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History

Lemelson Capital Management and its founder Fr. Emmanuel Lemelson have been featured, quoted or cited in substantially every major global financial news media outlet.  Below is a cross-section of some of Lemelson's past work based on reliable third-party sources.

Social Commentary and Activism

In 2010, Fr. Emmanuel Lemelson began to write and publish extensively on investment-related topics, including security analysis, a Christian philosophy of investment and ethics.  Lemelson has been critical of fraudulent practices in the securitization of mortgage-backed securities and a proponent of long-term investments in U.S. stocks.   Lemelson’s articles on mortgage-backed securities have been cited widely in relation to the landmark cases U.S. Bank National Association v. Antonio Ibanez and Francis J. Bevilacqua v. Pablo Rodriguez, in which the Massachusetts Supreme Judicial Court held that financial institutions that did not hold both mortgages and the notes had no legal standing to pursue foreclosure proceedings against residents of these properties.[1]

It is now widely-held that fraudulent mortgage-backed securities were a significant contributing factor to the 2007-09 U.S. housing correction and the ensuing U.S. recession.[2] Lemelson’s writings on these issues have been cited by SeekingAlpha, ZeroHedge, Anonymous, Occupy Wall Street, the Massachusetts Registry of Deeds and by attorneys and litigants involved in mortgage securitization litigation.[3][4]

In August 2014, the financial media outlet Hedge Fund Alert reported that Lemelson had reached an agreement with U.S. Bank after challenging the right of the bank's securitization trust to collect the principal and interest on a mortgage Lemelson took out in 2006.  As part of the settlement, Lemelson received $1.2 million in principal, interest, and fees.[5]

Lemelson also has received considerable media recognition as an activist investor, including regular appearances as a guest on the "Pre-Market Prep" radio show of Benzinga, [6] while his research and analysis has been cited in The Wall Street Journal, Bloomberg, CNBC, USA TodayNew York PostFortune, ForbesBarron's, Business Insider, International Business Times, Reuters, MarketWatch, TheStreet.com  CBS News,[7][8] Fox News,[9] Fox Business Network and other media outlets.[10]

In a November 5, 2015 interview with Fox Business Network, Lemelson criticized the Federal Reserve for keeping interest rates artificially low, saying: 

"We’ve been in uncommon monetary policy for about ten years. This has led to tremendous income inequality in the world. The top 85 people in the world control the same wealth as the bottom 50 percent; that’s 3.5 billion people. When you have interest rates that are that low and cheap money, you’re going to inflate asset prices, and that’s the conduit of wealth for the rich. But for the rest of the world, one in nine people don’t have enough to eat, and one in seven live off about a $1.25 per day, so a large part of that income is going to basic necessities like food. As leaders in the world economically in the U.S., we have to be very cognizant of the impact of low interest rates and quantitative easing."  

Fox Business News, November 5, 2015

Watch: Fr. Emmanuel on Fox Business News Varney & Co. here

 

Investor Activism

Since 2013, Lemelson's Amvona Fund had been named three times by Barron's as one of the world's top-performing hedge Funds.[11][12][13][14] In May 2013, Lemelson Capital Management was ranked by Morningstar in the top one percent of its peer group in its "U.S. Long/Short Equity" category. In 2014, the Fund was named by Preqin as one of the world's top-performing event-driven hedge Funds.

Lemelson's activism and commentary in relation to several of The Fund's commitments, including Geospace Technologies, Kulicke & Soffa Industries, Lumber Liquidators, Ligand Pharmaceuticals, Skechers and World Wrestling Entertainment have been the subject of considerable media attention.[15][16][17][18][19][20][21]

World Wrestling Entertainment (NYSE: WWE)

On March 17, 2014[22] and again on April 8, 2014,[23] Lemelson authored and published analysis that World Wrestling Entertainment (WWE) was substantially overvalued and should be shorted.[24]  Lemelson's analysis was credited by USA Today, The Street, Seeking Alpha and other major media outlets with an $800 million drop in the market capitalization of the stock between March 18 and April 20, 2014. [25][26][27][28]

