Author: Anthonette Clerigo

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Article: DoorDash files for IPO, shows surging revenue during pandemic

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DoorDash files for IPO, shows surging revenue during pandemic

Emily Bary and Levi Sumagaysay, 13 November 2020

DoorDash Inc., the leading food-delivery app in the nation, filed paperwork Friday morning for an initial public offering, giving investors a first glimpse into its fast revenue growth amid the pandemic — and its continued losses.

The COVID-19 pandemic has been a boon to delivery businesses as people have had to stay home and in many cases outsource their shopping or food pickup. The company’s filing with the Securities and Exchange Commission shows just how big of a boost it has received. DoorDash’s revenue rose to $1.92 billion through the first nine months of the year, a 227% increase from the year-ago period, according to the company’s filing.

The San Francisco-based company, which said in a prospectus that its mission is “to grow and empower local economies,” intends to trade on the New York Stock Exchange under the ticker “DASH.”
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Article: LOOP Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against Loop Industries, Inc. (LOOP); Lead Plaintiff Deadline is December 14, 2020

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LOOP Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against Loop Industries, Inc. (LOOP); Lead Plaintiff Deadline is December 14, 2020

Newsfile, 03 November 2020

Berger Montague is investigating potential securities fraud claims against Loop Industries, Inc. (NASDAQ: LOOP) (“Loop” or the “Company”) on behalf of investors who purchased Loop securities between September 24, 2018 and October 12, 2020 (the “Class Period”). If you purchased Loop securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague’s investigation, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Donnell Much at dmuch@bm.net or (215) 875-4667, or contact us at www.bergermontague.com/loop-industries.
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Article: Hyliion Stock Isn’t Worth Your Money At This Point

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Hyliion Stock Isn’t Worth Your Money At This Point

Alex Sirois, 29 October 2020

Investors looking for further alternative fuel vehicle plays might consider Hyliion (NYSE:HYLN) and Hyliion stock. Hyliion has already gone public through a special purpose acquisition company (SPAC). Now it is working towards production. The company is quite different from industry peers Tesla (NASDAQ:TSLA) and Nikola (NASDAQ:NKLA) in its approach and offerings. Yet, it does bear some similarities to Nikola, specifically the manner in which it has come to market.

Where Tesla and Nikola will produce class 8 trucks, Hyliion is producing drive train solutions. Like Nikola, Hyliion has come to market via the SPAC route. And like Nikola, its stock has fallen post-merger. Furthermore, the company may also soon be embroiled in controversy. First, the good.
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Article: Investors Should Not Buy Hyliion Stock

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Investors Should Not Buy Hyliion Stock

Mark R. Hake, 27 October 2020

Hyliion Holdings (NYSE:HYLN) stock has had a difficult launch since it closed its reverse merger with Tortoise Acquisition Corp. Hyliion stock, trading at $22.80 this afternoon, has fallen over 50% since Sept. 28 when it was changing hands for $48. That was the same day that the reverse merger was approved by the shareholders of both companies.

Since Oct. 14, the day that the merger closed and the trading symbol was changed to HYLN, the stock is down nearly 30%. But to be fair, the stock, which previously traded under the symbol SHLL, has risen significantly since the deal was announced on June 19. The stock closed on that day at $14.04
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Article: Advanced Recycling Company Loop Industries Called a Fraud

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Advanced Recycling Company Loop Industries Called a Fraud

Clare Goldsberry, 14 October 2020

Recycling plastics — all types of plastics — has been a holy grail for the industry as well as brand owners who depend on plastic packaging for convenience, safety, product freshness, and security. As the accumulation of plastic waste has become a high-profile issue, finding a recycling solution has taken on increased urgency.

Environmental activist groups have pressured big brand owners such as PepsiCo, Coca-Cola, and Nestle through shareholder proposals and even lawsuits if they don’t clean up the plastic waste caused by their products. So eager are these big companies to find the magic bullet to remove plastic bottles, containers, and other plastic items from the environment that they have been ripe for whatever scheme might come along offering them a way out of this mess.
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Article: Why We Don’t Trust Celsius Holdings Inc. (Nasdaq: CELH) Portrayed Growth

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Why We Don’t Trust Celsius Holdings Inc. (Nasdaq: CELH) Portrayed Growth

Grizzly Research, 09 October 2020

Celsius Holdings Inc. is a fitness beverage company that has seen its stock skyrocket in 2020 on the back of sudden and unexpected revenue growth.

