By reading, downloading or printing this content you agree to and acknowledge the following Terms of Service and disclaimer. Use of this research and these opinions is at your own risk. In no event should Jehoshaphat Research or any affiliated party be liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein.
This content is not investment advice. You should assume that as of the publication date of any short-biased report or letter, Jehoshaphat Research (possibly along with or through our members, partners, affiliates, employees, and/or consultants) has a short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Likewise, you should assume that as of the publication date of any long-biased report or letter, Jehoshaphat Research (possibly along with or through our members, partners, affiliates, employees, and/or consultants) has a long position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein rises. Following publication of any long or short report or letter, we intend to continue transacting in the securities covered herein, likely including on the day or even hour of publication, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions. One or more of Jehoshaphat Research’s affiliates and related parties, including but not limited to any principals, officers, directors, employees, members, clients, investors, consultants and/or agents of those affiliates and related parties, may have provided Jehoshaphat Research with publicly available information that is included in this report, following Jehoshaphat Research’s independent due diligence.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Jehoshaphat Research is not registered as an investment advisor in the United States nor does it have similar registration in any other jurisdiction. All information herein is presented “as is,” without warranty of any kind – whether express or implied. Jehoshaphat Research makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Jehoshaphat Research does not undertake to update or supplement any of the information contained herein.
Importantly, while this report sets forth factual material from sources such as publicly available corporate statements, this report nonetheless represents Jehoshaphat Research’s opinions, based on the information contained herein.
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In addition to the above legalese, a note in plain English. Jehoshaphat Research and any affiliated parties have a vested financial interest in being as persuasive as possible about the stocks on which we publish. As is common for short activists, we or our affiliates or partners put money, sometimes including short-dated options, into short positions prior to publishing most (ideally, all) of our reports. This kind of positioning and risk management can put our interests at odds with yours. We have a lot of bias and incentives, just like any investor of course. Similar to any long-biased investor who publicly speaks about a stock on TV, for instance, there’s no guarantee that we’ll come back and update you when we change our mind about something we’ve said. Once we’ve told the world about a short position, we’re probably going to start exiting it (although we can’t be certain of this plan in advance, it’s usually what ends up happening). There’s even a decent chance we’ll exit the entire short position on the same day we publish our opinions about it. We are journalists, investigators, and money managers for ourselves or our affiliates – we are not your investment advisors.
And because we are offering our opinions based on the information disclosed in this report, it is possible for us to get something wrong, despite our best efforts at accuracy! We welcome suggestions or corrections; please send any of those or any requests for retraction to our inbox at [email protected]. We aim to abide by responsible media principles and urge you to follow up if you do not hear from us within 24 hours.
As you read our reports, we hope you will be of two minds: One that comes away impressed with the quality of our research, and another that realizes that we may have non-aligned or even directly opposing incentives from yours during the course of any trade. Most importantly, these reports are opinion pieces. If you treat our opinions as facts, you will misunderstand our position. We believe that any investor who takes financial action based on the opinions of someone else must take responsibility for his or her own trading. We do our own research, and you should too.
