*Please read the full notice and disclaimer at the bottom of this page.
Listen to Fr. Emmanuel live on December 28, 2018, speaking to the crew of Benzinga TV about recent market volatility, fraud, macroeconomic issues and the following securities:
Watch the full interview below or click here.
Shares of Ligand Pharmaceuticals (NASDAQ: LGND) continued to plunge today, December 17, 2018, falling as much as 52 percent since September 30, 2018, and hitting a 52-week low.
Fr. Emmanuel Lemelson has published five research reports, issued 16 articles/press releases, posted 66 tweets, given 13 interviews, and written two letters to Congress, making nearly 1,000 distinct allegations of accounting and securities fraud perpetrated by the company.
On July 13, 2018, Fr. Emmanuel released a letter he 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.
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 According to the complaint, Ligand unfairly modified the agreement and never filed the required amendment with the U.S. Securities and Exchange Commission (SEC) to deny investors more than $3.8 billion in payouts. If the investors prevail the company could be forced into bankruptcy.
On August 14, 2014, Lemelson Capital Management, LLC published a report outlining the risk of the bond offering, questioned the representations made by the company, and pointing out that the offering may eventually lead to solvency risks.
1 Read more online here
2 The lawsuits made substantially the same claims as The Lemelson Capital Management, LLC 2014 reports.
For more background see Fr. Emmanuel's September 12, 2018 release regarding the SEC action here as well as his October 25, 2018 Motion to Dismiss here. To read the full reply brief, click here or read on Scribd below.
...it [Ligand] dropped more than 46% in six weeks alone during the pendency of this lawsuit"
In reference to Ligand's share price plummeting
Reply Brief, November 21, 2018
...Lemelson published five research reports, issued 16 articles/press releases, posted 66 tweets, gave 13 interviews, and wrote two letters to Congress concerning what he views as accounting and securities fraud perpetrated by Ligand Pharmaceuticals, Inc., a publicly traded company. In all, Lemelson publicly made nearly 1,000 distinct allegations about Ligand... the SEC acknowledges that it is challenging only four of Lemelson’s statements, less than one-half of one percent of the total number of statements Lemelson made regarding Ligand."
Of these four, the SEC tacitly concedes that two are demonstrably true. Rather than admit any error in its pleadings and withdraw these two claims, however, the SEC instead radically changes its theories concerning these statements. It completely walks away from its explicit allegations in the Complaint about why these statements were false (allegations which Lemelson demonstrated were themselves unquestionably false), and instead asserts the frivolous theory that although the statements were true, they were somehow misleading. This argument is not only meritless but cannot be advanced in good faith."
In reference to The SEC allegations
Reply Brief, November 21, 2018
Tellingly, in setting forth its argument as to why these two [remaining] statements are allegedly material, the SEC once again fabricates what Lemelson said, because relying on his actual language would sink its case."
In reference to The SEC allegations
REPLY MEMORANDUM IN SUPPORT... by on Scribd
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
On July 17, 2018, Fr. Emmanuel released a letter he 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
To read Fr. Emmanuel's original 2014 reports on Ligand Pharmaceuticals, click here and here
1 Read more online here
2 The lawsuits made substantially the same claims as The Lemelson Capital Management, LLC 2014 reports.
"καὶ μὴ συγκοινωνεῖτε τοῖς ἔργοις τοῖς ἀκάρποις τοῦ σκότους, μᾶλλον δὲ καὶ ἐλέγχετε," Ephesians 5:11. Read about Fr. Emmanuel's extraordinary dust-up with the SEC here and here as shares of Ligand Pharmaceuticals (NASDAQ: LGND) continue to plummet.
Watch Fr. Emmanuel's November 2017 talk with global business and political leaders on Theology and short selling here:
"Short sellers — investors who bet against companies — get a bad rap, but research suggests they help keep markets running smoothly." - NPR
So much more we would like to have added, but couldn't fit in a Motion to Dismiss with a 20-page limit. For more background see Fr. Emmanuel's September 12, 2018 release regarding the SEC action here. To view the full motion to dismiss, click here or view on Scribd below.
...more than 40% and more than $111 per share in October 2018 alone"
In reference to Ligand's share price plummeting
Motion to Dismiss, October 25, 2018
The SEC’s allegation is flat-out wrong and exposes a complete lack of understanding of the most elementary principles of accounting"
In reference to The SEC allegations
Motion to Dismiss, October 25, 2018
Ligand is only one market correction away from collapse which will leave investors and employees defenseless."
