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. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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 . Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Blink Charging (NASDAQ: BLNK) trades lower after short seller Culper Research calls the company a scheme to pillage minority investors to the benefit of insiders. In reality, they are simply conspiring to drive down the prices of stocks they take short positions in. To put bluntly the research report implies that Verus Phase 3 study is not likely to succeed in helping VERU-111 obtain a EUA. Is this happening to you frequently? 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. CleanSpark Investigating Short Seller Culper Research. By downloading from or viewing material on this website you agree to the following Terms of Service. An immediate avalanche of selling started at the open of the 6th, suggesting that news of the basket trial was a bad thing. The Motley Fool has a disclosure policy. Although we identified the historical legal concerns raised in the report, they were unrelated to the acquired businesses. 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. 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. 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. $10/person - click to reserve your spot! 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. Did they not look into this and see all this??? Kick the day off with a 9:00 a.m. walking tour led by Tri-Spy Tours! Veru has sales revenue from other medical assets it owns. Create an account to follow your favorite communities and start taking part in conversations. 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. Verified account Protected Tweets @; Suggested users 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. The report points out two major issues: first, the Phase 3 Covid-19 study contains glaring issues, compounded by management misrepresentations.. 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/. No LFMD executives were charged. Veru has not yet officially responded to Culper's accusations, which are worrying. At just 150 patients, the trial is a . After they cash in on the Short, they then turn around and ride the wave back up, which happens to most companies they've done this to. Learn More. 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. Veru has a market capitalization of $750 million at $8.46 as of May 6. . 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. For more information, contact opendata@sec.gov. A quick scroll through Culper's website yields very little in the way of personnel or address. 1125 N. Charles St, Baltimore, MD 21201. Culper is an anonymous short-seller that refuses to disclose the individuals or entities behind it. The Motley Fool has a disclosure policy. However, such information is presented as is, without warranty of any kind whether express or implied. Thissuit was surfacedby Law.com Radar, a source for high-speed legal news and litigation updates personalized to your practice. Is This Warren Buffett Stock a Buy After Its Dividend Boost? The report lists numerous ethical, integrity, and past performance issues with the key personnel running the company. Accounting issues always cause stress for investors. I do wish to raise two issues: Rivington and my background. Just went through LifeMD's annual report and they don't break down marketing expenses per business line. 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? Home; About us; Contact us; Twitter Seeking Alpha Stocktwits; . Invest better with The Motley Fool. Clickhereto get started and be first to know about new suits in your region, practice area or client sector. Published. Research is not investment advice nor a recommendation or solicitation to buy securities. A company that relies on acquisitions to make its revenue go up can be hiding a sales deterioration in the existing business. 10 czerwca 2022 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. That request was submitted in December 2020 and according to the SEC FOIA request logs, was done so by a Jeff Bourland linkedin on behalf of an unknown entity, perhaps the "Family Office" listed on his Linkedin. 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. 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. Invest better with The Motley Fool. Time to Buy? The suit's 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 . I'd love to hear your thoughts on what I've found below and hopefully help connect some of these dots. 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. The rather eclectic biotech -- it has a female contraceptive product, FC2, on the market, and is developing cancer drugs -- has attracted much interest because of the apparently promising sabizabulin. The Motley Fool has no position in any of the stocks mentioned. 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 . 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. And 9380 has actually been buying more stock in Aterian since it was acquired by the company. LFMD execs were not involved, and left the company. 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. Use of Culper Research's ("Culper") research is at your own risk. The most trusted brand in stock market news; Fatest intelligence & alerts; Active trader chat rooms; Option trade alerts; Only comprehensive mobile notifications solution 1125 N. Charles St, Baltimore, MD 21201. 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. Jan 21, 2021 1:53PM EST. Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until action is taken to declare your traffic. Culper research countered with a well-timed short report tweeted at 8:05 AM spreading fear in the minds of longs that something was wrong going into the investor call. But it burnt through almost $9 million in free cash flow (FCF) during its latest quarter ending Dec. 31., according to its 10-Q filing. 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. Like, within two days of the report, which just adds to the shadiness of the situation. Invest better with The Motley Fool. Capacity is expected to increase to over 300 PH/s in mining capacity by early 2021. Do these allegations sound legitimate or a . 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 . Spying is a secret business and thus research into it is most difficult. 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. 2023 InvestorPlace Media, LLC. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. In the near term, anything can happen to a stock price. If you have an ad-blocker enabled you may be blocked from proceeding. The two short-sellers claimed that SOS stock was an . These activities include "unlawful autoshipping, abusive telemarketing, and false claims of its products." 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. The Culper Research report was also cited in a November 2022 class action lawsuit, which alleged that Core Scientific failed to disclose a series of adverse . Both options are priced the same. Just another manipulative scare tactic that I wouldn't be surprised if they use against LifeMD next. Culper has no identity other than a webpage, with no information (no address, about us, anything - wonder why the anonymity? The SEC logs have not been posted yet for March 2021 requests, but I will update that once they become available. 1001 and 1030). The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. Where This Leaves Investors in Veru Stock. The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania with their dedication to law. 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. And, the marketing expense for RexMD by Culper is just an "estimate". 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. *Average returns of all recommendations since inception. This response seems to concede that the company acquired the business from somebody convicted of crimes ("we identified the historical legal concerns raised in the report"), but that it judged the information irrelevant ("unrelated to the acquired businesses"). Mohawk Group Holdings) was founded by . The researcher is also highly unimpressed with the executives guiding the company. I think the only scary about the report is that some executives at LifeMD, used to work at Redwood Scientific, which was shut down by FTC upon fraud. What should investors make of the allegations brought forth by Culper Research? Will Aterian stock recover from this short attack? 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 allegations the firm makes are of a nature that most potential investors in Veru stock are likely to read. exhibit at the Three Village Historical Society. 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. Core Scientific (NASDAQ: CORZ) fell 3.8% after a new short report from Culper Research. All rights reserved. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the successful deployment energy solution on the project, the fitness of our energy software and solutions for this particular application or market, the expectations of future revenue growth may not be realized, ongoing demand for our software products and related services, the impact of global pandemics (including COVID-19) on the demand for our products and services; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. 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. It stinks like a skunk to me, but Im not smart. Also, did you notice that there are now at least half a dozen law firms trolling for members to a class action lawsuit against Life? 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Did these scumbags have any insider information? For most investors the likely risks, as outlined by the Culper Research article, probably outweigh the potential upside in Veru stock. "We believe that the Company has . Eric Volkman has no position in any of the stocks mentioned. Following publication of any research, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions.
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