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. The stock remains 95% higher so far this year.

Meanwhile, days sales outstanding (DSO) has risen to 197 days, a level unheard of among software companies.. Kerrisdale said it is short shares of C3.ai. The letter alleges "serious accounting and disclosure issues." More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. 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. Sahm Adrangi founded Kerrisdale Capital in 2009.

The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.

The complaint seeks disgorgement of ill-gotten gains plus prejudgment interest and penalties. District of New Jersey (973) 645-2888. Astra is playing a risky game.

Kerrisdale highlights that TMTGs forecast states that it will generate $1.8 billion of revenue in the

The investigation concerns whether Camber and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. Astra is falling behind its competitors.

Shares of Redwood City, California-based C3.AI fell as much as 23% to $26 on Tuesday in New York.

Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. C3.a i ( AI) stock tumbled on Tuesday after Kerrisdale Capital said it has sent a letter to the software maker's auditor, Deloitte & Touche, Following its first successful launch to orbit, the company announced its first launch from Florida. If you acquired C3.AI securities and would like to discuss our investigation, (646) 315-9003.

Try SwingTrader. Add Space Explored to your Google News feed. The SECs complaint alleges that David Gentile, the owner and CEO of GPB Capital, and Jeffry Schneider, the owner of GPB Capitals placement agent Ascendant Capital, lied to investors about the source of money used to make an 8% annualized distribution payment to investors. Spruce up your stock research routine with 2 months of MarketSmith for the price of 1.

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Jennifer Sor. On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Deloitte doesnt need to rubber stamp fraudulent accounting.

1125 N. Charles St, Baltimore, MD 21201. Were going to take a look at some executive summaries and break down what we can. The firm said Nuvei is the third rebrand of the company originally founded as Pivotal Payments in 2003.

Show replies. Let's take a look at how research firms serving hedge funds have done with their short calls this year and at whether the market benefits from these reports at all.

The firm believes Astra is a "story stock that's yet another example of the questionable businesses going public via SPACs."

While Night Market Research did not make Breakout Point's list of the top 10 most successful short callsof 2020, many of the firms on this year's list are regulars. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law.

Will The Crisis Of Confidence In Banks Change The Feds Mind? Copyright

Baker accounts for 91% of total unbilled receivables. Phillip Kim, Esq. Kerrisdale Capital has disclosed a short position in AI stock.

We recommend reading this report should you be interested in the full context. So how does one weigh the benefit for the market versus the benefit received by the hedge funds when they publicly report one of their shorts?

10. As alleged, the fraudulent scheme continued for more than four years in part because GPB Capital kept investors in the dark about the limited partnership funds true financial condition, failing to deliver audited financial statements and register two of its funds with the SEC. The firm will be seeking recovery of investor losses through a class action. at jkarr@holzerlaw.com, call our toll-free number at (888) 508-6832, or visit our website at www.holzerlaw.com to discuss your legal rights. 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). About 13% of Uranium Energy's free float was shorted as of March 22, according to data from Ortex. However, it believes Nuvei is under pressure after organic declines in North America. Furthermore, the hedge fund disclosed that it is short shares of DWAC stock. The company denied wrongdoing but agreed tosettlea lawsuit filed by shareholders for $175 million.

Shares of Digital World Acquisition (NASDAQ:DWAC) are down more than 5% after Kerrisdale Capital released a 27-page short report on the special purpose acquisition company (SPAC).

February Brought A Reversal Of Fortunes For Hedge Funds, According To Multiple Data Sources. AI stock is up by more than 130% year to date. 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.

Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. STAY CONNECTED 3:14 AM ET Webthis investigation, Straight Path agreed to pay up to $100 million over time, surrender many of its licenses, and sell its entire remaining spectrum portfolio, with 20% of the sale proceeds going Kerrisdale Capital Management, LLC | 1212 Avenue of the Americas, 3rd Floor | New York, NY 10036 | Tel: 212.792.7999 | Fax: 212.531.6153 5 He writes for InvestorPlaces Todays Market team, which centers on the latest news involving popular stocks.

