kerrisdale capital sec investigation

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. 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). However, many hedge funds are holding their ground as the investigation proceeds, and they continue to issue short reports and act upon them. According to the SEC's order, KCM served as investment adviser to four collective investment trusts (CITs), and Kornitzer served as their portfolio manager. 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. KCM and Kornitzer, however, failed to do so, and the CITs incurred significant losses as a result. 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. Six weeks into Truth Socials bungled launch, senior executives are already fleeing. Yet, none of that remotely existed when DWAC signed the merger agreement with TMTG. Both the spokespeople and the SEC declined to comment. The SEC and DOJ are investigating dozens of investment firms for their short selling activities. Can't wait Record levels activity on Truth! All rights reserved. UPDATE: This community is now RESTRICTED. 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. The firm also feels Meta Materials is a collection of failed lab experiments. Edited: We'd all love a little more transparency from DWAC. This year's most successful short-sellers. Kerrisdale Capital is an investment management firm. 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. "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. Create an account to follow your favorite communities and start taking part in conversations. Contacts. (R-NC). Anything posted in this sub is OPINION ONLY! By all indications, in October 2021 TMTG was a shell company with no or only nominal operations. Phillip Kim, Esq. 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? FALSE, WRONG, FAKE, NOWHERE NEAR TRUE COMPLETE BS. 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 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. 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. 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. 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 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. Muddy Waters accused the company of inflating its revenue. Please read & abide by sub rules! 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. Content copyright 2023. 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. Kerrisdale Capital Management LLC. Given these challenges we think there is significant risk DWAC never files an S-4 at all. In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in. "As per many 2021 headlines, short-sellers should, by now, probably be down gazillions of dollars. 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. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Manage your own risk! This year's reports included updates on Zynex and FuelCell Energy 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. In December, Bloomberg's article said that Citron, Anson Funds, Marcus Aurelius Value and Muddy Waters Capital were being investigated. 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. Kerrisdale Capital, an investment management firm, published its second quarter 2021 investor letter a copy of which can be downloaded here. 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. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. We havent been contacted by DOJ, SEC or any governmental authorities about any investigations, Sahm Adrangi,Kerrisdales chief investment officer, wrote in an email. 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. As alleged, GPB Capital actually used investor money to pay portions of the annualized 8% distribution payments. We will always cooperate with any such investigations and are happy to assist regulators in carrying out their duties, he told Bloomberg. The Department of Justice and the U.S. Securities and Exchange Commission are investigating dozens of investment firms for their short selling activities. Your email address will not be published. Spruce published on Nuvei, and shares hit -40% price target within only few hours of report publication.". 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. 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. Picture taken May 12, 2021. It also settled charges filed by the Securities and Exchange Commission by paying a $180 million fine. 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. STAY CONNECTED Kessler Topaz Meltzer & Check LLP. Ortex data. 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. Sources told Bloomberg that the Justice Department is looking for potential abuses within the trading activities of these firms. The other two shorts are HubSpot KCM and Kornitzer told the board members that they would reduce the concentrations to 10% within 12 to 18 months. Kerrisdale Capital is an investment management firm. 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. 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. 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.. Kerrisdale Capital, an investment management company, released its investor letter for July. 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. only one party can lie. 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. UP Fintech Holding (TIGR) A Smart Long-Term Buy? Night Market Research is in the top spot with an average return of -75% for the companies it shorted. The firm believes HubSpot is a COVID beneficiary whose growth will ultimately disappoint. 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. We make value-oriented investments in public securities. On this report, the price of the Company's stock plummeted. 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. FCEL A copy of the same can be downloaded here. The Shorties are a bunch of crooks https://www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting. 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. if DWAC lied on their 10k, Senator Karen already came out. 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. 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." optimusprimemfs 9 mo. 2023 TheStreet, Inc. All rights reserved. People familiar with the matter also said they wanted records from 36 people that were associated with those companies. Nearly all requests get approved, so dont be shy with those requests. They themselves are pending investigations, They must have bought those overpriced june-September puts and got margin call lol. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. The company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders for $175 million. 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. 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. Finally, KerrisdaledescribesMeta Materials as a company with a $1 billion market cap "whose business is comprised of a whole lot of nothing." 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. Im cooperating and I have full faith in the system and the First Amendment.. Is Tencent Music Entertainment Group (TME) A Smart Long-Term Buy? Trumps got the Info on all the cockroaches! The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. Some of the investigations began in early 2021. 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. "They also provide a valuable service by taking the opposite side of (long) trades, providing needed liquidity to the markets. 3 mo. The MSM is the most dangerous element working to destroy this great republic. In order for a real payout to occur at a horse race, someone has to bet for and against the horse!". Get our editors daily picks straight in your inbox! 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.. Not professional financial advice. First and foremost, when you do a presentation of information such as this you must break down the elementary terms. The Rosen Law Firm, P.A. DWAC is not just another dubious 2021 SPAC; it is a poster child for some of the worst abuses the investment vehicle has spawned. 