Anthonette Clerigo – Page 23 – Financial Treason & Crime

Sean Williams, 19 December 2019

It’d be pretty fair to say that this is not how marijuana stock investors envisioned 2019 would go. After beginning the year on a (pardon the pun) high note, with more than a dozen pot stocks gaining in excess of 70% during the first quarter, the past 8.5 months have been nothing short of a train wreck.

To our north, Canada has struggled with the regulatory aspects of establishing a legal weed industry. Health Canada has been slow to approve cultivation, processing, and sales license applications, while Ontario, the most populous province, hasn’t approved retail store licenses in a timely manner. Meanwhile, high tax rates and a Swiss-cheese-like state-level approval process has constrained marijuana sales in legal U.S. states. In essence, the black market is thriving throughout North America.
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12/17/201902/27/2021

Article: Counterpoint: Short sellers like us create real value for public markets by telling Canadian investors the truth

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Counterpoint: Short sellers like us create real value for public markets by telling Canadian investors the truth

Ben Axler, 17 December 2019

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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12/11/201902/25/2021

Article: Tilray hit by $300 million lawsuit over scheme to bankrupt acquisition target

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Tilray hit by $300 million lawsuit over scheme to bankrupt acquisition target

Mark P, 11 December 2019

Cannabis stocks have had a history of being rife with scandals and potential wrongdoings. While it’s unfortunate that the industry has garnered such a reputation, for the most part, this perception has died down a bit in 2019. However, from time to time, a well-known cannabis company will be implicated in something illegal or against the law. That’s what happened today with Tilray (NASDAQ: TLRY), which was hit with a $300 million lawsuit from an acquisition target that claimed Tilray was trying to make them go bankrupt.

While it didn’t make headlines in the financial press, Bloomberg quietly mentioned that Tilray had been hit with a hefty lawsuit from a soap company called Trimax, which argued that the pot company had been trying to bankrupt one of its subsidiaries in order to make it easy to buy them out. Specifically, Trimax claims that Tilray wanted to buy its line of CBD products at a discount.gh cash that is inflated or compromised, and warranty and service costs are understated by at least $11 million.
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12/10/201902/25/2021

Article: Tilray Slapped With $150 Million Lawsuit Over Alleged Plot to Bankrupt Takeover Target

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Tilray Slapped With $150 Million Lawsuit Over Alleged Plot to Bankrupt Takeover Target

RYAN T., 10 December 2019

Tilray (NASDAQ: TLRY) is facing some serious allegations after Law360 broke a story recently which details the $150 million lawsuit filed against the Canadian licensed producer (LP) in the state of Florida. According to the lawsuit, Tilray allegedly plotted to bankrupt the Trimax Corp. subsidiary Saavy Naturals for the purpose of acquiring it at a reduced valuation to complement its line of CBD infused personal care products. Saavy Naturals was made famous after it appeared on the ABC hit television show Shark Tank.

The complaint claims that Tilray ran an “outrageous” scam through its majority shareholder and private equity firm Privateer Holdings to convince the company’s owners to bankrupt their own company so Tilray could take them over cheaply. Trimax shareholder Joseph Vasquez III lays out the case in a complaint filed in Florida state court on December 2, 2019, which has since been removed to Florida federal court.
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12/04/201902/24/2021

Article: Investors Slam Canadian Cannabis Company Over Use of Unlicensed Facility

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Investors Slam Canadian Cannabis Company Over Use of Unlicensed Facility

NICKEESHA SWABY, 04 December 2019

(CN) – A cross-border securities class action against Canadian cannabis company HEXO Corp. alleges the company inflated revenue figures, misstated inventory, and grew cannabis in an unlicensed facility leading to hundreds of millions of dollars in market capitalization loss.

