{{Short description|Short seller and author (born 1970)}} {{Infobox person | name = Andrew Left | image = <!-- just the name, without the File: or Image: prefix or enclosing brackets --> | alt = | caption = | birth_name = | birth_date = {{Birth date and age|1970|07|09}} | birth_place = Michigan, U.S. | citizenship = | education = | alma_mater = Northeastern University | occupation = financial analyst, financial writer, short seller | years_active = 1995{{spaced ndash}}present | employer = | organization = Citron Research | known_for = Activist short selling | boards = | spouse = {{plainlist| * {{marriage |Andrea Left|2001|2008}} * Stephanie Left }} | children = 4 | parents = | relatives = | website = {{URL|https://citronresearch.com/}} }}
'''Andrew Edward Left''' (born July 9, 1970) is an activist short seller, author and editor of the online investment newsletter Citron Research, formerly StockLemon.com.<ref>{{Cite news |date=2012-07-10 |title=Drug Maker Questor Down on Short Seller Comments |publisher=Reuters |url=https://www.reuters.com/article/us-questor-shares-idUSBRE86911X20120710 |access-date=2013-11-27}}</ref><ref name="autogenerated1">{{Cite web |title=Citron Research Vindicated - The Motley Fool Blog |url=http://caps.fool.com/Blogs/citron-research-vindicated/56273 |access-date=2013-11-27 |publisher=Caps.fool.com}}</ref> Under the name Citron Research, Left publishes reports on firms that he claims are overvalued or are engaged in fraud. Left is known for advising investors on short selling and has often appeared on various media outlets such as CNBC and Bloomberg to talk about his opinions on stocks.<ref>{{Cite web |last=Paul R. La Monica |date=March 2, 2016 |title=More bad news for Tesla and Elon Musk |url=https://money.cnn.com/2016/03/02/investing/tesla-citron-research-short-elon-musk/ |archive-url=https://web.archive.org/web/20160303101426/http://money.cnn.com/2016/03/02/investing/tesla-citron-research-short-elon-musk/ |url-status=dead |archive-date=March 3, 2016 |access-date=September 5, 2016 |publisher=CNN}}</ref><ref name="refa">{{Cite web |last=Matt Wirz |date=October 22, 2015 |title=The 'Short' Who Sank Valeant Stock |url=https://www.wsj.com/articles/the-short-who-sank-valeant-stock-1445557157 |access-date=June 5, 2016 |publisher=The Wall Street Journal}}</ref> In 2017, Left was called 'The Bounty Hunter of Wall Street' by ''The New York Times''.<ref>{{Cite web |last=Jesse Barron |date=8 June 2017 |title=The Bounty Hunter of Wall Street |url=https://www.nytimes.com/2017/06/08/magazine/the-bounty-hunter-of-wall-street.html |website=The New York Times}}</ref>
Citron launched 51 investigative reports against S&P 500 companies, as well as several Chinese companies, citing allegations of pyramid schemes, ineffective products and accounting, or business frauds.<ref name="bloom">{{Cite web |last1=Oliver Renick |last2=Anna-Louise Jackson |last3=Joseph Ciolli |date=October 21, 2015 |title=Ackman Feeling Shortseller's Sting as Citron Sinks Valeant Stock |url=https://www.bloomberg.com/news/articles/2015-10-21/ackman-feeling-shortseller-s-sting-as-citron-sinks-valeant-stock |access-date=June 5, 2016 |publisher=Bloomberg}}</ref> In 2016, Left was banned for five years by the Hong Kong Market Misconduct Tribunal (chaired by Justice Michael Hartmann) for allegedly disclosing false or misleading information in connection with the publication of a research report on Chinese property developer Evergrande Group, and so inducing transactions under the Securities and Futures Ordinance.<ref name="MMTReportI" /><ref name="MMTReportII" /> Although Left's report was correct, his punishment was not rescinded.<ref name="2021EvergrandeReaction" /> Despite being sued by multiple companies for the reports he has released, Left claims he has never lost a case in the United States.<ref name="refa" /><ref>{{Cite web |date=December 9, 2011 |title=Citron's Andrew Left on Life As A Short-Seller |url=http://www.businessinsider.com/citrons-andrew-left-on-life-as-a-short-seller-2012-2 |access-date=June 5, 2016 |publisher=Business Insider}}</ref>
