Amvona

Ligand Pharmaceuticals (NASDAQ: LGND) Stock Crashes

*Scroll down to read Fr. Emmanuel Lemelson's research reports, letters to Congress and listen to his interviews on Ligand Pharmaceuticals.  

Shares of Ligand Pharmaceuticals (NASDAQ: LGND) crashed as much as 25 percent (intraday) today, January 16, 2019, falling as much as 63 percent since September 30, 2018, and hitting a 52-week low.   

Fr. Emmanuel Lemelson has published 5 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. 

LGND chart 4

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.

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.

  • 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

Read more online here

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


Letters to Congress Regarding Ligand:

The Ligand Research Reports:

The Ligand Interviews:


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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Bed Bath and Beyond (NASDAQ: BBBY) Soars 25% After Hours

*Please read the full notice and disclaimer at the bottom of this page.

Bed Bath and Beyond (NASDAQ: BBBY) surged as much as 25 percent in after-hours trading today, January 09, 2019.  On December 28, 2018, Fr. Emmanuel spoke live to the crew of Benzinga TV about the company:

"It's [BBBY] now between $10 and $11 per share, pretty extraordinary business if you think about it, about a 1.4 billion market cap., just over a billion of that in cash, and then a company that threw off $750 million in free cash flow... in the last twelve months... growing revenues for a very long time, an iconic American retailer... they're paying almost a 5% dividend... for the record I think it's worth more like $40 or $50 and I wouldn't be surprised if in the next year we see it return to that sort of valuation... "

In the roughly six trading days since the interview, the stock has risen approximately 24 percent vs. 3.99 percent for the S&P 500 index:

Fig. 1:  Bed Bath and Beyond stock Price Performance
December 28, 2018 - January 09, 2019

BBBY SPX chart

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Listen to Fr. Emmanuel Live on Benzinga TV

*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:

  • Bed Bath and Beyond (NASDAQ:  BBBY)
  • Apple (NASDAQ: AAPL)
  • Facebook (NASDAQ: FB)
  • Tesla (NASDAQ: TSLA)
  • Geospace Technologies (NASDAQ: GEOS)

Watch the full interview below or click here.

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Ligand Pharmaceuticals (NASDAQ: LGND) shares plunge 52%, hit 52 week low

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. 

LGND chart 6

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.

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.

  • 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
  • To read Fr. Emmanuel's original 2014 reports on Ligand Pharmaceuticals, click here and here

Read more online here

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

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Ligand Pharmaceuticals (NASDAQ: LGND) shares plunge 45%. Fr. Emmanuel Files Reply Brief in SEC Matter

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

...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

GEOS LGND chart 1

...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 Brief, November 21, 2018

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 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

To read Fr. Emmanuel's original 2014 reports on Ligand Pharmaceuticals, click here and here


Read more online here

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


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Lemelson's extraordinary dust-up with the SEC

"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. 

LGND chart 1

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

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Ligand Pharmaceuticals (NASDAQ: LGND) shares Plummet. Fr. Emmanuel Moves to Dismiss SEC Suit

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.

...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

LGND VKTX chart 4

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 18, 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 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

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.

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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.


 

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Investors Sue Ligand Pharmaceuticals (NASDAQ: LGND) for $3.8 Billion

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 Calls on Congress, Office of Inspector General to Investigate SEC Failures by amvona on Scribd

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Rev. Fr. Emmanuel Lemelson Calls on Congress, Office of Inspector General to Investigate SEC Failures

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 Calls on Congress, Office of Inspector General to Investigate SEC Failures by amvona on Scribd

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Update: Bed Bath and Beyond (NASDAQ: BBBY) Continues To Soar

*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 performance
May 11, 2018 - July 05, 2018

BBBY IQZ chart

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Update: American Eagle Outfitters (NYSE: AEO): Up 85% in 8 Months

*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

Fig. 1:  
American Eagle Outfitters stock price performance
August 25, 2017 - June 4, 2018

AEO GES EXPR HIBB IQZ chart

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Update: Dicks Sporting Goods (NASDAQ: DKS) Surges

*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 performance
November 10, 2017 - May 30, 2018

DKS IQZ chart 3

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Watch: Fr. Emmanuel Speaks Live to Benzinga TV on May 11, 2018

*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:

  • Geospace Technologies (NASDAQ: GEOS)
  • ION Geophysical (NASDAQ: IO)
  • Dawson Geophysical (NASDAQ: DWSN)
  • Transocean (NYSE: RIG)
  • Schlumberger Limited (NYSE: SLB)
  • Halliburton Company (NYSE: HAL)
  • Bed Bath & Beyond Inc. (NASDAQ: BBBY)
  • Hibbett Sports (NASDAQ: HIBB)
  • Domino's Pizza (NYSE: DPZ)

Watch the full interview below or click here.

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A Valentine’s day letter to the Board of Directors of Geospace Technologies

Lemelson Capital Management Logo resized to 220 px

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]

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