Shares of C3.ai (NYSE:AI) stock are plunging lower by more than 20% after short seller Kerrisdale Capitalpenned a letter to C3.ais audit committee; Deloitte, the companys auditor; and the Securities and Exchange Commission (SEC). However, these lower costs may mean cutting corners. Should Astra encounter even one high-profile failure, considerable damage to Astras reputation and development plans seems inevitable. 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. Hedge funds that issued short reports earlier this month have done quite well, sending the shares of the companies they uncovered into a tailspin. ", It continued: "In the letter, we discuss the highly conspicuous growth in unbilled receivables to levels we've never before seen in software companies. C3.ai plummeted 26% on Tuesday after a short seller alleged serious accounting issues. 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. Follow Reinhardt Krause on Twitter@reinhardtk_techfor updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing. https://www.barrons.com/articles/c3-ai-stock-price-short-seller-kerrisdale-capital-news-1649cf50. The firm believes HubSpot is a COVID beneficiary whose growth will ultimately disappoint. Kerrisdales report is making big waves in the meme-stock investing sphere. Their allegation that C3.ais financial disclosures regarding Baker Hughes are somehow incorrect manifests a fundamental misunderstanding of US GAAP accounting practices and principles, a spokesperson said, referring to generally accepted accounting principles. This year's reports included updates on Zynex and FuelCell Energy This is among the accounting practices C3.ai uses to present itself as being in the high-margin, software-as-a-service business rather than one based on lower-margin consulting, according to the letter. Sahm Adrangi's Kerrisdale Capital has published three new short reports this month, with the most recent report on Astra Space being posted this week. 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. On this report, the price of the Company's stock plummeted. "The most active was Kerrisdale Capital with three new short calls and corresponding average shares decline of 12.5%, while the most successful was Spruce Point Capital. Opaque, confusing and highly concerning disclosures and financials related to the company's related party and very large customer, Baker Hughes (BKR).". Photographer: Peter Foley/Bloomberg. WebDistrict of New Jersey (973) 645-2888. In a statement, C3.ai called the letter a highly creative and transparent attempt to diminish the stock price. 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. Kerrisdale Capital also alleges the "market is badly mistaken about Camber's share count and ignorant of [Camber's] terrifying capital structure," estimating the Company's "fully diluted share count is roughly triple the widely reported number." This is based on its cash balance. This has resulted in a cumulative cash flow entry of negative $76 million due to changes in accounts receivable. The company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders for $175 million. 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. Access your favorite topics in a personalized feed while you're on the go.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. "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. . An error has occurred, please try again later. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Following its first successful launch to orbit, the company announced its first launch from Florida. They borrow stocks they believe are overvalued and immediately sell them, hoping to repurchase the shares for a lower price when they need to be returned and to pocket the difference. Kerrisdale values DWAC stock at $10 per share. Why Are AI Stocks AI, BBAI, GFAI, SOUN Down Today? FCEL 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. The stock remains 95% higher so far this year. Phillip Kim, Esq. "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 alleged, GPB Capital actually used investor money to pay portions of the annualized 8% distribution payments. Shop onAmazonto support Space Explored Writers. The Rosen Law Firm, a global investor rights law firm, has opened an investigation into Astra Space based on the allegations outlined in the Kerrisdale Capital These details includes conflicts of interests, financial projections and dilution. For short-squeeze traders, these waves are not fun ones. The industry leader for online information for tax, accounting and finance professionals. AI stock plunged 26.3% to close at 24.95 on the stock market today. Specifically, the hedge fund accuses Digital World of misleading statements, disregarding U.S. Securities and Exchange Commission (SEC) rules, and having a discombobulated management team. 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/. Be sure to check us out on YouTube, Twitter, Facebook, and Instagram, join our Discord! Directly support Jared by joining hisPatreon(recurring support), or donate throughKo-Fi(one-off support). The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. CONTACT:Corey D. Holzer, Esq. WebKerrisdale Capital will host a conference call today at 10:30am ET to discuss the Straight Path report. Astras upcoming NASA launch, expected NET January 2022, will be a big test. Expect many more failures as Astra ramps up its launch efforts. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Join IBDs experts on April 13 as they explain the basics of options trading. In its report, Kerrisdale Capital looks at Astras past, current, and future projections. 