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AI.US
id: 659, Created by Stan Vick, Scout
C3.ai (AI) Price Manipulation Case
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N.D. Illinois
Court23-CV-02175
Case number- Short-Seller Kerrisdale & Adrangi accused C3.ai of fraud.
- $AI dropped 25%+ and lost ~$1B of its MCap, injuring investors.
- Investors suspect the Activist manipulated the $AI price by disseminating false accusations.
On April 4, 2023, the letter authored by Kerrisdale Capital Management and Adrangi, an “activist” short-seller of shares of stock in C3.ai, Inc., accused C3.ai., Inc. of, among other things, knowingly creating financial statements that contain “deceitful accounting,” “to fool market participants by painting a false portrait of the company’s profit and loss,” and “trying to cover up a failing business.”
The April 4, 2023 Letter also accused Deloitte & Touche LLP, one of the nation’s leading auditing, accounting, and consulting firms, and C3.ai, Inc.’s auditor of, among other things, “rubber stamping fraudulent accounting” and directed Deloitte & Touche LLP “to come clean in its upcoming audit or resign.”
On this news, the $AI price dropped over 25% and lost around $1B of its market capitalization, seriously injuring investors.
Investors suspect that Kerrisdale and Adrangi Intended to reach a negative $AI price effect as a result of the false accusations set forth in the April 4, 2023 Letter.
Alleged Offence
Price manipulation
Suspected Party
Influencer,
Research Entity,
Hedge Fund
Security Type
Stocks
Trade Direction
Long
Shock Event Date
04 April 2023
Filing date
06 April 2023
Lead Plaintiff Deadline
06 June 2023