Month: September 2018

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Article: Fact check: Trump says Blumenthal lied (he did) and bragged (he didn’t)

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Fact check: Trump says Blumenthal lied (he did) and bragged (he didn’t)

Jane C. Timm, 30 September 2018

President Donald Trump attacked Sen. Richard Blumenthal, D-Conn., for misleading voters, making some false claims of his own in the process.

“Senator Richard Blumenthal must talk about his fraudulent service in Vietnam, where for 12 years he told the people of Connecticut, as their Attorney General, that he was a great Marine War Hero. Talked about his many battles of near death, but was never in Vietnam. Total Phony!” Trump tweeted. Continue reading “Article: Fact check: Trump says Blumenthal lied (he did) and bragged (he didn’t)”

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Article: Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business

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Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business

Jaclyn Jaeger, 29 September 2028

The New York State Department of Financial Services (NYDFS) has fined Deutsche Bank $205 million as part of a consent order for violations of New York banking law, including efforts to improperly coordinate trading activity through online chat rooms, improperly sharing confidential customer information, trading aggressively to skew prices, and misleading customers.

The violations, announced on June 20, stem from an investigation by NYDFS determining that from 2007 to 2013, when Deutsche Bank was the largest foreign exchange dealer in the world, the bank repeatedly engaged in improper, unsafe, and unsound conduct in its foreign exchange business due to its failures to implement effective controls. In addition, for certain time periods, limited elements of Deutsche Bank’s electronic trading platforms had the potential to improperly disadvantage customers and improperly affect markets, when certain applications did not perform as intended. Continue reading “Article: Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business”

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Article: Will Naked Short Sellers Torpedo The Trump Bull Market?

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Will Naked Short Sellers Torpedo The Trump Bull Market?

Richard Levick

Forbes, 26 September 2018

Nevermind the succession of new tariffs that beclouds the prospect of sustained economic growth. Some observers believe even greater threats to the “Trump Rally” are rooted deep within our financial markets – specifically, in the sort of systematized and pandemic short-selling that can roil market innovators like Tesla, not to mention small and midcap companies that are much more vulnerable to manipulation. One might wonder which burgeoning new industries are on the current hit list. Publicly traded marijuana companies are mentioned often.

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Article: DoorDash customers say their accounts have been hacked

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DoorDash customers say their accounts have been hacked

Zack Whittaker, 26 September 2018

Food delivery startup DoorDash has received dozens of complaints from customers who say their accounts have been hacked.

Dozens of people have tweeted at @DoorDash with complaints that their accounts had been improperly accessed and had fraudulent food deliveries charged to their account. In many cases, the hackers changed their email addresses so that the user could not regain access to their account until they contacted customer services. Yet, many said that they never got a response from DoorDash, or if they did, there was no resolution.

Several Reddit threads also point to similar complaints.

DoorDash is now a $4 billion company after raising $250 million last month, and serves more than 1,000 cities across the U.S. and Canada.
Continue reading “Article: DoorDash customers say their accounts have been hacked”

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Article: Why You Shouldn’t Listen to Jim Cramer

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Why You Shouldn’t Listen to Jim Cramer

Nick Kapur, 24 September 2018

Nearly 11 months ago and thanks in no small part to the statement above, I concluded that Jim Cramer was a menace to investors.

It only took a few months for the rest of the nation to catch on. John Stewart finally jumped on the bandwagon in March, exposing the man for what I think he really is: an entertaining (if not, irritating) media personality, but certainly not the champion of the individual shareholder that he often claims to be.

