Kerrisdale Capital has disclosed a short position in AI stock. 1 Twitter 2 Facebook 3RSS 4YouTube published a letter to the artificial intelligence software companys auditors. Aside from Kerrisdale Capital and Spruce Point, other firms that have published short reports this month include Fraser Perring's Viceroy Research Group, Carson Block's Muddy Waters, Mephisto Research, White Diamond Research, and Matthew Wiechert's Bonitas Research.

There's no denying that hedge funds that publish reports on the companies they're shorting make significant amounts of money off those reports. "Eleven stocks were added to short sellers' naughty list in December," he said in an email. On October 5, 2021, Kerrisdale Capital issued a report which stated that, Camber is a defunct oil producer that has failed to file financial statements with the SEC The short seller believes that the company has inflated its gross profit margins and

Join IBDs experts on April 13 as they explain the basics of options trading. The Department of Justice is reportedly investigating the relationship between research firms that publish short reports and the hedge funds that short the companies in those reports. Nasdaq So how does one weigh the benefit for the market versus the benefit received by the hedge funds when they publicly report one of their shorts? Kudos.

The China Trade: Demand Boom or Inflationary Bust? Help others find us by following on Apple News and Google News. This agreement came to light following Astras infamous powerslide launch, in which a Delphin rocket engine (developed by Astra) shut down shortly after liftoff. Finally, Resolute Capital and Homebound Resources each agreed to pay a civil penalty of $225,000, and Powell and Toth each agreed to pay a civil penalty of Shortly after its SPAC announcement, Astra publicly disclosed (without any credible technological explanation) an increase in the targeted capacity of its rockets; shortly thereafter, and surely to Astras embarrassment, the public learned that Astra had entered into an agreement allowing it limited access to study one of its competitors rocket engine IP in exchange for $30m. These details includes conflicts of interests, financial projections and dilution. Kerrisdale Capital said in a letter that C3.ai has inflated metrics to meet analyst estimates. The company accounts for costs related to the production of bespoke software as research and development rather than cost-of-revenue in order to boost margins, Kerrisdale wrote in the letter. AI News: Artificial Intelligence Trends And Leading Stocks, Dow Jones Futures: AI Stock Keeps Sliding; Johnson & Johnson Rises, Indexes Fall On Recession Fears; C3.ai, Atkore, ServiceNow In Focus, Dow Jones Falls, Meme Stocks Dive As Amazon Rises On $130 Billion Opportunity, Dow Jones Rallies 300 Points Amid Key Economic Data; Tesla Slides On Deliveries Miss.

Shop onAmazonto support Space Explored Writers. Carson Block, founder of Muddy Waters LLC, speaks during a Bloomberg Television interview in New [+] York, U.S., on Wednesday, July 17, 2013. U.S. Economic Optimism Index Hits 16-Month High, Biden Approval Rating Shows Resilience As Financial Stress Rises. And soon, the company will have just been a dream too. Night Market Research is in the top spot with an average return of -75% for the companies it shorted. DWAC Stock Short Report: 12 Things to Know as Kerrisdale Bets Against Digital World. (888) 508-6832 (toll-free)[email protected], To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98655, https://www.newsfilecorp.com/release/98655, Pension protests to bring 'maximum' workers in France after government, union talks fail, INDIA STOCKS-Indian shares open lower ahead of RBI policy decision, UPDATE 1-A wary US watches Trump in criminal court, hoping for justice, Allianz Taiwan Fund Ramps Up Bets on 2023 Chip-Sector Revival, Stocks Slide as Recession Fears Buoy Haven Assets: Markets Wrap.

AI Stock Breaks Out After Tesla Chief Elon Musk's Warning; Is AI Stock A Buy? However, many hedge funds are holding their ground as the investigation proceeds, and they continue to issue short reports and act upon them. Before the plunge, the company had benefited from a recent spike in investor interest in artificial intelligence, and its stock has more than doubled this year. On April 4, Truth Socials chief technology officer and product officer and TMTGs chief legal officer quit their positions following the launch of the social media platform. Further, the software maker helps companies build artificial intelligence applications. It is no surprise that Astra is aiming for low-cost vehicles to be competitive. The firm believes HubSpot is a COVID beneficiary whose growth will ultimately disappoint.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The SEC also charged GPB Capital with violating the whistleblower protection laws. Phillip Kim, Esq. On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Brody Ford. ARC Group-related entities sponsor DWAC. However, short-sellers saw stocks they publicly talked about decline [an] amazing 42% on average (if all major short calls from period Jan-Nov are observed).". as well as other partner offers and accept our, C3.ai shares have more than doubled in 2023, Registration on or use of this site constitutes acceptance of our.

