Listen to Fr. Emmanuel live discussing The Amvona Fund, LP and his recent letter to US Senate. Interview includes extensive discussion of the the fund's significant short stake in shares of Domino's Pizza (NYSE: DPZ).
Lantern Foundation Founder Urges Senate Committee to Commence Investigation into Ligand Pharmaceuticals (NASDAQ: LGND)
Abuse of Orphan Drug Act, Accounting and Ethical Violations Warrant Congressional and Regulatory Investigation, Organization’s Founder Says
MARLBOROUGH, Mass., Dec. 21, 2016 /PRNewswire/ -- Rev. Fr. Emmanuel Lemelson, the founder and president of The Lantern Foundation, a U.S.-based non-profit foundation, today released a letter he has provided the U.S. Senate Special Committee on Aging, summarizing extensive alleged abuses of accounting, pharmaceutical reimbursement and classification guidelines and regulations by Ligand Pharmaceuticals (NASDAQ: LGND), a U.S.-based publicly-traded pharmaceutical company. In the letter, Lemelson urged the Committee to commence an investigation into these alleged abuses, which he says resemble those committed by Retrophin chief executive officer Martin Shkreli, who was charged with securities fraud by the U.S. Federal Bureau of Investigation (FBI) in December 2015.
The full letter to the U.S. Senate Special Committee on Aging’s Chairwoman and Ranking Minority Member, released this morning, is available here
“After several years researching the business practices of Ligand, a clear pattern of unethical conduct has emerged, including abuse of accounting loopholes and guidelines and misuse of the Orphan Drug Act of 1983, which has been used to increase the prices of its drugs dramatically,” Lemelson said today.
The two costly drugs cited in today’s letter to the Senate Committee, Kyprolis and Promacta, are among the nation’s most exorbitantly priced, selling at $280,000 per round of treatment and $10,196 for thirty 75 mg. tablets respectively.
Lemelson today simultaneously announced that he would be urging the U.S. Food and Drug Administration, U.S. Department of Health and Human Services, and other appropriate federal and state regulatory and investigatory bodies to evaluate whether, in these and other business practices, Ligand has abused the Orphan Drug Act and other statutes and regulations.
Additionally, following Lemelson’s identification of multiple accounting violations and misrepresentations by Ligand earlier this year, including the company’s overstating the value of certain deferred tax assets by approximately $27.5 million, misclassifying its debt, and abusing the variable interest entity standard, Lemelson said today that he filed a whistleblower report earlier this year with the U.S. Securities and Exchange Commission (SEC), urging the SEC to evaluate whether these alleged abuses constitute violations of civil or criminal statutes.
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
SOURCE: The Lantern Foundation
Fr. Emmanuel Lemelson Lette... by on Scribd
Lemelson Capital Management releases four-year anniversary letter for the Amvona Fund, LP.
To read the letter click here or see below:
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.
To listen to the full interview click here (interview starts at 1 hr. 14 min.)
$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.
"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[1]
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
PreMarket Prep for February 18: Pain in the retail game Interview begins at 57 Min. Mark
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.
On February 3, 2016 Fr. Emmanuel Lemelson gave the following Lecture on Faith and Finance at the Naval War College in Newport, RI.
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 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.