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The SEC

I would like to say more, but need to leave room for the judicial process to do its job - Fr. E.

Fr. Emmanuel Lemelson Responds to SEC Charges

MARLBOROUGH, Mass., September 12, 2018 /PRNewswire/ -- Rev. Fr. Emmanuel Lemelson, the Chief Investment Officer of Lemelson Capital Management, today responded to a civil complaint filed by the United States Securities and Exchange Commission in the United States District Court of Massachusetts, Boston Division. In its complaint, the Commission alleges that Fr. Emmanuel engaged in violations of the federal securities laws in connection with transactions in the securities of Ligand Pharmaceuticals Inc. (NASDAQ: LGND), a U.S.-based publicly-traded pharmaceutical company.

This matter, the likes of which the Commission has never previously brought, has no merit and amounts to a gross abuse of prosecutorial discretion. Fr. Emmanuel intends to vigorously contest the allegations and to demonstrate that the Commission’s claims are contaminated by the misconduct of the staff of its Enforcement Division.

“The Commission chose to bring this case based upon its Enforcement staff’s personal feelings and facts be damned, win-at-any-cost ambitions which have allowed it to ‘make up the rules’ as they go along. The government's claims are false and will be proven to be so” Lemelson said.

“The action is an effort to destroy the reputation of a whistleblower, who provided factually accurate and critical information concerning an alleged massive multi-year accounting fraud at Ligand Pharmaceuticals,” Lemelson added.

On July 27, 2018 Ligand was sued for $3.8 billion by investors in eight bond funds, including Citadel,[1] this followed multiple class-action lawsuits, alleging securities fraud, filed against Ligand beginning in 2016.[2]

“We are looking forward to defending this matter, exploring the possibility of bringing a complaint against the SEC and to setting a precedent that will prevent this sort of meritless action from being brought in the future,” Lemelson continued.

Separately, Fr. Emmanuel recently released a letter he has provided members of The U.S. House Committee on Oversight and Government Reform, The U.S. Senate Special Committee on Aging and the SEC Office of the Inspector General, further outlining extensive alleged abuses of accounting, pharmaceutical reimbursement and classification guidelines and regulations by Ligand Pharmaceuticals. In the letter, Lemelson urged the Committees in both the House and the Senate to commence an investigation into these alleged abuses, as well as the Securities and Exchange Commission’s (SEC) failure to stop them.

Lemelson's full July 17, 2018 letter to Congress is available online here

His December 2016 letter to the U.S. Senate Special Committee on Aging, regarding the company, is available online here

About Rev. Fr. Emmanuel Lemelson:

Rev. Fr. Emmanuel Lemelson is the Chief investment officer of Lemelson Capital Management, LLC a Massachusetts based investment management firm

For more information, see:  https://www.lemelsoncapital.com/

For further information, please contact:

Lemelson Capital Management, LLC 
Investor and Media Relations 
Telephone: 508-630-2281

Source: Lemelson Capital Management, LLC

[1] Read more online here

[2] The lawsuits made substantially the same claims as The Lemelson Capital Management, LLC 2014 reports.

NOTICE AND DISCLAIMER:

This information presented expresses the views of the General Partner as of the date indicated and such views are subject to change without notice. The General Partner has no duty or obligation to update the information contained herein. Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third-party sources. The General Partner believes that the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based.

This material is not intended to constitute legal, tax, accounting or investment advice. Prospective investors should consult their own advisors about such matters. The performance data included represents the net performance of The Amvona Fund, LP, a Delaware limited partnership (the “Fund”), and reflects the deduction of all Fund level expenses, including without limitation brokerage and other transaction costs, as well as legal, audit, administration and other expenses. The performance presented does not represent the return of any individual investor. An individual's net return may differ significantly from the net performance as stated herein due to differences in fee arrangements, and timing of investment. In fact, net returns shown herein may be significantly higher than an investor's actual return. Performance includes the reinvestment of all dividends, interest, and other income. Performance presented from January 2015 to the present represents a hypothetical investor in the Fund whose capital account has been charged (i) a quarterly asset management fee of 0.25%, payable in advance; (ii) a quarterly performance allocation of 25%, subject to a high-water mark and a 6% annualized hurdle rate. Net performance from the Fund’s inception to December 2014 is calculated using the average management fee and average performance allocation calculated among the capital accounts of all Fund investors except for Lemelson Capital Management, LLC, a Massachusetts limited liability company (the “General Partner”), and its affiliates. Results compared to the S&P 500 Total Return Index (the “Index”) are for informational purposes only. The Fund's investment program does not mirror the Index and the volatility of the Fund's investment program may be materially different from the volatility of the Index. In addition, the Fund invests in a different mix of securities and sectors than the Index, which may cause the difference in performance between the Fund and the Index. You cannot invest directly in an index. Past performance is not necessarily indicative of future results. All investments involve risk, including the potential loss of principal.

The performance results of Fund should not be considered a substitute of, or indicative of the past or future performance of the Fund. 2016 Returns are estimated and unaudited, and actual returns may vary from the performance information presented above. Estimated returns should not be construed as providing any assurance or guarantee as to actual returns. Actual performance figures are only computed and audited yearly. Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. An investment in the Fund is subject to a variety of risks (which are described in the Fund’s Confidential Offering Memorandum), and there can be no assurance that the Fund’s investment objective will be met or that the Fund will not incur losses. This information does not constitute an offer to sell or the solicitation of an offer to purchase any interest in the Fund or other investment product. Any such offer or solicitation may only be made by means of delivery of the Fund’s approved Confidential Offering Memorandum.

Any specific securities identified and described in this material do not represent all of the securities purchased, sold, or recommended for the Fund. The audience should not assume that investments in these securities identified and discussed will continue to be profitable. The Fund currently owns numerous other securities in various other industries and sectors unrelated to these securities. The purchase of these securities only will not create a diversified portfolio. In addition, such securities are subject to losses as an investor may lose money investing in such securities.

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