On May 16, 2014, following a $1.4 billion (63 percent) loss in WWE's market capitalization since Lemelson's initial March 17, 2014, short call, Lemelson announced that it had reversed its short position and was now long WWE stock.[29][30] Simultaneously, Lemelson called for the replacement of WWE's executive management team or a sale of the company.[31][32][33] This followed what Lemelson said was "a period of ongoing losses, execution failures, and material misstatements."[34][35][36] Several hours after Lemelson's announcement, former Louisiana Attorney General Charles Foti announced that his law firm would begin an investigation into whether WWE had violated state or federal securities law.[37] Following Lemelson's May 16, 2014 call for changes at WWE, the company announced that it was cutting its staff by seven percent and its stock price appreciated from its May 16, 2014 closing price of $11.27 to $16.40 on February 13, 2015.[38][39] On March 30, 2015, USA Today reported that Lemelson Capital Management, LLC, in February 2015, had sold its stake in WWE at $16.50.[40][41]

On October 27, 2016, following WWE’s Q3 2016 earnings conference call, The New York Post[42] and other global financial media outlets reported that WWE CEO Vince McMahon was open to selling WWE.[43]

Kulicke & Soffa Industries (NASDAQ: KLIC)

On April 22, 2014, Lemelson's announcement that he was building a stake in the stock of semiconductor and LED equipment maker Kulicke & Soffa Industries and urging the company to authorize a share repurchase plan[44][45] sent shares of the stock soaring ten percent.[46][47][48] Following the call, USA Today reported:

“Kulicke & Soffa Industries jumped nearly 10% Tuesday after Lemelson Capital Management announced it was building a stake in the semiconductor and LED equipment maker, saying the company is "absurdly" undervalued... Lemelson made news earlier this month when the investment firm said pro wrestling firm World Wrestling Entertainment was way overvalued, sending the shares down more than 35%”[49]

Kulicke & Soffa shares surge after investor urges buyback," by Gary Strauss, USA Today, April 22, 2014

Four months later, on August 27, 2014, Kulicke & Soffa heeded Lemelson's share repurchase recommendation, announcing that its Board of Directors had authorized a share purchase of up to $100 million. [50][51][52] 

Ligand Pharmaceuticals (NASDAQ: LGND)

On June 16, 2014, Lemelson released a 25-page research report on Ligand Pharmaceuticals.  The report concluded that severe competitive threats to Ligand’s key royalty programs, going concern risks and other challenges were so significant that the stock had no intrinsic value.[53][54][55][56] Three weeks later, on July 3, 2014, Lemelson announced that it had further increased his short position in Ligand and released an appended 12-page research report questioning the commercial viability of Ligand's products and reaffirming its position that downside risk for Ligand was "100 percent."[57][58]  The July 3, 2014 report also chronicled accounting malfeasance at Ligand, particularly as it related to the company’s reporting of debt expense and the handling of its ownership stake in Viking Therapeutics (NASDAQ: VKTX). 

On August 4, 2014, in a follow-on report, Lemelson wrote: 

"Kyprolis also faces an extraordinary competitive threat from two entrenched multiple myloma (MM) indications, Celgene’s (NASDAQ:CELG) Revlimid and Takeda Pharmaceutical Company Limited’s (OTC:TKPYY) Velcade." [59] 

On August 14, 2014, Lemelson, in an additional follow-on report, specifically called attention to solvency risks and misrepresentations made by Ligand in it's proposed bond offering.  