Investors have been led on by strong sales trends driving sky-high expectations for the future, though our analysis shows Europe, a substantial portion of the business, is not nearly as good as it looks, with far lower and potentially negative sequential growth across Q3-2019 to Q2-2020.

We find Celsius’ acquisition of their Nordic distributor Func Foods concerning, and urge investors to question why management would commit resources to a non-core business approaching insolvency with a poor track record of successfully growing brands, serving a geography with declining sales.

Our search for a rationale revealed what appears to us to be several troublesome factors indicating Func may have been used for sales manipulation and/or channel stuffing. We highlight rising payables, beneficial distribution terms, and strong hints at Multi-Level-Marketing Activities.
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Article: ACM Research (ACMR): Dirty Business

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ACM Research (ACMR): Dirty Business

J Capital, 08 October 2020

We believe ACM Research (ACMR) is a fraud, over-reporting both revenue and profit. What real profit the company has is apparently being siphoned off to related parties.

ACMR faces a cash crunch even with a reported $86 mln in the bank. ACMR is borrowing at high rates of interest, and the company is pushing to IPO substantially all the company assets in Shanghai in order to raise cash. This will significantly dilute U.S. investors.

We visited ACMR sites in China, Korea, and California, accessed credit reports on ACMR subsidiaries, reviewed ACMR’s exchanges with Shanghai regulators, and conducted more than 40 interviews.
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Article: ACM Research accused of fraud by short-seller J Capital

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ACM Research accused of fraud by short-seller J Capital

ACMR, 08 October 2020

In a short report published on its website, J Capital Research’s Anne Stevenson-Yang said “We believe ACM Research (ACMR) is a fraud, over-reporting both revenue and profit. What real profit the company has is apparently being siphoned off to related parties… We have evidence that undisclosed related parties are diverting revenue and profit from the company Key means by which ACMR tunnels over-reported profit out of the company may be through about $20 mln in overstated inventory costs and through cash that is inflated or just compromised. We think least $11 mln in warranty and service costs are understated.
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Article: Aurora Cannabis Inc. Investors: Company Investigated by the Portnoy Law Firm

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Aurora Cannabis Inc. Investors: Company Investigated by the Portnoy Law Firm

GLOBE NEWSWIRE, 08 October 2020

A ​The Portnoy Law Firm advises Aurora Cannabis Inc. (“Aurora” or the “Company”) (NYSE: ACB) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors. The investigation focuses on allegations that Aurora may have issued misleading information to the investing public.

A press release was issued by Aurora on September 8, 2020, “announcing] an update on its business operations along with certain unaudited preliminary fiscal fourth-quarter 2020 results.” Aurora announced that the Company expected to record up to $1.8 billion in goodwill impairment charges in the fourth quarter of 2020. Aurora also announced that “previously announced fixed asset impairment charges [were] now expected to be up to $90 million, due to production facility rationalization, and a charge of approximately $140 million in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.”
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Article: CleanSpark Is A Failed Business Roll-Up In A Vicious Court Battle With Its Largest Shareholder – $3 Price Target

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CleanSpark Is A Failed Business Roll-Up In A Vicious Court Battle With Its Largest Shareholder – $3 Price Target

WHITE DIAMOND, 08 October 2020

CleanSpark is a money losing company whose stock has risen 300%+ since early July on issuing many press releases.
Its press releases often reflect today’s hot sectors, but have led to miniscule revenues.

Its largest shareholder, Discover Growth Fund, is fighting a vicious court battle to potentially receive millions of convertible bonds at a $1.50 exercise price.

CleanSpark stated in its complaint that Discover’s actions “threaten to destroy CleanSpark’s ability to survive as a company”.
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Article: Investor Alert: Kaplan Fox Investigates FuelCell Energy, Inc. For Potential Securities Fraud

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Investor Alert: Kaplan Fox Investigates FuelCell Energy, Inc. For Potential Securities Fraud

Kaplan Fox & Kilsheimer LLP, 06 October 2020

NEW YORK, Oct. 6, 2020 /PRNewswire/ — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors who purchased shares of FuelCell Energy, Inc. (“FuelCell Energy” or the “Company”) (NASDAQ: FCEL), a manufacturer of fuel cell power plants for electric power generation.

