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." 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. 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. Is Paycom Software (PAYC) an Attractive Investment for the Long-Term? 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. 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. Nearly all requests get approved, so dont be shy with those requests. Its very tough to defend yourself when you havent been accused of anything, he told Bloomberg. 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. Kerrisdale Capital, an investment management company, released an investor letter covering Lightwave Logic, Inc. (NASDAQ:LWLG) in June. FCEL The Department of Justice and the U.S. Securities and Exchange Commission are investigating dozens of investment firms for their short selling activities. , which it shorted last year, and new reports on Veritone, Mountain Valley MD, Cielo Waste Solutions, and BeyondSpring. 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. The SEC also charged GPB Capital with violating the whistleblower protection laws. Given these challenges we think there is significant risk DWAC never files an S-4 at all. Their manifested ignorance and persistent hatred of the common everyday worker is clearly evident every time they publish these non factual stories. 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. We havent been contacted by DOJ, SEC or any governmental authorities about any investigations, Sahm Adrangi,Kerrisdales chief investment officer, wrote in an email. Contacts. 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. 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. According to Breakout Point, Night Market Research also had two of the top 10 best short calls with Mountain Valley MD and BeyondSpring. There's no denying that hedge funds that publish reports on the companies they're shorting make significant amounts of money off those reports. 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).". 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.". Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. 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. KCM and Kornitzer, however, failed to do so, and the CITs incurred significant losses as a result. Ortex data. 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. "We are short shares of Fubo, a $6bn company that has seen its share price increase 4x following its October 7th IPO on the NYSE. Max Pain $30 next friday! 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. 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. As alleged, GPB Capital actually used investor money to pay portions of the annualized 8% distribution payments. Kerrisdale Capital, an investment management company, released its investor letter for July. I bet u/thepatrickorlando gets a good laugh as hes fact checking this piece. 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.. In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen . 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 . 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. 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. Edited: We'd all love a little more transparency from DWAC. Washington D.C., Feb. 4, 2021 . KCM and Kornitzer agreed to distribute the ordered disgorgement, penalty, and prejudgment interest to the two previously unreimbursed CITs and investors in those CITs. 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. 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. LOG IN The SEC and DOJ are investigating dozens of investment firms for their short selling activities. 3 mo. 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. We will always cooperate with any such investigations and are happy to assist regulators in carrying out their duties, he told 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. ago Patriot . Some of the well-known investment firms that were named in the Justice Departments requests include Orso Partners and co-founder Nate Koppikar; Melvin Capital Management and founder Gabe Plotkin; Sophos Capital Management and Jim Carruthers; and Kerrisdale Capital Management. However, it believes Nuvei is under pressure after organic declines in North America. 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.. The firm also feels Meta Materials is a collection of failed lab experiments. 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. All rights reserved. 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. Viceroys Perring also said his company did not receive any requests for information. In December, Bloomberg's article said that Citron, Anson Funds, Marcus Aurelius Value and Muddy Waters Capital were being investigated. 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. 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. However, Luckin Coffee may be an excellent example of why some believe hedge funds that short companies and write about any fraud they uncover are doing a service to the market. Trumps got the Info on all the cockroaches! Here is DWACfam Mark Willis hand delivering his DWAC UPDATE: Response from Rep. Dan Bishop's Office. 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." More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Here's Why Kerrisdale Capital Shorted Lightwave Logic (LWLG). Kessler Topaz Meltzer & Check LLP 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. 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. Top performing activist shortsellers in 2021, "Overall, a great year for activist short sellers," Cosovic said in an email. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. The start of an investigation also does not mean someone will later face charges. In order to improve our community experience, we are temporarily suspending article commenting, https://www.newsfilecorp.com/release/98655. We are a community of serious BULLISH DWAC investors. 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 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. STAY CONNECTED I write about hedge funds with a focus on emerging managers. The complaint seeks disgorgement of ill-gotten gains plus prejudgment interest and penalties. 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. The sources also said that requests for information were also sent by the SEC. (R-NC). 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%. Breakout Point also provided data on this year's most successful short-sellers year to date. 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. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. at cholzer@holzerlaw.com or Joshua Karr, Esq. Im cooperating and I have full faith in the system and the First Amendment.. KerrisdaledescribesHubSpot as "an unprofitable SaaS company that, despite the recent downward re-rating of the tech sector, still trades at 20x forward revenue." Anything posted in this sub is OPINION ONLY! 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. Kerrisdale Capital is an investment management firm. According to the SEC's order, KCM served as investment adviser to four collective investment trusts (CITs), and Kornitzer served as their portfolio manager. Through this fear and panic make a profit on their current positions. The firm said Nuvei is the third rebrand of the company originally founded as Pivotal Payments in 2003. Competition will hurt $PAYC's growth & margins, and sector multiples will suffer 4/8 Show this thread 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. 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. Kerrisdale Capital Management LLC. The Shorties are a bunch of crooks https://www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting. UPDATE: This community is now RESTRICTED. Laurence Rosen, Esq. The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. Phillip Kim, Esq. 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. Insider Monkey tracks hedge funds' moves to identify the best stocks to buy and short. This year's most successful short-sellers. Night Market Research is in the top spot with an average return of -75% for the companies it shorted. Valiant has a long-standing policy of cooperating with any inquiries it receives from regulators and other government bodies, but is not aware of being involved in the short-selling probe, chief compliance officer Michaela Beckman said in an email to Bloomberg. By all indications, in October 2021 TMTG was a shell company with no or only nominal operations. (484) 270-1453; toll free at (844) 887-9500; via e-mail at info@ktmc.com; 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 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. (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. Opinions expressed by Forbes Contributors are their own. "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. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. Get our editors daily picks straight in your inbox! Create an account to follow your favorite communities and start taking part in conversations. Violating the whistleblower protection laws delivering his DWAC UPDATE: Response from Dan. Payc ) an Attractive investment for the Long-Term community of serious BULLISH DWAC.! Funds with a focus on emerging managers a bunch of crooks https: //www.newsfilecorp.com/release/98655 year for activist short,! In an OTC-traded company with negative book Value management company, released an investor for! Cielo Waste Solutions, and upon request from the firm also feels kerrisdale capital sec investigation Materials is collection... 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