The lawsuit was filed in the U.S. District Court for Southern New York on behalf of investors who purchased HEXO stock between Jan. 25, 2019 and Nov. 15, 2019. HEXO, based in Quebec, Canada, produces, markets and sells cannabis for recreational and medical use. The company is listed on the Toronto Stock Exchange, and on July 16, 2019 began trading on the New York Stock Exchange.
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11/19/201902/24/2021

Article: 5 Law Firms Launch Investigations into Aurora Cannabis Inc. for Securities Violations

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5 Law Firms Launch Investigations into Aurora Cannabis Inc. for Securities Violations

Steven Lachard, 19 November 2019

Last week, Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) shares fell following weak fiscal second-quarter earnings from Canopy Growth Corp. (NYSE:CGC) (TSX:WEED), as well as weaker fiscal first-quarter numbers of its own. According to the Motley Fool, this drop in share price made it “one of the worst-performing mid-cap stocks currently listed on the New York Stock Exchange (NYSE) this calendar year.” To add insult to injury, at least five different law firms have now launched investigations into Aurora Cannabis for a variety of allegations including securities fraud and more.
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11/15/201902/25/2021

Article: Toronto Transit Commission settles benefits fraud lawsuit

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Toronto Transit Commission settles benefits fraud lawsuit

Staff , 15 November 2019

The Toronto Transit Commission has settled a 2016 lawsuit against its insurer for the alleged failure to detect a benefits fraud scheme involving orthotics store Healthy Fit Inc. To date, 10 people — nine former TTC employees and Healthy Fit owner Adam Smith — have been convicted in relation to the scheme. More than 250 TTC employees resigned or retired to avoid dismissal, or were dismissed outright, while an additional 14 were disciplined. “While terms of the settlement are confidential, the TTC is pleased to see this matter resolved in a way that allows both companies to move forward with a renewed commitment to preventing benefits fraud and penalizing those who commit it,” the TTC said in a press release.
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10/15/201903/01/2021

Article: Bausch Health jumps after short seller says stock could double

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Bausch Health jumps after short seller says stock could double

Cristin Flanagan, 15 October 2019

Shares of Bausch Health Cos. jumped as much as 5.5 per cent intraday after a short-seller changed his tune and said the stock could nearly double. Also, Bausch shed another bear as Wells Fargo realigned its coverage. Andrew Left’s Citron Research set a price target of US$40, more than 80 per cent above current trading. The report comes more than four years after the short-seller’s 2015 call, when Left accused Bausch, then known as Valeant Pharmaceuticals, of being “Enron part deux.”

Bausch shares have come down more than 90 per cent from 2015. The stock “still trades with a ‘Valeant discount’ despite new management’s 180-degree turn,” the Citron report said. Bausch’s Nov. 4 earnings may be when Wall Street finally takes notice, it added.
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10/15/201903/01/2021

Article: Citron Calls Bausch Health — Formerly Valeant — The ‘Textbook Turnaround’

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Citron Calls Bausch Health — Formerly Valeant — The ‘Textbook Turnaround’

Wayne Duggan, 15 October 2019

Three years after Citron Research called Valeant the “pharmaceutical Enron,” the firm said Tuesday that it’s time to give Valeant successor Bausch Health Companies Inc BHC 0.06% the credit it is due for its rebranding and turnaround efforts.

On Tuesday, Citron Research’s Andrew Left said CEO Joe Papa has done a spectacular job since taking over less than four years ago. In the past three years alone, management has paid down about $8 billion in debt, vastly improving the company’s balance sheet and putting them in a position of financial flexibility.

“In 2019, the debt has become manageable and the company is gaining momentum with recent, successful launches of new drugs, consistent with its ‘pivot to offense,’” Left said.
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10/15/201903/01/2021

Article: BAUSCH HEALTH – THE TEXTBOOK TURNAROUND Giving Credit Where Credit is Due – Target Price $40

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BAUSCH HEALTH – THE TEXTBOOK TURNAROUND Giving Credit Where Credit is Due – Target Price $40

Citron Research, 15 October 2019

It was four years ago this month that Citron wrote a series of articles that were instrumental in the unraveling of the Pearson-era Valeant business model. In quick manner the stock has declined by 90% from its highs as the scandals unraveled and many questioned the sustainability of the equity.