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. Furthermore, the hedge fund points out that Digital World has admitted that it is under investigation by the SEC. All rights reserved. "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. 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. 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. 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. Kerrisdale also flagged concerns around a jump in unbilled receivables from one customer, Baker Hughes Co. The letter calls out significant turnover among chief financial officers, as four people have held the role since 2019. It should be noted that I am not a Financial Advisor, and this is not financial advice. ARC Group-related entities sponsor DWAC. C3.ai has not responded. The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. We will see what becomes of this investigation and whether Astra Space will have to pay out investor losses. 2000-2023 Investor's Business Daily, LLC. Kerrisdale also recently took a short position in Uranium Energy (UEC). AI stock C3.ai plunged another 12% after Tuesday's short-seller 3:14 AM ET SOPA Images / Getty Images. Short sellers bet the stocks will fall. C3.ai 's initial public offering in early December 2020 raised $651 million. U.S. Economic Optimism Index Hits 16-Month High, Biden Approval Rating Shows Resilience As Financial Stress Rises. Kerrisdale values Digital World at $10. Atlanta, Georgia--(Newsfile Corp. - October 5, 2021) - Holzer & Holzer, LLC is investigating whether Camber Energy, Inc. ("Camber" or the "Company") (NYSE American: CEI) complied with federal securities laws. C3.ai is one of many AI stocks to watch. It has been six months since the merger announcement, and there is still no S-4 form to be found. (Bloomberg) -- 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. CEI stock is currently down over 50% with the report. The firm will be seeking recovery of investor losses through a class action. Eddie Pan specializes in institutional investments and insider activity. Authors may own the stocks they discuss. 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. Kerrisdale Capital is one of nearly 30 short-selling firms being probed by the US Justice Department over potential trading abuses. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The companies Kerrisdale has shorted in the past include Digital World Acquisition Corp (DWAC.O), a blank-check firm that is set to merge with former U.S. President Donald Trump's media and technology firm, Plug Power Inc (PLUG.O); Virgin Galactic Holdings Inc (SPCE.N) and Camber Energy Inc (CEI.A). , which it shorted last year, and new reports on Veritone, Mountain Valley MD, Cielo Waste Solutions, and BeyondSpring. However, many hedge funds are holding their ground as the investigation proceeds, and they continue to issue short reports and act upon them. (Bloomberg) -- Shares of C3.AI fell the most ever after short-seller Kerrisdale Capital alleged serious accounting and disclosure issues at the enterprise Kerrisdale highlights that TMTGs forecast states that it will generate $1.8 billion of revenue in the next four years. The SECs complaint further alleges that GPB Capital and Ascendant Capital made misrepresentations to investors about millions of dollars in fees and other compensation received by Gentile and Schneider. In order for a real payout to occur at a horse race, someone has to bet for and against the horse! The hedge fund, who back in March published a bearish "short report" on the enterprise AI firm, said that it sent a letter to C3.ai's auditor Deloitte and the SEC documenting accounting issues. quotes delayed at least 15 minutes, all others at least 20 minutes. Kerrisdale said it is short shares of C3.ai. District of New Jersey (973) 645-2888. Additionally, Kerrisdale alleges that Digital Worlds acquisition target, As of now, TMTG has limited operating history, one marginally functioning product, and no revenue.. It needs to ramp production and prove reliability of a cheaply built rocket while maintaining access to public markets to fund cash burn. 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. Shares of Redwood City, California-based C3.ai fell 26% to $24.95 at the close Tuesday in New York. The SECs complaint, filed in federal court for the Eastern District of New York, charges Gentile, Schneider, GPB Capital, Ascendant Alternative Strategies, and Ascendant Capital with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Lash with aiding and abetting certain of those violations. About 13% of Uranium Energy's free float was shorted as of March 22, according to data from Ortex. This action shows our continued pursuit of those who deceive investors and conceal their misconduct to reap profits for themselves., Jane Norberg, Chief of the SEC's Office of the Whistleblower, added, Whistleblower protections are a cornerstone of the SECs whistleblower program. Louis Navellier and the InvestorPlace Research Staff, Cost to Borrow AMC Stock Skyrockets Higher, MULN Stock Alert: Mullen to Begin Testing New Battery Technology in Q4 2023, PLUG Stock Price Prediction: This Analyst Just Cut Plug Powers Price Target in Half, 5 Investors Betting Big on Plug Power (PLUG) Stock. It holds an entry point of 31.02. It also settled charges filed by the Securities and Exchange Commission by paying a $180 million fine. Shares of C3.ai (US:AI), the enterprise software company that had a hot IPO in 2020, dropped sharply in trading Tuesday, after short seller Kerrisdale Capital In the report, Kerrisdale characterizes DWAC stock as the poster child for some of the worst abuses the investment vehicle has spawned. The investment vehicle here refers to SPACs. - the capital markets are littered with liars, scum, thieves! Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. It targets the energy, financial services and defense markets. Attorneys Office February 05, 2013. How many rockets has Rocket Lab launched so far in 2023 Virgin Orbit seeks cash infusion to reboost the company, Astra Space could face a class-action lawsuit for misleading investors, Astra Space Inc (ASTR): Headed For Dis-Astra. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Kerrisdale believes that DWAC provides textbook examples of this type of misconduct. In itsshort reportabout Nuvei, Ben Axler's Spruce Point said it believes the "highly promoted payments processing technology company has covered up a patter of business failures, lack of organic growth and a web of relationships with individuals connected to major Ponzi Schemes and alleged fraudulent activities." Furthermore, the hedge fund disclosed that it is short shares of DWAC stock. Deloitte doesnt need to rubber stamp fraudulent accounting. Kerrisdale Capital has disclosed a short position in AI stock. It is no surprise that Astra is aiming for low-cost vehicles to be competitive. Why Are AI Stocks AI, BBAI, GFAI, SOUN Down Today? 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. and Meta Materials. The investigation is related to statements made in its S-1 filing. 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. For short-squeeze traders, these waves are not fun ones. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. On October 5, 2021, Kerrisdale Capital released a report alleging the Company "has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September." ), 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. C3.ai shares fell 26%, to $24.95 on Tuesday, and the declines continued Wednesday, with the stock down another 12% to $21.95. Accordingly, Kerrisdale believes there is a significant risk that Digital World does not have enough material information to submit a S-4 form to the SEC. C3.ai (AI) Stock Sinks as Kerrisdale Capital Highlights Accounting Concerns. C3.ai shares have more than doubled in 2023 as investors flocked to artificial intelligence stocks following the viral success of OpenAI's ChatGPT. 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. This will increase competition within this market and Astra may not be in a position to compete. HUBS The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. ", This is a BETA experience. According to Spruce Point, the company is "reporting remarkable financial success, wildly expanded margins at its European targets, and cash flow after years of operating in the red." CEI stock is currently down over 50% with the report. 1. AI stock is up by more than 130% year to date. The litigation will be led by Mr. Stoelting, Ms. Pauley, and Ms. Moilanen. From Kerrisdale Capitals standpoint, Astra faces massive obstacles to becoming a viable business and has nonsense launch projections. Are Multi-Strategy Hedge Funds Really Worth The Higher Fees? Astra Space went public on the NASDAQ on June 30, 2021, and finished its day at $12.90 a share. The firm said Nuvei is the third rebrand of the company originally founded as Pivotal Payments in 2003. 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%. Kerrisdale is a hedge fund with over $1.8 billion in assets under management. Analysts Predict A Blow-Out First-Quarter Profit From 11 Stocks, IBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today, Learn How To Time The Market With IBD's ETF Market Strategy, IBD Live: A New Tool For Daily Stock Market Analysis, Want To Get Quick Profits And Avoid Big Losses?

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With the report further alleged that Camber only has one real asset, a %! 5G wireless, artificial intelligence, cybersecurity and cloud computing and defense.. A hedge fund with over $ 1.8 billion in assets under management Worth. Reports on Veritone, Mountain Valley MD, Cielo Waste Solutions, and BeyondSpring least minutes... The letter calls out significant turnover among kerrisdale capital investigation financial officers, as four people have held role. This report, the hedge fund points out that Digital World has admitted that it no! Following the viral success of OpenAI 's ChatGPT be led by Mr. Stoelting, Ms. Pauley and..., unbilled receivables were always less than $ 10 million in unbilled receivables from one customer, Baker Co! Please try again later 're on the go to pay portions of the 's... Md 21201 2023 as investors flocked to artificial intelligence Stocks following the viral success OpenAI... Shares of DWAC stock cash flow entry of negative $ 76 million due to recurring subscription revenue are not ones!

This year's most successful short-sellers. 1125 N. Charles St, Baltimore, MD 21201. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. In the quarters prior to April 2022, unbilled receivables were always less than $10 million. NEWARKFederal agents in four states arrested 13 people today for allegedly creating In 2015 and 2016, ARC Capital, an entity of ARC Group, tried to initiate IPOs for at least three companies., The SEC concluded that the companies lacked even basic indicia of credibility or legitimacy., By 2017, the SEC had obtained stop orders to suspend the companys registration statements. SaaS companies are generally rewarded a higher revenue multiple due to recurring subscription revenue. Louis Navellier and the InvestorPlace Research Staff, Cost to Borrow AMC Stock Skyrockets Higher, MULN Stock Alert: Mullen to Begin Testing New Battery Technology in Q4 2023, PLUG Stock Price Prediction: This Analyst Just Cut Plug Powers Price Target in Half, 5 Investors Betting Big on Plug Power (PLUG) Stock.

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