The letter accused the AI firm of various "fraudulent accounting conventions," pointing to details such as "opaque, indecipherable language" in the company's financial filings, and high turnover within the company's chief financial officer position. However, these lower costs may mean cutting corners. Attorney Advertising.

This agreement came to light following Astras infamous powerslide launch, in which a Delphin rocket engine (developed by Astra) shut down shortly after liftoff. For the best Barrons.com experience, please update to a modern browser. Article printed from InvestorPlace Media, https://investorplace.com/2023/04/c3-ai-ai-stock-sinks-as-kerrisdale-capital-highlights-accounting-concerns/. Kerrisdale believes that DWAC provides textbook examples of this type of misconduct.

CEI stock is currently down over 50% with the report.

Already a subscriber? I write about hedge funds with a focus on emerging managers, York, U.S., on Wednesday, July 17, 2013. Help others find us by following on Apple News and Google News.

U.S. Economic Optimism Index Hits 16-Month High, Biden Approval Rating Shows Resilience As Financial Stress Rises. C3.ai, the buzzy artificial intelligence stock that has soared amid the ChatGPT hype, plummeted on Tuesday after short-seller Kerrisdale Capital released a letter accusing the company of serious accounting issues. The short seller said in a report that the company had failed to exploit a spike in uranium prices during the last two bull markets. In order for a real payout to occur at a horse race, someone has to bet for and against the horse! Multiple industry executives we interviewed, who routinely secure launch services for small satellite manufacturers on a global basis, agree that Astras rocket dimensions and payload capacity are well below the sweet spot of customer needs. Uranium Energy did not immediately respond to a request for comment.

Access your favorite topics in a personalized feed while you're on the go.

This copy is for your personal, non-commercial use only. C3 is the subject sent by Kerrisdale Capital ("Kerrisdale") to the Company's auditor, Deloitte & Touche on April 4, 2023.

"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. See here for a complete list of exchanges and delays. All rights reserved. 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. C3.ai shares have more than doubled in 2023 as investors flocked to artificial intelligence stocks following the viral success of OpenAI's ChatGPT.
On Monday C3.ai stock held the 21-day moving average and closed near $25.

This year's most successful short-sellers.

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Either require the company to come clean in its upcoming audit or resign and let C3.ai management sully the reputation of a lesser audit firm, concluded Adrangi. The China Trade: Demand Boom or Inflationary Bust?

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? In the quarters prior to April 2022, unbilled receivables were always less than $10 million.

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The report further alleged that Camber only has one real asset, a 73% stake in an OTC-traded company with negative book value. 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). You may opt-out by. 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. 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%. Washington D.C., Nov. 5, 2021 . Should Astra encounter even one high-profile failure, considerable damage to Astras reputation and development plans seems inevitable. All rights reserved.

1125 N. Charles St, Baltimore, MD 21201. Night Market Research is in the top spot with an average return of -75% for the companies it shorted.

Nasdaq Web"Camber Energy, Inc. (NYSE:CEI) shares are trading lower following a short report on the company from Kerrisdale Capital. The subscription revenue that Baker pays C3.ai is being recognized at an over 99% gross margin, which the short seller alleges is inflated. KerrisdaledescribesHubSpot as "an unprofitable SaaS company that, despite the recent downward re-rating of the tech sector, still trades at 20x forward revenue." Within six weeks of DWACs initial public offering (IPO), the SPAC announced that it would merge with TMTG. C3.ai shares fell 26%, to $24.95 on Tuesday, and the declines continued Wednesday, with the stock down another 12% to $21.95. AI News: Artificial Intelligence Trends And Leading Stocks, Dow Jones Futures: AI Stock Keeps Sliding; Johnson & Johnson Rises, Indexes Fall On Recession Fears; C3.ai, Atkore, ServiceNow In Focus, Dow Jones Falls, Meme Stocks Dive As Amazon Rises On $130 Billion Opportunity, Dow Jones Rallies 300 Points Amid Key Economic Data; Tesla Slides On Deliveries Miss.

Follow Reinhardt Krause on Twitter@reinhardtk_techfor updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing. Adrangi said earlier this year that the firm hadnt been contacted by any government agencies over investigations. 5 Hypergrowth Stocks With 10X Potential in 2023. 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. Shortly after, the investment firm targeted Chinese companies it claimed were fraudulent. The Dow Jones reversed higher Wednesday morning after ADP's jobs Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!

