Your article was successfully shared with the contacts you provided. For example, on April 11 Veru announced its Covid-19 drug brought down the mortality rate by 55% but the Culper report said that this was a manipulation of how high mortality rates were with Covid-19. The two short-sellers claimed that SOS stock was an . It is our view that the Oklahoma revenue opportunity is just 1/28 th (1.6MM/45MM) of or 96% lower than what Berman intimated during the investor presentation.. REKR's first quarter 2021 earnings corroborate our view. However, LifeMD's shares will likely be highly volatile now that this report is out there, and I'd think twice about initiating a position in this healthcare stock anytime soon. Toggle Navigation Hindenburg Research. Jan 21, 2021 1:53PM EST. Here is what I think: These scumbags are going after companies with low institutional/high retail stocks that are on fire, to take advantage of panic. What Joseph L. Rini Knows, Attorney Rachel Y. Marshall A Pillar of Strength for the Community, SpotDraft Raises $26 Million in Series A Funding for AI-Powered Legal Software. Culper also . The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. SALT LAKE CITY, Jan. 21, 2021 /PRNewswire/ --CleanSpark, Inc. (Nasdaq: CLSK), ("CleanSpark, or "the Company"), an advanced software and controls technology solutions company focused on solving modern energy challenges, has become aware of a report making false accusations against CleanSpark and its officers. *Average returns of all recommendations since inception. The report . Will Aterian stock recover from this short attack? Yes, it's horrible and I don't know what to do now. Feel like going after another group of asshole short sellers trying to screw over us regular investors? CLEANSPARK INVESTIGATING SHORT SELLER CULPER RESEARCH . Here's what the company said in part. In addition, these transactions were structured as asset purchases only and therefore the founders did not become employees of Aterian. Buy These 2 Stocks in 2023 and Hold for the Next Decade, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, 2 Stocks That Are About to Make Their Shareholders Richer, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Federal Judge: Lancaster Investment Firm, Executives Must Pay $2M in Civil Penalties, Restitution, Special Master in MoneyGram Feud at SCOTUS Has Surprise Change of Mind, In Jackson's First Majority Opinion, SCOTUS Curbs Delaware's Collection of Unclaimed Property, Class Action Accusing BOA of Inadequate Notice Before Reposessions Hits Federal Court, Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Theres even room for more lines. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any . Clickhereto get started and be first to know about new suits in your region, practice area or client sector. I like pain so I'm holding and also bought 400 more shares at $9, sitting at 2,000 shares now with a $16 cost basis, plus August calls with $15 strike that I bought just before market close yesterday. Picture this: Benedict Arnold, one of the United State's (U.S.) most infamous traitors and John Andre are successful in conspiring to attack West Point in 1780 ("The Culper Spy Ring," 2010). Theyre calculating that LFMD spends an average of $36 in marketing costs per webpage visitor for REXMD while HIMS spends an average of $2.14 per website visitor for its products . Use of Culper Research's ("Culper") research is at your own risk. You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link http://www.culperresearch.com The failure of Culper to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The complaint, over an alleged short-and-distort stock scheme, was filed by Gordon Rees Scully Mansukhani on behalf of LifeMD Inc., CEO Justin Schreiber and CTO Stefan Galluppi. In 5 minutes of searching, you can see they take partial truths and exaggerate them. I do wish to raise two issues: Rivington and my background. Our Team Account subscription service is for legal teams of four or more attorneys. Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms financials, staffing, clients, news and events. Through its wholly owned subsidiary ATL Data Centers LLC, CleanSpark owns and operates a data center that provides customers with traditional on-site and cloud-based data center services. On November 15, 2022, Culper Research published a short report on Treace (the "Culper Report"). Culper alleges that Core Scientific "wildly oversold" both its mining and hosting business. CTO Pedretti - Co-Founded Airlight Energy, Which Went Bankrupt and Faces Fraud Accusations Prior to co -founding Energy . Law.com Radar publishes daily updates on just-filed federal cases like this one. "Tomorrow's report features two felons, two alleged scam artists, a CEO with a failed crypto hustle, and what we think is a wildly overhyped, deteriorating business facing existential risk." Not a Bloomberg Law Subscriber?Subscribe Now. For more information, contact opendata@sec.gov. LexisNexis and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information. This drop over the last month or so has torched like 9% of my portfolio, real quick. It looks very bad . More importantly, I want to know why the stock went from $18 to $12 between the earnings and the short report. To make the world smarter, happier, and richer. Redwood Scientific Technologies (parent company of RengaLife), Danielle Cadiz (a Redwood executive since December 2016), Advanced Mens Institute Prolongz LLC (Redwoods prior company name), Run Away Products LLC (New York company used to advertise Redwood products) and, Carols Place Limited Partnership (a related asset management limited partnership, owned by the Cardiffs). The problem is this is a highly speculative play for most investors. The Motley Fool recommends Aterian, Inc. Town square for LifeMD ($LFMD) stakeholders, Press