To read the full Opposition click here or view on Scribd below.

"That is, the Commission promoted Ligand’s stock price in its Complaint, which was riddled with objectively false information, which dramatically overstated the financial condition of the company. Ironically, this is precisely the nature of its alleged market-manipulation claims the Commission brought against Fr. Emmanuel...

...with one [Ligand personnel] referring to some of the company’s own shareholders as “morons.”

Defendants' opposition to plaintiff's motion for partial summary judgment
October 30, 2020

Fig. 1 - Ligand Insider Sells

 For more background see:

• Motion to Dismiss here (October 25, 2018)
• Reply Brief here (November 21, 2018) 
• Opposition to The Securities and Exchange Commission's motion for protective order here  (January 7, 2020)
• Affidavit of Religious Affiliation here (March 30, 2020)
• Motion for Summary Judgement here (September 30, 2020)

Fr. Emmanuel Lemelson Files Opposition in SEC Fight over Ligand Pharmaceuticals (NASDAQ: LGND) by amvona on Scribd

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 the full Motion For Summary Judgment click here or view on Scribd below with the statement of facts and exhibits.

To say this enforcement action is unprecedented is a gross understatement. Indeed, the Commission’s case, taken after years of lobbying by Ligand and its counsel, is not only frivolous but if not disposed of on summary judgment, it will have a dangerously chilling impact given its brazen attack on the First Amendment"

Motion For Summary Judgment
September 30, 2020

 For more background see:

• Motion to Dismiss here (October 25, 2018)
• Reply Brief here (November 21, 2018) 
• Opposition to The Securities and Exchange Commission's motion for protective order here  (January 7, 2020)
• Affidavit of Religious Affiliation here (March 30, 2020)
• Motion for Summary Judgement here (September 30, 2020)

Fr. Emmanuel Files Motion for Summary Judgment in SEC Fight by amvona on Scribd

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 the full affidavit click here or view below on Scribd with the complete list of exhibits attached.

In March 2020 Fr. Emmanuel Lemelson was held in contempt of court.  As part of those proceeding, Lemelson was ordered to submit an affidavit of religious affiliation.  Embedded below is the complete affidavit and exhibits. 

 For more background see:

• Motion to Dismiss here (October 25, 2018)
• Reply Brief here (November 21, 2018) 
• Opposition to The Securities and Exchange Commission's motion for protective order here  (January 7, 2020)
• Affidavit of Religious Affiliation here (March 30, 2020)
• Motion for Summary Judgement here (September 30, 2020)

Fr. Emmanuel Lemelson' court-ordered affidavit of religious affiliation by amvona on Scribd

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

Shares of Palo Alto Networks Inc. (NYSE: PANW), dove more than 14 percent in after-hours trading Monday after the security-software company reported weaker sales growth than previously expected and cut its Q3 and FY20 guidance.

"Fiscal second-quarter revenue was below our expectations primarily as a result of continued impact of sales incentives related to our Next-Generation Security products from our prior fiscal year..." said Chief Executive Nikesh Arora in today's earnings release. 

The company's shares today closed down 2.33 percent at $237.33, then plunged to $203.50 in after-hours trading following the announcement.

Lemelson Capital Management (LCM) began shorting shares of Palo Alto Networks on behalf of its clients in The Amvona Fund, LP (The Fund) in late December 2019 with 95 percent of the short sales made on February 13, 2020, at an average price per share of $244.91.   Palo Alto Networks is one of The Fund's largest short positions.  

Separately, shares of Shake Shake, Inc. (NYSE: SHAK), plummeted as much as 14 percent, to under $65 per share in extended trading today after the company reported disappointing guidance of it's own. 

LCM is short shares of Shake Shake on behalf of investors in The Fund at an average price of $102.35.

“ 'He needs to be silenced for good,' wrote a Ligand executive to his colleagues in an August 2014 email about Lemelson,"

Barron's, February 19, 2020

On February 19, 2020, global financial media outlet, Barron's published a front-page feature that delves into whistleblower and activist Rev. Fr. Emmanuel's multi-year battle with Ligand Pharmaceuticals (NASDAQ: LGND) and explores the role that powerful DC-based law firms, corrupt politicians and regulators played in an effort to "silence" him. 

To read the full article click here or below.

Hedge Fund Alleges SEC Bias in Short-Selling Case https://t.co/WL67kX2TS3

— Barron's (@barronsonline) February 19, 2020

"...management’s philosophy is mainly uncorrelated to the broader market indexes"

Lemelson Capital Management (LCM) has earned a reputation for being successful on both the short and long sides, irrespective of the broader market indexes.