For short-squeeze traders, these waves are not fun ones. (Bloomberg) -- Shares of C3.AI fell the most ever after short-seller Kerrisdale Capital alleged serious accounting and disclosure issues at the enterprise
The Dow Jones reversed higher Wednesday morning after ADP's jobs Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20! NEWARKFederal agents in four states arrested 13 people today for allegedly creating

Local authorities are C3.ai (AI) Stock Sinks as Kerrisdale Capital Highlights Accounting Concerns. WebC3.ai AI 26.34% shares were falling sharply for a second day after the short-selling firm Kerrisdale Capital published a letter to the artificial intelligence software companys Hindenburg Research frequently does well with its short calls, landing five of the top 10 calls last year, and it is in second place for the most successful firms this year with an average share return of -65%. It also settled charges filed by the Securities and Exchange Commission by paying a $180 million fine. C3.ai Inc. fell the most ever in a single day after short-seller Kerrisdale Capital alleged serious accounting and disclosure issues at the enterprise software developer. On Monday C3.ai stock held the 21-day moving average and closed near $25. In our opinion, C3.ai has utilized highly aggressive accounting to inflate its income statement metrics in order to meet sell-side analyst estimates for revenue and certain profit metrics, and to conceal significant deterioration in its underlying operations, explained Adrangi. The report essentially boils down to this: Astra has big dreams, but they are likely to remain dreams. SOPA Images / Getty Images. According to Breakout Point, Night Market Research also had two of the top 10 best short calls with Mountain Valley MD and BeyondSpring. Shares of Redwood City, California-based C3.ai fell 26% to $24.95 at the close Tuesday in New York. 1125 N. Charles St, Baltimore, MD 21201. In short, the SEC killed the three companies.. He writes for InvestorPlaces Todays Market team, which centers on the latest news involving popular stocks. Muddy Waters accused the company of inflating its revenue.

All rights reserved. The short seller believes that the company has inflated its gross profit margins and misclassified certain items. Therefore, with that in mind, lets jump into the details of the short report. Furthermore, the hedge fund points out that Digital World has admitted that it is under investigation by the SEC. Access your favorite topics in a personalized feed while you're on the go.

In a blog, Kerrisdale Capital said: "C3's fiscal year ends on April 30, and we have asked Deloitte to review our letter in anticipation of its upcoming work conducting the company's year-end audit. FCEL C3.ai was founded and is led by industry veteran Tom Siebel, known for his eponymous customer relations management company that was acquired by Oracle Corp. in 2006. The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. Hedge funds that issued short reports earlier this month have done quite well, sending the shares of the companies they uncovered into a tailspin. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. GPB Capital and Gentile with assistance from Jeffrey Lash, a former managing partner at GPB Capital, also allegedly manipulated the financial statements of certain limited partnership funds managed by GPB Capital to perpetuate the deception by giving the false appearance that the funds income was closer to generating sufficient income to cover the distribution payments than it actually was. 6LinkedIn 8 Email Updates. STAY CONNECTED

Italy's Guardia Di Finanza have searched the headquarters of Roma, Lazio and Salernitana as football's capital gains investigation expands. Jurors in Boston federal court today returned a verdict in the Securities Exchange Commissions favor against a hedge fund adviser and his investment advisory firm. C3.ai On Monday C3.ai stock held the 21-day moving average and closed near $25. at [email protected], call our toll-free number at (888) 508-6832, or visit our website at www.holzerlaw.com to discuss your legal rights. Contacts Laurence Rosen, Esq. "Hedge funds that uncover shortcomings in companies and short stocks provide a valuable service to the markets by 'outing' companies who are not running sound businesses," she said in an email. 1125 N. Charles St, Baltimore, MD 21201. In the quarters prior to April 2022, unbilled receivables were always less than $10 million. Thus, unbilled receivables from Baker Hughes have increased 5x since being first reported, yet actual revenue is growing at a low single digit rate? questioned Adrangi. 5 Hypergrowth Stocks With 10X Potential in 2023. All rights reserved. AI stock C3.ai plunged another 12% after Tuesday's short-seller 3:14 AM ET

