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AI.US

C3.ai (AI) Price Manipulation Case

N.D. Illinois
Court
23-CV-02175
Case number
04 Apr 2023
Class period Start
06 Apr 2023
Class period End
  • 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
Collecting participants…
Created by Stan Vick, Scout

C3 Ai Inc

C3.ai, Inc. operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3...

    Ticker
    AI.US
    ISIN
    US12468P1049
    CIK
    1577526
    Sector
    Technology
    Industry
    Software - Application
    Country
    USA
    Address
    1400 Seaport Boulevard, Redwood City, CA, United States, 94063