Fr. Emmanuel Lemelson, July 13, 2018
Letter to Congress
DEFENDANTS’ MEMORANDUM OF L... by on Scribd
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
On July 17, 2018, Fr. Emmanuel released a letter he 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
To read Fr. Emmanuel's original 2014 reports on Ligand Pharmaceuticals, click here and here
1 Read more online here
2 The lawsuits made substantially the same claims as The Lemelson Capital Management, LLC 2014 reports.
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
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.
Just fourteen days after Rev. Fr. Emmanuel published an open letter to Congress alleging a multi-year accounting and securities fraud at Ligand Pharmaceuticals (NASDAQ: LGND) the company has been sued for $3.8 billion by investors (eight bond funds, including Citadel), who accused the biotech company of unfairly changing the terms of a bond agreement.
According to the complaint, Ligand unfairly modified the agreement and never filed the required amendment with the U.S. Securities and Exchange Commission (SEC) to deny investors more than $3.8 billion in payouts. If the investors prevail the company could be forced into bankruptcy.
On August 14, 2014 Lemelson Capital Mangement, LLC published a report outlining the risk of the bond offering, questioned the representations made by the company, and pointed out that the offering may eventually lead to solvency risks. The complaint further affirmed Lemelson Capital's 2014 reports, stating,“As of 2014, Ligand remained a venture struggling to create a sustainably profitable business model”.
Lemelson's full July 17, 2018 letter to Congress is available online here and a December 2016 letter to the U.S. Senate Special Committee on Aging, regarding the company, is available online here.
The case is AG Oncon LLC v. Ligand Pharmaceuticals Inc., Del. Ch., No. 2018-0556, complaint 7/27/18.
Investors Sue Ligand Pharma... by on Scribd
Rev. Fr. Emmanuel Lemelson ... by on Scribd
Rev. Fr. Emmanuel Lemelson Calls on Congress, Office of Inspector General to Investigate SEC Failures
Failure to prosecute Alleged Multi-Year Accounting and Securities Fraud at Ligand Pharmaceuticals (NASDAQ: LGND) Diminishes SEC Credibility, Warrants Investigation
MARLBOROUGH, Mass., July 13, 2018 /PRNewswire/ -- Rev. Fr. Emmanuel Lemelson, the CIO of Lemelson Capital Management, LLC, a U.S.-based global Investment management firm, today released a letter he has provided members of The U.S. House Committee on Oversight and Government Reform, U.S. House of Representatives Financial Services Committee, The U.S. Senate Committee on Banking, Housing, & Urban Affairs, The U.S. Senate Special Committee on Aging and the SEC Office of the Inspector General, outlining extensive alleged accounting and securities fraud, and abuse of federal and state healthcare laws by Ligand Pharmaceuticals (NASDAQ: LGND), a U.S.-based publicly-traded pharmaceutical company. 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 Commissions (SEC) failure to stop them despite being provided abundant evidence of the alleged fraud spanning multiple years – failures he likens to the Commission’s botched Enron and Madoff investigations that allowed these frauds to cost investors and the American taxpayers dearly.
“We believe the greatest risk investors in Ligand face is the company may be excluded from government healthcare programs, found in violation of government regulations and face civil and criminal penalties that could result in imprisonment,” Lemelson said.
“It is inexplicable why the SEC has failed to act, given all of the disturbing developments that have been charted. Protecting the American investor and taxpayer, not to mention the sick who need reliable, affordable access to lifesaving medications must be a priority over fostering cozy relationships with Wall Street,” Lemelson continued.
The full letter, is available online here
Fr. Emmanuel’s December 2016 letter to the U.S. Senate Special Committee on Aging, is available online here
About Rev. Fr. Emmanuel Lemelson
Rev. Fr. Emmanuel Lemelson is the founder and president of The Lantern Foundation, established in December of 2012 as a U.S.-based 501c(3) private foundation, and chief investment officer of Lemelson Capital Management, LLC a Massachusetts based investment management firm
For more information, see: http://www.phanarion.org and https://www.lemelsoncapital.com/
For further information, please contact:
Lemelson Capital Management, LLC
Investor and Media Relations
Telephone: 508-630-2281
Rev. Fr. Emmanuel Lemelson ... by on Scribd
*Please read the full notice and disclaimer at the bottom of this page.
Bed Bath and Beyond (NASDAQ: BBBY) surged as much as ~4 percent today, July 05, 2018. On May 11, 2018 Fr. Emmanuel spoke live to the crew of Benzinga TV about Lemelson Capital Management's investment in the company:
"...I'm buying Bed Bath and Beyond for our Fund and I'm buying it as aggressively as I can..."
