Author: Anthonette Clerigo

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Article: Statements by Anonymous Short Seller

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Statements by Anonymous Short Seller

GLOBE NEWSWIRE, 02 March 2018

On February 28, the market price of Crius Energy Trust (“Crius Energy” the “Company” or the “Trust”) (TSX:KWH.UN) units declined significantly in response to false and misleading statements made in a blog posting by an anonymous, self-described short seller of our Trust units (the “Short Seller”). While it is not the Company’s practice to respond to bloggers or commenters in investor forums, we believe that given the magnitude of the impact on the price of our units as well as the malicious nature of the statements made by the Short Seller, it is in the best interests of our unitholders for us to respond. Furthermore, Crius Energy believes that it has identified the persons and entities responsible for the blog post. The Trust intends to take appropriate measures, both in the courts and with appropriate securities regulatory authorities, to address the harm done to our unitholders.
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Article: Palantir ordered to open books to investor seeking U.S. fraud probe

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Palantir ordered to open books to investor seeking U.S. fraud probe

Tom Hals, 22 February 2018

WILMINGTON, Del. (Reuters) – Data analytics and security company Palantir Technologies Inc must open its books to early investor Marc Abramowitz, who wants to investigate possible fraud and mismanagement at the highly valued private U.S. company, a judge ruled on Thursday.

Abramowitz sued the secretive firm, known for helping the U.S. government track down al Qaeda leader Osama bin Laden, after a 2015 falling out with Alexander Karp, the company’s chief executive officer. The lawsuit alleged that Palantir wrongly barred Abramowitz and others from selling stock in the privately owned company, while permitting sales by Karp and Chairman Peter Thiel.
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Article: Why Tucows Inc. Shares Fell 23% in January

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Why Tucows Inc. Shares Fell 23% in January

Anders Bylund, 09 February 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.
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Article: Here’s Why Shares of Ballard Power Systems Sank 18% in January

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Here’s Why Shares of Ballard Power Systems Sank 18% in January

Scott Levine, 06 February 2018

Shares of Ballard Power Systems (NASDAQ:BLDP), an industry leader in fuel cell solutions, plunged more than 18% last month, according to data provided by S&P Global Market Intelligence. The decline follows a report from Spruce Point Capital that cast a critical eye on the company and assigned a long-term price target for the stock of $1.15 to $2.50. Through 2017, Ballard’s stock had risen 167%, ending the year at $4.41.

Ballard has high hopes for its success in the Chinese market — by providing solutions to bus and truck manufacturers — over the next several years. In fiscal 2016, for example, the company attributed 39% of its revenue to sales there, and forecasts that it will contribute 45% to its top line in fiscal 2020. However, it’s less optimistic about success in other markets, guiding for sales in North America (its second-largest source of revenue) to remain stagnant at 33% from fiscal 2016 to fiscal 2020 and sales in Europe to slide from 22% to 18% during the same period.
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Article: LAKEWOOD: SHORT CELLTRION AND SNOOP-DOGG BACKED WEED FIRM

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LAKEWOOD: SHORT CELLTRION AND SNOOP-DOGG BACKED WEED FIRM

ValueWalk, 29 January 2018

Lakewood Capital Management, the mutl billion dollar hedge fund led by Anthony Bozza, is calling the top of the marijuana stock boom. The firm revealed short positions in two major cannabis companies in its full-year and fourth quarter letter to investors, a copy of which has been reviewed by ValueWalk. The Lakewood hedge fund is short Canopy Growth, and Aurora Cannabis as Bozza and team believe that these pot stocks are highly overvalued and trade no nothing more than hot air.

One Of The Last Remaining Short Only Hedge Funds Warns Of Risk Parity “Liquidity Crash”. “Heading into the final months of 2017, each of these public companies sported market capitalizations that were nearly impossible to rationalize” the letter notes, “but nonetheless, the stocks saw their values more than triple in just a few short weeks around year-end as focus turned to the legalization of recreational marijuana in California on January 1, 2018” it continues.
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Article: China Based Investigation Into Ballard Power (Nasdaq/TSE: BLDP) Suggests 35% – 70% Downside Risk

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China Based Investigation Into Ballard Power (Nasdaq/TSE: BLDP) Suggests 35% – 70% Downside Risk

