Fr. Emmanuel Lemelson Comments on Jury Verdict
Jury Verdict Finds Fr. Emmanuel "Not Liable" For Key Allegations
Shelburne, Vermont, November 5, 2021 —The Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management, commented on the jury verdict which found the firm and its CIO "Not Liable" for The Securities and Exchange Commissions (SEC) allegations of a scheme to defraud, violations of the Investment Advisors Act of 1940 or commentary regarding Ligand Pharmaceuticals (NASDAQ: LGND) insolvency. However, the jury did find Fr. Lemelson liable for some of the remaining challenged statements, including two comments made about a different company, Viking Therapeutics (NASDAQ: VKTX), which Lemelson did not trade in.
Addressing the ruling, Lemelson commented;
"We would like to thank the jury for their service, and verdict of "Not Liable" for the key allegations contained in the complaint. After seven years, we chose to go to trial on these unprecedented charges," Lemelson said. "We intend to appeal the remaining adverse parts of the verdict," Lemelson added
A Boston federal jury on Friday absolved a Greek Orthodox priest of fraud claims in a U.S. Securities and Exchange Commission suit alleging he launched a short-and-distort scheme through his hedge fund. https://t.co/rpvBDj5O9d— Law360 (@Law360) November 5, 2021
The case is: SEC v. Lemelson et. al. [docket number 1:18-cv-11926]
About Lemelson Capital Management
Lemelson Capital Management, LLC is a private investment management firm focused on deep value and special situation investments. For more information, visit: https://www.lemelsoncapital.com or follow on Twitter @LemelsonCapital
About Rev. Fr. Emmanuel Lemelson
For further information, please contact:
Lemelson Capital Management, LLC
Investor and Media Relations
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)
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
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