Before Citron Research, the National Futures Association sanctioned Left and stated that he "made false and misleading statements to cheat, defraud or deceive a customer in violation of NFA compliance rules."<ref name=":0" /><ref name=":1" />
In July 2024, federal prosecutors arrested and charged Left with multiple civil and criminal charges, alleging he illegally manipulated the stock market.<ref name="Lee" /><ref>{{Cite web |last=Levine |first=Matt |date=July 26, 2024 |title=Andrew Left Wasn't Short for Long - Bloomberg |url=https://www.bloomberg.com/opinion/articles/2024-07-26/andrew-left-wasn-t-short-for-long |url-status=live |archive-url=https://web.archive.org/web/20240726183201/https://www.bloomberg.com/opinion/articles/2024-07-26/andrew-left-wasn-t-short-for-long |archive-date=2024-07-26 |access-date=July 26, 2024 |publisher=Bloomberg}} [https://archive.ax/bL88u Alt URL]</ref>
==Early life and career== Left was born in a Detroit suburb<ref name=reut/> to a Jewish family and later moved with his family to Coral Springs, Florida. He attended Coral Springs High School where he was a member of the debate team and president of the Jewish youth group.<ref name="bi">{{Cite web |last=Julia La Roche |date=November 9, 2015 |title=Meet the short-seller single-handedly crushing the titans of the hedge fund industry |url=http://www.businessinsider.com/andrew-left-citron-research-2015-11 |access-date=June 5, 2016 |publisher=Business Insider}}</ref> He graduated from Northeastern University in 1993.<ref name="sec">{{Cite web |date=December 31, 2000 |title=Detour Media Group Inc |url=http://www.secinfo.com/duTqj.4f89h.htm |access-date=June 5, 2016 |publisher=SEC}}</ref>
Left's first job was with Universal Commodity Corp, a high-pressure commodities brokerage firm that hired salespeople to make cold calls and push "questionable investments."<ref name="reut">{{Cite web |last1=Daniel Bases |last2=Ryan Vlastelica |last3=Clare Baldwin |author3-link=Clare Baldwin |last4=Mark Bendeich |date=August 5, 2011 |title=Special report: The "shorts" who popped a China bubble |url=https://www.reuters.com/article/us-china-accounting-shorts-idUSTRE7740PC20110805 |access-date=June 5, 2016 |publisher=Reuters}}</ref> Left quit in March 1994, after 9 months with the company. When the National Futures Association sanctioned the firm in December 1998, Left, along with every other former employee, was sanctioned for three years along with being required to take an ethics-training course as part of the probe into the firm for making false statements to sell commodity futures contracts.<ref name=":0">{{Cite web |last1=Daniel Bases |last2=David Gaffen |date=October 21, 2015 |title=Citron's Left hits nerve with new Valeant broadside |url=https://www.reuters.com/article/us-valeant-citron-left-idUSKCN0SF2K020151021 |access-date=June 5, 2016 |publisher=Reuters}}</ref> The National Futures Association stated Left “made false and misleading statements to cheat, defraud or deceive a customer in violation of NFA compliance rules.” <ref name=":1">{{Cite web |last=Niall McGee |date=October 21, 2015 |title=Who is Citron Research? |url=https://www.theglobeandmail.com/report-on-business/who-is-citron-research/article26918763/ |access-date=June 5, 2016 |publisher=The Globe and Mail}}</ref>
Left became active in short selling by the age of 24. He has cited his experience with Universal Commodity Corp as the reason he started short selling stocks promoted by boiler-room scams.<ref name=refa/> When the boiler rooms eventually went out of business, Left started shorting stocks from bulletin-board scams, in which people would send out email blasts saying, "Buy this stock now or you'll miss out."<ref name=bi/>