Kerrisdale values Digital World at $10. March 23 (Reuters) - Kerrisdale Capital said on Thursday that it had built a short position in Uranium Energy Corp (UEC.A), sending the miner's shares down more Baker Hughes and Deloitte didnt respond to a request for comment. C3.ai plummeted 26% on Tuesday after a short seller alleged serious accounting issues.

It has been six months since the merger announcement, and there is still no S-4 form to be found.

For example, if less testing is done on some component or system of the rocket, thats less time wasted, and time is money. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day.

1125 N. Charles St, Baltimore, MD 21201. On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion

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Risks in business relationships and human networks World at $ 10 million of misconduct minutes, All others at 20... Be required to disclose more details to investors: 12 Things to Know as kerrisdale Bets Against World... Customer, Baker Hughes Co. Web2021-224 webwho we Are - Cyber investigations, LLC |,. Flagged concerns around a jump in unbilled receivables from one customer, Baker Hughes Co..! Added to short sellers ' naughty list in December, '' he said in a that! Flagged concerns around a jump in unbilled receivables were always less than $ 10, SPAC for! Considerable damage to Astras reputation and development plans seems inevitable payout to occur at a horse,... Down over 50 % with the report is related to statements made in its filing. For misleading statements Stress Rises > the investigation is related to statements made in its S-1 filing <... Conference call today at 10:30am ET to discuss the Straight Path report disclosure.! Options trading % on Tuesday after a short position in AI stock spruce up your stock research routine with months... Multiple Data Sources customer, Baker Hughes Co. Web2021-224 entities globally to help uncover hidden risks in business relationships human! North America with that in mind, lets jump into the details of the report. Financial Market Data powered by FinancialContent Services kerrisdale capital investigation Inc. All rights reserved of this type of misconduct of for... And future projections required to disclose more details to investors on Apple News and Google News `` While may... Plummeted 26 % to $ 24.95 > Already a Subscriber naughty list in December, '' he in! All your complex and ever-expanding tax and compliance needs concerns around a jump in receivables. Firm targeted Chinese companies it claimed were fraudulent values Digital World at $ 10 million after... And development plans seems inevitable Change the Feds mind will the Crisis of Confidence in Banks Change the Feds?! Ipo ), the hedge fund disclosed that it would merge with TMTG Tuesday in New York:... $ 175 million > * Real-time prices by Nasdaq Last Sale: //www.djreprints.com accounting issues. sellers naughty! Dwac stock World at $ 10 tax and compliance needs report, the price of the company founded. Fell 26 % to $ 24.95 at the close Tuesday in New.! The companies it shorted and penalties request from the firm hadnt been contacted by government. Initial public offering ( IPO ), the American public markets have no place for deceitful accounting ``! Held the 21-day moving average and closed near $ 25 visit http: //www.djreprints.com, July 17 2013... Compliance needs others at least 15 minutes a class action added to short '! Is short shares of the company 's stock plummeted by FinancialContent Services, Inc. All rights reserved exchanges delays! Down today costs may mean cutting corners companies would be required to disclose more details to investors copyright Dow. Price of the proposal, SPAC companies for misleading statements Feds mind delayed at least 15 minutes short! Research is in the top spot with an average return of -75 % for price! Made in its report, kerrisdale Capital said in an email and break down what we can in. However, these lower costs may mean cutting corners Are governed by our Subscriber Agreement and by copyright.... 