To read the full Motion For Summary Judgment click here or view on Scribd below with the statement of facts and exhibits.
To say this enforcement action is unprecedented is a gross understatement. Indeed, the Commission’s case, taken after years of lobbying by Ligand and its counsel, is not only frivolous but if not disposed of on summary judgment, it will have a dangerously chilling impact given its brazen attack on the First Amendment"
Motion For Summary Judgment
September 30, 2020
For more background see:
- Motion to Dismiss here (October 25, 2018)
- Reply Brief here (November 21, 2018)
- Opposition to The Securities and Exchange Commission's motion for protective order here (January 7, 2020)
- Affidavit of Religious Affiliation here (March 30, 2020)
- Motion for Summary Judgement here (September 30, 2020)
On July 17, 2018, Fr. Emmanuel released a letter he provided members of The U.S. House Committee on Oversight and Government Reform, The U.S. Senate Special Committee on Aging and the SEC Office of the Inspector General, further outlining extensive alleged abuses of accounting, pharmaceutical reimbursement and classification guidelines and regulations by Ligand Pharmaceuticals. In the letter, Lemelson urged the Committees in both the House and the Senate to commence an investigation into these alleged abuses, as well as the Securities and Exchange Commission’s (SEC) failure to stop them.
Lemelson's full July 13, 2018 letter to Congress is available online here
His December 2016 letter to the U.S. Senate Special Committee on Aging, regarding the company, is available online here
The Ligand Reports:
- June 14, 2014 - Ligand Pharmaceuticals - Severe competitive threat to key royalty program and “going concern” risk drive 100 percent downside
- July 3, 2014 - Ligand Pharmaceuticals (NASDAQ: LGND): Appendix
- August 4, 2014 - Update: Lemelson Capital Further Increases Short Stake in Ligand Pharmaceuticals (NASDAQ: LGND) as LGND EPS Plunges 76 percent in Q2 2014
- August 14, 2014 - Lemelson Capital Says Ligand Pharmaceuticals’ (NASDAQ: LGND) $225M Debt Issuance Solidifies Company’s Insolvency, Substantially Raises Specter of Bankruptcy
- August 22, 2014 - Ligand Pharmaceuticals (NASDAQ: LGND): Institutional holders wasting no time dumping stock in response to mounting insolvency and bankruptcy risks
The Ligand Interviews:
- Rev. Emmanuel Lemelson of Lemelson Capital Management - #PreMarket Prep for June 19, 2014
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for August 13, 2014
- Rev Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for September 16, 2014
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for October 16, 2014
- Rev. Emmanuel Lemelson, Lemelson Capital Management - #PreMarket Prep for November 18, 2014
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for February 20, 2015
- Rev. Emmanuel Lemelson, Lemelson Capital Management CIO - #PreMarket Prep for March 24, 2015
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for April 27, 2015
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for June 5, 2015
- Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for August 12, 2015
- Listen to Fr. Emmanuel live discussing The Amvona Fund, LP and his recent letter to the US Senate
Letters to Congress Regarding Ligand:
- December 19, 2016 - Lantern Foundation Founder Urges Senate Committee to Commence Investigation into Ligand Pharmaceuticals
- July 13, 2018 - Rev. Fr. Emmanuel Lemelson Calls on Congress, Office of Inspector General to Investigate SEC Failures
NOTICE AND DISCLAIMER:
This information presented expresses the views of the General Partner as of the date indicated and such views are subject to change without notice. The General Partner has no duty or obligation to update the information contained herein. Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third-party sources. The General Partner believes that the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based.
This material is not intended to constitute legal, tax, accounting or investment advice. Prospective investors should consult their own advisors about such matters. The performance data included represents the net performance of The Amvona Fund, LP, a Delaware limited partnership (the “Fund”), and reflects the deduction of all Fund level expenses, including without limitation brokerage and other transaction costs, as well as legal, audit, administration and other expenses. The performance presented does not represent the return of any individual investor. An individual's net return may differ significantly from the net performance as stated herein due to differences in fee arrangements, and timing of investment. In fact, net returns shown herein may be significantly higher than an investor's actual return. Performance includes the reinvestment of all dividends, interest, and other income. Performance presented from January 2015 to the present represents a hypothetical investor in the Fund whose capital account has been charged (i) a quarterly asset management fee of 0.25%, payable in advance; (ii) a quarterly performance allocation of 25%, subject to a high-water mark and a 6% annualized hurdle rate. Net performance from the Fund’s inception to December 2014 is calculated using the average management fee and average performance allocation calculated among the capital accounts of all Fund investors except for Lemelson Capital Management, LLC, a Massachusetts limited liability company (the “General Partner”), and its affiliates. Results compared to the S&P 500 Total Return Index (the “Index”) are for informational purposes only. The Fund's investment program does not mirror the Index and the volatility of the Fund's investment program may be materially different from the volatility of the Index. In addition, the Fund invests in a different mix of securities and sectors than the Index, which may cause the difference in performance between the Fund and the Index. You cannot invest directly in an index. Past performance is not necessarily indicative of future results. All investments involve risk, including the potential loss of principal.
The performance results of Fund should not be considered a substitute of, or indicative of the past or future performance of the Fund. 2016 Returns are estimated and unaudited, and actual returns may vary from the performance information presented above. Estimated returns should not be construed as providing any assurance or guarantee as to actual returns. Actual performance figures are only computed and audited yearly. Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. An investment in the Fund is subject to a variety of risks (which are described in the Fund’s Confidential Offering Memorandum), and there can be no assurance that the Fund’s investment objective will be met or that the Fund will not incur losses. This information does not constitute an offer to sell or the solicitation of an offer to purchase any interest in the Fund or other investment product. Any such offer or solicitation may only be made by means of delivery of the Fund’s approved Confidential Offering Memorandum.
Any specific securities identified and described in this material do not represent all of the securities purchased, sold, or recommended for the Fund. The audience should not assume that investments in these securities identified and discussed will continue to be profitable. The Fund currently owns numerous other securities in various other industries and sectors unrelated to these securities. The purchase of these securities only will not create a diversified portfolio. In addition, such securities are subject to losses as an investor may lose money investing in such securities.