In April 1999, Left became president and CEO of Detour Media. He was named director of the company in November 1999.<ref name=sec/><ref>{{Cite web |last=Susan Carpenter |date=July 3, 2001 |title=It's Publish and Perish in L.A. |url=https://www.latimes.com/archives/la-xpm-2001-jul-03-cl-18000-story.html |access-date=June 5, 2016 |website=Los Angeles Times}}</ref><ref>{{Cite web |date=June 20, 2000 |title=Detour Media Launches Detour Custom Publishing |url=http://www.writenews.com/detour-media-launches-detour-custom-publishing-62020001 |access-date=June 5, 2016 |publisher=The Write News}}</ref>
Left switched to shorting the stocks full-time,<ref name=reut/> using his own research to publish free reports on firms he feels are overvalued or engaged in fraud.<ref name=refa/> In 2001, he founded StockLemon.com, now known as Citron Research. According to Left, he has made profits every year since he started short selling.<ref name="hg">{{Cite web |last=Julie Steinberg |date=March 15, 2016 |title=The Short Who Got Valeant Right Is on Trial in Hong Kong |url=https://www.wsj.com/articles/the-short-who-got-valeant-right-is-on-trial-in-hong-kong-1458065388 |access-date=September 14, 2016 |publisher=Wall Street Journal}}</ref>
He was a keynote speaker at the 2017 and 2018 Harvard Business School Investment Conference.<ref>{{Cite web |title=2017 Investment Conference |url=http://hbsinvestmentconference.com/|archive-url=https://web.archive.org/web/20110207205800/http://hbsinvestmentconference.com/|url-status=usurped|archive-date=February 7, 2011}}</ref><ref>{{Cite web |title=Speakers |url=http://2018.hbsinvestmentconference.com/speakers/ |archive-url=https://web.archive.org/web/20180131090524/http://2018.hbsinvestmentconference.com/speakers/ |url-status=usurped |archive-date=January 31, 2018 |publisher=HBS Investment Conference}}</ref>
==Citron Research== Left started StockLemon.com in 2001 as a self-published blog containing reports on controversial companies. He rebranded the site as Citron Research in 2007.<ref name=refa/><ref name=reut/><ref>{{Cite web |title=Evergrande Stock Tumbles on Fraud Accusation - Market Watch |url=http://www.marketwatch.com/story/evergrande-stock-tumbles-on-fraud-accusation-2012-06-21 |access-date=2013-11-27 |publisher=Articles.marketwatch.com}}</ref> Left researches and short sells companies he believes to be engaged in fraud, have been suspiciously promoted, or have been mistakenly overpriced by the stock market.<ref>{{Cite news |date=2012-08-07 |title=Nu Skin Shares Fall After Short-Seller Questions China Ops - Reuters |publisher=In.reuters.com |url=http://in.reuters.com/article/us-nu-skin-shares-fall-after-short-selle-idINBRE8760X220120807 |archive-url=https://web.archive.org/web/20160203174336/http://in.reuters.com/article/us-nu-skin-shares-fall-after-short-selle-idINBRE8760X220120807 |url-status=dead |archive-date=February 3, 2016 |access-date=2013-11-27}}</ref><ref>{{Cite news |last=Weil |first=Jonathan |date=2013-12-05 |title=Weil on Finance: Carl Icahn's Mug |publisher=Bloomberg |url=https://www.bloomberg.com/news/2013-12-05/weil-on-finance-carl-icahn-s-mug.html |access-date=2014-02-07}}</ref>
According to a ''Wall Street Journal'' analysis of 111 Citron short-sale reports spanning from 2001 to 2014, there was an average share-price decline of 42 percent in the year after Left's report was released. Of those shares, 90 were lower one year later while 21 gained, according to data from S&P Capital IQ.<ref name=refa/>
