Despite being a tedious and time consuming task and even if you feel you’ve done all your homework, the pick could still go bad. In this article we’ll show you some harbingers of a turnaround situation in Obsidian Energy that will help you isolate the flower from the weeds.
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Pershing Square’s Bill Ackman speaks with CNBC’s Scott Wapner about whether shopping malls will still exist in the next few years and his outlook on the retail sector.
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Continue readingThe battle for Herbalife (HLF) is heating up once again. QTR Research most recently outlined its short thesis on Herbalife’s stock ahead of a documentary’s release, a movie about Pershing Square Capital manager Bill Ackman’s $1 billion short bet on Herbalife and his drive to expose the company as a pyramid scheme. It looks like the Titanic found its iceberg.
Continue readingMost people would prefer to avoid reading never ending documents whenever they can, but lengthy 8-K SEC filings are a necessity for the serious investor. We shed light into this topic and show examples on how you can speed up your research significantly.
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Through the years I’ve accumulated a short list of quotes that express a personal view of what makes people happy. You, I’m sure, have your own candidates, but most of them probably resemble some of the ones listed above: Stay busy doing something you enjoy; be mindful of other people and the world in, around, and above you; don’t let your reach exceed your grasp; find someone to share your happiness with. My favorite of all of these is the one above by Donovan – that somewhat kooky “love generation” folk singer of the late 1960s. “Happiness runs in a circular motion…happiness runs, happiness runs.” There may be more to this refrain, however, than appears at first glance, the entirety of which I’ve tried to encapsulate artistically in my open-ended smiley face that wasn’t ever-popular when Donovan crooned the tune. For years I thought that the gist of Donovan’s phrase was the obvious – the “pay it forward” allusion that suggests what goes around, comes around – and it undoubtedly is. But there are hidden nuances, at least to me. The “running in a circular motion” also connotes a self-contained, inward-looking, self-satisfaction that equates happiness to being content with yourself as a person. And the last phrase – “happiness runs, happiness runs” may speak to the Buddhist philosophy of impermanence and the priority of the moment. Donovan might not rank up there with Kant and Spinoza, but his little song packs a powerful message. Rock on, flower child, wherever you are.
And while happiness may run in a circular motion, it seems history may too – or at least it may rhyme, as Mark Twain once said. Pictured below are two of my notes written not recently, but in 2003. They are as relevant today as they were then. “Financial repression” runs… in a circular motion, it seems. In 2003, though, central bankers had rarely contemplated the monetary policy instruments that could lower and then artificially cap interest rates. Although my notes correctly allude to “all means including ‘ceilings’ ” to keep the cost of financing low, the expansion of central bank balance sheets from perhaps $2 trillion in 2003 to a now gargantuan $12 trillion at the end of 2016 is remarkable. Not only did central banks buy $10 trillion of bonds, but they lowered policy rates to near 0% and in some cases, negative yields. All of this took place to save our “finance-based economy” and to raise asset prices upon which that model depends. As any investor would admit, these now ongoing policy panaceas have done just that – promoted higher asset prices and engendered a modicum of real growth. In the process however, as I have frequently written, capitalism has been distorted: savings/investment has been discouraged by yields/returns too low to replicate historic productivity gains; zombie corporations have been kept alive in contrast to Schumpeter’s “creative destruction”; debt has continued to rise relative to GDP; the financial system has not been cleansed and restored to a balance where risk and reward are on a level plane; disequilibrium has replaced equilibrium, although it is difficult to recognize this economic phantom as long as volatility is contained.
Filing Name |
Filing Date |
District Court |
Exchange |
Ticker |
|---|---|---|---|---|
| Under Armour, Inc. | 02/10/2017 | D.Maryland | NYSE | UA |
| FXCM Inc. | 02/07/2017 | S.D. New York | NASDAQ | FXCM |
| Kitov Pharmaceuticals Holdings Ltd.:ADR | 02/07/2017 | S.D. New York | NASDAQ | KTOV |
| Psychemedics Corporation | 02/03/2017 | D. Massachusetts | NASDAQ | PMD |
| Stemline Therapeutics, Inc. | 02/03/2017 | S.D. New York | NASDAQ | STML |
| DaVita Inc. | 02/01/2017 | D. Colorado | NYSE | DVA |
| Neustar Inc. | 02/01/2017 | D. Delaware | NYSE | NSR |
| Roadrunner Transportation Systems Inc. | 02/01/2017 | E.D. Wisconsin | NYSE | RRTS |
Case Status: ONGOING
On or around 02/10/2017 (Ongoing date of last review)
Filing Date: February 10, 2017
According to the law firm press release, the lawsuit alleges that, during the Class Period, Under Armour and certain of its officers made false and misleading statements and failed to disclose that Under Armour’s revenue and profit margins would not be able to withstand the heavy promotions, high inventory levels and ripple effects of numerous department store closures and the bankruptcy of one of its large retailers. Instead, Under Armour promoted itself as a growth company that would continue to develop and market game-changing products. Defendants’ false statements and/or omissions caused Under Armour common stock to trade at artificially inflated prices during the Class Period.