J to jump to the feed. About Us. Culper makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. Among its raft of accusations, Culper wrote that the trial is significantly smaller than those conducted for other COVID drug candidates and demonstrated a worryingly high mortality rate. Create an account to follow your favorite communities and start taking part in conversations. Investors could turn away from the company in droves if the researcher's allegations have merit, however. Is this a bad sign for your stock? However, such information is presented as is, without warranty of any kind whether express or implied. Reference ID: 0.9d8f1402.1677945178.3b82c472. Taylor Carmichael has no position in any of the stocks mentioned. For some reason, Jacob appears to be very opposed to crypto which may tie in to Culper's short attacks on $SOS, but that is pure speculation on my part. Eric Volkman has no position in any of the stocks mentioned. However, such information is presented as is, without warranty of any kind whether express or implied. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Research is not investment advice nor a recommendation or solicitation to buy securities. The problem is it has just $116.1 million in cash as of Dec. 31 and is burning . Yes, it works for cancers, but it does the same to all normal tissue. I have not but wouldn't it stand to reason that a smaller company entering the space would need to spend more to build brand awareness? However, the language in the response letter uses terms like "we are withholding documents that may be responsive" which Culper and co. are using to lead investors to the conclusion that such records do in fact exist and that an investigation into likely what Culper just detailed in their "report" is ongoing. | Learn more about Christian Lamarco's work experience, education, connections & more by visiting their profile on LinkedIn Read the complaint here: To view this content, please continue to their sites. The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania with their dedication to law. Making the world smarter, happier, and richer. Treace Medical Concepts (TMCI) dropped 17% after a new short report from Culper Research.Culper Research says it's short the stock.Treace Medical (TMCI) didn't immediately return. In no event should Culper or any affiliated party be liable for any direct or indirect trading losses caused by any . Investors should probably take this allegation with a grain of salt, as Culper Research is an anonymous outfit and the author of the report is a mystery. Women, Influence & Power in Law UK Awards 2023, Legalweek Leaders in Tech Law Awards 2023, WORKERS COMPENSATION ATTORNEY - Hartford, CT, Offering an Opportunity of a Lifetime for Personal Injury Lawyers, What Does Your Business Agreement Really Mean? Copyright We reserve the right to block IP addresses that submit excessive requests. Published on June 1, 2022 June 3, 2022. But there are some warning signs here. Our focus was and continues to be on acquiring high performing businesses that offer opportunities for growth. Nonetheless the six month delay in reporting is worrisome. They have a financial motivation for doing so -- they want the stock price to go down. In a 10-tweet thread digesting the report and posted on Monday, Culper accused Veru of "glaring anomalies" in its phase 3 clinical trial of coronavirus drug sabizabulin. 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Want $1 Million in Retirement? Terms of Service. The apparent purpose of the Culper Research "report" is to cover or profit from the publisher's short positions in the Company, which the publisher expressly acknowledges holding in the report itself. The suits defamation claims center on a Culper report and investor alerts accusing LifeMD principals of engaging in fraud at a previous company and using unlicensed doctors to dispense medications. Im holding on to see the company response. Culper Research, an activist short-seller that in its words "seek[s] to expose companies which have misrepresented their operations, failed to disclose significant risks, misappropriated capital . The publisher of this false . On Friday, Hindenburg Research and Culper Research released scathing reports on SOS Ltd (NYSE: SOS ), a Chinese cryptocurrency mining company. And changing your chief financial officer in the midst of this doesn't exactly reassure. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. I need to wait for management's response and the Q1 earnings release to really make an opinion on the merits of this short report. The Austin-based company went public on the Nasdaq via a special purpose acquisition vehicle, or SPAC, in January 2022. Buy These 2 Stocks in 2023 and Hold for the Next Decade, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, 2 Stocks That Are About to Make Their Shareholders Richer, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. A quick scroll through Culper's website yields very little in the way of personnel or address. For example, if it has to redesign the study and start from scratch the costs could go up. Copyright 2023 ALM Global, LLC. This cant be right ? Buy These 2 Stocks in 2023 and Hold for the Next Decade, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, 2 Stocks That Are About to Make Their Shareholders Richer, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Looking at the relevant FOIA request logs on the SEC website suggests an individual named Jacob Ma-Weaver twitter linkedin acting on behalf of what appears to be his short-selling fund Cable Car Capital LLC. Where This Leaves Investors in Veru Stock. On October 31, 2019, Culper Research published a scathing report detailing reasons Culper Research believes the Company's internal review "was a farce, and shares are ultimately worthless." Culper makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. The points Culper makes are quite compelling and raise substantial questions about the history of the CEO, Mitchell Steiner, and the EVP of Clinical Affairs, Robert Getzenberg. 