GTX Global Corp. sued Left for defamation after a 2005 article he published through Citron about GTX Global. In 2007, the case was dismissed under California's anti-SLAPP statutes which cover writings about publicly traded companies as matters of public interest.<ref>{{Cite web |last=Martin Samson |title=GTX Global Corp. v. Left |url=http://www.internetlibrary.com/cases/lib_case486.cfm |access-date=September 15, 2016 |publisher=Internet Library of Law and Court Decisions}}</ref><ref>{{Cite web |title=GTX Global Corp. v. Left |url=http://www.dmlp.org/threats/gtx-global-corp-v-left |access-date=September 15, 2016 |publisher=Digital Media Law Project}}</ref>
In 2008, Left released a report in which he concluded that Home Solutions was not transparent about the company's relationship with American Renaissance. Home Solutions had loaned money to American Renaissance before the "partnership" was disclosed publicly. As a result of Left's research, Home Solutions’ stock plummeted.<ref>{{Cite web |last=Gordon Russell |date=January 15, 2008 |title=Disaster rebuilder faces storm of its own |url=http://www.nola.com/news/index.ssf/2008/01/disaster_rebuilder_faces_storm.html |access-date=September 15, 2016 |publisher=Nola.com}}</ref> Starting in 2012, Left published multiple reports about Questcor Pharmaceuticals centered around incorrect labeling of the drug Acthar's ingredients. When Questcor was acquired by Mallinckrodt, Left criticized the new company for continued misconduct.<ref>{{Cite web |last=Cynthia Koons |date=November 9, 2015 |title=Mallinckrodt's $35,000 Drug Is Back in the Spotlight |url=https://www.bloomberg.com/news/articles/2015-11-09/with-citron-tweet-mallinckrodt-s-35-000-drug-back-in-spotlight |access-date=September 15, 2016 |publisher=Bloomberg}}</ref> Several of Left's reports have become highly publicized, including a 2012 report on the legality of operations by Nu Skin Enterprises, and a 2015 report on Valeant Pharmaceuticals bringing attention to inflated sales.<ref name=bloom/><ref>{{Cite news |last=Yukhananov |first=Anna |date=2012-08-16 |title=Exclusive: Nu Skin told not to use researcher's name |publisher=Reuters |url=https://www.reuters.com/article/us-nuskin-stanford-idUSBRE87F13W20120816 |access-date=2014-02-07}}</ref>
In October 2015, ''The Globe and Mail'' of Toronto, quoted independent research firm 5i Research Inc CEO Peter Hodson, as stating that "What they seem to do quite well is they're able to spin existing facts into a horrible scenario. It reads very badly," and that "Their job as a company is to create the most amount of panic so they and their clients can make the most amount of money."<ref>[https://www.theglobeandmail.com/report-on-business/who-is-citron-research/article26918763/#c-image-0 "Who is Citron Research?" by Niall McGee; ''The Globe and Mail''; OCTOBER 21, 2015.]</ref>
Citron Research published a report on May 19, 2019, regarding African eCommerce company Jumia, one month after its IPO had resulted in shares values rising about 250 percent. Subsequent to the Citron report, stock value dropped by 50 percent in one week. Citron alleged “material discrepancies” between the IPO filing and a confidential presentation made by Jumia to its investors on October 18, 2018. Citron Research alleged that the company had presented incorrect figures concerning active users, specifically, its percentage of product returned and active customers before the IPO.<ref>{{Cite news |last=Munshi |first=Neil |last2=Pilling |first2=David |date=10 May 2019 |title=Jumia falls sharply after Citron claims fraud |language=en-GB |website=Financial Times |url=https://www.ft.com/content/e040fd42-731d-11e9-bf5c-6eeb837566c5 |access-date=2019-05-15}}</ref> By August 2019, Jumia was named in several class-action suits related to employee fraud.<ref>[https://www.theafricareport.com/16643/jumia-pain-may-not-be-over-as-shares-slump-below-ipo-price/ "Jumia pain may not be over as shares slump below IPO price" By David Whitehouse; ''The Africa Report''; October 8, 2019.]</ref>
