Follow this author to stay notified about their latest stories. Some of the investigations began in early 2021. 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. (For a time, it also had a fake CFO - long story.). 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. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. 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. We literally havent spoken to anyone at the government in many years.. 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. Your email address will not be published. (R-NC). All our reports are based on information that is publicly available, sourced from records that anyone at any given time could research or find. 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. We will always cooperate with any such investigations and are happy to assist regulators in carrying out their duties, he told Bloomberg. (484) 270-1453; toll free at (844) 887-9500; via e-mail at [email protected]; 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 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 . 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). 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. The MSM is the most dangerous element working to destroy this great republic. Kerrisdale Capital, an investment management company, released its investor letter for July. 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%. Content copyright 2023. They themselves are pending investigations, They must have bought those overpriced june-September puts and got margin call lol. The firm said Nuvei is the third rebrand of the company originally founded as Pivotal Payments in 2003. The Rosen Law Firm, P.A. 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. 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. 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. This year's most successful short-sellers. 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 Shorties are a bunch of crooks https://www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting. KCM and Kornitzer agreed to distribute the ordered disgorgement, penalty, and prejudgment interest to the two previously unreimbursed CITs and investors in those CITs. 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. Kessler Topaz Meltzer & Check LLP 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. 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. 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. 1 Twitter 2 Facebook 3RSS 4YouTube This is the most SUCCESSFUL #DWACtheSEC Call to Action Any explanation for the big jump at the end of day??? However, many hedge funds are holding their ground as the investigation proceeds, and they continue to issue short reports and act upon them. The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. Create an account to follow your favorite communities and start taking part in conversations. 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 . 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. Im cooperating and I have full faith in the system and the First Amendment.. 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. 2023 TheStreet, Inc. All rights reserved. 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. 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. Nearly all requests get approved, so dont be shy with those requests. 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 . Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. Kerrisdale 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. DWAC is not just another dubious 2021 SPAC; it is a poster child for some of the worst abuses the investment vehicle has spawned. 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. KerrisdaledescribesHubSpot as "an unprofitable SaaS company that, despite the recent downward re-rating of the tech sector, still trades at 20x forward revenue." 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 . $DWAC is the SPAC that is taking Trump Media and Technology Group (future $TMTG) to the public stock exchange via the NASDAQ. FCEL 1 Twitter 2 Facebook 3RSS 4YouTube 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. It's time to debunk these ridiculous negative stories. Following this news, Cambers stock price fell $1.56, or over 50%, to close at $1.53 per share on October 5, 2021. As alleged, the fraudulent scheme continued for more than four years in part because GPB Capital kept investors in the dark about the limited partnership funds true financial condition, failing to deliver audited financial statements and register two of its funds with the SEC. In 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. Ivan Cosovic of Breakout Point offers some highlights of December's haul for short-sellers in an email. UPDATE: This community is now RESTRICTED. 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. Phillip Kim, Esq. The firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs." 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. 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. 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. "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. Manage your own risk! 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. 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 sources also said that requests for information were also sent by the SEC. at [email protected], call our toll-free number at (888) 508-6832, or visit our website at www.holzerlaw.com to discuss your legal rights. Sorry, no results has been found matching your query. 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. SaaS HCM players now control 40%+ of the SME mkt (<1k employees), with 10+ public or VC-backed co's providing similar solutions. First and foremost, when you do a presentation of information such as this you must break down the elementary terms. 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. 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. Investors should abandon the fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine. Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.280 King of Prussia RoadRadnor, PA 19087(844) [email protected], Camber Energy, Inc. Security Investigation. By all indications, in October 2021 TMTG was a shell company with no or only nominal operations. 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. The SEC also charged GPB Capital with violating the whistleblower protection laws. Required fields are marked *. In a recent letter to its investors, Sahm Adrangi's Kerrisdale Capital disclosed its performance during the second quarter and first-half of 2016. 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. 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. Kerrisdale Capital Management LLC. 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.". On this report, the price of the Company's stock plummeted. 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? Muddy Waters accused the company of inflating its revenue. 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. 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. 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. 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. In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. The MSM is the most dangerous element working to destroy this great republic. Kerrisdale Capital, an investment management company, released an investor letter covering Lightwave Logic, Inc. (NASDAQ:LWLG) in June. October 06, 2021 17:06 ET I bet u/thepatrickorlando gets a good laugh as hes fact checking this piece. STAY CONNECTED "They also provide a valuable service by taking the opposite side of (long) trades, providing needed liquidity to the markets. (888) 508-6832 (toll-free)[email protected], 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. A copy of the same can be downloaded here. 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. 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 seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. 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. 3 mo. This year's reports included updates on Zynex and FuelCell Energy In order to improve our community experience, we are temporarily suspending article commenting, https://www.newsfilecorp.com/release/98655. at [email protected] or Joshua Karr, Esq. Top performing activist shortsellers in 2021, "Overall, a great year for activist short sellers," Cosovic said in an email. 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. Picture taken May 12, 2021. We are short shares of Digital World Acquisition Corp. The SEC and DOJ are investigating dozens of investment firms for their short selling activities. 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).". Kessler Topaz Meltzer & Check LLP. 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. 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." Hedge funds that issued short reports earlier this month have done quite well, sending the shares of the companies they uncovered into a tailspin. Shorts are exiting! and Meta Materials. Kerrisdale Capital is an investment management firm. 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? Hah! 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. LOG IN Kerrisdale Capital Management LLC. 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. 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. Max Pain $30 next friday! if DWAC lied on their 10k, Senator Karen already came out. The company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders for $175 million. at [email protected], call our toll-free number at (888) 508-6832, or visit our website at www.holzerlaw.com to discuss your legal rights. Content copyright 2023. All rights reserved. All rights reserved. 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. 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." 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. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. Night Market Research is in the top spot with an average return of -75% for the companies it shorted. 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. CONTACT:Corey D. Holzer, Esq. KCM and Kornitzer told the board members that they would reduce the concentrations to 10% within 12 to 18 months. 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. 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. "Eleven stocks were added to short sellers' naughty list in December," he said in an email. 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. "We literally haven't. Here's Why Kerrisdale Capital Shorted Lightwave Logic (LWLG). 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. On this report, the price of the Company's stock plummeted. 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. 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. 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. According to Breakout Point, Night Market Research also had two of the top 10 best short calls with Mountain Valley MD and BeyondSpring. 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. 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. The firm also feels Meta Materials is a collection of failed lab experiments. On October 3rd, 2021 Kerrisdale Capital announced their position in Camber Energy Resources Inc, within the article, twitter, and blog posts w Your email address will not be published. STAY CONNECTED The SEC also charged GPB Capital with violating the whistleblower protection laws. Its very tough to defend yourself when you havent been accused of anything, he told Bloomberg. 6LinkedIn 8 Email Updates. Washington D.C., Feb. 4, 2021 . "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. Photographer: Peter Foley/Bloomberg. Opinions expressed by Forbes Contributors are their own. 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." Anyone at the government in many years requests for information were also sent by SEC... Reduce the concentrations to 10 % within 12 to 18 months this piece covering Lightwave Logic, Inc. (:... Top spot with an average return of -75 % for the companies it shorted shell company with book. Stake in an email the firm said Nuvei is the most dangerous element working to this. Investors, Sahm Adrangi 's kerrisdale Capital disclosed its performance during the second quarter and first-half 2016... 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