Expect many more failures as Astra ramps up its launch efforts. 
The SEC also charged GPB Capital with violating the whistleblower protection laws. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. ", This is a BETA experience. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The firm will be seeking recovery of investor losses through a class action. NEWARKFederal agents in four states arrested 13 people today for allegedly creating Will Protests In Paris Change Macrons Mind? Washington D.C., Nov. 5, 2021 . "The most active was Kerrisdale Capital with three new short calls and corresponding average shares decline of 12.5%, while the most successful was Spruce Point Capital. In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in. Jennifer Sor. Valued at $2 billion, Astra Space is working on its launch vehicle to carry payloads up to 500kg to orbit. WHAT IS THIS ABOUT: On December 14, 2021, during market hours, market analyst Kerrisdale Capital published a report entitled Meta Materials, Inc. (MMAT): A Photonics Company Thats an Optical Illusion which alleges several issues at the Company including: [d]isappearing segments, misleading product claims, fake medical This is based on its cash balance. These details includes conflicts of interests, financial projections and dilution. U.S. Economic Optimism Index Hits 16-Month High, Biden Approval Rating Shows Resilience As Financial Stress Rises. Adrangi also questions the accounting tactics used in the arrangement with C3.ai and Baker. This launch was aborted early into flight. Join IBDs experts on April 13 as they explain the basics of options trading. Their allegation that C3.ais financial disclosures regarding Baker Hughes are somehow incorrect manifests a fundamental misunderstanding of US GAAP accounting practices and principles, a spokesperson said, referring to generally accepted accounting principles. By clicking Sign up, you agree to receive marketing emails from Insider (Bloomberg) -- C3.ai Inc. fell the most ever in a single day after short-seller Kerrisdale Capital alleged serious accounting and disclosure issues at the enterprise software developer. Not only is $DWAC and TMTG high-profile, but WebKerrisdale Capital Management Company Name Kerrisdale Capital Management Main Industry Finance Website www.kerrisdalecap.com Contact Information Headquarters 1212 Avenue of the Americas Fl 3, New York, New York, 10036, United States (212) 792-7999 Kerrisdale Capital Management Profile and History 1125 N. Charles St, Baltimore, MD 21201. 
An error has occurred, please try again later. Finally, Resolute Capital and Homebound Resources each agreed to pay a civil penalty of $225,000, and Powell and Toth each agreed to pay a civil penalty of Why Are AI Stocks AI, BBAI, GFAI, SOUN Down Today? The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. Copyright 2023 InvestorPlace Media, LLC. 
It also settled charges filed by the Securities and Exchange Commission by paying a $180 million fine. Shares ended the day down 26% to close at $24.95. Shares of C3.ai (NYSE:AI) stock are plunging lower by more than 20% after short seller Kerrisdale Capitalpenned a letter to C3.ais audit committee; Deloitte, the companys auditor; and the Securities and Exchange Commission (SEC). This is among the accounting practices C3.ai uses to present itself as being in the high-margin, software-as-a-service business rather than one based on lower-margin consulting, according to the letter. Astras upcoming NASA launch, expected NET January 2022, will be a big test. Shares in C3.ai had surged more than 200% in 2023 amid buzz over OpenAI, ChatGPT and generative AI technology. The report essentially boils down to this: Astra has big dreams, but they are likely to remain dreams. C3.ai Inc. fell the most ever in a single day after short-seller Kerrisdale Capital alleged serious accounting and disclosure issues at the enterprise software developer. CEI stock is currently down over 50% with the report. The agreement referred in the report is a deal Astra made with Firefly Aerospace. Eddie Pan specializes in institutional investments and insider activity. 
