Lemelson Capital: Ligand Pharmaceuticals (LGND) Shares Plunge 52%

Ligand Pharmaceuticals

Emmanuel Lemelson of Lemelson Capital who has been accused by the SEC of wrongdoings is not backing down – see his latest email to investors below focusing on LGND

Shares of Ligand Pharmaceuticals (LGND) continued to plunge today, December 17, 2018, falling as much as ~52 percent since September 30, 2018.

Fr. Emmanuel Lemelson has published five research reports, issued 16 articles/press releases, posted 66 tweets, gave 13 interviews, and wrote two letters to Congress, making nearly 1,000 distinct allegations of accounting and securities fraud perpetrated by the company.


Q3 hedge fund letters, conference, scoops etc

On July 17, 2018 Rev. Fr. Emmanuel published an open letter to Congress alleging a multi-year accounting and securities fraud at Ligand Pharmaceuticals the company has since been sued for $3.8 billion by investors, who accused the biotech company of unfairly changing the terms of a bond agreement.

According to the complaint, Ligand unfairly modified the agreement and never filed the required amendment with the U.S. Securities and Exchange Commission (SEC) to deny investors more than $3.8 billion in payouts. If the investors prevail the company could be forced into bankruptcy.

On August 14, 2014 Lemelson Capital Management, LLC published a report outlining the risk of the bond offering, questioned the representations made by the company, and pointing out that the offering may eventually lead to solvency risks.

Lemelson’s July 17, 2018 letter to Congress alleging fraud at the company, is available online here.

His December 2016 letter to the U.S. Senate Special Committee on Aging, alleging fraud at the company, is available online here.

To read Fr. Emmanuel’s original 2014 reports on Ligand Pharmaceuticals, click here and here

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About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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