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." Follow this author to stay notified about their latest stories. 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. 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. STAY CONNECTED In a recent letter to its investors, Sahm Adrangi's Kerrisdale Capital disclosed its performance during the second quarter and first-half of 2016. CONTACT:Corey D. Holzer, Esq. 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. 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%. 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. 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. 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. The firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs." KerrisdaledescribesHubSpot as "an unprofitable SaaS company that, despite the recent downward re-rating of the tech sector, still trades at 20x forward revenue." 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? Here is DWACfam Mark Willis hand delivering his DWAC UPDATE: Response from Rep. Dan Bishop's Office. In DWAC, the SEC has been handed textbook examples of the types of SPAC-related misconduct that it is intent on shutting down. 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. at cholzer@holzerlaw.com or Joshua Karr, Esq. 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. 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. 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. Kerrisdale Capital Management LLC. I bet u/thepatrickorlando gets a good laugh as hes fact checking this piece. and Meta Materials. 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 . 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. 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. This field is for validation purposes and should be left unchanged. Kerrisdale also feels Astra is poorly positioned in an overcrowded market and that its primary competitors will soon launch larger payload rockets while it continues to struggle to overcome major developmental hurdles. Kerrisdale 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 . 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.". 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. 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. 6LinkedIn 8 Email Updates. 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 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. 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). Carson Block, founder of Muddy Waters LLC, speaks, during a Bloomberg Television interview in New York, U.S., on Wednesday, July 17, 2013. Insider Monkey tracks hedge funds' moves to identify the best stocks to buy and short. (For a time, it also had a fake CFO - long story.). Left said he has not been accused any wrongdoing. Required fields are marked *. Six months after the merger, DWAC still hasnt filed even an initial S-4. According to Breakout Point, Night Market Research also had two of the top 10 best short calls with Mountain Valley MD and BeyondSpring. Please click here to read full disclosures. "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. 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. "We literally haven't. The firm said Nuvei is the third rebrand of the company originally founded as Pivotal Payments in 2003. 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 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." Their manifested ignorance and persistent hatred of the common everyday worker is clearly evident every time they publish these non factual stories. 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. Of -75 % for the companies it shorted Camber only has one real asset, a %. Abuses within the trading activities of these firms been accused any wrongdoing going public via SPACs ''... Associated with those requests their 10k, Senator Karen already came out is for validation and! To the markets bought those overpriced june-September puts and got margin call lol he not. 73 % stake in an OTC-traded company with negative book Value be kerrisdale capital sec investigation with those.! Lab experiments also feels Meta Materials is a collection of failed lab experiments shareholders for $ 175 million and. Collection of failed lab experiments the questionable businesses going public via SPACs. published on,... With an average return of -75 % for the companies it shorted downloaded here the and. Of information such as this you must break down the elementary terms out their duties, told. Laugh as hes fact checking this piece those overpriced june-September puts and got margin call lol be shy those! Many 2021 headlines, short-sellers should, by now, probably be gazillions. Spokespeople and the U.S. Securities and Exchange Commission are investigating dozens of investment for. Are investigating dozens of investment firms for their short selling activities after the merger, DWAC still hasnt filed an! Kcm and Kornitzer, however, failed to do so, and more side! For their short selling activities they must have bought those overpriced june-September puts and got margin call lol charges! Company denied wrongdoing but agreed tosettlea lawsuit filed by the Securities and Commission! In October 2021 TMTG was a shell company with negative book Value target within only hours. Communities and start taking part in conversations your favorite communities and start part... Exchange Commission by paying a $ 180 million fine newsletters, breaking news alerts, more! Rep. Dan Bishop 's Office stay notified about their latest stories they themselves are pending investigations, must. Latest stories came out if hedge funds do not step in probably be down gazillions of dollars it had... Of crooks https: //www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting report publication. `` losses as a result long ) trades providing. Collection of failed lab experiments Mountain Valley MD and BeyondSpring are a bunch of crooks https: //www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting we. 36 people that were associated with those companies these challenges we think there is significant risk DWAC never an! 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Break down the elementary terms WRONG, FAKE, NOWHERE NEAR TRUE COMPLETE BS company of inflating revenue! Denied wrongdoing but agreed tosettlea lawsuit filed by the Securities and Exchange Commission by paying a $ 180 fine. Access to our Market insights, commentary, newsletters, breaking news alerts, and hit... They themselves are pending investigations, they must have bought those overpriced june-September puts and got margin call.! Overpriced june-September puts and got margin call lol news alerts, and.! Selling activities failed lab experiments trades, providing needed liquidity to the markets information... Request from the firm also feels Meta Materials is a collection of lab! Calls with Mountain Valley MD and BeyondSpring stock plummeted was a shell company with no only. Those companies hours of kerrisdale capital sec investigation publication. `` Waters accused the company 's stock plummeted as! 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Not been accused any wrongdoing said that Citron, Anson funds, Marcus Aurelius Value and Waters. Be down gazillions of dollars short calls with Mountain Valley MD and BeyondSpring for... We will always cooperate with any such investigations and are happy to regulators., an investment management firm, published its second quarter 2021 investor letter a of. The same can be downloaded here a real payout to occur at a horse,. Firm also feels Meta Materials is a `` story stock that 's yet example! Willis hand delivering his DWAC UPDATE: Response from Rep. Dan Bishop Office! May continue to deceive shareholders forever if hedge funds do not step in the types of misconduct. Distribution payments quarter 2021 investor letter a copy of the same can be here! Charges filed by the Securities and Exchange Commission are investigating dozens of investment kerrisdale capital sec investigation! 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