Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
As gold crashes, Jim Cramer says money is ‘all going to crypto’
Cointelegraph, 08 January 2021
As the price of gold plunged on Friday, CNBC’s Jim Cramer said the rise of crypto may partly explain the sudden disinterest in the precious metal — a potential sign that the mainstream has flipped the script on Bitcoin (BTC) and digital assets.
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Americas Gold and Silver Corporation Provides an Update on the Galena Complex and Relief Canyon Mine
BUSINESS WIRE, 06 January 2021
Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas”, “Americas Gold and Silver” or the “Company”), a growing North American precious metals producer, is pleased to provide an update on the Galena Complex and the Relief Canyon mine.
“The Galena Complex is demonstrating the positive impact of having a diversified portfolio of assets and commodities,” stated Americas Gold and Silver President & CEO Darren Blasutti. “While I am disappointed by the unexpected delay in declaring commercial production at Relief Canyon, the health and safety of our workers far outweighs pushing to declare commercial production. We are having a strong start to 2021 at Relief Canyon, our key employees have returned to the site and the stacker is operating well. We look forward to declaring commercial production at Relief Canyon shortly.”
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BUSINESS WIRE, 05 January 2021
On December 2, 2020, Culper Research issued a report entitled “OrthoPediatrics Corp. (KIDS): Even Channel Stuffing Can’t Save This Company,” alleging that the Company “engaged in a channel stuffing scheme that has systematically and significantly overstated revenues.” Citing interviews with distributors and former executives, the report alleged that “distributors have been induced to buy excess product directly from the Company in exchange for (a) equity-based awards, (b) the opportunity to return product, and/or (c) product discounts or increased commission schedules.” On this news, the Company’s stock price fell $4.12 per share, or 9%, to close at $41.02 per share on December 2, 2020, thereby injuring investors.
Continue reading “Article: Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of OrthoPediatrics Corp. (KIDS) on Behalf of Investors”
PRNewswire, 05 January 2021
Berger Montague is investigating potential securities fraud claims against Northern Dynasty Minerals Ltd. (“Northern Dynasty” or the “Company”) on behalf of investors who purchased Northern Dynasty securities (NYSE: NAK) between December 21, 2017 and November 25, 2020 (the “Class Period”).
A recently filed lawsuit accuses Northern Dynasty and its senior management of misleading investors about the Company’s proposed Pebble Project, a large mining project in Alaska, and its prospects for securing a permit from federal and state regulators. Northern Dynasty repeatedly touted its progress in obtaining the necessary permits for the Pebble Project and assured investors that its design entailed a substantially reduced development footprint and new environmental safeguards for the mine.
Continue reading “Article: NAK Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against Northern Dynasty Minerals Ltd. (NYSE: NAK); Lead Plaintiff Deadline is February 2, 2021”
Penumbra, Inc. Investors: Company Investigated by the Portnoy Law Firm
GLOBE NEWSWIRE, 04 January 2021
The Portnoy Law Firm advises Penumbra, Inc. (“Penumbra” or the “Company”) (NYSE: PEN) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses. On November 10, 2020, released research report on Penumbra was released by Quintessential Capital Management entitled “Penumbra and its ‘Killer Catheter’: A tale of corporate greed and seemingly blatant disregard for patients’ lives[.]”
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ACCESSWIRE, 31 December 2020
The investigation centers on whether Penumbra misled investors about the company’s flagship products for treating ischemic stroke.
On Nov. 9, 2020, research firm Quintessential Capital Management (“QCM”) published a scathing report about “Penumbra and its ‘killer catheter'”, concluding: (1) “Penumbra’s flagship ‘Jet 7′ device is linked to 18 recorded deaths, 39 injuries: this might be only the ‘tip of the iceberg;'” (2) “[t]he device is unsafe and unmarketable: we believe an FDA class 1 recall highly likely”; (3) “Penumbra may have been highly misleading in critical parts of its communication with doctors and investors;” and, (4) “[d]espite appearances, financial metrics are rapidly deteriorating, anticipating a possible sharp drop in sales.”
Continue reading “Article: PEN FRAUD CLAIMS EXPAND: Hagens Berman Encourages Penumbra (PEN) Investors to Contact the Firm, Investigation Expanded to Cover More Recent Claims of Fraud”
Cormark Securities Inc. and ITG Canada Corp. to pay $1 million to settle SEC charges
The Canadian Press, 24 December 2020
TORONTO — The U.S. Securities and Exchange Commission says Canadian broker-dealers Cormark Securities Inc. and ITG Canada Corp. have agreed to pay a total of US$1 million to settle charges of improper trading procedures. According to the regulator, the two firms provided incorrect order-marking information in a period from August 2016 through October 2017 that caused more than 200 sale orders from a single hedge fund, representing total sales of more than US$660 million, to be mismarked as “long” in violation of SEC regulations. By definition, “long” means the seller actually owns the stock they are selling, as opposed to a “short” if the seller is borrowing stock to sell.
