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”.
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
The Ligand Reports:
- June 14, 2014 - Ligand Pharmaceuticals - Severe competitive threat to key royalty program and “going concern” risk drive 100 percent downside
- July 3, 2014 - Ligand Pharmaceuticals (NASDAQ: LGND): Appendix
- August 4, 2014 - Update: Lemelson Capital Further Increases Short Stake in Ligand Pharmaceuticals (NASDAQ: LGND) as LGND EPS Plunges 76 percent in Q2 2014
- August 14, 2014 - Lemelson Capital Says Ligand Pharmaceuticals’ (NASDAQ: LGND) $225M Debt Issuance Solidifies Company’s Insolvency, Substantially Raises Specter of Bankruptcy
- August 22, 2014 - Ligand Pharmaceuticals (NASDAQ: LGND): Institutional holders wasting no time dumping stock in response to mounting insolvency and bankruptcy risks
The Ligand Interviews:
- Rev. Emmanuel Lemelson of Lemelson Capital Management - #PreMarket Prep for June 19, 2014
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for August 13, 2014
- Rev Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for September 16, 2014
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for October 16, 2014
- Rev. Emmanuel Lemelson, Lemelson Capital Management - #PreMarket Prep for November 18, 2014
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for February 20, 2015
- Rev. Emmanuel Lemelson, Lemelson Capital Management CIO - #PreMarket Prep for March 24, 2015
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for April 27, 2015
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for June 5, 2015
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for August 12, 2015
- Listen to Fr. Emmanuel live discussing The Amvona Fund, LP and his recent letter to the US Senate
Letters to Congress Regarding Ligand:
- December 19, 2016 - Lantern Foundation Founder Urges Senate Committee to Commence Investigation into Ligand Pharmaceuticals
- July 13, 2018 - Rev. Fr. Emmanuel Lemelson Calls on Congress, Office of Inspector General to Investigate SEC Failures
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