Citron Research has been publishing columns for over 17 years, making it one of the longest-running online stock commentary websites. With over 150 reports, Citron has amassed a track record identifying fraud and terminal business models second to none among any published source. The goal of this website is and has always been to provide truthful information in an entertaining format to the investing public. Our goal has never been to engage in “gotcha” journalism. Readers are always encouraged to consider this and all information available regarding any potential investments, to seek professional assistance as necessary, and to draw their own conclusions.
It is obvious that the vast preponderance of companies ( but not all – so who’s perfect? ) covered in the archived reports performed poorly as investments. Readers are welcome to compile their own track records and draw their own conclusions.
Citron Research represents the work of a team of investigators, led by Andrew Left. Mr. Left is a private investor with 18 years trading experience. Mr. Left has been quoted in every major US financial publication, including Forbes, Fortune, Wall Street Journal, Barron’s, CNBC, Investors’ Business Daily, and Business Week, as well as numerous Chinese media.
It has always been the mission of Citron Research to keep the focus on the message and not the messenger. However, questions invariably arise as to the source of controversial public postings, and it is sometimes inevitable that the negativity turns personal.
Therefore the following is offered:
Regulatory interventions
Since 2001, more than 50 companies covered by Citron Research have become targets of regulatory interventions.
| Company name | Ticker | Date first reported | Type of regulatory intervention[clarification needed] |
|---|---|---|---|
| Xaibe Inc. | OTCBB: XAIB | Aug. 30, 2001 | U.S. Securities and Exchange Commission (SEC) charge of stock fraud; company is defunct[42] |
| Humatech Inc. | OTC Pink: HUMT | Dec. 28, 2001 | SEC charge of financial fraud[43] |
| Tel-One Inc. | OTCBB: TLON | Jan. 17, 2002 | SEC charge of carrying out pump and dump scheme[44][45] |
| eUniverse Inc. | NASDAQ: EUNI | March 26, 2002 | SEC investigation of accounting practices[46] |
| Concentrax Inc. | OTC Pink: CRXN | July 29, 2002 | SEC charge of issuing false and misleading press releases[47] |
| Stratabase | OTCBB: SBSF | Aug. 2, 2002 | Delisted: Aug. 19, 2004[48] |
| GeneMax | OTCBB: GMXX | Aug. 23, 2002 | SEC investigation of stock fraud[49][50][51] |
| RTIN Holdings Inc. | OTCBB: RTNH | Feb. 11, 2003 | Department of Justice charge of insider trading violations; CEO |
| Spear & Jackson Inc. | OTCBB: SJCK | July 10, 2003 | SEC charge of fraud; former CEO pays $6.1 million in penalties[54][55] |
| Interpharm Holdings Inc. | NYSE MKT: IPA | Oct. 21, 2003 | Delisted: April 22, 2008[56] |
| American Water Star Inc. | OTCBB: AMWS | Oct. 27, 2003 | Delisted: Feb 2, 2006[57] |
| Verdisys / Blast Energy Services Inc. | OTCBB: VDYS OTCBB: BESV |
Dec. 12, 2003 | SEC charge of financial fraud; Chapter 11 bankruptcy declared (name change from Verdisys (VDYS) to Blast Energy Services (BESV) June 6, 2005)[58][59] |
| Immtech Pharmaceuticals Inc. | NYSE MKT: IMM | Jan. 20, 2004 | Delisting Notice: Dec 23, 2008[60] |
| Amerityre Corp. | NASDAQ: AMTY | Jan. 28, 2004 | Delisting notice: Jan 15, 2010[61] |