Continue reading “Article: Why You Shouldn’t Listen to Jim Cramer”

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Article: Interested In Crius Energy Trust (TSE:KWH.UN)’s Upcoming US$0.07 Dividend? You Have 4 Days Left

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Interested In Crius Energy Trust (TSE:KWH.UN)’s Upcoming US$0.07 Dividend? You Have 4 Days Left

Becky Mayes, 22 September 2018

In late January 2021, GameStop experienced a once-in-a-decade squeeze that has captivated the world’s attention. It was a premeditated and programmatic exercise, orchestrated by coordinated stock and option buying across the retail and professional community, resulting in large institutional entities losing billions of dollars. Investment houses with significant short positions did not expect a stock with GameStop’s fundamental profile to increase +2,500% in price over less than three weeks; therefore, they did not have the controls in place to handle the incredible levels of stock and call option purchases. The frenzy drew comments from the White House, provoked a social media crackdown, caused brokerage units to restrict trading, and has led to a Congressional hearing on GameStop on Thursday, February 18th.
Continue reading “Article: Interested In Crius Energy Trust (TSE:KWH.UN)’s Upcoming US$0.07 Dividend? You Have 4 Days Left”

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Article: Short-seller Andrew Left’s Citron Research says surge in cannabis company Tilray is ‘beyond comprehension’

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Short-seller Andrew Left’s Citron Research says surge in cannabis company Tilray is ‘beyond comprehension’

Lenore Fedow, 19 September 2018

Tilray Inc (NASDAQ:TLRY) set the cannabis space ablaze following an interview with CNBC’s Jim Cramer, sending its shares surging double digits. But short-seller Andrew Left’s Citron Research had some harsh words to share about the Canadian cannabis company.

Citron Research was previously bullish on Tilray following Constellation Brands Inc‘s (NYSE:STZ) additional US$4bn investment in its rival Canopy Growth Inc (NYSE:CGC, TSX:WEED). Left had said it could be the next marijuana company to get a “white knight at a premium to market.”

The short-seller has cast doubt on other cannabis stocks via Twitter Inc (NYSE:TWTR) as well, including Cronos Group Inc (NASDAQ:CRON, CSE:CRON) and Namaste Technologies Inc (CVE:N, OTCQB:NXTTF). Shares of Tilray soared nearly 50% to US$232 in Wednesday pre-market trading.
Continue reading “Article: Short-seller Andrew Left’s Citron Research says surge in cannabis company Tilray is ‘beyond comprehension’”

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Article: Viceroy alleges Pretium facing personnel ‘exodus’

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Viceroy alleges Pretium facing personnel ‘exodus’

Kip Keen, 31 October 2020

Viceroy Research alleged there was a personnel “exodus” at Pretium Resources Inc. based on a list it compiled of 38 personnel changes at the gold miner in the past year or so. “Our industry consultants have expressed serious discomfort with the extent of the level of resignations, even when considering many staff were assigned on a contract basis for development works,” Viceroy Research said in a report it published Sept. 18.

It said that turnover appears to include Brucejack’s general manager Kevin Torpy who, Viceroy noted, is said to have joined Titan Mining Corp. Titan issued a press release about Torpy’s appointment as vice president of operations on Sept. 17. Viceroy said it appears Torpy left the company “in the wake of the increased scrutiny” that has come from its reports.

The allegations are the latest in Viceroy’s shorting campaign against Pretium. It has published three reports, alleging operational irregularities at Pretium’s Brucejack gold mining operations in British Columbia.
Continue reading “Article: Viceroy alleges Pretium facing personnel ‘exodus’”

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Article: How Jim Chanos Uses Cynicism, Chutzpah — and a Secret Twitter Account — to Take on Markets (and Elon Musk)

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How Jim Chanos Uses Cynicism, Chutzpah — and a Secret Twitter Account — to Take on Markets (and Elon Musk)

Michelle Celarier, 17 September 2018

It’s a sweltering, 95-degree August day in Manhattan, but Jim Chanos — fresh off a two-week holiday, rocking a sharkskin suit — is pumped: Elon Musk had once again called a hero of the Thai cave rescue a pedophile. It’s 1:30 in the afternoon. Chanos bolts through the door to his office building on West 55th Street, grabs the journalist waiting for him, and, on the elevator ride to his eighth-floor office, fills her in on the latest news. Continue reading “Article: How Jim Chanos Uses Cynicism, Chutzpah — and a Secret Twitter Account — to Take on Markets (and Elon Musk)”

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Article: Our Final Word on $TLRY before $50

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Our Final Word on $TLRY before $50

Citron Research, 12 September 2018

Tilray management is not stupid. Just seven weeks ago Tilray decided to go public with an offering price of $17. This was done with much deliberation between them and their many bankers. With this price Citron believes they took into consideration all future deals and partnerships that the company had been planning.

