Fr. Emmanuel Lemelson Comments on US Supreme Court Decision

 Lemelson Capital Chief Comments on Unprecedented 9-year SEC Fight over Ligand Pharmaceuticals (NASDAQ: LGND) 

Jerricho, New York, December 12, 2023 — Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management, today commented on a Supreme Court decision declining to hear his writ of Certiorari related to a November 2021 mixed jury verdict, which found the firm and Fr. Emmanuel Not Liable1  for the SEC’s bogus charges alleging he engaged in a “manipulative scheme” to defraud investors, made false statements about Ligand Pharmaceuticals (NASDAQ: LGND) insolvency and defrauded his investors under the Investment Advisors Act, including under a lower negligence standard.

The 2021 verdict absolved Lemelson of fraud charges related to hundreds of allegations, including business, accounting, and securities fraud, he made against Ligand in 56 pages of reports, two open letters to Congress, and eleven interviews that focused on Ligand practices that enabled drug price abuses and put patients at risk.   However, the jury did find Lemelson liable for two alleged misstatements about a different company, Viking Therapeutics, a pre-operational start-up at the time that Lemelson never traded in, as well as a third statement related to a Ligand indication called “Promacta,” not contained in any of his written reports.   Lemelson stands by the statements.

"The SEC enables their handlers in Big Pharma to prey on the sick and the dying.  This case was infected with prosecutorial misconduct from the outset.  Again and again, they were caught making false representations and presenting false evidence in a ‘win-at-all-costs’ strategy aimed at "silencing" a whistleblower and enabling a massive, multi-year stock fraud at Ligand that cost investors billions," said Lemelson. “Their conduct needlessly burned through millions in taxpayer dollars," Lemelson concluded. 

Read the petition to the US Supreme Court here

On December 7, 2023, the Biden Administration announced it would set a new policy allowing it to seize patents for medicines developed with government funding if it believes their prices are too high.  By 2022, the cost of thirty 75 mg tablets of Promacta had risen to $19,118.    

Following the 2021 trial, the SEC sought $2,300,000 in penalties and disgorgement but was awarded the statutory minimum of just $160,000.  

After Lemelson’s 2014 reports, at least six short reports were published by other entities, making substantially similar claims to the Lemelson reports; Ligand subsequently withdrew its financial statements and audit and faced multiple class-action and investor lawsuits.  After the SEC filed its trumped-up charges, Ligand became the most shorted stock on public markets, eventually losing as much as 80 percent of its market capitalization and destroying billions in shareholder value.   

About Lemelson Capital Management

Lemelson Capital Management, LLC (LCM) is a private investment management firm focused on deep value and special situation investments.  During the 2021 prosecution of Fr. Emmanuel, the lead SEC prosecutor called Fr. Emmanuel “a top hedge fund manager with top results in the world” and stated, “Apparently, those results are based on lies… that’s the key part of this scheme.” A Federal jury rejected the SEC’s bogus claim he engaged in any scheme based on lies.  And Fr. Emmanuel’s extraordinary performance has not been challenged since.  In the first eleven months of 2023, Lemelson Capital, which is closed to new investors, returned over 367 percent (net).

For more information, visit: or follow on X @LemelsonCapital 

About Rev. Fr. Emmanuel Lemelson:

Rev. Fr. Emmanuel Lemelson is the Chief Investment Officer of Lemelson Capital Management, LLC; follow his work at or on X @Lemelson 

For further information, please contact:

Lemelson Capital Management, LLC 
Investor and Media Relations 
Telephone: 516-261-1146


1Notwithstanding the clear verdict, the SEC published a knowingly false press release following the trial, claiming it had prevailed on its headlines claims of a “manipulative short scheme.”

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