Citron Calls Markolpolos GE Short Report Reckless, Dishonest, and Secretive
This afternoon, Andrew Left’s outfit Citron Research took on Harry Markolpolos’ GE Short report issued yesterday.
In the report, Citron states aggressive accounting and fraud are “two different animals.” Explaining the SEC has allowed aggressive accounting for years and believe that if GE was committing fraud it would mean thousands of accountants, auditors, and CFOs have all secretly collaborated over 20 years.
What we have just witnessed with Mr. Markopolos is reckless, dishonest, and most importantly secretive – all which gives activist short selling a bad name.
Citron Research, GE Report, 8/16/2019
Citron goes on to remind the investment community:
- Harry is being paid a % of profits from an unnamed hedge fund that is short GE.
- In the last week, four GE insiders bought stock. Including, CEO Larry Culp who bought over $5M worth ($2M after the short report was published).
- Stanley Druckenmiller, one of the greatest hedge fund managers in US history, bought shares after the short report.
For more information on the report, you can read about our breakdown here:
Citron Research represents the work of a team of investigators, led by Andrew Left. Citron Research has website states the research outlet has been publishing columns for over 17 years with over 150 reports. Stating the outlet has amassed a track record identifying fraud and terminal business models second to none among any published source.
Some of Citron’s most recently famous reports include: Going Long Tesla, Going Short Village Farms and Shopify. You can see a list of their full reports here.
Information for this commentary and analysis was found via Citron Research. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. Today he consults with microcap companies helping them with capital markets strategy and focuses on industries including cannabis, tech, and junior mining.