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Nearly 21% of Shopify stores pose fraud risk to customers
Kalila Sangster, 23 December 2020
Nearly 21% of Shopify (SHOP) stores pose a fraud risk to their customers, according to new analysis by e-commerce authentication service Fakespot. Nearly 26,000 of the 124,000 Shopify stores analysed by Fakespot were “related to fraudulent practices,” says Fakespot. Around 39% of those were found to be “problematic sellers,” with issues of counterfeit products, possible brand infringements or a poor reputation.
Some 28% were possible scam stores, with privacy leaks and suspiciously cheap listings and just under 17% had negative reports from consumers, while 10% had no history of any transactions. “We recognise there will be those — however few they may be relative to our base of more than 1 million merchants — that may abuse our service, and we take this matter seriously,” Shopify said in a statement to the BBC.
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Shopify hosts thousands of fraudulent shops, analysis finds
Rachel Gilmore, 23 December 2020
Shopify says it does “not condone the behavior of bad actors” after a Fakespot analysis found that more than 20 per cent of the Shopify stores it analyzed posed a risk to shoppers. Fakespot is a program and browser extension that helps online shoppers to spot fake reviews and counterfeits. But recently, the company used their tools proactively to do an analysis of a little over 10 per cent of Shopify’s storefronts. The analysis found that almost 26,000 of the over 124,000 Shopify stores it looked into were “related to fraudulent practices” and were flagged with a “caution” or “warning determination” by the Fakespot tool. Shopify hosts over a million stores.
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Canadian brokers pay US$1M to settle SEC charges
THE CANADIAN PRESS, 23 December 2020
TORONTO — The U.S. Securities and Exchange Commission says Canadian broker-dealers Cormark Securities Inc. and ITG Canada Corp. have agreed to pay a total of US$1 million to settle charges of improper trading procedures. According to the regulator, the two firms provided incorrect order-marking information in a period from August 2016 through October 2017 that caused more than 200 sale orders from a single hedge fund, representing total sales of more than US$660 million, to be mismarked as “long” in violation of SEC regulations.
By definition, “long” means the seller actually owns the stock they are selling, as opposed to a “short” if the seller is borrowing stock to sell. The SEC says that because the hedge fund’s sale orders were, in fact, short sales, the incorrect order-marking caused the executing broker to violate regulations by failing to borrow or locate the shares prior to effecting those short sales.
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GLOBE NEWSWIRE, 19 December 2020
Pomerantz LLP is investigating claims on behalf of investors of MultiPlan Corporation (“MultiPlan” or the “Company”) (NYSE: MPLN). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980. The investigation concerns whether MultiPlan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
Continue reading “Article: SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of MultiPlan Corporation – MPLN”
3 Reasons to Avoid the DoorDash IPO and Other Food Delivery Stocks
Jeremy Bowman, 11 December 2020
It’s a great time to be a DoorDash (NYSE: DASH) insider. Shares of the hot food delivery start-up jumped 86% on its IPO day, rising off of an already elevated listing price. The eye-popping surge comes as restaurant delivery apps have been among the big winners during the pandemic and amid speculation of a broader bubble in tech stocks.
Still, at a valuation around $72 billion now, double that of well-established restaurant chains like Chipotle, for example, it seems too hard to justify DoorDash’s market cap. The company is still unprofitable, even as it’s experienced significant tailwinds from the pandemic. Beyond valuation concerns, there are a number of other reasons to avoid DoorDash and its food delivery peers.
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If you bought DoorDash at $180…
SirGasleak, 10 December 2020
No moat at all. Sure they have 50% market share but there are competitors. They’re a delivery service – anyone can do what they do. Not only does this pose a risk to market share, but it poses a huge risk to the already thin profit margins. At some point (because of 2-4 below) they will have to lower their fees and take rate, which will hurt margins even more.
No brand value or brand loyalty. People couldn’t care less who delivers their food, as long as it shows up on time and hot. Early in COVID I was using Skipthedishes until I got frustrated with poor service so I left. There is nothing to keep customers loyal to DoorDash if someone else offers better service, or the same service at a better price.
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DoorDash Soars in First Day of Trading
Erin Griffith, 09 December 2020
Shares of DoorDash soared in their first day of trading on Wednesday, capping a year of outsize growth for the country’s largest food delivery company. DoorDash stock rose 86 percent above its initial public offering price of $102 to close the day at $189.51.
That valued the company at $72 billion, including employee-owned shares — more than the market capitalization of Domino’s Pizza and Chipotle Mexican Grill combined. DoorDash raised $3.4 billion, making it the one of the largest I.P.O.s of the year.
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DoorDash valued at $71 billion in blockbuster market debut
Noor Zainab Hussain, Joshua Franklin, 09 December 2020
(Reuters) -DoorDash Inc shares popped more than 80% in their debut on Wednesday, valuing the food delivery company at $71.3 billion or more than four times its worth at a private fundraising round six months ago, underscoring investor appetite for technology companies boosted by the COVID-19 pandemic.
Shares opened at $182 on the New York Stock Exchange, significantly above the initial public offering (IPO) price of $102 apiece and closed at $189.51. The company had raised $3.37 billion in its IPO on Tuesday.
Such a large first-day trading gain is likely to fuel criticism from some venture capital investors, including Benchmark’s Bill Gurley, who argue investment banks underprice IPOs so their investor clients can score large gains when the stock starts trading.
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THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