Ben Axler, 25 Janury 2018

Spruce Point Capital Management is pleased to announce it has released the contents of a unique research report on Ballard Power Systems (Nasdaq and TSE: BLDP). Spruce Point has conducted a critical business and financial review of Ballard and its Chinese growth ambitions, which has been a key driver of its recent share price out performance. Based on our on the ground China research, in our opinion Ballard is set to disappoint expectations as a result of having selected the wrong Chinese partners, and the market and infrastructure for its products not having developed according to plan

As a result, we have issued a “Strong Sell” opinion and a long-term price target of approximately $1.15 – $2.50 per share, or approximately 35% to 70% downside risk.
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Article: Spruce Point Capital Releases a Strong Sell Primary Research Opinion on Ballard Power Systems Inc. (Nasdaq: BLDP, TSE: BLDP)

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Spruce Point Capital Releases a Strong Sell Primary Research Opinion on Ballard Power Systems Inc. (Nasdaq: BLDP, TSE: BLDP)

Spruce Point Capital Management, 25 January 2018

Report entitled “Fuel Sell Opportunity” highlights the findings of Spruce Point’s on the ground due diligence on the nascent state of the China hydrogen fuel cell industry, and the significant challenges faced by Ballard’s China partners, Broad Ocean and Synergy. The report discusses the potentially significant risk to Ballard’s backlog and suggests that the stock has 35%-70% downside.

China Industry Challenges: There are currently only 36 licensed fuel cell vehicles on the road in China, only six refueling stations (one is public), and limited planning being devoted to hydrogen sourcing and transportation. In Spruce Point’s view, the lack of refueling infrastructure, confusion around refueling subsidies and abysmal refueling station economics pose the greatest threat to fuel cell vehicle commercialization. At this point, it still remains uncertain if China will develop the fuel cell vehicle market beyond an experimental phase.
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Article: Hedge fund says cannabis stocks will either collapse or we should all move to Canada and grow pot

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Hedge fund says cannabis stocks will either collapse or we should all move to Canada and grow pot

Leslie Picker, 25 January 2018

A multibillion-dollar hedge fund is not high on marijuana stocks. Lakewood Capital Management, led by Anthony Bozza, revealed short positions in Canopy Growth (: CGC-CA) and Aurora Cannabis (Toronto Stock Exchange: ACB-CA) , according to the firm’s fourth-quarter investor letter sent Wednesday and obtained by CNBC. The firm has about $5 billion in assets under management. “It has been hard to come across a retail investor rag or stock blog without hearing about some way to play this theme, and countless web sites are now devoted to investing in this exciting industry,” Bozza wrote.

“Despite recent mania around the legalization of recreational pot in California, there is a little problem: none of these companies sell at all into California (or anywhere else in the U.S. for that matter), since that would, of course, be illegal.” Bozza notes that much of the “appeal” surrounding these stocks recently stems from “regulatory momentum, constant press coverage, growing public acceptance, an absence of large incumbents and an enormous, rapidly expanding market opportunity.” But, he adds, that the barriers to entry for the industry are very low and that the number of licensed producers in Canada is growing rapidly. Bozza estimates that Canopy Growth’s production capacity can be recreated for less than 150 million Canadian dollars and Aurora’s for CA$100 million.
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Article: Tucows (TCX) Alert: Johnson Fistel Announces Investigation of Tucows Inc.; Encourages Investors to Contact the Firm for Additional Information

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Tucows (TCX) Alert: Johnson Fistel Announces Investigation of Tucows Inc.; Encourages Investors to Contact the Firm for Additional Information

Johnson Fistel, 09 July 2018

Johnson Fistel, LLP, is investigating potential violations of federal securities laws by Tucows Inc. (NASDAQ: TCX) (“Tucows”). Tucows provides network access, domain name registration, email, mobile telephony, and other Internet services in the United States, Canada, and Germany.