In January 2021, Citron Research stated in an interview<ref>{{Cite web |date=2021-01-27 |title=An update from Citron Research |website=YouTube |url=https://www.youtube.com/watch?v=yS4yPsmaDDQ }}</ref> held by Andrew Left that the company has covered the majority of its short positions after the GameStop short squeeze in the $90s/share at a loss of 100%, now having a small manageable position. ''The Wall Street Journal'' reported Left being targeted online, including an incident where Left's social media accounts were hacked to text his children and used "threatening, profane and personal language".<ref>{{Cite news |last=Rogow |first=Gregory Zuckerman and Geoffrey |date=2021-01-27 |title=The GameStop Short Squeeze Shows an Ugly Side of the Investing World |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/gamestop-stock-short-squeeze-ugly-side-11611750250 |access-date=2021-01-27 |issn=0099-9660}}</ref><ref>{{Cite web |last=GmbH |first=finanzen net |title=GameStop short-sellers Melvin Capital and Citron surrender their bearish bets after 700% rally drives huge losses |url=https://www.businessinsider.com/gamestop-stock-short-sellers-melvin-capital-citron-surrender-bets-gme-2021-1 |access-date=2021-01-27 |website=markets.businessinsider.com |language=en-us}}</ref><ref>{{Cite web |title=Citron Research covered majority of GameStop short position in $90s/share (NYSE:GME) |url=https://seekingalpha.com/news/3654791-citron-research-covered-majority-of-gamestop-short-position-in-90sshare |access-date=2021-01-27 |website=SeekingAlpha |language=en}}</ref>
===Valeant Pharmaceuticals=== Left's 2015 report on Valeant Pharmaceuticals (later known as Bausch Health) accused the company of channel stuffing<ref>{{Cite web |last=John Melloy, Everett Rosenfeld |date=October 21, 2015 |title=I bought 2M shares of Valeant today; I believe in the company |url=https://www.cnbc.com/2015/10/21/valeant-halted-in-heavy-trading-down-28-after-citron-research-report.html |access-date=September 5, 2016 |publisher=CNBC}}</ref> and using sham transactions to inflate drug sales. Left's initial report focused on an investigation launched by Senator Bernie Sanders and Representative Elijah Cummings that examined Valeant's business model of massively spiking the prices of drugs to which it had acquired marketing rights.<ref>{{Cite web |last=Michael Hiltzik |date=November 3, 2015 |title=Valeant scandal shows why we need short-sellers in the stock market |url=http://www.latimes.com/business/hiltzik/la-fi-mh-valeant-scandal-20151103-column.html |access-date=September 5, 2016 |website=Los Angeles Times}}</ref> Left followed up with a report focused on pharmaceutical distributor Philidor RX.<ref>{{Cite web |title=Valeant Plunges 30% After Short Seller Citron Research Makes Fraud Allegation |url=https://www.forbes.com/sites/antoinegara/2015/10/21/valeant-plunges-30-after-short-seller-citron-research-makes-fraud-allegation/#1d0071d252c7 |access-date=September 5, 2016 |website=Forbes}}</ref> Left called for the US Securities and Exchange Commission to investigate the issue and referred to the company as the "Pharmaceutical Enron".<ref>{{Cite web |last=Fred Imbert |date=May 17, 2016 |title=Citron's Andre Left: Yes, I'm long Valeant, but… |url=https://www.cnbc.com/2016/05/17/citrons-andrew-left-yes-im-long-valeant-but.html |access-date=September 5, 2016 |publisher=CNBC}}</ref><ref>{{Cite web |last=Linette Lopez |author-link=Linette Lopez |date=March 2, 2016 |title=The short seller who took down Valeant is out of the stock because it is 'uninvestable' |url=http://www.businessinsider.com/short-seller-says-valeant-is-uninvestable-2016-3 |access-date=September 5, 2016 |publisher=Business Insider}}</ref> As a result of the report, Valeant shares dropped after a five-year peak,<ref>{{Cite news |last=Charles Stein |date=October 21, 2015 |title=Bill Ackman among investors feeling Valeant Pharmaceutical Inc's pain with billions erased in stock fall |url=http://business.financialpost.com/investing/market-moves/bill-ackman-among-investors-feeling-valeant-pharmaceutical-incs-pain-with-billions-erased-in-stock-fall |access-date=September 5, 2016 |newspaper=Financial Post}}</ref> eventually falling more than 90 percent from its peak in August 2015, and announced the resignation of longtime CEO J. Michael Pearson the following March.