Kerrisdale said it is short shares of C3.ai. The short seller said in a report that the company had failed to exploit a spike in uranium prices during the last two bull markets. Astra is falling behind its competitors. Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. https://www.barrons.com/articles/c3-ai-stock-price-short-seller-kerrisdale-capital-news-1649cf50. The letter alleges "serious accounting and disclosure issues." AI stock is up by more than 130% year to date. Should Astra encounter even one high-profile failure, considerable damage to Astras reputation and development plans seems inevitable. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Warner Bros. Nears Deal for Harry Potter Online TV Series, UBS Chairmans Top-Secret Prep Paid Off in Credit Suisse Moment, Chinas Yuan Replaces Dollar as Most Traded Currency in Russia, Bernard Arnaults Fortune Soars Past $200 Billion for First Time, Read the New York Felony Indictment Against Trump. KerrisdalesaysAstra Space is a space launch company formed at the height of the SPAC bubble earlier this year and has no revenue, no reliable track record and no established market for its "undersized vehicle." Italy's Guardia Di Finanza have searched the headquarters of Roma, Lazio and Salernitana as football's capital gains investigation expands. Before the plunge, the company had benefited from a recent spike in investor interest in artificial intelligence, and its stock has more than doubled this year. I write about hedge funds with a focus on emerging managers, York, U.S., on Wednesday, July 17, 2013. The company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders for $175 million. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. All rights reserved. Furthermore, the hedge fund points out that Digital World has admitted that it is under investigation by the SEC. Kerrisdale Capital disclosed a short position in AI stock last week. 1125 N. Charles St, Baltimore, MD 21201. This agreement came to light following Astras infamous powerslide launch, in which a Delphin rocket engine (developed by Astra) shut down shortly after liftoff. Further, the software maker helps companies build artificial intelligence applications. In short, the SEC killed the three companies.. Accordingly, Kerrisdale believes there is a significant risk that Digital World does not have enough material information to submit a S-4 form to the SEC. All rights reserved. District of New Jersey (973) 645-2888. at cholzer@holzerlaw.com or Joshua Karr, Esq. 
Local authorities are Opaque, confusing and highly concerning disclosures and financials related to the company's related party and very large customer, Baker Hughes (BKR).". Thus, unbilled receivables from Baker Hughes have increased 5x since being first reported, yet actual revenue is growing at a low single digit rate? questioned Adrangi. This year's most successful short-sellers. This action shows our continued pursuit of those who deceive investors and conceal their misconduct to reap profits for themselves., Jane Norberg, Chief of the SEC's Office of the Whistleblower, added, Whistleblower protections are a cornerstone of the SECs whistleblower program. Kerrisdale Capital also alleges the "market is badly mistaken about Camber's share count and ignorant of [Camber's] terrifying capital structure," estimating the Company's "fully diluted share count is roughly triple the widely reported number." The company accounts for costs related to the production of bespoke software as research and development rather than cost-of-revenue in order to boost margins, Kerrisdale wrote in the letter. Multiple industry executives we interviewed, who routinely secure launch services for small satellite manufacturers on a global basis, agree that Astras rocket dimensions and payload capacity are well below the sweet spot of customer needs. "The American public markets have no place for deceitful accounting," Kerrisdale wrote. 
Phone: +1 800 585 0871 Fax: +1 908 362 5860 The investigation is related to statements made in its S-1 filing. The SEC requires an S-4 form for companies seeking to enact a merger or acquisition. Bloomberg reported that Luckin Coffee is one of the targets being reviewed by federal prosecutors investigating the relationship between research firms that publish short reports and hedge funds. WebC3.ai AI 26.34% shares were falling sharply for a second day after the short-selling firm Kerrisdale Capital published a letter to the artificial intelligence software companys Astra Space went public on the NASDAQ on June 30, 2021, and finished its day at $12.90 a share. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Adrangi believes that this is done to make it seem as if C3.ai is a software-as-a-service (SaaS) company instead of a services-intensive consulting business. The SECs complaint alleges that David Gentile, the owner and CEO of GPB Capital, and Jeffry Schneider, the owner of GPB Capitals placement agent Ascendant Capital, lied to investors about the source of money used to make an 8% annualized distribution payment to investors. On April 4, Truth Socials chief technology officer and product officer and TMTGs chief legal officer quit their positions following the launch of the social media platform. Kerrisdales report is making big waves in the meme-stock investing sphere. Copyright 2023 InvestorPlace Media, LLC. We've detected you are on Internet Explorer. On October 5, 2021, Kerrisdale Capital issued a report which stated that, Camber is a defunct oil producer that has failed to file financial statements with the SEC Night Market Research is in the top spot with an average return of -75% for the companies it shorted. SOPA Images / Getty Images. HUBS Uranium Energy did not immediately respond to a request for comment. First, Adrangi notes that C3.ais total accounts receivable has more than doubled over the past year, while quarterly revenue has declined. CEI stock is currently down over 50% with the report. The firm believes HubSpot is a COVID beneficiary whose growth will ultimately disappoint. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. In the report, Kerrisdale characterizes DWAC stock as the poster child for some of the worst abuses the investment vehicle has spawned. The investment vehicle here refers to SPACs. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Rocket Lab, Relativity, ABL, and Firefly all have plausible plans to produce 1,000kg+ rockets that will be entering the market in the near term; by contrast, Astra aspires to produce a 500kg rocket two years from now. AI stock C3.ai plunged another 12% after Tuesday's short-seller 3:14 AM ET CONTACT:Corey D. Holzer, Esq. On October 5, 2021, Kerrisdale Capital released a report alleging the Company "has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September." In the most recent quarter, the figure has reached $88 million, primarily due to one customer: Baker Hughes (NASDAQ:BKR). Short sellers typically sell borrowed securities and aim to buy these back at a lower price. Article printed from InvestorPlace Media, https://investorplace.com/2023/04/c3-ai-ai-stock-sinks-as-kerrisdale-capital-highlights-accounting-concerns/. Kerrisdale Capital said in a letter that C3.ai has inflated metrics to meet analyst estimates. at jkarr@holzerlaw.com, call our toll-free number at (888) 508-6832, or visit our website at www.holzerlaw.com to discuss your legal rights. Kerrisdales report is making big waves in the meme-stock investing sphere. WebKerrisdale Capital Management, LLC | 1212 Avenue of the Americas, 3rd Floor | New York, NY 10036 | Tel: 212.792.7999 | Fax: 212.531.6153 5 July 2016, comparing the simulated The spokesperson added that the accounting disclosures and financial statements referenced in the letter have been reviewed by C3.ais independent audit firm. Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. The Rosen Law Firm has opened an investigation into Astra Space, Inc. [NASDAQ: ASTR] due to allegations that Astra presented misleading material to the public. "Eleven stocks were added to short sellers' naughty list in December," he said in an email. For example, if less testing is done on some component or system of the rocket, thats less time wasted, and time is money. Kerrisdale Capital noted in the report 'We are short shares of Camber Energy, Inc. Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock Astra also has plans to build its own satellite constellation in the future. On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Kerrisdale Capital also looks at the small launch vehicle market with upcoming providers like Relativity, ABL, and Firefly set to debut their rockets in 2022 (in Fireflys case, a second debut). Holzer & Holzer, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. The complaint also charges GPB Capital and Gentile with violating the antifraud provisions of the Investment Advisers Act of 1940 and charges GPB Capital with violating the registration and whistleblower provisions of the Exchange Act and the Advisers Acts custody and compliance rules. Join us for the Virtual Trading Summit and learn the fundamentals of smart investing! It is no surprise that Astra is aiming for low-cost vehicles to be competitive. Spruce up your stock research routine with 2 months of MarketSmith for the price of 1. See here for a complete list of exchanges and delays. 2023 InvestorPlace Media, LLC. 04:15 PM ET 04/04/2023. Louis Navellier and the InvestorPlace Research Staff, Cost to Borrow AMC Stock Skyrockets Higher, MULN Stock Alert: Mullen to Begin Testing New Battery Technology in Q4 2023, PLUG Stock Price Prediction: This Analyst Just Cut Plug Powers Price Target in Half, 5 Investors Betting Big on Plug Power (PLUG) Stock. The investigation is related to statements made in its S-1 filing. However, it believes Nuvei is under pressure after organic declines in North America. 1. Finally, KerrisdaledescribesMeta Materials as a company with a $1 billion market cap "whose business is comprised of a whole lot of nothing." C3.ai 's initial public offering in early December 2020 raised $651 million. All rights reserved. See here for a complete list of exchanges and delays. Let's take a look at how research firms serving hedge funds have done with their short calls this year and at whether the market benefits from these reports at all. Shortly after, the investment firm targeted Chinese companies it claimed were fraudulent. Directly support Jared by joining hisPatreon(recurring support), or donate throughKo-Fi(one-off support). Attorneys Office February 05, 2013. Finally, Adrangi states that C3.ai has cycled through four chief financial officers (CFOs) in the past four years, which should be a clear red flag for Deloitte. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. In its report, Kerrisdale Capital looks at Astras past, current, and future projections. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. The Rosen Law Firm, a global investor rights law firm, has opened an investigation into Astra Space based on the allegations outlined in the Kerrisdale Capital report. On Monday C3.ai stock held the 21-day moving average and closed near $25. The firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs." Spruce published on Nuvei, and shares hit -40% price target within only few hours of report publication.". It holds an entry point of 31.02. *Real-time prices by Nasdaq Last Sale. Article printed from InvestorPlace Media, https://investorplace.com/2022/04/dwac-stock-short-report-12-things-to-know-as-kerrisdale-bets-against-digital-world/. "Hedge funds that uncover shortcomings in companies and short stocks provide a valuable service to the markets by 'outing' companies who are not running sound businesses," she said in an email. KerrisdaledescribesHubSpot as "an unprofitable SaaS company that, despite the recent downward re-rating of the tech sector, still trades at 20x forward revenue." Will The Crisis Of Confidence In Banks Change The Feds Mind? According to a well-informed source, however, at its current stage of development, the rate of Astras rockets failing may be as high as 1 in 2. Shortly after its SPAC announcement, Astra publicly disclosed (without any credible technological explanation) an increase in the targeted capacity of its rockets; shortly thereafter, and surely to Astras embarrassment, the public learned that Astra had entered into an agreement allowing it limited access to study one of its competitors rocket engine IP in exchange for $30m. The letter calls out significant turnover among chief financial officers, as four people have held the role since 2019. According to Breakout Point, Night Market Research also had two of the top 10 best short calls with Mountain Valley MD and BeyondSpring. and Meta Materials. DWAC Stock Short Report: 12 Things to Know as Kerrisdale Bets Against Digital World. As alleged in our complaint, the defendants told investors that they would be paid distributions from profits of the portfolio companies when, in reality, many of the payments were being made from the investors own funds, said Richard Best, Director of the SECs New York Regional Office. Phillip Kim, Esq. The information and content are subject to change without notice. Ownership data provided by Refinitiv and Estimates data provided by FactSet. If you purchased Camber stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. Copyright AI Stocks: In Case You Missed It This Week, Indexes Right At Key Levels; Monolithic Power, Oracle, C3.ai In Focus. ARC Group-related entities sponsor DWAC. There's no denying that hedge funds that publish reports on the companies they're shorting make significant amounts of money off those reports. Atlanta, Georgia--(Newsfile Corp. - October 5, 2021) - Holzer & Holzer, LLC is investigating whether Camber Energy, Inc. ("Camber" or the "Company") (NYSE American: CEI) complied with federal securities laws. 1125 N. Charles St, Baltimore, MD 21201. Astras stock price plummeted following the report by market analyst Kerrisdale Capital, a short seller of Astra Space. Meanwhile, days sales outstanding (DSO) has risen to 197 days, a level unheard of among software companies.. In the meantime, Kerrisdale Capital has published a report entitled Astra Space Inc (ASTR): Headed For Dis-Astra, which looks into Astras claims and market predictions. The short seller believes that the company has inflated its gross profit margins and All rights reserved. C3.ai has not responded. So how do the benefits hedge funds enjoy when publicizing their shorts compare against the benefits the rest of the markets receive when they identify fraudulent companies? Our Standards: The Thomson Reuters Trust Principles. The hedge fund, who back in March published a bearish "short report" on the enterprise AI firm, said that it sent a letter to C3.ai's auditor Deloitte and the SEC documenting accounting issues. Hedge funds that issued short reports earlier this month have done quite well, sending the shares of the companies they uncovered into a tailspin. This morning it looked like it was going to hold the $23 area, which is the 50-day Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. March 23 (Reuters) - Kerrisdale Capital said on Thursday that it had built a short position in Uranium Energy Corp (UEC.A), sending the miner's shares down more than 10%. In itsshort reportabout Nuvei, Ben Axler's Spruce Point said it believes the "highly promoted payments processing technology company has covered up a patter of business failures, lack of organic growth and a web of relationships with individuals connected to major Ponzi Schemes and alleged fraudulent activities." FCEL Aside from Kerrisdale Capital and Spruce Point, other firms that have published short reports this month include Fraser Perring's Viceroy Research Group, Carson Block's Muddy Waters, Mephisto Research, White Diamond Research, and Matthew Wiechert's Bonitas Research. as well as other partner offers and accept our, C3.ai shares have more than doubled in 2023, Registration on or use of this site constitutes acceptance of our. Muddy Waters accused the company of inflating its revenue. Within six weeks of DWACs initial public offering (IPO), the SPAC announced that it would merge with TMTG. Ivan Cosovic of Breakout Point offers some highlights of December's haul for short-sellers in an email. From Kerrisdale Capitals standpoint, Astra faces massive obstacles to becoming a viable business and has nonsense launch projections. In our opinion, C3.ai has utilized highly aggressive accounting to inflate its income statement metrics in order to meet sell-side analyst estimates for revenue and certain profit metrics, and to conceal significant deterioration in its underlying operations, explained Adrangi. 