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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 . LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. Special Collections, a division of Stony Brook University Libraries (SBU Libraries) is the owner and steward of two American Revolutionary War-era, Culper Spy Ring letters authored by George Washington. No LFMD executives were charged. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred. I bought calls just before market close yesterday lol fuck my life. 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. A quick scroll through Culper's website yields very little in the way of personnel or address. To make the world smarter, happier, and richer. Veru Inc. (VERU) fell 6.7% after Culper Research released another short report on the oncology-focused biopharmaceutical company.Culper alleged in the report that at baseline, the. 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. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Other than that, Culper is a shady short seller that attacks stock on fire with high retail investor base to panic them. Between the Hindenburg "Report" (a series of tweets), some firm called Culper Research (who seems to have a mediocre track record), and multiple YouTube videos, investors have a lot to consider. The members of the culper spy ring are an excellent example of the ordinary people that risked their lives to create . The publisher of this false . All Rights Reserved. The report seems to imply that Veru will be another failure just like other drug companies the management has run. Research may contain forward-looking statements, estimates, projections, and opinions with respect to among other things, certain accounting, legal, and regulatory issues the issuerfaces and the potential impact of those issues on its future business, financial condition and results ofoperations, as well as more generally, the issuers anticipated operating performance, access to capitalmarkets, market conditions, assets and liabilities. SALT LAKE CITY, January 21, 2021 -- 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. Note: We do not offer technical support for developing or debugging scripted downloading processes. The Culper Report expressed the "view that Treace's primary innovation has not been in any sort of . 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. Create an account to follow your favorite communities and start taking part in conversations. CLEANSPARK INVESTIGATING SHORT SELLER CULPER RESEARCH . Guys, this is a classic short attack. For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. Veru(NASDAQ:VERU) is set to discuss on May 10 with the Food and Drug Administration a pre-Emergency Use Authorization (EUA) meeting for its Phase 3 Covid-19 drug, sabizabulin (VERU-111). Culper Spy Ring Research Paper Intelligence provided by the Culper Spy Ring was instrumental in the defeat of the British during the Revolutionary War. Nevertheless, if somehow the FDA does give its Covid-19 vaccine a EUA, all bets are off on the stock. 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 the U.S. Federal Trade Commission (FTC) back in 2018. According to documents Aterian filed with the SEC on April 29, 9380 Macarthur does indeed own almost 5 million shares, or 16.2% of the company. It looks very bad . Honestly, we are letting them win with this plummeting over-reaction. Lawyers at Cozen OConnor on Thursday removed a defamation lawsuit against Culper Research and owner Christian Matthew Lamarco to Pennsylvania Western District Court. By using this site, you are agreeing to security monitoring and auditing. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Eric Volkman has no position in any of the stocks mentioned. These statements are based on CleanSpark's current beliefs and expectations. That short-seller didn't mince words about its concerns with the company, which clearly left investors quite spooked about its future. Culper describes Xometry as "an increasingly commoditized middleman for engineers and tinkerers seeking prototyping and small run parts," a description that matches our recent piece on Distributed Manufacturing - A Case Study Unfolding. *Average returns of all recommendations since inception. Thus, we assign the incremental $18.0M to RexMD. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Accounting issues always cause stress for investors. 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 . The Company will vigorously and relentlessly defend itself against these actions and against the kind of baseless accusations made by those behind the "report." Contact Us| Culper Research also notes that some of LifeMD's current executives were implicated in the Redwood scandal, either as employees of the company directly involved in these crimes or as major shareholders. Tickets are limited. The Motley Fool recommends Aterian, Inc. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of our plans will be achieved. Since RexMD's founding, sales and marketing have ballooned to $20.0M in Q4 2020. In 5 minutes of searching, you can see they take partial truths and exaggerate them. But there are some warning signs here. This makes them biased, of course, but no more biased than the shareholders who want the stock to go up. Skip to Main Content. On the other hand, shorts are always future buyers of your stock. Miracle Cures and Murder For Hire: How A Spoon-Bending Turkish Magician Built A $600 Million Nasdaq-Listed Scam Based On A Lifetime Of Lies. 1001 and 1030). If these claims prove accurate, LifeMD could face the wrath of lawmakers and regulators. 