On November 18, 2014, Yahoo Finance reported that Lemelson had covered its short position at an approximately 40 percent return.[60]

In September 2016, Amgen Executive Vice President of Research and Development Sean Harper noted that a late-stage Kyprolis study did not meet its goal in improving progression-free survival versus Velcade in patients who had not yet been treated for the disease, bearing out Lemelson's August 4, 2014 prediction regarding Kyprolis.  Shares of Ligand plunged as much as 13 percent on the news.[61]

Subsequently, in November 2016, Ligand announced that it would restate its financial statements for multiple quarters due to a material error and that the company did not maintain effective controls over the accuracy and presentation of its accounting.[62][63]  The company was also forced to write-down the value of its equity stake in Viking Therapeutics, both events predicted in Lemelson's reports.

By late 2016, ten U.S. law firms announced investigations into Ligand for breaching their fiduciary duties to shareholders and for securities fraud. During this same period, eleven U.S. law firms filed class-action lawsuits against Ligand, alleging materially false and misleading statements by the company and its management.

Ligand’s stock subsequently fell as much as 40 percent from its 2016 highs.

On December 19, 2016 Lemelson released a nine-page letter to the U.S. Senate Special Committee on Aging summarizing extensive alleged abuses of accounting, pharmaceutical reimbursement and classification guidelines and regulations by Ligand and urged the U.S. Food and Drug Administration, U.S. Department of Health and Human Services, and other appropriate federal and state regulatory and investigatory bodies to evaluate whether, in these and other business practices, Ligand has abused the Orphan Drug Act and other statutes and regulations in order to dramatically increase the prices of its drugs.[64][65]

By late 2016, the problem of accounting malfeasance and drug pricing in the pharmaceutical industry had received broad attention globally in part due to revelations at Mylan and Valeant Pharmaceuticals. President Trump also took to speaking publicly and repeatedly of these problems during his 2016 presidential campaign as well as during his early presidency.[66]

On February 3, 2017, U.S. Senators Susan Collins (R-ME) and Claire McCaskill (D-MO) reintroduced the Increasing Competition in Pharmaceuticals Act, which would ensure that a clear process is in place for FDA to prioritize the review of generic drug applications.  The Increasing Competition in Pharmaceuticals Act would help increase competition to lower prices and avoid monopolies as well as deter practices that can lead to exorbitant price hikes on drugs that were previously affordable to patients for decades.[67]

In late March 2017, it was reported that Scott Gottlieb, President Trump’s pick to head the U.S. Food and Drug Administration, would make streamlining approval of generics his top priority and would be particularly focused on complex medications that combine old drugs with newer delivery devices, as well as those with unusually complicated formulations.[68]

On July 13, 2018, Lemelson published a second open letter to Congress, citing the SEC's failure to prosecute the alleged multi-year accounting and securities fraud perpetrated by Ligand, stating that it diminished The Commissions credibility and warranted investigation: 

“Ligand’s accounting and business model is by design opaque and complex,” Lemelson said in his 2018 letter. “The SEC, by ignoring the warnings about Ligand, despite a multiyear effort to explain the fraud in clear and simple terms, has categorically failed in its core mission.” [69]

On October 15, 2018, global financial media outlet Barron’s reported that the SEC charged Lemelson, “accusing him of making false statements” about Ligand Pharmaceuticals and making $1.3 million in profits by "driving down and betting against"[69c] the stock of the company. According to Barron’s Lemelson condemned the SEC case as ”an effort to destroy the reputation of a whistle-blower.”[69d]

In the ensuing ten months, Ligand's share price, plummeted as much as 70 percent, destroying billions of dollars in shareholder value.[70e]

By early 2019, the problem of skyrocketing drug prices had become a broad bi-partisan issue in Washington.

