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  "documentTitle": "Lumen Technologies (LUMN)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2024-08-15 00:00:00",
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  "notes": "The slide discusses the SEC vs. Andrew Left (Citron Research) case to frame Kerrisdale's own disclosure practices.",
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      "text": "You agree that any dispute between you and Kerrisdale or the Authors arising from or related to this report or viewing the material presented herein shall be governed by the laws of the State of Florida...",
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      "text": "On July 26, 2024, the Securities and Exchange Commission (“SEC”) brought a complaint against Andrew Left, who runs Citron Research. In that complaint, the SEC effectively alleged that (i) by making public communications arguing that certain securities are longs or shorts, and (ii) then very soon after those communications were made public, trading in the opposite direction of those communications... that Left was committing securities fraud.",
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      "text": "To us, providing a hypothetical but potentially inaccurate trading intention, upon each communication of opinion about a security, doesn't make much sense. Rather, we think the longstanding standard of disclosing our directional bias, and avoiding false or misleading information in our fundamental arguments, is the appropriate standard, as",
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      "text": "Prior to this complaint, Kerrisdale's understanding of securities law was that by not releasing false or misleading information... there needed to be no restrictions on one's trading of the covered security. Furthermore, as can be seen in the disclaimers above, Kerrisdale discloses that it will transact in the securities covered herein following any communication...",
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      "text": "But, in light of this complaint, and following its logic, perhaps it would help investors to just assume the following: assume we have shorted lots and lots of the stock of the Covered Issuer immediately prior to publication, and assume we will buy lots and lots of the stock of the Covered Issuer to cover our short position immediately subsequent to publication.",
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