Four years later BHC still trades with a “Valeant discount” despite new management’s 180-degree turn of corporate culture. To add to the artificially depressed share price, Bausch has been unjustly grouped with Specialty Pharma despite having ZERO opioid exposure and minimal exposure to the generics market.

Citron believes this quarter (reporting on Nov 4) will force Wall St. to finally take notice of BHC’s “pivot to offense”. Once this is considered along with the acknowledgment of the recent M&A spree in pharma, even David Maris will have to admit that BHC is on its way to $40.
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09/30/201902/23/2021

Article: Do Stock Buybacks Work?

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Do Stock Buybacks Work?

MBI Concepts, 30 September 2019

It is hard to convince shareholders that share buybacks don’t work. The logic just seems so darn rational: reduce the supply of something and demand will drive the price of that something up. One investor on Seeking Alpha, a financial markets forum, commented that “I want to be the last person holding that last share worth $100+ billion dollars!

Trying to respond to such an individual is reminiscent of what Dale Carnegie wrote decades ago that a man convinced against his will is of the same opinion still. The individual’s comment completely overlooks the demand side of the supply-and-demand equation. The market today doesn’t consider IBM worth much over $140 a share despite its spending $201 billion on its shares since 1995–double its market value at the end of 2018. Still, some insist that if the corporation buys back enough shares the scarcity will increase shareholder value.
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09/27/201902/22/2021

Article: DoorDash says data breach affects nearly 5 million users

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DoorDash says data breach affects nearly 5 million users

abc7news, 27 September 2019

Food delivery service company DoorDash says they are investigating a security breach that has affected approximately 4.9 million users. The company says they discovered unauthorized access from a third party on May 4, 2019.

Those affected include dashers and merchants who joined the platform on or before April 5, 2018. Users who joined after April 5, 2018 are not affected. “We took immediate steps to block further access by the unauthorized third party and to enhance security across our platform. We are reaching out directly to affected users,” says the company.
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09/27/201902/22/2021

Article: Food delivery service DoorDash announces data breach affecting 4.9 million people

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Food delivery service DoorDash announces data breach affecting 4.9 million people

William Turton, 27 September 2019

The food-delivery service DoorDash Inc. announced Thursday that a security breach exposed the personal data of about 4.9 million customers, merchants, and delivery workers.

The information that was accessed could include driver’s license numbers of approximately 100,000 of its delivery workers, the San Francisco-based company said in a statement. Other data accessed may include “names, email addresses, delivery addresses, order history, phone numbers,” the company said.
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09/27/201902/22/2021

Article: How to Check if You’re Affected by the DoorDash Hack That Leaked the Data of 4.9 Million Users

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How to Check if You’re Affected by the DoorDash Hack That Leaked the Data of 4.9 Million Users

AARON HOLMES, 27 September 2019

Delivery service DoorDash suffered a data breach earlier this year that affected the information of 4.9 million users, delivery workers, and restaurants, DoorDash announced Thursday afternoon.

The breach occurred on May 4, and affects people who started using the app before April 5, 2018.

As a result of the breach, an unauthorized third party was able to gain access to users’ profile information, including names, email addresses, delivery addresses, order history, and phone numbers.
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09/27/201902/22/2021

Article: Important security notice about your DoorDash account

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Important security notice about your DoorDash account

DoorDash, 27 September 2019

We take the security of our community very seriously. Earlier this month, we became aware of unusual activity involving a third-party service provider. We immediately launched an investigation and outside security experts were engaged to assess what occurred. We were subsequently able to determine that an unauthorized third party accessed some DoorDash user data on May 4, 2019. We took immediate steps to block further access by the unauthorized third party and to enhance security across our platform. We are reaching out directly to affected users.
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