On January 8, 2018, Copperfield Research issued a report stating that Tucows failed to disclose a lawsuit “that should imminently result in the loss of 11% of the Company’s revenue producing domains; nine insiders who sold $21 million of stock while hiding the fact its eNom subsidiary was being sued by its largest partner for breach of contract; and a laundry list of accounting shenanigans and financial irregularities.”
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Article: Tucows Inc. (TCX): Cashing In On Neo-Nazis, Child Porn, & A Hidden Lawsuit As Insiders Dump

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Tucows Inc. (TCX): Cashing In On Neo-Nazis, Child Porn, & A Hidden Lawsuit As Insiders Dump

Copperfield Research, 08 January 2018

We believe Tucows’ business model and economics have been severely misrepresented by management and are grossly misunderstood by shareholders. The history of this former Canadian penny stock is littered with red flags, dubious accounting gimmicks that inflate EBITDA, financial reports that fail to reconcile from one quarter to the next, and a promotional management team who recently resorted to infomercials. Based on our deep dive forensic analysis, we believe Tucows intrinsic value is closer to $20.00 per share, at best, or nearly 70% below its current trading price. And this price target generously ignores material risks from Tucows’ UNDISCLOSED litigation with its largest domain reseller.

In late December, a Washington State Court ordered Tucows to transfer 3.2 million “.com” and “.net” domain names to Namecheap, and an Appeals Court denied Tucows’ motion for an emergency stay.
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Article: Canada’s Aurora dismisses Citron prediction for share drop

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Canada’s Aurora dismisses Citron prediction for share drop

Nichola Saminather, 04 January 2018

Canadian marijuana producer Aurora Cannabis Inc on Wednesday dismissed claims from short-seller Citron Research that its stock was set to decline due to problems with its business model. Citron earlier on Wednesday said Aurora shares are poised to shed half their value. Aurora shares on Wednesday closed up 20 percent at C$14.18. They hit a 52-week low of C$1.90 in June.

Citron said in a report posted on Twitter that Aurora lacks a path to profitability, is spending too heavily on acquisitions and that stock sales by company insiders show a lack of confidence in the company’s future.
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Article: Citron Slams Aurora Cannabis; Company Says It Won’t ‘Lose Any Sleep On Amateurish Attack’

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Citron Slams Aurora Cannabis; Company Says It Won’t ‘Lose Any Sleep On Amateurish Attack’

Benzinga, 03 January 2018

After a 545-percent run the last three months, AURORA CANNABIS IN (OTC:ACBFF) is running on fumes, according to Citron Research. Short-seller Andrew Left warned investors in a Wednesday short thesis that the $10.80 stock is likely to concede 50 percent “when sanity sets in.”

“You must be high to be buying Aurora, which sports Enron type accounting and is the weakest player in the space,” Left tweeted at 12:39 p.m. ET. Aurora Cannabis announced Tuesday it sold cannabis worth $2.5 million in November, its highest ever. By Left’s assessment, the firm has no path to profitability even without the burden of taxes and distribution, and its financing structure betrays weakness in the underlying business model.
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Article: Jim Cramer Shorting Stocks, Manipulating Markets, Saying The SEC Doesn’t Understand

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Jim Cramer Shorting Stocks, Manipulating Markets, Saying The SEC Doesn’t Understand

Julie Satow, 06 December 2017

In light of the current economic crisis, and with the hullabaloo ignited recently by Jon Stewart over the accuracy of CNBC’s reporting, we thought it might be useful to revisit this shocking 2006 interview Jim Cramer gave to TheStreet.com’s Aaron Task.
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Article: Marc Cohodes On The EIC Ponzi Scheme

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Marc Cohodes On The EIC Ponzi Scheme

ValueWalk, 15 October 2017

Farmer Marc Cohodes is one of the world’s most feared short sellers. Former General Partner of Rocker Partners/ Copper River from 1985 to 2009, Cohodes has made a name for himself by focusing on the details. He calls out companies where the numbers don’t add up, and he’s usually right. In the financial crisis, he hit the jackpot when he correctly called the demise of Lehman Brothers. After retiring in 2009, Cohodes has since returned to the markets, betting against Canadian mortgage lender Home Capital and Valeant Pharmaceuticals among others.
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Article: Shopify stock drops $1.5B thanks to a lone blogger

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Shopify stock drops $1.5B thanks to a lone blogger

Zachary Crockett, 06 October 2017

On Wednesday, investment site Citron Research published a scathing accusation that ecommerce platform Shopify — one of 2017’s best-performing tech stocks — is actually a “completely illegal get-rich-quick scheme.” According to Citron, Shopify’s method of recruiting (which involves marketing their service as a way for “partners” to easily make millions) flagrantly violates FTC rules. Shortly after the post and video were published, Shopify’s stock plummeted as much as 11.6%, chopping about $1.5B off the company’s market value.
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THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?