On July 16, 2019, after reporting a 70.27 percent net return in the first half of the year, Lemelson announced that his Fund had continued to expand its investor base,[70] and that after covering his successful short positions in Ligand in 2014 and again in 2015, revealed a third "profitable" short position in the company.[70c][70d] 

On July 30th, 2019, Lemelson announced he had increased  his short position in Ligand and called on the US Attorney's office for the Southern District of California to investigate the company, stating:

"the SEC has ignored the red flags and botched opportunities for a proper investigation of the company,".[70e]

Lumber Liquidators (NYSE: LL)

On March 3, 2015, Lemelson criticized allegations leveled by hedge Fund manager Whitney Tilson on 60 Minutes against Lumber Liquidators, a U.S.-based hardwood flooring company, in which Tilson alleged that the company's products deliberately contained formaldehyde, violating health and safety standards. Lemelson pointed out errors in Tilson's 60 Minutes allegations, concluding that Lumber Liquidators senior management “was not the source of the directive to use the toxic substance.” [71][72][73]

Lemelson’s criticism of the allegations was later validated on December 14, 2015, when Tilson reversed his position, writing that “senior management of Lumber Liquidators wasn’t aware that the company was selling Chinese-made laminate that had high levels of formaldehyde.” [71][72][73] The stock jumped 20 percent immediately following Tilson's admission. [74]

Skechers (NYSE: SKX)

On September 25, 2015, the financial media outlet Benzinga reported that Lemelson was short Skechers, an NYSE-traded footwear company, at an average (adjusted for a 3:1 stock split) cost of $132, calling it "radically overpriced." Lemelson said that he would continue to short the stock, which he said was vulnerable to a "precipitous fall."  Lemelson was quoted in the media as “valuing the stock in a range of $13-$20 per share.” [75]

Twenty-seven days later, on October 22, 2015, shares of the company plunged more than 30 percent in one day following disappointing earnings. [76][77] 

On October 21, 2016 shares of Skechers closed at $18.98 per share, within the range Lemelson had forecast on October 23, 2015. 

Geospace Technologies (NASDAQ: GEOS)

In February 2018, Lemelson published an open letter to the board of directors of Geospace Technologies (NASDAQ: GEOS) calling for the removal of the CEO and CFO and the sale of the company.[78] Lemelson later disclosed in a May 15, 2018, regulatory filing that it was no longer a passive investor in the company and controlled 9.3% of Geospace's shares.[79][80][22]

References


[1] “Greg Lemelson makes the case that a little-noticed Massachusetts Supreme Court decision this...,” Seeking Alpha, October 20, 2011- Link

[2] Implications Of The Bevilacqua Ruling - Link

[3] Massachusetts Set to Overrule Past Foreclosures; Harbinger for ARM Industry? - Link

[4] Registry of Deeds: Southern Essex District - Link

[5] High-flying fund may bar entry," Hedge Fund Alert (page five), August 20, 2014 - Link

[6] Riley, Kevin (April 27, 2015). "This Hedge Fund Manager 'Wouldn't Be Surprised' If iPhone Units Hit 60 Million" - Link

[7] "Rev. Fr. Emmanuel Lemelson, Founder and President of The Lantern Foundation, interview with CBS Radio Boston, Part 1, December 2, 2014 - Link

[8] "Rev. Fr. Emmanuel Lemelson, Founder and President of The Lantern Foundation, interview with CBS Radio Boston, Part 2, December 2, 2014 - Link

[9] "Pope calls for an end to religious extremism," Fox News, December 5, 2014 - Link

[10] "Meet the priest of Wall Street," Fox Business News, November 5, 2015 - Link

[11] “SA author ranks first among hedge Funds, again,” Seeking Alpha, November 25, 2013, Retrieved April 24, 2014 - Link

[12] "Barron's Ranks the World's Top Performing Hedge Funds for April 2014," HFG - Link

[13] "Lemelson Capital Ranks Among Top HFs with 17% Gain in April," by VW Staff, ValueWalk, May 27, 2014 - Link

[14] "Barron's Names Lemelson Fund as April's Top HF," Evestment, May 28, 2014 - Link

[15] “World Wrestling pummeled four out of five rounds this week,” USA Today, April 11, 2014 - Link

[16] "Kulicke & Soffa shares surge after investor urges buyback," by Gary Strauss, USA Today, April 22, 2014 - Link