In the seven weeks since the interview, the stock has risen roughly 24 percent vs. 2.73 percent for the S&P 1000 index:
Fig. 1: Bed Bath and Beyond stock price performanceMay 11, 2018 - July 05, 2018
*Please read the full notice and disclaimer at the bottom of this page.
American Eagle Outfitters (NYSE: AEO) continued to soar on Monday June 4, 2018, climbing 4.39 percent on the day and 85 percent over the last eight months. On August 25, 2017 Fr. Emmanuel spoke live to the crew of Benzinga TV about Lemelson Capital Management's previous investment in the company:
...We picked up shares in American Eagle Outfitters... and frankly the one we're most excited about is Hibbett Sports... we just have been loading up and we'll keep buying in the interest of full disclosure... they're [AEO] going to evolve, their going to be a leader in the jeans business... Guess and Express are not as strong..."
In the roughly eight months that followed, the stocks mentioned in the interview performed as follows:
| HIbbett Sports (NASDAQ: HIBB) | 116.3% |
| American Eagle Outfitters (NYSE: AEO) | 85% |
| Express (NYSE: EXPR) | 42.38% |
| Guess (NYSE: GES) | 33.97 |
| S&P 1000 Index | 17.77 |
*Please read the full notice and disclaimer at the bottom of this page.
Dicks Sporting Goods (NASDAQ: DKS) surged as much as ~28 percent today, May 30, 2018. On November 10, 2017 Fr. Emmanuel spoke live to the crew of Benzinga TV about Lemelson Capital Management's previous investment in the company:
"...we've been buying Dicks as well even though we don't usually buy two securities in the same industry sector..."
In the seven months that followed, the stock rose 44.02 percent vs. 9.46 percent for the S&P 1000 index:
Fig. 1: Dicks Sporting Goods stock price performanceNovember 10, 2017 - May 30, 2018
Lemelson Capital focuses on value and special situations, but it is one of the few that builds ethics into its decisions." - Paul Springer, May 18, 2018, The Deal
Lemelson Capital Wants to T... by on Scribd
Letters to The Board of Directors of Geospace Technologies:
*Please read the full notice and disclaimer at the bottom of this page.
Listen to Fr. Emmanuel live on May 11, 2018 speaking to the crew of Benzinga TV about his inevstments in Geospace Technologies, Bed Bath & Beyond and more.
Interview covers his views on the market, macro-economic issues, retail and oil and gas sectors including the following securities:
Watch the full interview below or click here.
February 14, 2018
Gary Owens, Chairman of the Board of Directors
The Board of Directors
Geospace Technologies Corporation
7007 Pinemont Drive
Houston, Texas 77040
RE: Annual Meeting Circus
Dear Gary,
I trust that you are aware that entities under our control collectively own approximately 10% of the issued and outstanding shares of common stock of Geospace Technologies, Inc. This makes us one of the company’s largest shareholders.[1]
As one of the largest shareholders, we cannot but be deeply troubled by the actions of this board of directors in responding to the activities of current executives and directors of the company, who have knowingly violated securities laws as outlined in our letter to you of February 9, 2018.[2] As you know our vote against the proposed executive compensation plan was confirmed by both you and the transfer agent at the annual meeting held on February 7, 2018. Nevertheless, company executives have acted as if this vote was never cast, and, even worse, to cover up this deception in the form 8-K which was filed on February 12, 2018. Mr. McIntire’s attempt to justify the chicanery of later disregarding the votes in the most recent form 8-K, to put it nicely, is fanciful. This action is particularly offensive considering Mr. Wheeler’s recent comments on the Q1 2018 conference call--that the executive management team and directors of the company “...have a very good dialogue [with Lemelson Capital]…” and that “[Lemelson Capital] is a very valued shareholder.”[3]
Lemelson Capital Management calls for Removal of Geospace Technologies (NASDAQ: GEOS) Senior Executives, Sale of Company
Firm seeks public and transparent filings
Marlborough, MA, February 9, 2017—Lemelson Capital Management, LLC, a private investment management firm, announced today it is calling on the board of directors of Geospace Technologies (NASDAQ: GEOS) to remove CEO Rick Wheeler and CFO Thomas McEntire. In addition, it is urging the board to explore an immediate sale of the company. Geospace is a global leader in the design and manufacture of instruments and equipment used by the oil and gas industry.
The full letter can be found here