1125 N. Charles St, Baltimore, MD 21201. Sucks. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team. The Company will vigorously and relentlessly defend itself against these actions and against the kind of baseless accusations made by those behind the "report." Culper Research, an activist short-seller that in its words "seek[s] to expose companies which have misrepresented their operations, failed to disclose significant risks, misappropriated capital, possess accounting irregularities, or otherwise deceived investors," published a blistering report on its short position in Veru. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein. This research guide has detailed information about the university's two Washington letters and provides pathways to research materials on the spy ring. The tweet indicated there were two requests submitted; one in May 2020 and another in September 2020. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Veru has not yet officially responded to Culper's accusations, which are worrying. Our 3 Top Picks. "LifeMD uses technology to make health care more accessible to people from all walks of life. Lawyers at Cozen OConnor on Thursday removed a defamation lawsuit against Culper Research and owner Christian Matthew Lamarco to Pennsylvania Western District Court. Further, Culper Research thinks LifeMD is engaged in fraudulent and illegal activities that are similar to those of Redwood Scientific, a company that faced severe legal penalties at the hands of . Use of Culper Research's ("Culper") research is at your own risk. Yes, in the short term, a short attack on a small cap will often send shares down, and Aterian's stock has dropped 35% since the report came out. In reality, they are simply conspiring to drive down the prices of stocks they take short positions in. By downloading from or viewing material on this website you agree to the following Terms of Service. CleanSpark has retained the law firm of Wilk Auslander LLP in connection with this matter and will be vigilant in investigating the sources of these misrepresentations, including the identity of those veiled behind the entity calling itself Culper Research. To hide from slander cases, perhaps?). Create an account to follow your favorite communities and start taking part in conversations. Site Map, Advertise| The Motley Fool has a disclosure policy. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Skip to Main Content. Veru has sales revenue from other medical assets it owns. While the short report is lengthy, here is part of what Culper said. To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. The SEC logs have not been posted yet for March 2021 requests, but I will update that once they become available. But they were not involved in any fraudulent activity. The report lists numerous ethical, integrity, and past performance issues with the key personnel running the company. Pretty brutal. All Rights Reserved. What should investors make of the allegations brought forth by Culper Research? Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. The Cable Car website is down right now, but does indicate a connection to an investment partnership with the Funicular Fund. The report points out two major issues: first, the Phase 3 Covid-19 study contains glaring issues, compounded by management misrepresentations.. Aterian issued a press release to respond to the short attack. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. The report seems to imply that Veru will be another failure just like other drug companies the management has run. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of our plans will be achieved. I did some deeper digging though using SEC FOIA request logs and Culper's own posts on twitter in an attempt to pull back the curtain a bit. For accurate information about the Company, Shareholders should refer to the Company's disclosure documents filed with U.S. Securities and Exchange Commission, which are available online under the Company's EDGAR profile atwww.sec.govor on the Investor Relations tab of the Company's website atwww.CleanSpark.com. Veru 's ( VERU -0.17%) stock dipped by 5.5% on Friday as of 10:49 a.m. Customer Service| TICKETED EVENTS on Culper Spy Day. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Such statements, estimates, projections and opinionsmay prove to be substantially inaccurate and are inherently subject to significant risks and uncertaintiesbeyond Culper's control. Article printed from InvestorPlace Media, https://investorplace.com/2022/05/veru-stock-could-face-difficulties-if-the-culper-research-report-is-true/. White Diamond Research is a research firm that sells information to hedge funds and high net worth individuals. For questions call 1-877-256-2472 or contact us at [emailprotected], Shearman and Hogan Lovells Call Off Merger Talks, Early Reports: 2023 Am Law 200 Financials, Beyond Excess Capacity, Pooled Services and Automation Expedite Staff Layoffs, Dozens of Law Firms Grew Their Equity Partner Tier, Even as Profits and Demand Plummeted. Not only has Aterian has not disclosed that its largest acquisition was from a felon who served prison time, but despite 5 elapsed months, the Company has failed to provide audited financials for the Smash Assets, leaving its S-3 shelf filing ineligible. No LFMD executives were charged. Yes and no. Mark Hake writes about personal finance on mrhake.medium.com, Newsbreak.com and Beehiiv.com. As we all learned today, Culper and its shady supporters aim to create a veil of legitimate entities conducting research which just so happens to uncover some form of fraud/scandal/etc.