2) In April, $VERU announced Phase III results (without full data) of sabizabulin (VERU-111) in hospitalized COVID-19 patients. SALT LAKE CITY, Jan. 21, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), (" CleanSpark, or "the . The Motley Fool has a disclosure policy. The report lists numerous ethical, integrity, and past performance issues with the key personnel running the company. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, CleanSpark Reports First Quarter FY2023 Financial Results, CleanSpark Reports Fourth Quarter and Year End FY2022 Financial Results. How valuable are the assets if you can't trust the sales numbers? 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? Meanwhile, almost six months after the acquisition, the audit has finally been completed, and Aterian finally filed its (late) numbers with the SEC on May 14. The short is also correct that the 9380 lockup expires in June, which means that Aterian's biggest shareholder will be free to start selling shares that were acquired for pennies. Veru (VERU -35.98%) has found itself the target of a short-seller, and as a result the biotech company's shares took a more than 12% hit on an otherwise upbeat Monday for the wider stock market. Aterian issued a press release to respond to the short attack. Mohawk Group Holdings) was founded by . https://www.law.com/thelegalintelligencer/2021/09/27/defamation-suit-against-research-company-over-alleged-short-and-distort-stock-scheme-alert-moves-to-fed-court/. This implies that it could end up wasting a lot of its cash if the Phase 3 clinical study is not successful in obtaining FDA EUA approval. Agreed, this is pretty shitty but have to wait for the response. (On March 8 the company appointed Arturo Rodriguez to succeed Fabrice Hamaide in the position.) u/wallstreetbets crowd? The Austin-based company went public on the Nasdaq via a special purpose acquisition vehicle, or SPAC, in January 2022. And, the marketing expense for RexMD by Culper is just an "estimate". On the other hand, the stock dropped 25% last week and the company felt the need to respond to the allegation. REKR reported $245,000 in Oklahoma revenue for itself, and $1,000,000 in revenue for the state of Oklahoma - "over 25,000" notices of non-compliance were issued, but REKR . Don't miss the crucial news and insights you need to make informed legal decisions. Town square for LifeMD ($LFMD) stakeholders, Press J to jump to the feed. Another bright side is the short report does not have a single mention of PDFSimpli, so if all else fails and the telehealth biz goes to zero at least we have a market cap base of maybe $60-70 million for PDFSimpli lol. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. Use of Culper Research's ("Culper") research is at your own risk. We are aware that litigation premised on the so-called "Culper Report" has been filed and that plaintiff's firms are trolling for additional shareholders. In its report, Culper Research makes a series of claims concerning LifeMD, its executives, and its operations which, if true, could be devastating to the healthcare company and its shareholders. Read the complaint here: To view this content, please continue to their sites. Did these scumbags have any insider information? Managing Partner, Chief Investment Officer. 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. Although we identified the historical legal concerns raised in the report, they were unrelated to the acquired businesses. Sign up below to get this incredible offer! Use of Culper Research's("Culper") research is at your own risk. The allegations the firm makes are of a nature that most potential investors in Veru stock are likely to read. Not a Bloomberg Law Subscriber?Subscribe Now. Copyright 2023 ALM Global, LLC. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. 5 Hypergrowth Stocks With 10X Potential in 2023, Robert Bollinger: Meet the Man Behind Mullens Push Into Commercial EVs, A.I. Law360 (September 20, 2021, 7:52 PM EDT) -- A negative report from stock research firm Culper Research about telehealth company LifeMD Inc. was part of a "short and distort" stock scheme to defame . You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any . 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. Our focus was and continues to be on acquiring high performing businesses that offer opportunities for growth. 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. Learn More. CleanSpark Investigating Short Seller Culper Research. That is because $36 includes all of company's business lines, not just RexMD. The report . Such statements, estimates, projections and opinionsmay prove to be substantially inaccurate and are inherently subject to significant risks and uncertaintiesbeyond Culper's control. You should assume that Culper (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a position in any securities covered herein. The problem is this is a highly speculative play for most investors. It is very clear that one of their tactics is to submit FOIA requests for information regarding investigations into companies they are attacking, which if you know the Freedom of Information Act, is information that would never be released to the public. Just went through LifeMD's annual report and they don't break down marketing expenses per business line. Veru has a market capitalization of $750 million at $8.46 as of May 6. In reality, they are simply conspiring to drive down the prices of stocks they take short positions in. from 8 AM - 9 PM ET. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. 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. For instance, Culper Research alleges that LifeMD presents misleading information regarding its network of doctors and even uses unlicensed professionals "to dispense OTC medication.". Significant to regional and national historical narratives, SBU's letters were authored in 1779 and 1780 and document espionage activities in the Three Village area of Long Island, New York, the . Blink claims that 'EV drivers can easily charge at any of its 15,000 charging stations,' but we estimate the Companys functional public charging station network consists of just 2,192 stations, a mere 15% of this claim.". Holders of short positions trade on an expected decline in the price of a stock. 10 czerwca 2022 Use of Culper Research's ("Culper") research is at your own risk. The report points out two major issues: first, the Phase 3 Covid-19 study contains glaring issues, compounded by management misrepresentations.. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. That could potentially be a turning point for Veru stock. Im holding on to see the company response. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. At least we have some idea what the manipulation and block-trades that drove this down from $18 to $12 were (culper & friends getting into proper short position before dropping this report). Unlimited access to The Legal Intelligencer, Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications. Are u selling or still holding? Jan 21, 2021 1:53PM EST. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. On April 29, the company rebranded from Mohawk Group Holdings to Aterian. Why would the block trades be significantly lower than current stock price at the time? Did anyone read this? On the other hand, the stock dropped 25% . Our 3 Top Picks. Shouldn't you, at a minimum, audit the financials before you pay $25 million in cash, and give up 4.22 million shares ($60 million at current prices), and agree to acquire a $15 million promissory note? Link to CULPER RESEARCH https://img1.wsimg.com/blobby/go/cc91fda7-4669-. 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. Thank you for your interest in the U.S. Securities and Exchange Commission. Clickhereto get started and be first to know about new suits in your region, practice area or client sector. Rivington's association with Culper Jr., and Jr.'s association into the New York City British social environment, clearly places them in contact and since Rivington subsequently provided the British Naval . Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users. If You Invested $1,000 in Veru in 2020, This Is How Much You Would Have Today, 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Want $1 Million in Retirement? All rights reserved. Spying is a secret business and thus research into it is most difficult. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. This suit was surfaced by Law.com Radar. 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. . Sucks. "We believe that the Company has vastly exaggerated the size of its EV charging network in order to siphon money from the pockets of investors to insiders. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the securities covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. Join The Legal Intelligencer now! 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. In reality, they are simply conspiring to drive down the prices of stocks they take short positions in. Nasdaq License our industry-leading legal content to extend your thought leadership and build your brand. For more information, contact opendata@sec.gov. 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. exhibit at the Three Village Historical Society. Research is not investment advice nor a recommendation or solicitation to buy securities. On November 15, 2022, Culper Research published a short report on Treace (the "Culper Report"). To other RS execs were laundering money (husband and wife). So let's take a look at what Culper is saying about Aterian. Shares of healthcare services provider LifeMD (LFMD 1.68%) are plunging on Wednesday and were down by 22.3% as of 3:45 p.m. EDT. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. The Culper Spy Ring was assembled in 1778 by Major Benjamin Tallmadge (alias, John Bolton/721) at the request of General George Washington (711) and operated on Long Island (728) and New York City (727) during the . Such holders only profit on such positions when the stock declines and incur potentially unlimited losses if the price does not decline. He was the original owner of Roe Tavern in Setauket,N.Y. The Culper Report expressed the "view that Treace's primary innovation has not been in any sort of . This drop over the last month or so has torched like 9% of my portfolio, real quick. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. CleanSpark takes seriously any accusations of impropriety, stands behind its prior statements and disclosures, and will not tolerate unfounded and reckless claims against the Company. Is this a bad sign for your stock? More recently, Culper tweeted the response from SEC on a FOIA request for records pertaining to any investigations into OrthoPediatrics Corp., $KIDS. 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. 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. But that attitude raises a few questions. 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. 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. Core Scientific (NASDAQ: CORZ) fell 3.8% after a new short report from Culper Research. CleanSpark plans to apply its technologies with a goal of mining bitcoins at the lowest energy prices in the United States. All expressions of opinion are subject to change without notice, and Culper does not undertake to update or supplement this report or any of the information contained herein. I do wish to raise two issues: Rivington and my background. On the date of publication, Mark R. Hake did not hold any position (either directly or indirectly) in the securities mentioned in this article. Apparently, this was not the case . VERU stock remains an extremely risky bet today. Aterian (f.k.a. Law.com Radar publishes daily updates on just-filed federal cases like this one. About Us. Is this happening to you frequently? That's what happened to the shorts in the Gamestopfrenzy earlier this year. When typing in this field, a list of search results will appear and be automatically updated as you type. Toggle Navigation Hindenburg Research. Docent led tours every 30 minutes of the Spies! We look for stocks with the potential for big moves in the near future up or down. Overall, it's been ~15 years since I've seen a decent group go after microtubules in cancer. 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. Investors could turn away from the company in droves if the researcher's allegations have merit, however. Prior to co-founding Culper Capital Partners, he served as Majority Shareholder, Chairman & CEO of Glebar Company ("Glebar"), a role which he held from April 2013 to March 2020. The Culper Spy Rings was a spy network started by George Washington to get information about the British, during the Revolutionary War. 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. 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. We scour the stock universe for good ideas and specialize in the technology and healthcare sectors, and in special situations in all sectors. "LifeMD uses technology to make health care more accessible to people from all walks of life. Some research into Culper Research. The historical nonfiction book i read was titled "George Washington's Secret Six" and it was written by Brian Kilmeade and Don Yaeger. Making the world smarter, happier, and richer. 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. This is set for next Tuesday, May 10. Such statements, estimates, projections and opinionsmay prove to be substantially inaccurate and are inherently subject to significant risks and uncertaintiesbeyond Culper's control. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Cost basis and return based on previous market day close. 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. Published. 2023 InvestorPlace Media, LLC. Reddit and its partners use cookies and similar technologies to provide you with a better experience. For example, the Culper Research report alleges the entire February 2020 acquisition of p2k Labs, Inc. is "another undisclosed related party transaction, as CleanSpark's CFO Lori Love is found . The Cable Car website is down right now, but does indicate a connection to an investment partnership with the Funicular Fund. The problem is it has just $116.1 million in cash as of Dec. 31 and is burning . Copyright 2023 InvestorPlace Media, LLC. Alpilean creator (Zach Miller) and medical research editor (Dr. Matthew Gibbs) medically concluded that the longest-lived people on the planet use a "secret trick" on the Alpine ice every night. If Justin and Stefan were involved in anyway they would have been on the list of named defendants. 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. 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? According to the accounting firm, the numbers are fine. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 1-2, 13). At just 150 patients, the trial is a . For example, if it has to redesign the study and start from scratch the costs could go up. Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. Criminal Allegations, and an ICO Scam . The Motley Fool has a disclosure policy. 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). what are you doing after this report? And 9380 has actually been buying more stock in Aterian since it was acquired by the company. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Customer Service| I've never heard of an ad $ per website visit metric before and am not really sure it's value in any case. Home; About us; Contact us; Twitter Seeking Alpha Stocktwits; . 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.