The fraud was revealed on January 31, 2017 when Under Armour released weaker-than-expected earnings for the fourth quarter of 2016, and the poor results were in fact tied to market factors, such as department store closings.
Case Status: ONGOING
On or around 02/08/2017 (Ongoing date of last review)
Filing Date: February 07, 2017
Case Status: ONGOING
On or around 02/08/2017 (Ongoing date of last review)
Filing Date: February 07, 2017
According to the law firm press release, Kitov is a clinical development stage biopharmaceutical company that develops combination drugs for the simultaneous treatment of pain caused by osteoarthritis and hypertension. The Company’s lead drug candidate is KIT-302, a fixed dosage combination product based on the generic drugs celecoxib and amlodipine besylate, that has completed its Phase III clinical study.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company and its Chief Executive Officer (“CEO”) Isaac Israel published misleading information concerning the conduct of the Company’s clinical trials for its lead drug candidate KIT-302; and (ii) as a result of the foregoing, Kitov’s public statements were materially false and misleading at all relevant times.
Case Status: ONGOING
On or around 02/03/2017 (Ongoing date of last review)
Filing Date: February 03, 2017
According to the law firm press release, Psychemedics Corporation provides patented, FDA-cleared services for the detection of drug abuse through the analysis of hair samples. The Company’s tests provide quantitative information that can indicate the approximate amount of drug ingested, as well as historical data, which can show a pattern of individual drug use over a longer period of time.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) through its affiliate Psychemedics Brasil Exames Toxicológicos Ltda. (“Psychemedics Brasil”), the Company engaged in anti-competitive conduct to maintain a monopoly over the Brazilian market in violation of the law; (ii) in turn, Psychemedics lacked effective internal controls over financial reporting; and (iii) as a result of the foregoing, Psychemedics’ public statements were materially false and misleading at all relevant times.
Case Status: ONGOING
On or around 02/06/2017 (Ongoing date of last review)
Filing Date: February 03, 2017
Case Status: ONGOING
On or around 02/01/2017 (Ongoing date of last review)
Filing Date: February 01, 2017
According to the law firm press release, DaVita provides kidney dialysis services for patients suffering from chronic kidney failure or end-stage renal disease. The Company operates kidney dialysis centers and provides related lab services in outpatient dialysis centers, and provides acute inpatient dialysis services in approximately 900 hospitals and related laboratory services in the United States. DaVita made contributions to a purported charitable foundation called the American Kidney Fund (“AKF”), a group that provides financial assistance toward patients’ health insurance premiums.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.
Specifically, the Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company and its senior executives purposefully steered patients into unnecessary insurance plans in order to maximize profits; (2) the Company was using AKF as a vehicle to facilitate these improper practices; (3) as a result, DaVita’s revenues and profits were illegally obtained; (4) in turn, DaVita lacked effective internal controls over financial reporting; and (5) as a result of the foregoing, Defendants’ statements about DaVita’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Case Status: ONGOING
On or around 02/01/2017 (Ongoing date of last review)
Filing Date: February 01, 2017
According to the Complaint, On December 14, 2016, Neustar issued a press release announcing that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) to sell Neustar to Golden Gate. Under the terms of the Merger Agreement, Golden Gate will acquire all outstanding shares of Neustar for $33.50 in cash (the “Merger Consideration”).
On January 17, 2017, Neustar filed a Preliminary Proxy Statement on Schedule 14A (the “Proxy”) with the U.S. Securities and Exchange Commission (“SEC”). The Complaint alleges the Proxy, which recommends that Neustar stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) Neustar management’s projections, utilized by the Company’s financial advisor, J.P. Morgan Securities, LLC (“J.P. Morgan”), in its financial analyses; (ii) the valuation analyses performed by J.P. Morgan in connection with the rendering of its fairness opinion; and (iii) the background of the Proposed Transaction. The failure to adequately disclose such material information constitutes a violation of the above-referenced sections of the Exchange Act as stockholders need such information in order to cast a fully-informed vote in connection with the Proposed Transaction.
Case Status: ONGOING
On or around 02/02/2017 (Ongoing date of last review)
Filing Date: February 01, 2017
According to the law firm press release, Roadrunner provides asset-light transportation and logistics services provider that purports to offer a comprehensive suite of global supply chain solutions, including truckload logistics, customized and expedited less-than-truckload, intermodal solutions, freight consolidation, inventory management, expedited services, air freight, international freight forwarding, customs brokerage, and transportation management solutions. Roadrunner utilizes a broad third-party network of transportation providers, comprised of independent contractors and purchased power providers, with a focus on mid-size shippers. At all relevant times Morgan Southern, Inc. (“Morgan Southern”) and Bruenger Trucking (“Bruenger”) were among the Company’s subsidiaries.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s Morgan Southern and Bruenger subsidiaries had engaged in improper accounting practices; (ii) Roadrunner lacked effective internal controls; (iii) as a result, Roadrunner overstated its earnings throughout the Class Period by tens of millions of dollars; and (iv) as a result of the foregoing, Roadrunner’s financial statements were materially false and misleading at all relevant times.