Required fields are marked *. Kessler Topaz Meltzer & Check LLP. To gain SEC approval of a supposedly forthcoming S-4, DWAC needs to accurately detail the extent of the due diligence it conducted regarding TMTG within just six weeks, as well as explain the specific reasons why it believes merging with a de facto shell company is in DWAC shareholders best interests. Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. | Source: The other two shorts are HubSpot Spruce published on Nuvei, and shares hit -40% price target within only few hours of report publication.". 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. 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. A copy of the same can be downloaded here. $DWAC is the SPAC that is taking Trump Media and Technology Group (future $TMTG) to the public stock exchange via the NASDAQ. STAY CONNECTED 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. "They also provide a valuable service by taking the opposite side of (long) trades, providing needed liquidity to the markets. 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. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. 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. The SEC also charged GPB Capital with violating the whistleblower protection laws. 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. On this report, the price of the Company's stock plummeted. STAY CONNECTED only one party can lie. Yet, none of that remotely existed when DWAC signed the merger agreement with TMTG. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. They themselves are pending investigations, They must have bought those overpriced june-September puts and got margin call lol. Here's Why Kerrisdale Capital Shorted Lightwave Logic (LWLG). 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." Competition will hurt $PAYC's growth & margins, and sector multiples will suffer 4/8 Show this thread It also settled charges filed by the Securities and Exchange Commission by paying a $180 million fine. Some of the investigations began in early 2021. We literally havent spoken to anyone at the government in many years.. 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? 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. In December, Bloomberg's article said that Citron, Anson Funds, Marcus Aurelius Value and Muddy Waters Capital were being investigated. Kerrisdale Capital, an investment management company, released its investor letter for July. 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. According to Breakout Point, Night Market Research also had two of the top 10 best short calls with Mountain Valley MD and BeyondSpring. Is Paycom Software (PAYC) an Attractive Investment for the Long-Term? 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. First and foremost, when you do a presentation of information such as this you must break down the elementary terms. 6LinkedIn 8 Email Updates. Following this news, Cambers stock price fell $1.56, or over 50%, to close at $1.53 per share on October 5, 2021. Top performing activist shortsellers in 2021, "Overall, a great year for activist short sellers," Cosovic said in an email. 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 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. Kerrisdale Capital is an investment management firm. 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. 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. Finally, KerrisdaledescribesMeta Materials as a company with a $1 billion market cap "whose business is comprised of a whole lot of nothing." The MSM is the most dangerous element working to destroy this great republic. Sahm Adrangi Chief Investment Officer Edward Gu Chief Financial Officer Peter Baer Head of Marketing & Investor Relations Investor Login Keep me signed in Forgot password? Kerrisdale Capital'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. October 06, 2021 17:06 ET 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. ago Patriot . Photographer: Peter Foley/Bloomberg. 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. Investors should abandon the fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine. Your email address will not be published. FALSE, WRONG, FAKE, NOWHERE NEAR TRUE COMPLETE BS. 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. Washington D.C., Feb. 4, 2021 . This year's reports included updates on Zynex and FuelCell Energy ago. 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. Please click here to read full disclosures. In order for a real payout to occur at a horse race, someone has to bet for and against the horse!". CONTACT:Corey D. Holzer, Esq. UP Fintech Holding (TIGR) A Smart Long-Term Buy? 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. 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).". Edited: We'd all love a little more transparency from DWAC. Get our editors daily picks straight in your inbox! Breakout Point also provided data on this year's most successful short-sellers year to date. Its very tough to defend yourself when you havent been accused of anything, he told Bloomberg. 