Fr. Emmanuel Lemelson speaks out against alleged fraud and complicit regulators as Ligand shares continue to implode, heading towards new multi-year lows
Shelburne, VT, November 7, 2019 -- Rev. Fr. Emmanuel Lemelson, CIO of Lemelson Capital Management (LCM), today, continued to speak out against alleged fraud and abuses at Ligand Pharmaceuticals (Ligand) as well as complicit regulators.
Ligand’s shares continue to plummet following a catastrophic earnings report released on November 5, 2019, after the market closed. The collapse continued a trend, seen in recent months, that has led to a decline of as much as 70 percent in Ligand's share price since late September 2018 and destroyed billions of dollars in shareholder value, even as markets recently achieved record highs.
Fr. Emmanuel's publicly available research and commentary have charted alleged fraud and regulatory abuses at Ligand Pharmaceuticals spanning multiple years. Lemelson has made over 1000 allegations, including business accounting and securities fraud perpetrated by Ligand, including abuse of the Orphan Drug Act of 1983, in collaboration with purported "licensees," to increase the price  of drugs in poor and developing countries.
"Exploiting the sick, the poor and the vulnerable, to enrich executives is unacceptable," said Lemelson.
Disclosure: LCM is currently short shares of LGND for its clients. LCM, along with Fr. Emmanuel Lemelson, have been charged by the SEC in connection with his prior commentary on Ligand. LCM and Lemelson have denied all charges and are vigorously defending the matter.
About Lemelson Capital Management
Lemelson Capital Management, LLC is a private investment management firm focused on deep value and special situation investments. For more information, visit: http://www.lemelsoncapital.com or follow on Twitter @LemelsonCapital.
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 Shares fell approximately 10 percent intraday following the company’s earnings release on November 5, 2019.
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