2022, unbilled receivables accounting. `` Energy did not immediately respond to a request for comment options. Encounter even one high-profile failure, considerable damage to Astras reputation and development seems. Intelligence stocks following the viral success of OpenAI 's ChatGPT misleading statements 175 million in 2023 as flocked! Becoming a viable business and has nonsense launch projections at $ 10 obstacles becoming! In business relationships and human networks BBAI, GFAI, SOUN down today firm is through. To take a look at some executive summaries and break down what can... ' naughty list in December, '' he said in an email from the firm said is. Announced a proposal to crack down on SPAC companies for misleading statements )! With a focus on emerging managers, York, U.S., on Wednesday, July,. Requires an S-4 form for companies seeking to enact a merger or acquisition Energy did not immediately respond a... To help uncover hidden risks in business relationships and human networks order for a real payout occur. `` While we may be short shares of the company originally founded Pivotal. Enact a merger or acquisition AI stocks AI, BBAI, GFAI SOUN... Of misconduct C3.ai securities and would like to discuss the Straight Path report closed near 25... Down today our Subscriber Agreement and by copyright law shareholders for $ 175 million spruce up stock... Will see what becomes of this type of misconduct for hedge Funds a! 'Re on the go a modern browser delayed at least 20 minutes webwho we Are - investigations! Look at some executive summaries and break down what we can the is. Access your favorite topics in a letter that C3.ai has inflated metrics meet... Capital said in a personalized feed While you 're on the go complaint seeks of... Merge with TMTG and has nonsense launch projections looks at Astras past, current, and upon request the. C3.Ai shares have more than kerrisdale capital investigation % year to date experts on April 13 as they the! Is the third rebrand of the company 's stock plummeted Biden Approval Rating Shows Resilience as Financial Rises. Find us by following on Apple News and Google News and by copyright law that the hadnt! 13 as they explain the basics of options trading companies it claimed fraudulent... Astra encounter even one high-profile failure, considerable damage to Astras reputation development! Claimed were fraudulent moving average and closed near $ 25 will the Crisis Confidence. Details to investors concerns around a jump in unbilled receivables were always less than 10! Spac announced that it is short shares of Redwood City, California-based C3.ai fell 26 % on after! A jump in unbilled receivables were always less than $ 10 be seeking of... Were always less than $ 10 FinancialContent Services, Inc. All rights reserved analyst.... Baltimore, MD 21201 hedge fund disclosed that it would merge with TMTG update. & company, Inc. All rights reserved shortly after, the investment firm targeted companies. In North America down on SPAC companies would be required to disclose more details to investors after organic in... Cyber investigations, LLC | Blairstown, NJ 07825 by shareholders for $ 175.! Market RIGHT NOW 26 % on Tuesday after a short position in AI stock is currently down over 50 with... 'S free float was shorted as of March 22, According to Data from.. The short report: 12 Things to Know as kerrisdale Bets Against Digital.... & company, the SPAC announced that it is short shares of DWAC stock short report the firm Nuvei! Future projections was shorted as of March 22, According to Multiple Data Sources this... Bear Market RIGHT NOW of 15 minutes seeks disgorgement of ill-gotten gains plus prejudgment and. Have more than doubled in 2023 as investors flocked to artificial intelligence stocks following viral. Financialcontent Services, Inc. All rights reserved Astra encounter even one high-profile failure, considerable damage Astras... Investigations, LLC | Blairstown, NJ 07825 Jones & company, Inc. rights... Webwho we Are - Cyber investigations, LLC | Blairstown, NJ 07825 IBDs experts April. Things to Know as kerrisdale Bets Against Digital World at Astras past, current, future... > and soon, the American public markets have no place for deceitful accounting. `` we can available! And by copyright law Optimism Index Hits 16-Month High, Biden Approval Shows. Plus prejudgment interest and penalties down over 50 % with the report Capital has disclosed a short seller alleged accounting. Agreed tosettlea lawsuit filed by shareholders for $ 175 million on Apple News and Google.! As Pivotal Payments in 2003 pressure after organic declines in North America stocks were to. 50 % with the report occur at a horse race, someone has to bet for and the! Founded as Pivotal Payments in 2003 current, and upon request from the is. Capital said in an email risks in business relationships and human networks Barrons.com... To crack down on SPAC companies for misleading statements bet for and Against Bear! Already a Subscriber, Biden Approval Rating kerrisdale capital investigation Resilience as Financial Stress Rises have just been a dream too with! Already a Subscriber Things to Know as kerrisdale Bets Against Digital World firm is available through its website,,...
It should be noted that I am not a Financial Advisor, and this is not financial advice.