[17] "Money manager betting against biotech firm Ligand Pharmaceuticals," by Gary Strauss, USA Today, June 16, 2014 - link

[18] “Why World Wrestling Entertainment (WWE) Finished Down Today,” by Amanda Schiavo, The Street, April 11, 2014 - Link

[19] “WWE profitable or on the ropes,” by Sarah Barry James, SNL Kagan, April 15, 2014 - Link

[20] “How a Priest Could Wrestle Profits From the WWE,” by Greg Guenthner, Daily Reckoning, July 18, 2014 - Link

[21] “WWE Has Monster Run, But Could It Soon Be Slammed?” by Joel Elconin, Benzinga, April 4, 2014 - Link

[22] “The Short Case for World Wrestling Entertainment,” Lemelson Capital Management, March 17, 2014 - Link

[23] “Lemelson Capital Reaffirms Short Call on World Wrestling Entertainment (WWE): Shares Fairly Priced Between $8.25 and $11.88,” Lemelson Capital Management, April 9, 2014 - Link

[24] “The Short Case for World Wrestling Entertainment,” Lemelson Capital Management, March 17, 2014 - Link

[25] "Kulicke & Soffa shares surge after investor urges buyback," by Gary Strauss, USA Today, April 22, 2014 - Link

[26] “Why World Wrestling Entertainment (WWE) Finished Down Today,” by Amanda Schiavo, The Street, April 11, 2014 - Link

[27] “WWE can’t pull out of slide,” Seeking Alpha, April 11, 2014, Retrieved July 8, 2014 - Link

[28] "World Wrestling Entertainment: Why Investors Should Stay Away," by David Tristan Liu, Seeking Alpha, June 3, 2014 - Link

[29] "Lemelson Capital Management announces stake in World Wrestling Entertainment and calls on board to pursue new management or ownership," Seeking Alpha, May 16, 2014 - Link

[30] "WWE's stock smackdown is a blow to Vince McMahon's credibility," "Breaking News," Seeking Alpha, May 17, 2014 - Link

[31] "Lemelson Capital Management announces stake in World Wrestling Entertainment and calls on board to pursue new management or ownership," Seeking Alpha, May 16, 2014 - Link

[32] "WWE's stock smackdown is a blow to Vince McMahon's credibility," "Breaking News," Seeking Alpha, May 17, 2014 - Link

[33] Other Sources:

"Should the McMahons Still Be Running WWE," by Daniel Kline, The Motley Fool, June 7, 2014 - Link 
"WWE stock in sleeper hold as subscriptions stall," by Richard Morgan, New York Post, November 27, 2014 - Link
 
"Lemelson shrugs as WWE preens," FINAlternatives, December 12, 2014 – Link
 
"Emmanuel Lemelson questions leadership, strategy at WWE," FINAlternatives, March 19, 2015 - Link

[34] "Lemelson Capital Management announces stake in World Wrestling Entertainment and calls on board to pursue new management or ownership," Seeking Alpha, May 16, 2014 - Link

[35] "WWE's stock smackdown is a blow to Vince McMahon's credibility," "Breaking News," Seeking Alpha, May 17, 2014 - Link

[36] Other Sources:

"Lemelson goes long World Wrestling Entertainment, Inc.," by VW Staff, Value Walk, May 16, 2016 – Link
"Investment firm attempting hostile takeover of WWE?" Augusta Free Press, May 17, 2014 – Link
 
"Firm buys stake in WWE, wants new executive management team," TWNP Wrestling News, May 16, 2014 – Link
 
"WWE News: Vince McMahon loses $350 million in one day, could be forced out as CEO," Inquisitr – Link
 
"Will the WWE Network ever make money," by Daniel Kline, The Motley Fool, May 20, 2014 – Link
 
"WWE/NBC rights deal: The red wedding," by Sarah Barry James, SNL Financial, May 19, 2014 – Link
 
