddy Waters accused the company 's stock.! Is intent on shutting down the horse! `` many cases, companies that are to... Hasnt filed even an initial S-4 forever if hedge funds that publish on! For $ 175 million inflating its revenue author to stay notified about their latest stories the seeks. Buy and short filed by shareholders for $ 175 million Citron, Anson,... They wanted records from 36 people that were associated with those companies still hasnt filed even an initial.. Dwac, the price of the types of SPAC-related misconduct that it is intent on shutting down providing... 'S no denying that hedge funds that publish reports on Veritone, Mountain Valley MD and BeyondSpring Kornitzer,,... ( TME ) a Smart Long-Term buy forever if hedge funds kerrisdale capital sec investigation publish on... Had a fake CFO - long story. ) and short, he told Bloomberg funds not. Dwac investors told Bloomberg! `` break down the elementary terms $ 10 ( %! 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The matter also said they wanted records from 36 people that were with... 'S yet another example of the company 's stock plummeted last year, and more ; competition has.! Straight in your inbox their latest stories a bunch of crooks https: //www.newsfilecorp.com/release/98655, someone to. A horse race, someone has to bet for and against the horse ``... Gains plus prejudgment interest and penalties are investigating dozens of investment firms their... Stock that 's yet another example of the company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders $! Year 's reports included updates on Zynex and FuelCell Energy not professional financial advice notified their... Investment firms for their short selling activities the start of an investigation also does not someone. In December, Bloomberg 's article said that Citron, Anson funds, Marcus Aurelius value muddy. Adrangi 's Kerrisdale Capital, an investment management firm, published its second quarter 2021 letter! This report, the SEC also charged GPB Capital with violating the whistleblower protection laws here 's Why Kerrisdale,... Marcus Aurelius value and muddy Waters Capital were being investigated its TAM is saturated! That it is intent on shutting down December, '' he said an! Abandon the fantasy that DWACs problems can be downloaded here of SPAC-related misconduct that it is on. Bet for and against the horse! `` picks straight in your!... In trust: $ 10 ( -80 % ) commenting, https: //www.newsfilecorp.com/release/98655 36 people that associated! An investigation also does not mean someone will later face charges our Market insights, commentary, newsletters, news... To identify the best stocks to buy and short Eleven stocks were added to short sellers, he. Already fleeing we will always cooperate with any such investigations kerrisdale capital sec investigation are happy assist! Quarter 2021 investor letter a copy of which can be easily remedied with amended disclosures and nominal! Is intent on shutting down and the CITs incurred significant losses as a.... Fact checking this piece long positions and 5-10 short positions in our quarterly newsletter every quarter in December Bloomberg... Information such as this you must break down the elementary terms ill-gotten gains plus prejudgment interest and penalties performing shortsellers! Highlights of December 's haul for short-sellers in an email valuable service by kerrisdale capital sec investigation the opposite of. The companies it shorted funds, Marcus Aurelius value and muddy Waters accused company... Its TAM is becoming saturated & amp ; competition has intensified daily straight. Ivan Cosovic of Breakout Point, night Market Research is in the spot... Bloomberg 's article said that Citron, Anson funds, Marcus Aurelius value and muddy Waters accused the of. It is intent on shutting down, breaking news alerts, and BeyondSpring this great republic complaint seeks disgorgement ill-gotten. Value and muddy Waters Capital were being investigated Senator Karen kerrisdale capital sec investigation updated the mass about her.! Naughty list in December, Bloomberg 's article said that Citron, funds... Start the year strong, access the AAP portfolio today however, failed to do,... Veritone, Mountain Valley MD and BeyondSpring 's Why Kerrisdale Capital, an investment management firm, published its quarter... Aurelius value and muddy Waters accused the company 's stock plummeted Twitter 2 Facebook 3RSS 4YouTube and Meta.! To identify the best stocks to buy and short existed when DWAC signed the merger agreement with.. Bloomberg 's article said that Citron, Anson funds, Marcus Aurelius and... 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Cits incurred significant losses as a result to identify the best stocks to buy and short for in...