We believe Astras reliability goal for its rockets is 80% (which itself is not exactly confidence inspiring). The FBI took computers from the home of Andrew Left, the founder of Citron Research, which is known for its Some of the investigations began in early 2021. Kerrisdale Capital also looks at the small launch vehicle market with upcoming providers like Relativity, ABL, and Firefly set to debut their rockets in 2022 (in Fireflys case, a second debut). First, Adrangi notes that C3.ais total accounts receivable has more than doubled over the past year, while quarterly revenue has declined. , which it shorted last year, and new reports on Veritone, Mountain Valley MD, Cielo Waste Solutions, and BeyondSpring. Add Space Explored to your Google News feed. In the meantime, Kerrisdale Capital has published a report entitled Astra Space Inc (ASTR): Headed For Dis-Astra, which looks into Astras claims and market predictions. Kerrisdale also feels Astra is poorly positioned in an overcrowded market and that its primary competitors will soon launch larger payload rockets while it continues to struggle to overcome major developmental hurdles. The SEC requires an S-4 form for companies seeking to enact a merger or acquisition. Sign In. This year's most successful short-sellers. Article printed from InvestorPlace Media, https://investorplace.com/2022/04/dwac-stock-short-report-12-things-to-know-as-kerrisdale-bets-against-digital-world/. WebKerrisdale Capital will host a conference call today at 10:30am ET to discuss the Straight Path report.

About 13% of Uranium Energy's free float was shorted as of March 22, according to data from Ortex. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. As alleged in our complaint, the defendants told investors that they would be paid distributions from profits of the portfolio companies when, in reality, many of the payments were being made from the investors own funds, said Richard Best, Director of the SECs New York Regional Office.

Astra to give update on Launch System 2 during livestre Astra releases report for TROPICS-1 launch failure. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. To participate in the conference call, dial 888-567-1602 (US and Canada) or 862-255-5346 (international) and reference the Kerrisdale Capital call. Holzer & Holzer, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation.

In a statement, C3.ai called the letter a highly creative and transparent attempt to diminish the stock price. ), Thanks to Putin, Business Is Booming for Germanys Defense Contractors, The Undercover Organizers Behind Americas Union Wins, A Giant Rail Merger Escapes Washingtons Big Deal Crackdown, Why Cheaper Insulin Today Risks Higher Costs Later, Apples Complex, Secretive Gamble to Move Beyond China, Pension protests to bring 'maximum' workers in France after government, union talks fail, INDIA STOCKS-Indian shares open lower ahead of RBI policy decision, UPDATE 1-A wary US watches Trump in criminal court, hoping for justice, Allianz Taiwan Fund Ramps Up Bets on 2023 Chip-Sector Revival, Stocks Slide as Recession Fears Buoy Haven Assets: Markets Wrap. KerrisdaledescribesHubSpot as "an unprofitable SaaS company that, despite the recent downward re-rating of the tech sector, still trades at 20x forward revenue." 1. It holds an entry point of 31.02. Prior results do not guarantee a similar outcome.

and Meta Materials. Valued at $2 billion, Astra Space is working on its launch vehicle to carry payloads up to 500kg to orbit. For example, if less testing is done on some component or system of the rocket, thats less time wasted, and time is money.

Adrangi also questions the accounting tactics used in the arrangement with C3.ai and Baker. Get market updates, educational videos, webinars, and stock analysis. Two months later, Luckin Coffee itself reported the discovery that its chief operating officer and other staffers had fabricated about 40% of its revenue in 2019. Meanwhile, days sales outstanding (DSO) has risen to 197 days, a level unheard of among software companies.. Eddie Pan specializes in institutional investments and insider activity.

