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. 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. UPDATE: This community is now RESTRICTED. The SEC also charged GPB Capital with violating the whistleblower protection laws. at cholzer@holzerlaw.com or Joshua Karr, Esq. 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!". Anything posted in this sub is OPINION ONLY! 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. , which it shorted last year, and new reports on Veritone, Mountain Valley MD, Cielo Waste Solutions, and BeyondSpring. On October 3rd, 2021 Kerrisdale Capital announced their position in Camber Energy Resources Inc, within the article, twitter, and blog posts w Required fields are marked *. 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. (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. 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. On this report, the price of the Company's stock plummeted. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. 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. Your email address will not be published. By all indications, in October 2021 TMTG was a shell company with no or only nominal operations. Please message the mods for approval to post and comment. 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. 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).". 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. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey D. Holzer is the attorney responsible for its content. 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.. Truth Socials disaster of a launch, among many other red flags regarding TMTG, raise valid concerns over execution and the companys long-term viability. Jul 28, 2022 Its TAM is becoming saturated & competition has intensified. 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. We will always cooperate with any such investigations and are happy to assist regulators in carrying out their duties, he told Bloomberg. Nearly all requests get approved, so dont be shy with those requests. 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. FCEL STAY CONNECTED "We literally haven't. Investors should abandon the fantasy that DWACs problems can be easily remedied with amended disclosures and a nominal fine. (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. 6LinkedIn 8 Email Updates. ago Patriot . Kessler Topaz Meltzer & Check LLP. 6LinkedIn 8 Email Updates, Order - Kornitzer Capital Management, Inc. and John C. Kornitzer. 3 mo. KCM and Kornitzer, however, failed to do so, and the CITs incurred significant losses as a result. 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. Edited: We'd all love a little more transparency from DWAC. 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.". 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. only one party can lie. 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? Picture taken May 12, 2021. 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. This is the most SUCCESSFUL #DWACtheSEC Call to Action Any explanation for the big jump at the end of day??? 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. Shorts are exiting! 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. 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. Ivan Cosovic of Breakout Point offers some highlights of December's haul for short-sellers in an email. 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. 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 addition, as the post-merger surviving operating business, TMTG would reasonably be expected to have the infrastructure necessary to function as a public company. 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 . 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. All our reports are based on information that is publicly available, sourced from records that anyone at any given time could research or find. Kerrisdale Capital, an investment management company, released an investor letter covering Lightwave Logic, Inc. (NASDAQ:LWLG) in June. Please click here to read full disclosures. On this report, the price of the Company's stock plummeted. DWAC is not just another dubious 2021 SPAC; it is a poster child for some of the worst abuses the investment vehicle has spawned. (R-NC). A copy of the same can be downloaded here. (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. The Rosen Law Firm, P.A. It's time to debunk these ridiculous negative stories. 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 said Nuvei is the third rebrand of the company originally founded as Pivotal Payments in 2003. HUBS 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. 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 . Phillip Kim, Esq. 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. 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. Its very tough to defend yourself when you havent been accused of anything, he told Bloomberg. Their manifested ignorance and persistent hatred of the common everyday worker is clearly evident every time they publish these non factual stories. optimusprimemfs 9 mo. According to the SEC's order, KCM served as investment adviser to four collective investment trusts (CITs), and Kornitzer served as their portfolio manager. 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. The Department of Justice and the U.S. Securities and Exchange Commission are investigating dozens of investment firms for their short selling activities. 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. CONTACT:Corey D. Holzer, Esq. The firm also feels Meta Materials is a collection of failed lab experiments. Top performing activist shortsellers in 2021, "Overall, a great year for activist short sellers," Cosovic said in an email. Six weeks into Truth Socials bungled launch, senior executives are already fleeing. Your email address will not be published. if DWAC lied on their 10k, Senator Karen already came out. UP Fintech Holding (TIGR) A Smart Long-Term Buy? Viceroys Perring also said his company did not receive any requests for information. Kessler Topaz Meltzer & Check LLP Manage your own risk! 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. at cholzer@holzerlaw.com or Joshua Karr, Esq. 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. 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. Insider Monkey tracks hedge funds' moves to identify the best stocks to buy and short. 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? We are a community of serious BULLISH DWAC investors. 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. 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. Sources told Bloomberg that the Justice Department is looking for potential abuses within the trading activities of these firms. The Shorties are a bunch of crooks https://www.thestreet.com/markets/regulation/doj-sec-probe-dozens-of-firms-in-short-selling-sting. 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. The litigation will be led by Mr. Stoelting, Ms. Pauley, and Ms. Moilanen. 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. 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? 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). LOG IN Kerrisdale Capital is an investment management firm. 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. Washington D.C., Feb. 4, 2021 . 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. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen . 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. "They also provide a valuable service by taking the opposite side of (long) trades, providing needed liquidity to the markets. 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." We recommend about 10-15 long positions and 5-10 short positions in our quarterly newsletter every quarter. 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. 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. 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