Author: Anthonette Clerigo

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Article: Spruce Point Capital Management Releases Report and Strong Sell Research Opinion on Sunnova Energy International Inc. (NYSE: NOVA)

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Spruce Point Capital Management Releases Report and Strong Sell Research Opinion on Sunnova Energy International Inc. (NYSE: NOVA)

Spruce Point Capital Management, 29 September 2020

According to the complaint, throughout the Class Period, Defendants misrepresented and concealed that (1) ACM Research’s revenues and profits were diverted to undisclosed related parties, and (2) consequently, the company materially overstated its revenues and profits.

Investors allegedly began to learn the truth on Oct. 8, 2020, when J Capital Research published a report entitled “Dirty business,” bringing ACM Research’s reported financials into serious question.
More specifically, J Capital concludes ACM Research is a fraud, over-reporting both revenue and profit. According to the report, “ACMR reports industry-beating gross margins of 47%” but “[w]e believe the real gross margins are half at the best.” J Capital also concludes revenues are overstated by 15-20%, undisclosed related parties are diverting revenue and profit from the company, the key means by which ACMR tunnels over-reported profit out of the company may be through about $20 million in overstated inventory and through cash that is inflated or compromised, and warranty and service costs are understated by at least $11 million.
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Article: The Hidden Past At Enron Of Sunnova’s CEO, And Insights Into The Company’s Aggressive Current Financial Reporting And Accounting

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The Hidden Past At Enron Of Sunnova’s CEO, And Insights Into The Company’s Aggressive Current Financial Reporting And Accounting

Ben Axler, 29 September 2020

Spruce Point Capital Management Releases Report and Strong Sell Research Opinion on Sunnova Energy International Inc. (NYSE: NOVA). Believes Evidence Clearly Shows that Sunnova’s Senior Management has Obfuscated Ties to Past Failures and Fraud in SEC Filings, Including CEO William Berger’s Tenure at Enron. Contends Sunnova is Being Promoted As A Hot Play On Solar Energy, but In Reality Is A Specialty Finance Business Without Meaningfully Differentiated Offerings

Shows that Sunnova is Overleveraged and Dependent on Aggressive Financial Presentation, Accounting and Non-GAAP Metrics Overly Flattering Its Performance. Underscores that a Former Sunnova Executive and Industry Experts Agree that the Company Has an Undifferentiated and Misunderstood Business Model.

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Article: 5 things you should do if you suspect you were affected by the DoorDash data breach

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5 things you should do if you suspect you were affected by the DoorDash data breach

Megan Leonhardt, 27 September 2019

DoorDash, a popular food delivery app, announced Thursday that hackers accessed the company’s data system and stole the personal information of approximately 4.9 million customers, restaurants and delivery workers — including driver’s license numbers, partial bank and credit card information, as well as names and addresses.

Specifically, DoorDash said in a blog post that customers who signed up for the delivery app before April 5, 2018, potentially had a slew of personal details compromised such as names, email addresses, phone numbers and order histories, as well as the last four digits of debit and credit cards. Full credit card information was not accessed.
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Article: GreenPower Motor drops after Mariner Research warns on significant downside

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GreenPower Motor drops after Mariner Research warns on significant downside?

Clark Schultz, 23 September 2020

GreenPower Motor (GP -8.8%) is sharply lower with a negative report out from Marine Research Group for investors to consider. Some of the firm’s key points are highlighted below. “We estimate that ~74% of revenues are the result of a California subsidy program for which funding dried up in November 2019 – we believe that the next potential round of funding will be smaller than prior rounds.” “We believe that GP has underspent on R&D, calling into question is competitiveness.”
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Article: EXCLUSIVE: How George Soros influences Canadian government (PART ONE)

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EXCLUSIVE: How George Soros influences Canadian government (PART ONE)

Sheila Gunn Reid, 23 September 2020

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.
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Article: Gravity, Fraud, and Prostitutes?

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Gravity, Fraud, and Prostitutes?

