Lemelson discusses the risks associated with investing in Alibaba (NYSE: BABA) in January 2015 (17 months before the SEC announces investigation into firm). Discussion includes descrepencies between the firm's reported shipping figures and carrier capacities as well as commentary on the risks of investing in IPO's in general, particularly Chinese IPO's. Shares of Alibaba traded around ~$100 per share at the time.
$100 Million Defamation Suit Filed against Bloomberg L.P., Reporter Matt Robinson and Editor Jesse Westbrook
Marlborough, Mass., May 10, 2016— Bloomberg, L.P. and two Bloomberg employees, Jesse Westbrook, a Bloomberg editor, and Matt Robinson, a Bloomberg reporter, were sued today for defamation in Massachusetts Superior Court. The plaintiff, Father Emmanuel Lemelson, seeks $100 million in compensatory damages for defamation in a March 18, 2016 Bloomberg article by Robinson.
Robinson’s March 18 article, “Hedge Fund Priest’s Trades Probed by Wall Street Cop,” wrongly reports that Lemelson “is being investigated by U.S. regulators for possible stock manipulation” and other factually inaccurate allegations. The defamatory article cites no statement or source from the U.S. Securities and Exchange Commission (SEC) or any other federal agency that would be positioned to confirm the allegations. Nor does the Bloomberg article cite or quote any reliable source that could confirm the claims.
Official records reveal that neither Robinson nor Westbrook or any other Bloomberg employee ever submitted a Freedom of Information Act (FOIA) request with the SEC for any information that would have established their defamatory allegations. Additionally, as cited in the complaint, Robinson was specifically told by the plaintiff that neither he nor his firm were the target of any investigation. Yet, Robinson replied that “I am going to write that you are being investigated anyway.”
Lemelson said today that he has been advised by legal counsel for the suit, Thomas Mason, Esq., that the article meets and exceeds the threshold for the statutory definition of defamation, commercial disparagement, negligence and punitive damages. Mason also said today that the Bloomberg article written by Robinson and overseen by editor Westbrook “is the most egregious example of indisputable and actionable defamation that I have witnessed in my 27-year legal career.”
Lemelson Capital Management’s counsel also confirmed today that they have been assured by the SEC that neither Lemelson nor Lemelson Capital Management, which manages the industry-leading Amvona Fund, are or have ever been the target of any investigation.
The complaint against Bloomberg, Robinson and Westbrook seeks $100 million in compensatory damages. The full complaint, filed today in Massachusetts Superior Court, can be read here:
About Lemelson Capital Management
Lemelson Capital Management, LLC is a private investment management firm focused on deep value and special situation investments. The firm's flagship fund, The Amvona Fund, has been named repeatedly one of the world's top performing hedge funds. For more information, see: http://www.lemelsoncapital.com
For further information, please contact:
Lemelson Capital Management Public and Media Relations:
SOURCE: Lemelson Capital Management, LLC
"Like all great investments, it requires patience. We've said from day one, we'd be happy if we realized we were right after two years. We're about eight or nine months into that… we're just going to keep buying for the next four or five months and hopefully we'll get 10 percent of the company."
- Benzinga PreMarket Prep Show, June 5, 2015
Lemelson Capital Management Labels Bloomberg Article “Irresponsible and Libelous”
Firm reiterates it has not been and is not the target of any probe or investigation
Listen to Rev. Fr. Emmanuel Lemelson Live – February 18, 2016 - Benzinga Pre-Market Prep Show
On November 5, 2015 Rev. Fr. Emmanuel Lemelson appeared on Fox Business News discussing amongst other topics a short call in shares of NetFlix (NASDAQ: NFLX).
On November 24th, 2015 Lemelson Capital significantly increased the size of its short stake in shares NFLX – the aggregate short price ended at $122.81. The shares closed on Friday, February 5th at $82.79 a decline in value / return of 32.6% in just over two months.
Lemelson Capital's March 3, 2015 position on Lumber Liquidators (NYSE:LL) has been proven correct. Previously Lemelson was the only firm to speak out publicly in support of LL and its founder and chairman Tom Sullivan on the issue of intent regarding LL's controversial wood flooring products based on a March 2015 60 minutes expose.
On December 9, 2015 Rev. Father Emmanuel Lemelson, Founder and President of the Lantern Foundation and Chief Investment Officer of Lemelson Capital, was invited onto Benzinga's Pre-Market Prep show to discuss a recent profile in the Wall Street Journal, Donald Trump, ISIS and the price of Oil. Interview also includes commentary on Geospace Technologies (NASDAQ: GEOS) and Skechers (NYSE: SKX).
One of Most Authoritative Publications Covering Religion Recognizes Wall Street Journal Reporting Errors and Biases, Strikes Entire Article
On November 5, 2015 Rev. Fr. Emmanuel Lemelson appeared on Fox Business News Varney & Co. discussing US monetary policy and impact on income inequality.
On November 6, 2015 Rev. Father Emmanuel Lemelson, Founder and President of the Lantern Foundation and Chief Investment Officer of Lemelson Capital, was invited onto Benzinga's Pre-Market Prep show to discuss a recent profile of him in the Wall Street Journal.