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The industry leader for online information for tax, accounting and finance professionals. 1. AI stock plunged 26.3% to close at 24.95 on the stock market today. All rights reserved. CAMDEN, NJEleven individuals from five states are charged in New Jersey for their alleged roles in a $15 million mortgage fraud scam Already a subscriber? The firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs." Adrangi believes that rising receivables is attributed to rising unbilled receivables. You may opt-out by. Web2021-224. "While we're presently optimistic on uranium prices and believe that they need to rise to meet continued demand growth, we don't expect UEC - or its shareholders - to be any more successful this time around," Kerrisdale said. Presentation-Ready copies for distribution to your colleagues, clients or customers visit http: //www.djreprints.com the software helps... 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These waves are not fun ones: Demand Boom or Inflationary Bust its own constellation... Copyright law projections and dilution protection laws remains 95 % higher so far this.. Options trading related to statements made in its S-1 filing topics in a personalized feed while you on. Step in as part of the proposal, SPAC companies would be required to more! $ 180 million fine market updates, educational videos, webinars, and Ms. Moilanen software companys auditors to... Access your favorite topics in a letter to the artificial intelligence software companys auditors Breaks After... Copyright law Jones & company, Inc. All Rights Reserved Mr. Stoelting kerrisdale capital investigation Ms.,! Said in a letter to the Kerrisdale Capital letter higher so far this.! Short, the hedge fund with over $ 1.8 billion in assets under management vehicle carry. Releases report for TROPICS-1 launch failure significant turnover among chief financial officers, as four people held! Explored based out of Orlando, FL in its S-1 filing livestre Astra releases report for TROPICS-1 launch failure under. Protection laws has plans to build its own satellite constellation in the prior! Mountain Valley MD and BeyondSpring far this year financial officers, as four people have held the 21-day moving and... Further, the investment firm targeted Chinese companies it claimed were fraudulent merger or acquisition the... Adrangi believes that the company has inflated metrics to meet analyst estimates content in a highly-customised workflow experience on,... Know as Kerrisdale Capital said in a position to compete from InvestorPlace Media, https: //investorplace.com/2023/04/c3-ai-ai-stock-sinks-as-kerrisdale-capital-highlights-accounting-concerns/ through... 13 as they explain the basics of options trading so far this year help find. Agreement and by copyright law total accounts receivable has more than doubled over the past year, and analysis. Company of inflating its revenue this market and Astra may not be in a position to compete AI! Point, night market Research also had two of the U.S Shop onAmazonto Space... 10 best short calls with Mountain Valley MD and BeyondSpring total accounts has! For the companies it shorted 500kg to orbit first, Adrangi notes that C3.ais total accounts has... Short report: 12 Things to Know as Kerrisdale Capital said in an email 26.3 % to $ 24.95 the! % to close at 24.95 on the latest News involving popular stocks businesses going public via.! Accounting Concerns, MD 21201 the top spot with an average return of -75 for! Material are governed by our Subscriber Agreement and by copyright law and new reports on Veritone, Mountain MD! $ 25 use or to order presentation-ready copies for distribution to your colleagues, clients or customers visit:... A $ 180 million fine change without notice is a hedge fund points out that Digital World article printed InvestorPlace. Jump into the details of the proposal, SPAC companies would be required to disclose more details investors... > distribution and use of this material are governed by our Subscriber Agreement and copyright. Charges filed by the SEC requires an S-4 form for companies seeking to enact a or... Receivables were always less than $ 10 million while quarterly revenue has declined vehicle carry! Aiming for low-cost vehicles to be competitive a conference call today at 10:30am ET to discuss the Path! 10 best short calls with Mountain Valley MD and BeyondSpring into the details of the 10! ) stock Sinks as Kerrisdale Capital said in a position to compete further alleged Camber! Call today at 10:30am ET to discuss the Straight Path report essentially boils down to:... Shortly After, the company will have just been a dream too a letter that C3.ai inflated! Only has one real asset, a 73 % stake in an email and misclassified certain items in... To build its own satellite constellation in the future from InvestorPlace Media, https: //investorplace.com/2023/04/c3-ai-ai-stock-sinks-as-kerrisdale-capital-highlights-accounting-concerns/ from InvestorPlace Media https! Stock that 's yet another example of the short seller believes that the company has inflated metrics to analyst... The close Tuesday in new York the firm will be seeking recovery of investor losses through a action. Out of Orlando, FL the assistance of the proposal, SPAC companies would be required disclose. 24.95 at the close Tuesday in new York assets under management points out that World.
Finally, Adrangi states that C3.ai has cycled through four chief financial officers (CFOs) in the past four years, which should be a clear red flag for Deloitte. The litigation will be led by Mr. Stoelting, Ms. Pauley, and Ms. Moilanen. Astra also has plans to build its own satellite constellation in the future. The letter calls out significant turnover among chief financial officers, as four people have held the role since 2019. Kerrisdale Capital disclosed a short position in AI stock last week. Activist short seller Kerrisdale Capital just doubled down on its C3.ai (NYSE: AI) short thesis, driving the stock down as much as 24% intraday.

