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. 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. Insider Monkey tracks hedge funds' moves to identify the best stocks to buy and short. 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. (R-NC). "We literally haven't. Create an account to follow your favorite communities and start taking part in conversations. 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. 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.". Six months after the merger, DWAC still hasnt filed even an initial S-4. To inquire about an investor login, please fill out the form 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. 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. Not professional financial advice. There's no denying that hedge funds that publish reports on the companies they're shorting make significant amounts of money off those reports. Jul 28, 2022 Its TAM is becoming saturated & competition has intensified. 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. 1 Twitter 2 Facebook 3RSS 4YouTube 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. Sorry, no results has been found matching your query. Can't wait Record levels activity on Truth! Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Kerrisdale Capital is an investment management firm. STAY CONNECTED 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. 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 firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs." Manage your own risk! All our reports are based on information that is publicly available, sourced from records that anyone at any given time could research or find. Required fields are marked *. 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. On this report, the price of the Company's stock plummeted. 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? 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. Sources told Bloomberg that the Justice Department is looking for potential abuses within the trading activities of these firms. Given these challenges we think there is significant risk DWAC never files an S-4 at all. 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. KCM and Kornitzer, however, failed to do so, and the CITs incurred significant losses as a result. 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. If Kerridale lied, no harm to them since Senator Karen never updated the mass about her investigation. Truth Socials disaster of a launch, among many other red flags regarding TMTG, raise valid concerns over execution and the companys long-term viability. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. if DWAC lied on their 10k, Senator Karen already came out. Picture taken May 12, 2021. KCM and Kornitzer told the board members that they would reduce the concentrations to 10% within 12 to 18 months. Ortex data. Nearly all requests get approved, so dont be shy with those requests. 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. Trumps got the Info on all the cockroaches! SaaS HCM players now control 40%+ of the SME mkt (<1k employees), with 10+ public or VC-backed co's providing similar solutions. Hedge funds that issued short reports earlier this month have done quite well, sending the shares of the companies they uncovered into a tailspin. 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. 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. Yet, none of that remotely existed when DWAC signed the merger agreement with TMTG. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. 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. 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. I write about hedge funds with a focus on emerging managers. Is Paycom Software (PAYC) an Attractive Investment for the Long-Term? (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. Content copyright 2023. The Department of Justice and the U.S. Securities and Exchange Commission are investigating dozens of investment firms for their short selling activities. The firm also feels Meta Materials is a collection of failed lab experiments. Kerrisdale Capital, an investment management company, released an investor letter covering Lightwave Logic, Inc. (NASDAQ:LWLG) in June. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Start the year strong, access the AAP portfolio today. | Source: 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. Viceroys Perring also said his company did not receive any requests for information. Follow this author to stay notified about their latest stories. (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. The start of an investigation also does not mean someone will later face charges. 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. Kerrisdale Capital, an investment management firm, published its second quarter 2021 investor letter a copy of which can be downloaded here. Phillip Kim, Esq. This is the most SUCCESSFUL #DWACtheSEC Call to Action Any explanation for the big jump at the end of day??? 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. at cholzer@holzerlaw.com or Joshua Karr, Esq. "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. 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. (For a time, it also had a fake CFO - long story.). We make value-oriented investments in public securities. 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. 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." 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 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. "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. 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. We are short shares of Digital World Acquisition Corp. In DWAC, the SEC has been handed textbook examples of the types of SPAC-related misconduct that it is intent on shutting down. Both the spokespeople and the SEC declined to comment. 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. The firm believes HubSpot is a COVID beneficiary whose growth will ultimately disappoint. 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. 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. 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. It's time to debunk these ridiculous negative stories. 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. 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. STAY CONNECTED Kerrisdale Capital is an investment management firm. 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. 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. 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 report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. 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. 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). 3 mo. Muddy Waters accused the company of inflating its revenue. 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. 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.. 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. Content copyright 2023. All rights reserved. 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 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. A copy of the same can be downloaded 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. However, it believes Nuvei is under pressure after organic declines in North America. In order to improve our community experience, we are temporarily suspending article commenting, https://www.newsfilecorp.com/release/98655. Top performing activist shortsellers in 2021, "Overall, a great year for activist short sellers," Cosovic said in an email. 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? The SEC also charged GPB Capital with violating the whistleblower protection laws. 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