Jimmy Mengel, 17 September 2020

That’s exactly what Hindenburg Research accused Nikola Motors (NASDAQ: NKLA) of in a scathing short report last week called Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America. The high-flying electric car company — which has seen 200% gains in the last six months — was called an “intricate fraud” and the once-skyrocketing stock came crashing back down to Earth: That’s a 32% drop in a week after rallying from the historic partnership with General Motors (NYSE: GM). The “Big Three” American automaker took an 11% stake in the company worth $200 billion in equity. It appeared as if the old guard had merged with the new one in an alliance to take on Elon Musk’s Tesla crown.
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Article: Northern Dynasty calls JCap report ‘fatuous, flimsy and self-serving’

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Northern Dynasty calls JCap report ‘fatuous, flimsy and self-serving’

MINING.COM Staff Writer, 11 September 2020

In a report titled Pretend and Extend – The No Return Deposit, New York-based JCap this week accused Northern Dynasty management of “gaslighting investors” over its giant Alaska copper and gold Pebble project and said the mine plan “is on its face absurd.”

“We believe Northern Dynasty has crafted a money-losing mining plan to achieve government approvals. Since management is bonused on lobbying success instead of for producing minerals, NAK has no reason to care that the new plan is irrational: we think it will lose money, leave investors with a stranded asset, and be canceled anyway if Joe Biden is elected,” JCap said in its report.
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Article: Shareholder Alert: Robbins LLP Announces Northern Dynasty Minerals Ltd. (NAK) is Being Sued for Misleading Shareholders

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Shareholder Alert: Robbins LLP Announces Northern Dynasty Minerals Ltd. (NAK) is Being Sued for Misleading Shareholders

Business Wire, 09 September 2020

Shareholder rights law firm Robbins LLP announces that a purchaser of Northern Dynasty Minerals Ltd. (NYSE American: NAK) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities & Exchange Act of 1934 between December 21, 2017 and November 25, 2020. Northern Dynasty engages in the exploration of mineral properties in the U.S. Its principal mineral property is the Pebble copper-gold-molybdenum project comprising 2,402 mineral claims that covers approximately 417 square miles in southwest Alaska.
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Article: Do Not Consider Workhorse Group if Profits Are Your Thing

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Do Not Consider Workhorse Group if Profits Are Your Thing

Will Ashworth, 02 September 2020

Things are happening on the electric vehicle front and even though Workhorse appears to be a long way from profitability, I can think of plenty of other money-losing businesses people are plowing their hard-earned capital into that don’t have nearly as much potential. If profits are your thing, Workhorse is not your kind of stock. I happen to believe it’s an excellent speculative buy for aggressive investors. Profits be damned.
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Article: Apple and Tesla distort S&P 500 performance, says Jim Cramer

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Apple and Tesla distort S&P 500 performance, says Jim Cramer

Ben Lovejoy, 21 August 2020

CNBC Mad Money host Jim Cramer says that strong performance by Apple and Tesla has led to a misleading impression of the performance of S&P 500 stocks.

Cramer said that the S&P has grown more than 50% since its coronavirus low in March, but this is mostly due to the performance of tech giants, with Apple and Tesla particularly influential …

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Article: Spruce Point Capital Management Releases Report and Strong Sell Research Opinion on GFL Environmental Inc. (NYSE/TSX: GFL)

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Spruce Point Capital Management Releases Report and Strong Sell Research Opinion on GFL Environmental Inc. (NYSE/TSX: GFL)

PRNewswire, 18 August 2020

Based on an extensive forensic analysis and holistic review of GFL’s accounting practices, financial controls and reporting, and corporate governance, Spruce Point believes that without access to new capital, the Company’s shares are worthless and likely uninvestable for institutional investors. GFL’s executives have not only fostered what appears to be an extremely aggressive and opaque business model, but they have either deliberately concealed, or inattentively omitted, past failures and questionable business connections. Our report’s textual and visual evidence shows that Chief Executive Officer Patrick Dovigi has obfuscated his connections to what some observers have dubbed “organized crime” figures. We have also discovered that former General Counsel and current Senior Vice President Joy Grahek has failed to disclose her role advising Philip Services Corporation (“Philip Services”), which was a dual-listed roll-up of metal and industrial businesses that collapsed, was pursued by the Ontario Securities Commission, settled $80 million in shareholder claims, and was described as a “house of cards” and “one of the great unprosecuted frauds in Canadian business history.”
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Article: GFL Environmental, Inc.: Investment Research Report