The recent cannabis stock rally is a US phenomenon fueled by retail investors. Since August 15, US marijuana stocks Tilray and Cronos have significantly outpaced the performance of their Canadian traded peers.

Due to federal regulation, US listed stocks cannot have any operations in the US without losing their listings, whereas Canadian listed stocks can have US operations. The US will be the largest cannabis market in the world. Today, the California market is over 5x larger than all of Canada. Despite obvious logic, we’ve seen US retail investors pile into the US listed marijuana stocks.
Continue reading “Article: Our Final Word on $TLRY before $50”

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Article: Pretium – Digging Up Dirt

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Pretium – Digging Up Dirt

Tyler Durden, 06 September 2018

Distorted grades, involvement of SEC sanctioned entities, and high turnover of mineral consultants – Pretium flies many red flags. (PVG:TSX / PVG:NYSE).

Pretium Resources owns and operates the purportedly high-grade Brucejack gold mine in Northwest British Columbia in Canada. Viceroy is short Pretium Resources, as our research suggests its mining results have been distorted and the equity likely worthless as the overindebted company bleeds cash over the next 12 months:

Strathcona Mineral Services Limited (Strathcona), the mining consultancy that famously declared Bre-X to be a fraud, resigned from Pretium’s 2013 bulk sample program later stating, “…they will not have a mine producing 425,000 oz. a year for the next 20 years, as they have been advertising so far”. The entire Pretium investment thesis rests on the validity of the 2013 bulk sample program.
Continue reading “Article: Pretium – Digging Up Dirt”

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Article: An audience with short-seller Marc Cohodes: ‘You have to be nine-tenths insane to do it’

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An audience with short-seller Marc Cohodes: ‘You have to be nine-tenths insane to do it’

Tom Teodorczuk, 06 September 2018

Marc Cohodes should have made a spectacular killing out of the 2008 financial crisis. Instead the short-seller was caught in the crossfire among the troubled banks, and ended up retreating back to his farm Alder Lane in Northern California and raising chickens: “I was so beyond sick of the whole thing and wanted nothing to do with it.” Continue reading “Article: An audience with short-seller Marc Cohodes: ‘You have to be nine-tenths insane to do it’”

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Article: Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Cronos Group, Inc. Investors (CRON)

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Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Cronos Group, Inc. Investors (CRON)

BUSINESS WIRE, 04 September 2018

National law firm Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of persons and/or entities that acquired Cronos Group, Inc. (“Cronos” or the “Company”) (NASDAQ: CRON) securities between August 21, 2018, and August 30, 2018, inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants, under the Securities Exchange Act of 1934.

On August 30, 2018, Citron Research published an article entitled “Cronos: The Dark Side of Cannabis Space,” alleging, among other things, that the Company has been “deceiving the investing public by purposely not disclosing the size of its distribution agreements with provinces – unlike every other major cannabis player” and that this was because “the agreements are so small that they could never justify the premium investors are paying for the stock.” On this news, Cronos’ share price fell $3.62 per share, or over $28%, to close at $9.12 per share on August 30, 2018, on unusually heavy trading volume.
Continue reading “Article: Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Cronos Group, Inc. Investors (CRON)”

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Article: The Government’s New Strategy to Crack Down on ‘Spoofing’

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The Government’s New Strategy to Crack Down on ‘Spoofing’

Peter J. Henning

New York Times, 4 September 2018

The Justice Department has tried to crack down on traders who try to move markets by entering and quickly canceling orders, conduct that goes by the catchy moniker “spoofing.”

But the government’s early prosecution of the crime has faced a big setback. In just the second trial for spoofing, which the Dodd-Frank Act outlawed, a Connecticut jury acquitted a former trader at UBS of spoofing this spring. That raised questions about whether prosecutors can pursue these cases.

Read full article.

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