Lemelson CIO calls on Congress to probe SEC failure to prosecute Ligand
Rev. Fr. Emmanuel Lemelson, the CIO of Lemelson Capital Management, LLC, a U.S.-based global Investment management firm, released a letter he has provided members of The U.S. House Committee on Oversight and Government Reform, U.S. House of Representatives Financial Services Committee, The U.S. Senate Committee on Banking, Housing, & Urban Affairs, The U.S. Senate Special Committee on Aging and the SEC Office of the Inspector General, outlining extensive alleged accounting, and securities fraud and abuse of federal and state healthcare laws by Ligand Pharmaceuticals, a U.S.-based publicly-traded pharmaceutical company. In the letter, Lemelson urged the Committees in both the House and the Senate to commence an investigation into these alleged abuses, as well as the Securities and Exchange Commissions "failure to stop them despite being provided abundant evidence of the alleged fraud spanning multiple years - failures he likens to the Commission's botched Enron and Madoff investigations that allowed these frauds to cost investors and the American taxpayers dearly." "We believe the greatest risk investors in Ligand face is the company may be excluded from government healthcare programs, found in violation of government regulations and face civil and criminal penalties that could result in imprisonment," Lemelson said. "It is inexplicable why the SEC has failed to act, given all of the disturbing developments that have been charted. Protecting the American investor and taxpayer, not to mention the sick who need reliable, affordable access to lifesaving medications must be a priority over fostering cozy relationships with Wall Street," Lemelson said.