<ref>{{Cite news |last=Damon van der Linde |date=May 18, 2016 |title=Valeant Pharmaceuticals short seller Andrew Left buying into the company does not signal a turnaround, says analyst |url=http://business.financialpost.com/investing/market-moves/valeant-pharmaceutical-short-seller-andrew-left-buying-into-the-company-does-not-signal-a-turnaround-says-analyst |access-date=September 5, 2016 |newspaper=Financial Post}}</ref><ref>{{Cite web |last=Stephen Gandel |date=March 20, 2016 |title=What Caused Valeant's Epic 90% Plunge |url=http://fortune.com/2016/03/20/valeant-timeline-scandal/ |access-date=September 5, 2016 |publisher=Fortune}}</ref>
=== Shopify === In October 2017, Left released a report calling Shopify "a business dirtier than Herbalife", claiming it overstated the amount of merchants using the e-commerce platform and described it as a "get-rich-quick" scheme in contravention of Federal Trade Commission regulations.<ref>{{Cite web |last=Vandaelle |first=Ian |last2= |first2= |date=2017-10-11 |title=Shopify's CEO calls out Citron's Andrew Left as 'short-selling troll' |url=https://www.bnnbloomberg.ca/shopify-s-ceo-calls-out-citron-s-andrew-left-as-short-selling-troll-1.881400 |url-status=live |archive-url=https://web.archive.org/web/20171201081959/https://www.bnn.ca/shopify-s-ceo-calls-out-citron-s-andrew-left-as-short-selling-troll-1.881400 |archive-date=2017-12-01 |access-date=2023-03-12 |website=BNN Bloomberg}}</ref><ref name=":2">{{Cite news|url=http://www.businessinsider.com/shopify-citron-andrew-left-business-dirtier-than-herbalife-2017-10|title=Short seller Andrew Left says he's found a 'business dirtier than Herbalife'|work=Business Insider|access-date=November 27, 2017|language=en|archive-date=November 9, 2017|archive-url=https://web.archive.org/web/20171109225205/http://www.businessinsider.com/shopify-citron-andrew-left-business-dirtier-than-herbalife-2017-10|url-status=live}}</ref> The day the report was released, the stock plunged more than 11%.<ref name=":3">{{Cite news|url=https://finance.yahoo.com/news/ignore-citron-report-dip-buy-090032601.html|title=Ignore Citron Report and Use This Dip to Buy Shopify Inc (US) (SHOP) Stock|access-date=November 27, 2017|language=en-US|archive-date=September 20, 2018|archive-url=https://web.archive.org/web/20180920121851/https://finance.yahoo.com/news/ignore-citron-report-dip-buy-090032601.html|url-status=live}}</ref> Left wrote another report about Shopify in April 2019, stating he believed Shopify's stock price would come down 50% in the next 12 months.<ref>{{Cite web|url=https://realmoney.thestreet.com/investing/stocks/shopify-shares-fall-fast-following-report-from-short-seller-14917578|title=Shopify Shares Fall Fast Following Report From Short Seller|last=Curran|first=Kevin|date=April 4, 2019|website=RealMoney|language=en|access-date=October 30, 2019|archive-date=October 26, 2019|archive-url=https://web.archive.org/web/20191026221344/https://realmoney.thestreet.com/investing/stocks/shopify-shares-fall-fast-following-report-from-short-seller-14917578|url-status=live}}</ref> In January 2020, Left announced in his annual letter to investors that Citron Research had exited the short position. The reports did not lead to an investigation into Shopify by the FTC.<ref>{{Cite web |last=Litalien |first=Mat |date=2020-01-11 |title=Shopify's (SHOP) Stock Price Soars As Short Seller Throws in the Towel |url=https://www.fool.ca/2020/01/11/shopifys-shop-stock-price-soars-as-short-seller-throws-in-the-towel/ |url-status=live |archive-url=https://web.archive.org/web/20200111170144/https://www.fool.ca/2020/01/11/shopifys-shop-stock-price-soars-as-short-seller-throws-in-the-towel/ |archive-date=2020-01-11 |access-date=2023-03-12 |website=The Motley Fool Canada |language=en-CA}}</ref>