"Biggest takeaways from WWE's May 19 business outlook investor call," by Chris Mueller, Bleacher Report, May 19, 2014 – Link
 
"Is Vince McMahon still the right man to lead WWE?" by Sam Moore, Yahoo, May 19, 2014 – Link
 
"Vince McMahon to be removed from the WWE," by Michael Panter, GiveMeSport, May 19, 2014 – Link
 
"WWE stands to lose $45-$52 million in 2014: Investors to question Vince McMahon health on Monday?" by Jack Jorgensen, Fansided,Sports Illustrated, May 19, 2014 – Link

[37] "WWE investigation initiated by former Louisiana Attorney General: Kahn, Swick & Foti, LLC investigates World Wrestling Entertainment following disclosure of disappointing distribution agreement," Business Wire, May 16, 2014- Link

[38] "Lemelson Takes Down WWE and Brings it Back Up," by Joel Elconin, Benzinga, September 11, 2014- Link

[39] "WWE puts 'choke hold' on doubters: Rev. Emmanuel Lemelson was right along," by Joel Elconin, Benzinga, February 13, 2015– Link

[40] "Smack down at World Wrestling Entertainment," by Gary Strauss, USA Today, March 30, 2015- Link

[41] "Stocks climb 2% as NASDAQ tops 15-year record," by Vito J. Racenlli, Barron's, April 25, 2014- Link

[42] “Vince McMahon open to selling WWE, New York Post,” October 27, 2016 - Link

[43] “World Wrestling Entertainment's (WWE) CEO Vince McMahon on Q3 2016 Results - Earnings Call Transcript” - Link

[44] "Open Letter to Kulicke & Soffa's CEO," Seeking Alpha, April 22, 2014 - Link

[45] "Kulicke and Soffa Industries: Large Cash Pile and Activist Involvement," by Alex Gavrish, ValueWalk, April 29, 2014 - Link

[46] "Kulicke & Soffa shares surge after investor urges buyback," by Gary Strauss, USA Today, April 22, 2014- Link

[47] "Kulicke & Soffa jumps; activist discloses stake, calls for buyback," Seeking Alpha, April 22, 2014– Link

[48] Other sources:

"Kulicke & Soffa Industries soars on strong FQ3 guidance," Seeking Alpha, April 29, 2014 – link

"Kulicke & Soffa higher on bullish b. Riley note," Seeking Alpha, June 4, 2014 – Link

[49] "Kulicke & Soffa shares surge after investor urges buyback," by Gary Strauss, USA Today, April 22, 2014- Link

[50] "Kulicke & Soffa heeds activist's call, launches buyback," by Eric Jhonsa, Seeking Alpha, August 27, 2014 - Link

[51] "Kulicke & Soffa Announces Repurchase Program," The Wall Street Journal, August 27, 2014 – Link

[52] "Lemelson commends Kulicke and Soffa on repurchase," The MetroWest Daily News," August 29, 2014Link

[53] Bearish outlook for Ligand from Lemelson Capital," by Douglas W. House, Seeking Alpha, June 16, 2014- Link

[54] "Money manager betting against biotech firm Ligand Pharmaceuticals," by Gary Strauss, USA Today, June 16, 2014 - Link

[55] "Shares of Ligand Pharma tick lower following word from Lemelson Capital Fund has initiated short position in stock," by Hal Lindon, Benzinga, June 16, 2014 - Link

[56] "Lemelson Capital makes short case against Ligand Pharma," Street Insider, June 16, 2014 - Link

[57] "Lemelson Ups Ligand Pharmaceuticals (LGND) Short," by VW Staff, ValueWalk, July 3, 2014 - Link

[58] "Ligand Pharmaceuticals (NASDAQ: LGND): Appendix," Lemelson Capital Management- Link

[59] "Exclusive: "Emmanuel Lemelson Talks Ligand Pharmaceuticals," by Luke Jacobi, Benzinga, August 7, 2014- link

[60] "Lemelson Capital Management CIO Discusses Ligand Pharmaceuticals Prior To Company Issuing Weak Guidance," by Jayson Derrick, Yahoo Finance, November 18, 2014- Link

[61] Shares of Ligand plunge 12% after Amgen drug misses study goal, CNBC, September 27, 2016 - Link

[62] On November 9, 2016, Ligand Pharmaceuticals Inc. announced that it would not be able to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 and that it was reviewing a potential restatement.