In 2017, FuelCell Energy reportedly won three significant contract awards from PSEG Long Island worth up to $800 million in future revenue potential over the life of the contracts. On October 2, 2020, FuelCell Energy closed a secondary public offering of stock by selling about 50 million shares of common stock at $2.10 per share.
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Article: FuelCell Energy Disputes Misleading Claims of Short Seller

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FuelCell Energy Disputes Misleading Claims of Short Seller

FuelCell Energy, Inc., 06 October 2020

DANBURY, Conn., Oct. 06, 2020 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq: FCEL) (“FuelCell Energy” or the “Company”) yesterday became aware of claims made by an apparent short seller about the Company that are misleading and contain factual inaccuracies. FuelCell Energy emphatically denies these claims related to its disclosures with respect to the LIPA 2 and LIPA 3 power project awards.

These awards are not, and never have been, part of FuelCell Energy’s backlog, and have no impact on the Company’s 2022 financial goals, including revenue growth and adjusted EBITDA. As FuelCell Energy has consistently reported, its LIPA Yaphank project, currently under construction and for which there is a signed power purchase agreement, is included in the backlog and 2022 revenue projections.
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Article: Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Aurora Cannabis, Inc. (ACB) on Behalf of Investors

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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Aurora Cannabis, Inc. (ACB) on Behalf of Investors

BUSINESS WIRE, 05 October 2020

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Aurora Cannabis, Inc. (“Aurora” or the “Company”) (NYSE: ACB) investors concerning the Company’s possible violations of the federal securities laws.

On September 8, 2020, the Company announced that it expected to record up to $1.8 billion in goodwill impairment charges in fourth quarter 2020. According to Aurora’s press release, these charges included “up to $90 million” in fixed asset impairment charges “due to production facility rationalization, and a charge of approximately $140 million in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.”
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Article: NAMASTE: CITRON HAS EXPOSED COMPLETE FRAUD THAT UNDERPINS THE ‘BUSINESS’ OF NAMASTE.

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NAMASTE: CITRON HAS EXPOSED COMPLETE FRAUD THAT UNDERPINS THE ‘BUSINESS’ OF NAMASTE.

Citron Research, 04 October 2020

Let us start by explaining to readers that in our 17 years of publishing, Citron has exposed more corporate fraud than any non-government agency in the world. Rarely in its history has Citron seen a fraud so blatant: for context, we honestly view Sean Dollinger as a walking securities violation. If Namaste was a US traded company it would be halted and Dollinger would probably face criminal charges. Citron hopes that in the best interest of protecting investors, the TSXV halts trading until questions can be answered relating to direct fraud that is illustrated in this report. This will most certainly reach the hands of Namaste’s new auditors (which have joined at an odd time).
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Article: Problems at Celsius Holdings (CELH)

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Problems at Celsius Holdings (CELH)

Edwin Dorsey, 01 October 2020

Celsius Holdings (NASDAQ: CELH — $1.63 billion) is a company like no other. The company allegedly makes healthy energy drinks and its stock is up nearly 900% in the last five years. Its investors include indicted bankers involved in 1MDB, hip-hop producer Russell Simmons, and a shark from Shark Tank. The company uses an auditor not used by any other NYSE or NASDAQ listed company and has told the SEC it does “not expect that our disclosure controls or internal controls will prevent all error and all fraud.”

Celsius is in the business of development, marketing, sale and distribution of healthy fitness drinks under the Celsius brand name. The company, based in Boca Raton, Florida, is valued at roughly 16x its trailing twelve month sales of approximately $100 million. Part of the reason for this rich valuation has been incredible revenue growth. For its most recent quarter, Q2 2020, Celsius’s revenue grew 86% compared to Q2 2019. A major contributor to this growth was European revenue, which in Q2 2020 was approximately $8.8 million, up 595% from Q2 2019 revenue of $1.3 million.
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THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?