Lemelson Discounts SEC Charges Regarding Its Alleged Short Ligand

Lemelson Discounts SEC Charges Regarding Its Alleged Short Ligand

Activist investor Third Point Partners and soup company Campbell have reached a settlement agreement ahead of the company’s annual meeting this week. As part of the potential settlement, Third Point will be granted two board seats as well as have a say on a third director and Campbell’s next CEO, who is expected to be identified by the end of the year. The activist will also be granted two meetings with the board and two meetings with the CEO of Campbell within the next year. The addition of Third Point’s candidates will expand the board size from 12 members to 14, as opposed to replacing two incumbent directors.

It was also reported last week that a handful of parties are interested in potentially acquiring Campbell’s cookie brands, Arnott’s Biscuits and Kelsen Group. Among the bidders are Mondelez International, Pacific Equity Partners, and Kraft Heinz. No final decisions have been made, however, and the suitors may not even submit bids.

Carlson Capital’s Double Black Diamond Fund Posts 3.3% Return In August

Eurekahedge Hedge Fund Index invest Value InvestingCarlson Capital's Double Black Diamond Fund posted a return of 3.3% net of fees in August, according to a copy of the fund's letter, which ValueWalk has been able to review. Q3 2021 hedge fund letters, conferences and more Following this performance, for the year to the end of August, the fund has produced a Read More

Get Our Activist Investing Case Study!

Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below!

Q3 hedge fund letters, conference, scoops etc

What we'll be watching for this week

  • Will Lev Mizikovsky succeed in his fight for two board seats at receivables manager Collection House on Thursday?
  • How will Myer Holdings shareholders vote on Solomon Lew’s complete board replacement at the company’s annual meeting Friday?
  • Will Elliott Management-backed ASG Technologies up its bid for Mitek Systems?

Activist shorts update

Short seller Emmanuel Lemelson filed a brief last week, discounting the U.S. Securities and Exchange Commission’s (SEC) charges against his firm, Lemelson Capital Management, regarding its alleged short and distort campaign at Ligand Pharmaceuticals. The shamed investor argued that the accusations were irrelevant to the law the SEC is trying to enforce and that his position in Ligand was “radically different” to those challenged previously by the federal agency.

The investor also explained that all opinions and views on Ligand were his own and that he genuinely believed the company to be overvalued and misleading in its disclosure statements. Lemelson argued that all the SEC theories failed because they were based on an interpretation of a ruling that has not been used before. He also claimed that he did not manipulate the stock.

Also, Kase Learning announced that it will be hosting its second short selling conference on December 3 - it is the only idea-led conference to focus exclusively on shorts. They have kindly increased the discount they are offering Activist Insight readers to 40% using the discount code ACTIVIST40. This offer is good for both in-person and livestream registrations on the ticketing site.

To arrange an online demonstration of Activist Insight Shorts, email us or view our product brochure to find out more.

Chart of the week

The number of global companies publicly subjected to an activist takeover bid between January 1 and November 23 in respective years.

Chart of the week

Updated on

Previous article Investors Call On Duke Energy To Mitigate Coal Ash Risks
Next article Apple’s Opens Registration For Free Coding Sessions For All
Financial news and data providers Activist Insight and Proxy Insight announced in October 2020 that they had merged to form Insightia, a leader in the field of public company information. Activist Insight was formed in 2012 and offers an extensive range of products including Activist Insight Online, Activist Insight Governance, Activist Insight Vulnerability, Activist Insight Shorts, Activist Insight Monthly magazine, and The Activist Insight Podcast. Proxy Insight has quickly become the world’s leading source of information on global shareholder voting, covering such hot topics as director and auditor elections, “say on pay” resolutions and environmental, social, and governance (ESG) proposals.

No posts to display