[63] On November 14, 2016, Ligand Pharmaceuticals Inc. announced that it would restate financial statements due to a material error. The company also disclosed that it failed to maintain effective controls over the accuracy and presentation of its accounting. 

[64] Ligand accused of unethical behavior in letter sent to U.S. Senate - Link

[65] Lemelson On Ligand: Intrinsic Value Is Zero - Link

[66] Trump to Congress: We must bring down drug prices 'immediately' - Link

[67] Increasing Competition in Pharmaceuticals ActLink

[68] Trump's FDA Nominee Wants to Lower Drug Costs With More Generics - Link

[69a] "Ligand Pharmaceuticals hit by bearish Citron report," by Wayne Duggan, Benzinga, January 16, 2019 - Link

[69b] "Tilson's Lumber Liquidators story doesn't add up," by Mark Meadows, Benzinga, March 3, 2015 - Link

[69c] "Mass. Priest Wants Out Of SEC's $1.3M Short-Selling Suit," by Mark Meadows, Law360, October 26, 2018 - Link

[69d] "Tesla CEO Elon Musk Is Wrong About Short Sellers," by Bill Alpert, Barron's, October 15, 2018 - Link

[70a] "Lemelson Capital Management Announces 1H, 2019 Financial Results for The Amvona Fund, LP,"  Barron's, July 16, 2019 - Link

[70b] "The hedge Fund manager spoke with Lumber Liquidators' Chairman--Here's what he thinks," by Javier Hasse, Benzinga, March 11, 2015 - Link

[70c] "Long-Time Ligand Short Increases Position As Shares Fall 11% On Earnings," by Wayne Duggan, Benzinga, July 30, 2019 - Link

[70d] "Lemelson Capital Increases Ligand Pharmaceuticals Short," by AlphaWeek Staff, AlphaWeek, July 30, 2019 - Link

[70e] "Lemelson Capital Increases Short Position in Ligand Pharmaceuticals (NASDAQ: LGND), Calls on US Attorney to Investigate," PRNewswire, July 30, 2019 - Link

[71] "Lemelson Capital's March position on Lumber Liquidators proven correct by latest news," Seeking Alpha, December 15, 2015 - Link

[72] "Tilson covers short position in Lumber Liquidators; Hedge Fund manager says company 'isn't evil'," by Jayson Derrick, Benzinga, December 15, 2015 – Link

[73] "Lumber Liquidators roundup: Good calls, bad calls, and Wall Street snoozes," by Clark Schultz, Seeking Alpha, December 16, 2015 -Link

[74] Lumber Liquidators shares spike as critics back off," by Everett Rosenfeld, CNBC, December 14, 2015- Link

[75] "Lemelson: Skechers still a short after losing a third of its share value," by Jayson Derrick, Benzinga, October 23, 2015 - Link

[76] "Lemelson: Skechers still a short after losing a third of its share value," by Jayson Derrick, Benzinga, October 23, 2015 - Link

[77] "Meet the priest of Wall Street," Fox Business, November 5, 2015 - Link

[78] “Lemelson Capital Demands Geospace Replace Leadership, Explore Company Sale,” by Elizabeth Balboa, Benzinga, February 12, 2018 – Link

[79] “BRIEF-Lemelson Capital Management Says Urging Geospace Technologies' Board To Explore Immediate Sale Of Co,” Reuters, February 9, 2018 - Link

[80] “Lemelson Capital Wants to Toss Geospace Execs,” by Paul Springer, The Deal, May 18, 2018 – Link