(Reuters) – Citron Capital founder and quick vendor Andrew Left has requested a decide to dismiss the lawsuit by the U.S. Securities and Change Fee that has accused him of constructing thousands and thousands of {dollars} by deceptive buyers along with his social media feedback.
Left’s lawyer, James Spertus, in a court docket submitting argued that the SEC’s case “fails to state a declare as a result of it neither alleges a cognizable idea of fraud nor alleges enough information to assist the idea alleged”.
The securities regulator and the U.S. Justice Division in July accused Left of manipulating the market and defrauding buyers with deceptive claims about his positions in a number of shares, together with Nvidia (NASDAQ:) and Tesla (NASDAQ:).
The federal authorities have mentioned that Left used his social media platform and cable information appearances to advertise what he mentioned had been his lengthy or quick trades, solely to shortly reverse his positions, making as a lot as $20 million within the course of.
The Federal decide in Los Angeles has set Left’s trial for Sept. 30, 2025. Left was slated to go on a trial in September this yr.
Left, who has pleaded not responsible, has for greater than a decade been among the many most outstanding of a cohort of “quick activists” who say they guess towards public firms on the premise they’re over-valued or participating in outright fraud.
Left’s lawyer Spertus and the U.S. SEC didn’t instantly reply to Reuters requests for remark.
