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Lemelson Capital Increases Ligand Pharmaceuticals Short

Lemelson Capital Management today announced that it had increased its short position in Ligand Pharmaceuticals. The firm also called on the US Attorney's office for the Southern District of California to investigate Ligand for alleged criminal violations of federal securities laws amidst what LCM has called SEC failures.

"Sadly, investors have been ruined by Ligand's alleged scheme while the SEC has ignored the red flags and botched opportunities for a proper investigation of the company," said Lemelson Capital's Chief Investment Officer Fr. Emmanuel Lemelson.

Lemelson Capital has been charged by the S.E.C., alleging that "Lemelson used written reports, interviews, and social media to spread untrue claims, including that Ligand was "teetering on the brink of bankruptcy."

Lemelson denies the charges and is defending itself against them.