| World Information Technology Inc. | OTCBB: WRLT | Feb. 4, 2004 | SEC charge of carrying out pump-and-dump scheme[62][63] |
| YP.Net | OTCBB: YPNT | May 24, 2004 | CEO indicted for conspiracy, money laundering and wire fraud[64] |
| Concorde America Inc. | OTC Pink: CNDD | Sep. 21, 2004 | SEC charge of carrying out $32 million pump-and-dump fraud[65][66] |
| Law Enforcement Associates | OTCBB: LENF | Oct. 18, 2004 | U.S. Department of Commerce investigation in 2011; Chapter 7 bankruptcy declared May 2012[67] |
| Telkonet Inc. | NYSE MKT: TKO | Nov. 8, 2004 | Delisting notice: Sept 3, 2009[68] |
| Absolute Health and Fitness Inc. | OTC Pink: AHFI | Dec 3, 2004 | SEC charge of carrying out $32 million pump-and-dump fraud[65][66] |
| iMergent Inc. | NYSE MKT: IIG NYSE MKT: EXE |
Feb. 24, 2005 | Oregon and Wisconsin |
| Bio-Heal Laboratories | OTC Pink: BHLL | March 30, 2005 | SEC charge of stock fraud[72] |
| Raser Technologies Inc. | OTCBB: RSTG NYSE: RZ |
June 20, 2005 | Chapter 11 bankruptcy declared[73][74] |
| Homeland Safety International | OTC Pink: SNFX OTC Pink: HSFI |
Aug. 1, 2005 | SEC charge of carrying out $32 million pump-and-dump fraud scheme (name change from Sniffex (SNFX) to Homeland Safety Intl. (HSFI) in Aug. 2006)[75][76][77] |
| Global Development and Environmental Resources | NASDAQ: GDVE | Aug. 19, 2005 | SEC charge of securities fraud[2] |
| GTX Global | OTC Pink: GTXC | Dec. 9, 2005 | CEO found guilty of securities fraud, wire fraud, and money laundering[78][79] |
| Escala Group Inc. | NASDAQ: ESCL | Jan. 4, 2006 | SEC charge of accounting fraud[80][81] |
| Foldera Inc. | OTCBB: FDRA | March 30, 2006 | Stock delisted, July 2008; company becomes CeCors[82] |
| Vertrue Inc. | NASDAQ: VTRU | May 23, 2006 | Company goes private March 2007; declares Chapter 11 bankruptcy in 2012[83][84] |
| GHL Technologies Inc. | OTC Pink: GHLT | May 31, 2006 | SEC charge of issuing false press releases; company’s funds frozen[85][86] |
| Conversion Solutions Holdings Inc. | OTCBB: CHSD OTCBB: CSHD OTCBB: FHAL |
Aug. 9, 2006 | SEC charge of stock fraud; CEO sentenced to 23 years imprisonment[87][88] |
| Syntax-Brillian Corp. | NASDAQ: BRLC | Nov. 6, 2006 | Delisted; Chapter 11 bankruptcy declared[89] |
| Medis Technologies Ltd. | OTC Pink: MDTL | April 18, 2007 | Common stock delisted by Nasdaq Aug. 20, 2009[90][91] |
| Xinhua Finance Media | NASDAQ: XFML | May 21, 2007 | Department of Justice charge of fraud[92] |
| Hoku Scientific | NASDAQ: HOKU | June 6, 2007 | Delisting announcement, July 13, 2012[93] |
| Home Solutions of America Inc. | NASDAQ: HSOA | Sep. 25, 2007 | SEC charge of securities fraud[94][95][96][97] |
| Terra Nostra Resources Corp. | OTCBB: TNRO | Oct. 24, 2007 | Delisted; Chapter 11 bankruptcy declared[98] |
| Bidz.Com Inc. | NASDAQ: BIDZ | Nov. 26, 2007 | SEC investigation into company’s inventory disclosures Feb. 10, 2009; company goes private at .78/share May 17, 2012[99][100] |
| Basin Water Inc. | NASDAQ: BWTR | Apr. 7, 2008 | SEC charge of accounting fraud; Chapter 11 bankruptcy declared[101] |
| Arthrocare Corp. | NASDAQ: ARTC | May 2, 2008 | Department of Justice charge of fraud for two former executives[102][103][104] |
| Ener1 Inc. | NASDAQ: HEV | July 16, 2008 | Chapter 11 bankruptcy declared Jan. 30, 2012[105] |
| Amedisys Inc. | NASDAQ: AMED | Aug. 12, 2008 | Department of Justice investigation |