Rev. Fr. Emmanuel Lemelson files Writ of Certiorari with US Supreme Court in Unprecedented 9-year SEC Fight

Rev. Father Emmanuel Lemelson and Lemelson Capital Mgmt., LLC v. Securities and Exchange Commission

Shelburn, VT (August 1, 2023) – Whistleblower and activist investor Rev. Fr. Emmanuel Lemelson (Lemelson) has filed for a writ of certiorari in Lemelson, et al. v. SEC, asking the U.S. Supreme Court to grant his petition in an unprecedented nine-year legal battle with the SEC over Ligand Pharmaceuticals (NASDAQ: LGND).

To access the full writ of certiorari, click here or see on Scribd below.

This follows a November 2021 federal jury trial that cleared Lemelson of all fraud charges that were alleged by the SEC in a baseless 2018 complaint.

“The Supreme Court must uphold its legacy of safeguarding First Amendment rights.”  Said Fr. Emmanuel Lemelson.  “The SEC’s concerted effort to use litigation to "silence" a whistleblower, fueled in part by inappropriate lobbying and prosecutors bent on ignoring the Constitution, is utterly shameful,” Lemelson added.

The 2021 federal jury specifically found that Fr. Lemelson did not “intentionally or recklessly engage in a scheme to defraud, or any act, practice, or course of business which operates or would operate as a fraud or deceit.” The jury also determined that he did not defraud his own investors, even under a lower negligence standard, and that his harshest statements about Ligand’s insolvency were not untrue.

Lemelson, in 2014, issued five critical reports and gave several interviews about Ligand, making hundreds of allegations, including business, accounting, and securities fraud against the company and filing five whistleblower reports. His criticism proved prescient as Ligand’s stock price subsequently fell precipitously.

Lemelson continued publicly criticizing Ligand and the SEC (for their inaction on what he called “The Ligand Fraud”) through 2018, including publishing two open letters to Congress.

For its part, Ligand quietly enlisted a former high-ranking SEC official and a sitting US Congressman (who was later criminally indicted) to “lean on” the SEC to investigate, using baseless allegations against Lemelson. In trial testimony, John Higgins, the former CEO of Ligand, acknowledged that the company's executives wanted Lemelson “silenced for good.”

Eventually, the SEC charged Lemelson with fraud in 2018. Although a jury rejected all of SEC’s fraud allegations, it found that one sentence and one sentence fragment, about a different company that he didn’t trade in, and embedded in his 56 pages of written reports and one two-second comment in an online interview were purportedly misleading.

The U.S. District Court for the District of Massachusetts then held Fr. Lemelson liable for violating the Securities Exchange Act of 1934 and SEC Rule 10b-5. It fined Fr. Lemelson $160,000 and barred him from making similar statements for five years.


About Lemelson Capital Mangement, LLC and Fr. Emmanuel Lemelson

Fr. Emmanuel Lemelson is a Greek-Orthodox Priest, whistleblower, activist investor, and CIO of Lemelson Capital Management, LLC, 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

Media and Public Relations Contact

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


Rev. Fr. Emmanuel Lemelson ... by amvona

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 investigate these alleged abuses and 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

The Ligand Reports:

The Ligand Interviews:

Letters to Congress Regarding Ligand:


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.

Amvona News

Amvona publishes critical articles and interviews at the intersection of Faith, Finance and Economics.

Hesitate To
Contact Us


145 Pine Haven Shores Road
Suite 2293
Shelburne, VT 05482

Feel free to email us. We would be happy to answer any questions you might have.

Copyright © 2021 Amvona