As of the publication date of this report and/or web post, Kerrisdale Capital Management LLC and its affiliates (collectively “Kerrisdale”), others that contributed research to this report and others that we have shared our research with (collectively, the “Investors”) have short positions in and may own options on the stock of the company covered herein and stand to realize gains in the event that the price of the stock decreases. Following publication of the report and/or web post, the Investors will transact in the securities of the company covered herein. We may be long, short or neutral at any time thereafter regardless of our initial position.
Nothing in this web post may be considered as an offer or solicitation to purchase or sell securities, products or services. The purpose of our blog is solely to share and discuss investment ideas. Kerrisdale is not making any recommendations to buy or sell securities, including any securities that we write about. We are solely expressing our own opinions, and reasons for why we are short a security. These expressions are NOT recommendations to others to buy, sell, short or take any action whatsoever with regard to these securities.
You should assume that as of the publication date of any post, report, letter or any other communication referencing any publicly traded security, Kerrisdale (possibly along with or through our members, partners, affiliates, employees, clients, investors, industry contacts and/or consultants) may have a position in the stock covered herein, and therefore stands to realize significant gains in the event that the price of stock moves.
Use of Kerrisdale’s research is at your own risk. To the best of our ability and belief, all information contained in our website is accurate and reliable. However, all information contained on our website is provided “as is” and Kerrisdale expressly disclaims making any express or implied warranties with respect to the fitness of the information contained therein for any particular usage, its merchantability or its application or purpose. In no event shall Kerrisdale be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this data. Prior to making any investment or hiring any investment manager you should consult with professional financial, legal and tax advisors to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment.
From time to time, Kerrisdale writes about estimated fair values of securities and companies. The valuation methodologies behind such fair values are not necessarily disclosed. Such fair values are not price targets and Kerrisdale will not hold long or short security positions until such fair values are reached. Kerrisdale may buy to cover short positions well above any fair values it discusses in its posts. Kerrisdale may sell long positions well below any fair values it discusses in its posts. Kerrisdale may change its estimate of fair values at any time in the future without disclosing the new fair values publicly. Kerrisdale will also transact in the securities of the companies it writes about for many reasons that have nothing to do with Kerrisdale’s current or prior estimates of the securities’ fair values.
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