The firm's interim FYE 2019 Amvona Fund, LP investor letter, released in late January 2020 stated:

...some of The Fund’s highest rates of return were achieved on short positions, bearing out once again, that management’s philosophy is mainly uncorrelated to the broader market indexes. In 2020 management believes it will be able to execute investment ideas, in particular, short ideas, more effectively."

Last week as markets plummeted, largely on news of the spreading Coronavirus, shares of Tesla (NASDAQ: TSLA) rocketed higher.   LCM began shorting the company on January 21, 2020 and continued shorting through yesterday, with the bulk of the short sales executed late in the day yesterday, February 4, 2020, at an average price per share that day of ~$946. 

Tesla is now The Amvona Fund, LP's second-largest (and profitable) short position, behind Advanced Micro Devices, (NASDAQ: AMD), a short position management also significantly increased yesterday and intends to continue to short.

Tesla shares, after peaking yesterday at over $968 per share, began to plunge just after LCM completed its last short sales and shortly before the market closed.   Today as the broader market indexes jumped, shares of Tesla continued to collapse, shedding as much as 15 percent of their value in the first hour of trading.  Shares of Chipotle Mexican Grill  (NYSE: CMG), The Amvona Fund's third-largest short positions, also sank as much as 3 percent.

.@RalphNader says #SEC sh. protect investors in $TSLA. Maybe he'll blame @lemelson, who, after reporting 150% net returns in '19, shorted @Tesla basically at the tophttps://t.co/DmM0wu7ua4@carlquintanilla @Tomwfranck @CNBC @jonfortt @MorganLBrennanhttps://t.co/GgFvjTGQ66

— Lemelson Capital (@LemelsonCapital) February 5, 2020

‘Change was necessary,’ 

World Wrestling Entertainment Inc. (NASDAQ: WWE) just fired two top executives, including co-president, George Barrios after 2019 earnings came in at the low end of estimates, with CEO Vince McMahon commenting "Change was necessary."  The company's stock subsequently plunged as much as 24 percent.

Lemelson Capital Management (LCM) previously called for the replacement of WWE's executive management team (specifically Barrios) or a sale of the company.  In late 2016, McMahon acknowledged he was "Open to anything," when asked about a potential take over.

These changes follow the recent departure of Geospace Technologies (NASDAQ: GEOS) CFO after Lemelson had also called for his removal.

On December 22, 2014, in a live interview on Benzinga, Rev. Fr. Emmanuel Lemelson, stated:

There was evidence if you know anything about the leadership, that they were probably not going to deliver... under George Barrios, the company has consistently lost money for the last three or four years, free cash flow, eps, all in big trouble... if and when there is a change in the ledership of that company, there's a potential for the unlocking of tremendous value..."

AMD stock crumbles after revenue guidance

AMD (NASDAQ: AMD) reported Q4 results yesterday evening and provided Q1 outlook for revenue and gross margins, which apparently failed to live up to analyst's expectations.   Shares sank almost 9 percent in early trading today after the company disclosed a lower-than-expected forecast.  

In the past year, through yesterday, AMD's stock was up over 150 percent. 

Between December 26, 2019, and January 2, 2020, Lemelson Capital Management (LCM), on behalf of its clients, shorted shares of AMD, which now constitutes the firm's largest short position.

LCM, recently reported record 2019 returns for its flagship, Amvona Fund, LP.

On January 28, 2020, U.S. magistrate judge Donald L. Cabell, ruled in favor of Rev. Fr. Emmanuel Lemelson, denying the SEC request for a protective order and granting Lemelson's request to depose The SEC on grounds of bias and selective enforcement, stating in part:

"..the court finds that the defendant here has asserted enough facts... to warrant discovery on his claim of selective enforcement and bias."

To read the full decision, click here or see below on Scribd.

 For more background see:

• Motion to Dismiss here (October 25, 2018)
• Reply Brief here (November 21, 2018) 
• Opposition to The Securities and Exchange Commission's motion for protective order here  (January 7, 2020)
• Affidavit of Religious Affiliation here (March 30, 2020)
• Motion for Summary Judgement here (September 30, 2020)

Since the SEC announced its charges against Lemelson in late September 2018, Ligand's stock price has fallen as much as 80 percent (intra-day), destroying billions of dollars in shareholder value.

Fig. 1

Ligand's Pharmaceuticals (NASDAQ: LGND) Stock Price Performance Since The SEC announced charges against Rev. Fr. Emmanuel Lemelson 

Lemelson Capital Management Reports FYE 2019 Results for The Amvona Fund, LP

Short and long positions contribute to FYE 2019 net returns of 151 percent¹

Shelburne, Vermont, January 21, 2020, (Globe Newswire) —Lemelson Capital Management, LLC (LCM), today announced financial results for The Amvona Fund, LP (The Fund) for FYE 2019.  The Fund posted net returns of 151 percent for FYE 2019, beating by 480 percent the benchmark S&P 500 Total Return Index,² which returned 31.5 percent during the same period. 

