SHELBURNE, Vt., July 30, 2019 /PRNewswire/ -- Lemelson Capital Management (LCM), a private investment management firm, today announced that it had increased its short position in Ligand Pharmaceuticals (NASDAQ: LGND). The firm today also called on the US Attorney's office for the Southern District of California to investigate Ligand for alleged criminal violations of federal securities laws amidst what LCM has called SEC failures.
LCM's 2014-2018 research and commentary charted the alleged fraud. As of today, Ligand's shares continue to plummet,1 contributing to a drop in the share price of as much as 65 percent since late September 2018, and destroying billions of dollars in shareholder value, even as markets recently achieved record highs.
To read Lemelson's prior research reports and commentary on Ligand click here
"Sadly, investors have been ruined by Ligand's alleged scheme while the SEC has ignored the red flags and botched opportunities for a proper investigation of the company," said Lemelson Capital's Chief Investment Officer Fr. Emmanuel Lemelson.
Disclosure: LCM is currently short shares of LGND for its clients and has been charged by the SEC in connection with its prior commentary on Ligand. LCM has denied all charges and is actively defending the matter.
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: http://www.lemelsoncapital.com or follow on Twitter @LemelsonCapital
About Rev. Fr. Emmanuel Lemelson:
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1 Shares fell about 12 percent today following the company's earnings release.
SOURCE Lemelson Capital Management, LLC