===Citron's reports on Chinese companies=== Citron Research has published reports on 18 Chinese companies, 16 of which experienced a drop in stock prices, with 15 of them experiencing drops of over 70%.<ref name="businessinsider1">{{Cite web |last=iChinaStock |date=2011-12-09 |title=Interview With A Deadeye China Short Seller |url=http://www.businessinsider.com/citrons-andrew-left-on-life-as-a-short-seller-2011-12 |access-date=2014-02-07 |publisher=Business Insider}}</ref> This has caused a collective of Chinese business leaders, including Qihoo 360 CEO Zhou Hongyi (a company that has been targeted by Left), to launch a site called CitronFraud.com (no longer operating).<ref>{{Cite web |last=Steven Millward |date=2012-09-04 |title=Shit Gets Real, and Personal, as Chinese Business Leaders Slam Short Sellers Citron |url=http://www.techinasia.com/citronfraud-chinese-business-leaders-attack-short-sellers/ |access-date=2014-02-07 |publisher=Techinasia.com}}</ref> Left sent a legal notice to the 60 Chinese executives involved, seeking an apology, and told ''Tech In Asia'' that he is consulting with lawyers and considering legal action in response.<ref>{{Cite web |last=Steven Millward |date=2012-09-06 |title=Citron's Andrew Left Defends His China Record |url=http://www.techinasia.com/andrew-left-citron-research-china-stocks/ |access-date=2014-02-07 |publisher=Techinasia.com}}</ref>
Qihoo 360 has threatened to take legal action against Citron Research, as has former Google China chief Kai-Fu Lee, now the chairman and CEO of Innovation Works.<ref name="wantchinatimes1">{{Cite web |date=2012-09-20 |title=Citron steps up fight against Chinese entrepreneurs｜Economy｜News｜WantChinaTimes.com |url=http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20120920000004&cid=1102 |url-status=dead |archive-url=https://web.archive.org/web/20140221230754/http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20120920000004&cid=1102 |archive-date=2014-02-21 |access-date=2014-02-07 |publisher=Wantchinatimes.com}}</ref><ref>{{Cite web |date=2012-10-11 |title=Citron Faces Lawsuit from Qihoo and Kai-Fu Lee_ChinaScope Financial | News |url=http://www.chinascopefinancial.com/news/article/17466-citron-faces-lawsuit-from-qihoo-and-kai-fu-lee?lang=en |access-date=2014-02-07 |publisher=Chinascopefinancial.com}}</ref> In 2012, Lee posted a detailed, point-by-point rebuttal, via Sinocism, to Chinese investment platform Xueqiu.com, which also suggests that Citron had taken advantage of reader unfamiliarity with Chinese languages and markets. Lee stated that, "Since Citron has already made big bets on these recommendations before their reports are published... Citron’s recommendation doesn’t have to be right; Citron just needs to mislead their readers to follow their recommendations!”<ref>[https://thenextweb.com/asia/2012/08/28/chinese-angel-investor-kai-fu-lee-calls-perennial-short-seller-citron-sohu-report/ "Prominent Chinese investor Kai-Fu Lee attacks Citron Research over 'ludicrous' search report" by JOSH ONG; ''The Next Web''; August 28, 2012.]</ref>
