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Article: Shopify dives after short-seller Andrew Left of Citron Research shorts the e-commerce stock

Article - Media

Shopify dives after short-seller Andrew Left of Citron Research shorts the e-commerce stock

Ellen Kelleher

Proactive Investors, 4 April 2019

Citron’s short position stems from a ‘perfect storm’ of business setbacks that will knock Shopify ‘off its high wire to $100 in the next 12 months’

Shares of Shopify Inc (NYSE:SHOP) tumbled Thursday after famed short-seller Andrew Left of Citron Research went bearish and urged investors to short the Canadian e-commerce company.

In a research note, Left and his team make the case that their newly-adopted short position stems from a “perfect storm” of business setbacks that will knock Shopify “off its high wire to $100 in the next 12 months.”

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Article: In Pursuit of the Naked Short by Alexis Stokes

Article - Academic

In Pursuit of the Naked Short

Alexis Stokes, Texas State University

Journal of Law and Business 5/1 (Spring 2009)

This article explores the origins of naked short-selling litigation; considers
the failures of significant naked short-selling lawsuits in federal court;
surveys the obstacles erected collectively by constitutional standing requirements, the Federal Rules of Civil Procedure, the Private Securities Litigation Reform Act, brokerage firms, death spiral financiers, and the Depository Trust and Clearing Corporation; examines the efficacy of Regulation SHO, SEC rule 10b-21, and new FINRA rules; discusses recent state legislation and state court litigation; and identifies non-litigation options to curb naked short-selling. Ultimately, this article seeks to answer the question: If manipulative naked short-selling is more than a mythological scapegoat for
small cap failure, what remedies are, or should be, available?

PDF (62 Pages): Article In Pursuit of the Naked Short

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Article: Naked Truth Dressed to Baffle

Article - Media

Naked Truth Dressed to Baffle

Kevin Kelleher

TheStreet, 29 August 2005

It all started when the company completed a 350-to-1 reverse stock split — an unusual step in itself, but one that paled alongside what came next. With 5.43 million shares outstanding and a float of 1.15 million shares, Global Links saw trading volume of 143.5 million shares in the first four sessions of February, driving the stock as low as 8/100ths of a penny.

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