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 13, 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
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.
The Ligand Reports:
- June 14, 2014 - Ligand Pharmaceuticals - Severe competitive threat to key royalty program and “going concern” risk drive 100 percent downside
- July 3, 2014 - Ligand Pharmaceuticals (NASDAQ: LGND): Appendix
- August 4, 2014 - Update: Lemelson Capital Further Increases Short Stake in Ligand Pharmaceuticals (NASDAQ: LGND) as LGND EPS Plunges 76 percent in Q2 2014
- August 14, 2014 - Lemelson Capital Says Ligand Pharmaceuticals’ (NASDAQ: LGND) $225M Debt Issuance Solidifies Company’s Insolvency, Substantially Raises Specter of Bankruptcy
- August 22, 2014 - Ligand Pharmaceuticals (NASDAQ: LGND): Institutional holders wasting no time dumping stock in response to mounting insolvency and bankruptcy risks
The Ligand Interviews:
- Rev. Emmanuel Lemelson of Lemelson Capital Management - #PreMarket Prep for June 19, 2014
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for August 13, 2014
- Rev Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for September 16, 2014
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for October 16, 2014
- Rev. Emmanuel Lemelson, Lemelson Capital Management - #PreMarket Prep for November 18, 2014
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for February 20, 2015
- Rev. Emmanuel Lemelson, Lemelson Capital Management CIO - #PreMarket Prep for March 24, 2015
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for April 27, 2015
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for June 5, 2015
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for August 12, 2015
- Listen to Fr. Emmanuel live discussing The Amvona Fund, LP and his recent letter to the US Senate
Letters to Congress Regarding Ligand:
- December 19, 2016 - Lantern Foundation Founder Urges Senate Committee to Commence Investigation into Ligand Pharmaceuticals
- July 13, 2018 - Rev. Fr. Emmanuel Lemelson Calls on Congress, Office of Inspector General to Investigate SEC Failures
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