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Fr. Emmanuel's Amvona Fund Posted Net Return Of 70.3% In 1st Half of 2019.
CIO Fr. Emmanuel Lemelson, joined by CFO John Zoraian, leads a discussion moderated by Lester Firstenberger at The Amvona Fund, LP 2019 Annual Meeting.
This extended highlight reel covers Lemelson's Christian philosophy of investment, activism, his battle with U.S. regulators over Ligand Pharmaceuticals (NASDAQ: LGND) and more.
Lemelson Capital Management Announces 1H, 2019 Financial Results for The Amvona Fund, LP
Short position in Ligand pharmaceuticals, long position in Geospace Technologies, contribute to 70.271 percent net return in 1H, 2019
Shelburne, Vermont, July 16, 2019, PR Newswire—Lemelson Capital Management, LLC (LCM), a private investment management firm, today announced performance results for its flagship Amvona Fund, LP. (The Fund). For 1H 2019, The Amvona Fund returned 70.27 percent net of all fees and expenses, beating by 51.73 percent the benchmark S&P 500 Total Return Index,2 which returned 18.54 percent during the same period.
The Fund’s short position in Ligand Pharmaceuticals (NASDAQ: LGND) and Long position in Geospace Technologies (NASDAQ: GEOS) contributed to the returns. During the period, The Fund continued to expand its investor base.3
“Our short position in Ligand and long position in Geospace Technologies are playing out as predicted, with the share price of Ligand continuing to crumble in the first half of 2019 and recently trading near a two-year low, while Geospace Technologies approaches a two-year high,” said Lemelson Capital’s Chief Investment Officer Fr. Emmanuel Lemelson.
Through various research reports and media interviews, LCM has made nearly 1000 factually accurate allegations concerning Ligand, including claims of business, accounting and securities fraud, most borne out by subsequent events to an extraordinary degree, including Lemelson’s public commentary in July 2018, that Ligand’s shares were set to “collapse.” Ligand’s stock, consistent with LCM’s analysis, has plummeted as much as 63 percent since late September 2018 and traded near a two-year low of $98.56 per share as recently as January 16, 2019.
“We believe Ligand is a zero, and after covering our highly successful short positions in the company in both 2014 and 2015, we intend to continue to ride the current profitable short position all the way down,” Lemelson added.
Separately, Lemelson today also announced new or expanded commitments in:
*Please read the full notice and disclaimer at the bottom of this page.
Listen to Fr. Emmanuel live on May 13, 2019, speaking to the crew of Benzinga TV about the US-China trade war and the following securities:
Watch the full interview below or click here.
Lemelson Capital Management... by on Scribd
*Please read the full notice and disclaimer at the bottom of this page.
Bed Bath and Beyond (NASDAQ: BBBY) rocketed over 28 percent higher today March 26, 2019, climbing over 54 percent since Fr. Emmanuel spoke live to the crew of Benzinga TV on December 28, 2018, about the company, saying:
Fig. 1: Bed Bath and Beyond stock Price Performance:December 28, 2018 - March 26, 2019"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... "
...the company faces it biggest existential threat in what is likely to be a momentous impairment of its largest royalty generating asset, Promacta,"
Fr. Emmanuel Lemelson, June 16, 2014 Research Report
Now on the left side of this chart, with Promacta... the inevitable patent termination, product comes off patent sales decline and they will go to zero"
John Higgins, Ligand Pharma CEO, March 5, 2019 Conference Call
Shares of Ligand Pharmaceuticals (NASDAQ: LGND) continued its downward spiral, plunging almost 13 percent in early trading today, March 6, 2019, falling as much as 63 percent since September 30, 2018 and hitting a 2-year low. Yesterday after market close the company reported it was disposing of its single-largest asset, the 25-year-old Promacta, stating in part:
We do not control the IP and some of the initial patents come off as early as 2021," (referring to the event as a 'patent cliff').
The company further stated:
When it [Promacta] does royalties are expected to quickly diminish significantly... when off patent, the following year the company estimated it could lose over $125 million of revenue,"
In June 2014, Lemelson Capital Management issued its first report pointing out competitive threats to Promacta, its limited future potential as well as the risks associated with Ligand's revenue streams. Since that time, Fr. Emmanuel has publish 4 additional research reports, issued 16 articles/press releases, posted 66 tweets, given 11 interviews, and written two letters to Congress, making nearly 1,000 distinct allegations, including accounting and securities fraud perpetrated by Ligand.
In January 2019 multiple law firms announced investigations into Ligand for possible violations of federal securities laws.
*Please read the full notice and disclaimer at the bottom of this page.
It's just unsustainable, completely unsustainable... you can not borrow money to increase a shareholder deficit... they're extracting wealth from their owners and they're doing it using leverage,”
Ligand is only one market correction away from collapse which will leave investors and employees defenseless."
...they [Geospace] have a highly diversified business now... the business is extremely sound... there's an enormous margin of safety... I think we're right, I think we'll be proven right and I think the return will be tremendous..."
Since making these comments, Geospace Technologies shares have risen nearly 54 percent (vs.12 percent for the S&P 500 Total Returns Index) and have recently hit a new 52-week high.
Fig. 2: Geospace Technologies stock Price Performance vs. The S&P 500 TRI:December 28, 2018 - February 21, 2019
*Please read the full notice and disclaimer at the bottom of this page.
Bed Bath and Beyond (NASDAQ: BBBY) has surged almost 49 percent since December 28, 2018, when Fr. Emmanuel spoke live to the crew of Benzinga TV about the company, saying:
"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 weeks since the interview, the stock has risen approximately 49 percent vs. 11 percent for the S&P 500 Total Returns Index:
Fig. 1: Bed Bath and Beyond stock Price Performance:December 28, 2018 - February 14, 2019
On November 26, 2018, Fr. Emmanuel Lemelson spoke at the Athens Conference on Faith and Finance, click below to watch highlights from the event.
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
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 nearing 2-year 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.
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.
1 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:
*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 PerformanceDecember 28, 2018 - January 09, 2019
*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.