“We concluded 2019 with our highest rate of return and largest investor base ever,” said Fr. Emmanuel Lemelson, LCM’s CIO. “Notably, Ligand Pharmaceuticals (NASDAQ: LGND), which we are short, was in free fall for most of 2019, while Bed Bath and Beyond (NASDAQ: BBBY), Buckle, Inc. (NYSE: BKE) and Macy’s (NYSE: M)  which we are long, performed well,” Lemelson continued.

LCM will host an investor conference call on The Fund's FYE 2019 financial results beginning at 10:00 a.m. EST on January 21, 2020. This call will also be available for replay for approximately two weeks thereafter.

Register for the call here

LCM periodically provides information for investors on its corporate website, LemelsonCapital.com, and its related site, Amvona.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance and details related to its annual meeting of shareholders.

Please read the important notice and disclaimer regarding The Fund’s performance and this release here

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About Lemelson Capital Management

Lemelson Capital Management, LLC is a private investment management firm focused on deep value and special situation investments.  

Follow LCM on Twitter @LemelsonCapital - Follow Fr. Emmanuel Lemelson on Twitter @Lemelson

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Investor Relations contact

Lemelson Capital Management, LLC 
Investor and Media Relations 
Telephone: 802-332-3833

¹Based on preliminary unaudited results. The returns are net of all fees and expenses that would be incurred by a hypothetical day-one investor.  For a further explanation of how LCM calculates results, please read the disclosure here

²The S&P 500 Total Return Index includes the reinvestment of dividends

Lemelson Capital Management To Announce Fiscal 2019 Results For The Amvona Fund, LP On January 21, 2020

Watch! "This Is A Rigged Game"

As Ligand Pharmaceuticals (NASDAQ: LGND) shares continue to implode, heading towards new multi-year lows, Lemelson's Amvona Fund is gearing up to report results

There are a limited number of lines available. This call is expected to be oversubscribed.

As predicted by Fr. Emmanuel, Ligand’s shares continue to plummet following a catastrophic earnings report released on November 5, 2019. 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.

To read Fr. Emmanuel's recent opposition to The Securities and Exchange Commission's motion for protective order click here

Disclosure: LCM is currently short shares of LGND

To read the full Opposition to The Securities and Exchange Commission's motion for protective order click here or view on Scribd below.

For more background see Fr. Emmanuel's October 25, 2018 motion to dismiss and November 21, 2018, reply brief, click here and here  

The Commission’s case against Fr. Emmanuel is unprecedented... Ligand and its counsel’s role in this enforcement action—and the Commission’s reliance thereon—is troubling"

In reference to The SEC reliance on Ligand's demonstrably false assertions
Opposition to SEC's Motion for Protective Order, January 7, 2020

Opposition to The SEC's Motion for Protective Order by amvona on Scribd

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

Big Lots (NYSE: BIG) Soars Over 29% Post-Earnings

Between November 8 and 11, 2019, Lemelson Capital Management, on behalf of its investors in The Amvona Fund, LP initiated a long position in close-out retailer Big Lots.   Shares had been down more than 50 percent since late April 2019, with over 20 percent of the shares sold short as of the last reporting period.

In early trading today, shares of Big Lots soared over 29 percent after the company said it swung to a third-quarter net profit of $127 million, or $3.25 per share.  The company's CEO Bruce Thorn commented, "After a year of restructuring and transition in 2019, and despite the ongoing impact of tariffs, we expect to return to EBIT and EPS growth in 2020, including a significant improvement in normalized free cash flow."

As of publication, The Amvona Fund, LP is on track for a record performance in 2019. 

Palo Alto Networks (NASDAQ: PANW) Plummets, Geospace Technologies (NASDAQ: GEOS) CFO Heads For The Door

On November 8, 2019, Lemelson Capital Management, on behalf of its investors in The Amvona Fund, LP initiated a short position in shares of Palo Alto Networks. 

In early trading today, shares of Palo Alto Networks plummeted nearly 12 percent after the cybersecurity company gave an outlook for its current quarter that was below Wall Street estimates and provided a disappointing profit outlook. 

Separately on November 21, 2019, Geospace Technologies announced that the company's Vice President and Chief Financial Officer Tom McEntire would be "retiring" at a curiously young age. Lemelson Capital management previously called for Mr. McEntire's removal from the company. To read Rev. Fr. Emmanuel Lemelson's full letter to the board of directors of the company, click here.

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.^[1]  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 ^[2] of drugs in poor and developing countries.

"Exploiting the sick, the poor and the vulnerable, to enrich executives is unacceptable," said Lemelson.