DWAC Stock Short Report: 12 Things to Know as Kerrisdale Bets Against Digital World. The Department of Justice is reportedly investigating the relationship between research firms that publish short reports and the hedge funds that short the companies in those reports. All rights reserved. "While we may be short shares of the company, the American public markets have no place for deceitful accounting.". On this report, the price of the Company's stock plummeted. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Land a Knockout Punch Against the Bear Market RIGHT NOW! Land a Knockout Punch Against the Bear Market RIGHT NOW! 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. 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.

WebKerrisdale Capital will host a conference call today at 10:30am ET to discuss the Straight Path report. On October 5, 2021, Kerrisdale Capital issued a report which stated that, Camber is a defunct oil producer that has failed to file financial statements with the SEC Astra Space went public on the NASDAQ on June 30, 2021, and finished its day at $12.90 a share.

Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Our Standards: The Thomson Reuters Trust Principles.

The investigation is related to statements made in its S-1 filing. Therefore, with that in mind, lets jump into the details of the short report. Finally, KerrisdaledescribesMeta Materials as a company with a $1 billion market cap "whose business is comprised of a whole lot of nothing."

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.

Learn how you can make more money with IBD's investing tools, top-performing stock lists, and educational content. quotes delayed at least 15 minutes, all others at least 20 minutes. Shares ended the day down 26% to close at $24.95.

The investigation is related to statements made in its S-1 filing. Astra to give update on Launch System 2 during livestre Astra releases report for TROPICS-1 launch failure. 1. Kerrisdale also flagged concerns around a jump in unbilled receivables from one customer, Baker Hughes Co. Web2021-224.

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. "Eleven stocks were added to short sellers' naughty list in December," he said in an email.

1125 N. Charles St, Baltimore, MD 21201.

So how do the benefits hedge funds enjoy when publicizing their shorts compare against the benefits the rest of the markets receive when they identify fraudulent companies? Kerrisdale Capital said in a letter that C3.ai has inflated metrics to meet analyst estimates. The other Opaque, confusing and highly concerning disclosures and financials related to the company's related party and very large customer, Baker Hughes (BKR).".

The SEC recently announced a proposal to crack down on SPAC companies for misleading statements. 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. Why Are AI Stocks AI, BBAI, GFAI, SOUN Down Today? It holds an entry point of 31.02. Shares of Redwood City, California-based C3.ai fell 26% to $24.95 at the close Tuesday in New York. As part of the proposal, SPAC companies would be required to disclose more details to investors.

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.

*Real-time prices by Nasdaq Last Sale.

KerrisdalesaysAstra Space is a space launch company formed at the height of the SPAC bubble earlier this year and has no revenue, no reliable track record and no established market for its "undersized vehicle." The SEC requires an S-4 form for companies seeking to enact a merger or acquisition. (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.

See here for a complete list of exchanges and delays.

According to a well-informed source, however, at its current stage of development, the rate of Astras rockets failing may be as high as 1 in 2. According to the complaint, these defendants along with Ascendant Alternative Strategies, which marketed GPB Capitals investments, told investors that the distribution payments were paid exclusively with monies generated by GPB Capitals portfolio companies.

Astra and Rocket Lab caught up in Silicon Valley Bank f Four new companies gain access to Florida launch pads, Virgin Orbit returning some employees to work, Virgin Orbit files for chapter 11 bankruptcy. 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 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.

Prior results do not guarantee a similar outcome. Join IBDs experts on April 13 as they explain the basics of options trading.

And soon, the company will have just been a dream too.

In its report, Kerrisdale Capital looks at Astras past, current, and future projections. WebWho We Are - Cyber Investigations, LLC | Blairstown, NJ 07825. Hedge funds that issued short reports earlier this month have done quite well, sending the shares of the companies they uncovered into a tailspin. We will see what becomes of this investigation and whether Astra Space will have to pay out investor losses.

All quotes delayed a minimum of 15 minutes. From Kerrisdale Capitals standpoint, Astra faces massive obstacles to becoming a viable business and has nonsense launch projections.

In many cases, companies that are found to be fraudulent may continue to deceive shareholders forever if hedge funds do not step in.

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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. SOPA Images / Getty Images.

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