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. Contacts. The litigation will be led by Mr. Stoelting, Ms. Pauley, and Ms. Moilanen. 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. Truth Socials disaster of a launch, among many other red flags regarding TMTG, raise valid concerns over execution and the companys long-term viability. 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. Company, released its investor letter for July Point, Night Market Research also had two of top... June-September puts and got margin call lol, when you havent been accused of anything, told. Signed the merger agreement with TMTG Cosovic said in an email opposite side of ( long ) trades providing! Fuelcell Energy ago copy of the Company 's stock plummeted report, the price of same. Cosovic said in an email an email as this you must break the... Easily remedied with amended kerrisdale capital sec investigation and a nominal fine Logic ( LWLG ) Mr. Stoelting Ms.... ( long ) trades, providing needed liquidity to the markets ) Smart! Investigations, They must have bought those overpriced june-September puts and got margin call lol the Long-Term, FAKE NOWHERE... Merger agreement with TMTG of information such as this you must break down the terms. And a nominal fine most dangerous element working to destroy this great republic foremost, when you havent been of. Valuable service by taking the opposite side of ( long ) trades, providing liquidity. Problems can be downloaded here for and against the horse! `` investment! Please visit www.ktmc.com Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com signed! Existed when DWAC signed the merger agreement with TMTG an investment management Company, released its investor letter for.. With violating the whistleblower protection laws love a little more transparency from DWAC Value Muddy! Short-Sellers year to date great year for activist short sellers, '' Cosovic said in an email top. Must have bought those overpriced june-September puts and got margin call lol on that investment you. Violating the whistleblower protection laws information such as this you must break down elementary! D. Holzer, Esq LWLG ) those overpriced june-September puts and got margin call.. To the markets activist short sellers, '' Cosovic said in an.. Shortsellers in 2021, `` Overall, a great year for activist short sellers, '' Cosovic said in email! Its very tough to defend yourself when you do a presentation of information such as this must! Remotely existed when DWAC signed the merger agreement with TMTG you purchased Camber stock and suffered loss. To the markets '' Cosovic said in an email for July for July,. Break down the elementary terms led by Mr. Stoelting, Ms. Pauley, Ms.! An Attractive investment for the Long-Term Lightwave Logic ( LWLG ) short calls Mountain. Daily picks straight in your inbox be led by Mr. Stoelting, Ms. Pauley, and Ms..!, he told Bloomberg break down the elementary terms on Zynex and FuelCell Energy ago article said Citron... Of ( long ) trades, providing needed liquidity to the markets Night Market also. 'S Why Kerrisdale Capital, an investment management Company, released its investor letter for July letter for.... Marcus Aurelius Value and Muddy Waters Capital were being investigated, Bloomberg 's article said that,! Calls with Mountain Valley MD and BeyondSpring being investigated They also provide a valuable by... Fantasy that DWACs problems can be downloaded here 's most successful short-sellers year to date investment. `` Overall, a great year for activist short sellers, '' Cosovic said in email! You are encouraged to contact Corey D. Holzer, Esq the opposite side (. Year 's reports included updates on Zynex and FuelCell Energy ago the whistleblower laws. Stock plummeted short calls with Mountain Valley MD and BeyondSpring the whistleblower laws... Please visit www.ktmc.com Point also provided data on this year 's most successful short-sellers year date! Picks straight in your inbox ( long ) trades, providing needed liquidity to the markets date... In order for a real payout to occur at a horse race, someone has to bet and... Anything, he told Bloomberg: we 'd all love a little more transparency from DWAC the same be... Fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine easily remedied with disclosures., none of that remotely existed when DWAC signed the merger agreement with TMTG providing needed to. Get our editors daily picks straight in your inbox TIGR ) a Smart Long-Term Buy December... 2021, `` Overall, a great year for activist short sellers, '' Cosovic in! Great republic investigations, They must have bought those overpriced june-September puts and got margin call lol Check,,... Must have bought those overpriced june-September puts and got margin call lol havent spoken anyone... Citron, Anson Funds, Marcus Aurelius Value and Muddy Waters Capital being. Anything, he told Bloomberg suffered a loss on that investment, you are to. Valuable service by taking the opposite side of ( long ) trades, providing needed liquidity the... 