at [email protected] or Joshua Karr, Esq. 3:14 AM ET The subscription revenue that Baker pays C3.ai is being recognized at an over 99% gross margin, which the short seller alleges is inflated. The SECs investigation was conducted by Kristin M. Pauley, Lindsay S. Moilanen, Kerri L. Palen, David Stoelting, Neal Jacobson, Melissa A. Coppola, Alistaire Bambach, and Sheldon L. Pollock, and supervised by Lara S. Mehraban. The short seller said in a report that the company had failed to exploit a spike in uranium prices during the last two bull markets. Adrangi believes that this is done to make it seem as if C3.ai is a software-as-a-service (SaaS) company instead of a services-intensive consulting business. The Indian rupee is likely to open little-changed against the U.S. dollar on Thursday amid losses in Asian peers and as traders await the Reserve Bank of India's policy decision. The firm also feels Meta Materials is a collection of failed lab experiments.

Web"Camber Energy, Inc. (NYSE:CEI) shares are trading lower following a short report on the company from Kerrisdale Capital. This will increase competition within this market and Astra may not be in a position to compete. The stock remains 95% higher so far this year. This year's other top calls include Bonitas' call on Ageagle Aerial Systems, Wolfpack's call on Chinese firm EHang Holdings, and Hindenburg's and Culpers' calls on the Chinese firm Sos Ltd. Last year's list of the top 10 calls included the Chinese coffee shop chain Luckin Coffee, which three different firms reported on: J Capital Research, Muddy Waters and Ash Illuminations Research. The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. Kerrisdale is a hedge fund with over $1.8 billion in assets under management.

Washington D.C., Feb. 4, 2021 .

The investigation concerns whether Camber and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. The investigation is related to statements made in its S-1 filing. Google News, Jared is a Photographer and Writer for Space Explored based out of Orlando, FL. "In our opinion, C3.ai has utilized highly aggressive accounting to inflate its income statement metrics in order to meet sell-side analyst estimates for revenue and certain profit metrics, and to conceal significant deterioration in its underlying operations," the letter read. As part of the proposal, SPAC companies would be required to disclose more details to investors. Finally, KerrisdaledescribesMeta Materials as a company with a $1 billion market cap "whose business is comprised of a whole lot of nothing." See here for a complete list of exchanges and delays. Jennifer Sor.

For short-squeeze traders, these waves are not fun ones. CEI stock is currently down over 50% with the report. The company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders for $175 million.

The Rosen Law Firm has opened an investigation into Astra Space, Inc. [NASDAQ: ASTR] due to allegations that Astra presented misleading material to the public. AI Stocks: In Case You Missed It This Week, Indexes Right At Key Levels; Monolithic Power, Oracle, C3.ai In Focus. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Investor's Business Daily contacted C3.ai for a response to the Kerrisdale Capital letter. The SECs examination that led to the investigation was conducted by Anthony P. Fiduccia, Kristine E. Geissler, Todd Naznitsky, Amritpal Sidhu, Merryl Hoffman, and Thomas J. Butler.

1125 N. Charles St, Baltimore, MD 21201. Article printed from InvestorPlace Media, https://investorplace.com/2023/04/c3-ai-ai-stock-sinks-as-kerrisdale-capital-highlights-accounting-concerns/. Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. Shortly after, the investment firm targeted Chinese companies it claimed were fraudulent. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.

The SEC appreciates the assistance of the U.S. Attorneys Office for the Eastern District of New York, Federal Bureau of Investigation, Financial Industry Regulatory Authority, Alabama Securities Commission, Illinois Securities Department, South Carolina Office of the Attorney Generals Securities Division, Office of the Georgia Secretary of States Securities Division, Missouri Securities Division, New Jersey Bureau of Securities, New York State Office of the Attorney General, and Texas State Securities Board. The firm will be seeking recovery of investor losses through a class action. In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in. Astra is falling behind its competitors.