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GFL Environmental, Inc.: Investment Research Report

SPRUCE POINT REPORT, 18 August 2020

After conducting a forensic financial and accounting review (inc. multiple former employees interviews), Spruce Point believes shares of GFL Environmental (TSX/NYSE: GFL), a cash degenerative North American roll-up of environmental service companies, are worthless. We find GFL’s CEO Patrick Dovigi has obfuscated connections to what some observers have dubbed “organized crime” – if true, making the stock uninvestable to institutional shareholders and putting its two deals to acquire Waste Management assets and WCA Waste at risk of not receiving Dept. of Justice approval in our opinion. GFL’s executive Joy Grahek fails to disclose her role advising Philip Services (NYSE/TSX: PVH), a dual-listed roll-up of metal and industrial services that collapsed, was pursued by the OSC regulators, settled $80m of shareholder claims, and was described as “one of the great unprosecuted frauds in Canadian business history”. In our opinion, GFL’s leverage is understated by aggressive reporting of revenue and EBITDA, and free cash flow burn is understated by ~60%; this is evidenced by financial restatements without explanation, and by minimizing a material weaknesses of financial controls. We believe GFL’s debt is understated by at least C$460m. We believe its staggering C$5.6bn total debt load, and financial losses make it reliant on new capital to sustain itself, nevermind its desire to grow via increasingly expensive acquisitions. With a meaningful portion of the stock pledged as collateral for loans, we believe there is a real risk that the stock collapses and the auditor fails to sign off on GFL’s financials after reviewing the evidence we’ve amassed.
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Article: Americas Gold and Silver Corporation Provides Encouraging Results From Initial Deep Level Drilling From The Galena Complex

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Americas Gold and Silver Corporation Provides Encouraging Results From Initial Deep Level Drilling From The Galena Complex

PRNewswire, 17 August 2020

Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, today is pleased to provide an update on its Galena Complex, 60% owned by Americas and 40% owned by Mr. Eric Sprott.

We are extremely excited about the initial drill results from the 5500 level that has already yielded several bonanza grades,” stated Americas President and CEO Darren Blasutti. “The initial deep drilling is targeting the 72 Vein which historically was a major contributor of ore during the peak silver production years at combined grades of over 650 g/t silver. There are two additional systems which the Company is excited about at depth including the “triple point” and deeper extensions of the 360 Complex that will be drilled during the remainder of 2020 and into 2021.”
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Article: The Dark Side of Delicious: Decoding Food Delivery Fraud on the Dark Web

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The Dark Side of Delicious: Decoding Food Delivery Fraud on the Dark Web

Amarelle Wenkert, 17 August 2020

In more ways than one, scamming a food delivery service is gateway fraud. Remember when ordering pizzas to the address of an unsuspecting victim was a staple of youthful mischief? Some of the popular food delivery fraud MOs our analysts encounter these days are not far removed from childhood pizza pranks. But what some forms of food fraud lack in sophistication, they offset in the mounting losses they cause.

From the simple practice of ordering a meal, “disposing of the evidence,” and calling to claim a refund because your food never arrived, to more complex account takeover (ATO) scams orchestrated by seasoned fraudsters, food delivery often comes with a side of fraud. A lot of what we know about food delivery fraud we discover on the dark web, where fraudsters brag about their spoils and share tips on how to hustle a hot meal. In this blog post, I’ll explore why the sector is attracting so much fraudulent activity and how it is affected by the rising ATO trend. I’ll also share the most popular MOs Riskified analysts identified on the dark web.
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Article: Is eXp Realty a Pyramid Scheme? MLM? Scam?

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Is eXp Realty a Pyramid Scheme? MLM? Scam?

Kyle Handy, 30 July 2020

Are you looking into eXp Realty but unsure if you should make a move because you think it might be a pyramid scheme or multi-level marketing? Did a fellow real estate agent just join the company, and now you see all sorts of recruiting messages coming from him or her?

Since around 2016, when eXp Realty started gaining momentum, they’ve created a stir amongst the real estate agent community. Regardless of whether you are for or against what eXp Realty represents, it’s essential to know the full picture of the business model so you can decide whether to investigate further.
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THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?