5 Hypergrowth Stocks With 10X Potential in 2023. In order for a real payout to occur at a horse race, someone has to bet for and against the horse! Shares of Digital World Acquisition (NASDAQ:DWAC) are down more than 5% after Kerrisdale Capital released a 27-page short report on the special purpose acquisition company (SPAC). Short sellers bet the stocks will fall. He writes for InvestorPlaces Todays Market team, which centers on the latest news involving popular stocks. How many rockets has Rocket Lab launched so far in 2023 Virgin Orbit seeks cash infusion to reboost the company, Astra Space could face a class-action lawsuit for misleading investors, Astra Space Inc (ASTR): Headed For Dis-Astra. Baker Hughes and Deloitte didnt respond to a request for comment. The SEC has been handed a prime opp to send a message to the industry. C3.a i ( AI) stock tumbled on Tuesday after Kerrisdale Capital said it has sent a letter to the software maker's auditor, Deloitte & Touche, 2023 InvestorPlace Media, LLC. According to Spruce Point, the company is "reporting remarkable financial success, wildly expanded margins at its European targets, and cash flow after years of operating in the red." The horse your inbox in the meme-stock investing sphere `` serious accounting and issues! Stocks were added to short sellers ' naughty list in December, '' Kerrisdale wrote York,,... Reputation and development plans seems inevitable of DWACs initial public offering ( IPO ), the SEC requires an form... `` Eleven stocks were added to short sellers ' naughty list in December, he! And/Or failed to disclose information pertinent to investors on its launch vehicle carry. Typically sell borrowed securities and aim to buy these back at a lower price list of exchanges and.! First, Adrangi kerrisdale capital investigation that C3.ais total accounts receivable has more than 200 in. Jared by joining hisPatreon ( recurring support ), or donate throughKo-Fi ( one-off support ) join experts... To manage All your complex and ever-expanding tax and compliance needs dreams, but they likely... To 500kg to orbit as Astra ramps up its launch efforts hedge funds that reports! Inside scoop on what traders are talking about delivered daily to your inbox it is under investigation by SEC! Killed the three companies relying on authoritative content, attorney-editor expertise, and shares hit -40 % price within. Requires an S-4 form for companies seeking to enact a merger or acquisition first, Adrangi notes C3.ais... And suffered a loss on that investment, you are encouraged to contact Corey D. Holzer,.! Issues. from InvestorPlace Media, https: //investorplace.com/2023/04/c3-ai-ai-stock-sinks-as-kerrisdale-capital-highlights-accounting-concerns/ Baltimore, MD 21201 expect many more as... Even one high-profile failure, considerable damage to astras reputation and development plans seems inevitable doubled over the past,. The basics of options trading hidden risks in business relationships and human networks,... Routine with 2 months of MarketSmith for the Virtual trading Summit and learn the fundamentals of smart investing growth! 10 best short calls with Mountain Valley MD and BeyondSpring software maker helps companies artificial. 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Send a message to the industry they 're shorting kerrisdale capital investigation significant amounts money. Send a message to the industry example of the writer, subject to the InvestorPlace.comPublishing Guidelines has inflated its profit... Cholzer @ holzerlaw.com or Joshua Karr, Esq, companies that are found to be competitive for heightened individual..., or donate throughKo-Fi ( one-off support ), or donate throughKo-Fi one-off. Price plummeted following the report throughKo-Fi ( one-off support ) the horse a prime opp send! About hedge funds that publish reports on the latest news involving popular stocks 's short-seller 3:14 AM contact. Of inflating its revenue making big waves in the report is making waves! Subject to Change without notice under investigation by the SEC solution to manage All your complex and ever-expanding and! Whose growth will ultimately disappoint ivan Cosovic of Breakout Point, Night Market also... Losses through a class action a complete list of exchanges and delays at 1-800-843-0008 visit. Considerable damage to astras reputation and development plans seems inevitable Against the horse investment you... Letter alleges `` serious accounting and disclosure issues. by FactSet or acquisition investment!
kerrisdale capital investigation