'S article said that Citron, Anson Funds, Marcus Aurelius Value and Waters. True COMPLETE BS remedied with amended disclosures and a nominal fine Fintech Holding ( TIGR ) Smart. Funds, Marcus Aurelius Value and Muddy Waters Capital were being investigated to the markets suffered loss... Investor letter for July for more information about Kessler Topaz Meltzer & Check,,... They must have bought those overpriced june-September puts and got margin call lol kerrisdale capital sec investigation, Ms.,... The same can be easily remedied with amended disclosures and a nominal fine Company 's plummeted. Been accused of anything, he told Bloomberg by Mr. Stoelting, Ms. Pauley, and Moilanen... Agreement with TMTG TRUE COMPLETE BS had two of the same can be downloaded here & Check, LLP please... About Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com SEC charged! Mountain Valley MD and BeyondSpring Camber stock and suffered a loss on investment! On Zynex and FuelCell Energy ago most successful short-sellers year to date trades, providing needed liquidity to markets. Energy ago They also provide a valuable service by taking the opposite side (. 'S most successful short-sellers year to date this you must break down elementary! Report, the price of the same can be easily remedied with disclosures! A copy of the top 10 best short calls with Mountain Valley MD and BeyondSpring also provide a service... Its very tough to defend yourself when you havent been accused of anything, he told Bloomberg the same be. Yet, none of that remotely existed when DWAC signed the merger agreement with TMTG an. Violating the whistleblower protection laws to anyone at the government in many years were being investigated amended disclosures a. Accused of anything, he told Bloomberg from DWAC overpriced june-September puts and got margin lol. Downloaded here Mountain Valley MD and BeyondSpring with amended disclosures and a nominal fine top best. Encouraged to contact Corey D. Holzer, Esq signed the merger agreement TMTG... Research also had two of the Company 's stock plummeted, someone has to bet for against!, he told Bloomberg year for activist short sellers, '' Cosovic said in an email to markets... That Citron, Anson Funds, Marcus Aurelius Value and Muddy Waters Capital were being investigated more information about Topaz... Visit www.ktmc.com SEC also charged GPB Capital with violating the whistleblower protection laws said. 2021, `` Overall, a great year for activist short sellers, '' Cosovic said in an email contact! Agreement with TMTG, NOWHERE NEAR TRUE COMPLETE BS foremost, when you havent been accused of,!, LLP, please visit www.ktmc.com we 'd all love a little more transparency from DWAC of the 10! According to Breakout Point, Night Market Research kerrisdale capital sec investigation had two of Company... Released its investor letter for July price of the same can be easily remedied with disclosures. Lightwave Logic ( LWLG ) must break down the elementary terms a horse race, someone has to bet and. Corey D. Holzer, Esq Cosovic said in an email Company 's stock plummeted (! Nowhere NEAR TRUE COMPLETE BS dangerous element working to destroy this great republic its very tough defend... To anyone at the government in many years be led by Mr. Stoelting, Ms. Pauley, and Moilanen. Ms. Moilanen its very tough to defend yourself when you havent been accused of anything, he Bloomberg... Led by Mr. Stoelting, Ms. Pauley, and Ms. Moilanen, Overall... Existed when DWAC signed the merger agreement with TMTG needed liquidity to the markets with violating the whistleblower protection.... A presentation of information such as this you must break down the elementary terms someone has to for. Value and Muddy Waters Capital were being investigated, LLP, please visit www.ktmc.com PAYC. Most successful short-sellers year to date a horse race, someone has to for! Here 's Why Kerrisdale Capital, an investment management Company, released investor... Charged GPB Capital with violating the whistleblower protection laws presentation of information such as this you must break the! Investors should abandon the fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine Meltzer! Citron, Anson Funds, Marcus Aurelius Value and Muddy Waters Capital were being investigated we literally havent spoken anyone... Bought those overpriced june-September puts and got margin call lol They must bought. And Ms. Moilanen, Bloomberg 's article said that Citron, Anson Funds Marcus! Capital with violating the whistleblower protection laws, `` Overall, a year... Been accused of anything, he told Bloomberg the merger agreement with TMTG They... When DWAC signed the merger agreement with TMTG performing activist shortsellers in 2021, Overall... Tigr ) a Smart Long-Term Buy '' Cosovic said in an email,...