====Longtop Financial==== In 2011, Left released a report through Citron about Longtop Financial, a financial software house based in China, accusing it of defrauding shareholdings, over-reporting revenues, and lacking transparency in the company's acquisition process.<ref>{{Cite web |date=May 16, 2011 |title=Longtop Financial Technologies under fire from research firms |url=https://ibsintelligence.com/ibs-journal/ibs-news/c381-ibsj-archive/c347-ibs-journal-archive-2011/longtop-financial-technologies-under-fire-from-research-firms/ |access-date=September 15, 2016 |publisher=IBS Intelligence}}</ref> The report pointed out Longtop's outsized margins and unexplained stock grants and pointed out Longtop's relationship with China's largest banks.<ref>{{Cite web |date=May 23, 2011 |title=Longtop in Trouble:CFO and Auditor Resign |url=http://www.businessinsider.com/longtop-in-trouble-cfo-and-auditor-resign-2011-6 |access-date=September 15, 2016 |publisher=Business Insider}}</ref><ref>{{Cite web |last=Eddie Staley |date=August 19, 2011 |title=Citron Research Sees Longtop Financial as Potential Takeover Target |url=http://www.benzinga.com/trading-ideas/long-ideas/11/08/1870219/update-citron-research-sees-longtop-financial-as-potential-ta |access-date=September 15, 2016 |publisher=Benzinga}}</ref> The company was later issued a Wells notice of impending criminal charges from the SEC.<ref>{{Cite web |date=August 30, 2011 |title=Longtop Financial Fraud Investigation Reaches 'Final Step' |url=http://www.businessinsider.com/longtop-financial-fraud-investigation-reaches-final-step-2011-8 |access-date=September 15, 2016 |publisher=Business Insider}}</ref>
====Evergrande Group and Market Misconduct Tribunal sanction==== In 2012, the Hong Kong Securities and Futures Commission commenced proceedings in the Market Misconduct Tribunal against Left, contending that he had spread false and misleading information about Evergrande Group in a report published that year on Citron Research's website. In that report, Left had alleged that Evergrande was insolvent and had consistently presented fraudulent information to the investing public.<ref>{{Cite web |date=22 December 2012 |title=SFC commences proceedings in Market Misconduct Tribunal over alleged false research report |url=https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=14PR147 |publisher=Securities and Futures Commission}}</ref>
In 2016, the Hong Kong Market Misconduct Tribunal (chaired by Justice Michael Hartmann) found that Left was culpable of market misconduct by publishing claims about Evergrande Group that were "false and/or misleading as to material facts or through the omission of material facts". Left was banned from trading for five years, ordered to repay around HK$1.6 million in trading profits and about HK$4 million in legal costs and expenses incurred by the SFC, and would face criminal prosecution if he breaks Hong Kong market misconduct rules again.<ref name="MMTReportI">{{Cite web |date=26 August 2016 |title=The report of the Market Misconduct Tribunal into dealings in the shares of Evergrande Real Estate Group Limited on 21 June 2012 (Part I) |url=https://www.mmt.gov.hk/eng/reports/Evergrande_Report.pdf |publisher=Market Misconduct Tribunal}}</ref><ref name="MMTReportII">{{Cite web |date=10 November 2016 |title=The report of the Market Misconduct Tribunal into dealings in the shares of Evergrande Real Estate Group Limited on 21 June 2012 (Part II) |url=https://www.mmt.gov.hk/eng/reports/Evergrande_Report_PartII.pdf |publisher=Market Misconduct Tribunal}}</ref><ref>{{Cite web |date=October 19, 2016 |title=Hong Kong Bans Short Seller Andrew Left from Market for Five Years |url=https://www.scmp.com/business/article/2038381/hong-kong-bans-short-seller-andrew-left-market-five-years |publisher=South China Morning Post}}</ref><ref>{{Cite news |last=Gough |first=Neil |date=2016-10-20 |title=Hong Kong Tribunal Suspends Investor Who Criticized Chinese Firm |work=The New York Times |url=https://www.nytimes.com/2016/10/21/business/dealbook/hong-kong-china-evergrande-trader-us.html |access-date=2019-10-24 |issn=0362-4331}}</ref>
In 2019, the Hong Kong Court of Appeal dismissed Left's appeal against the decision of the Market Misconduct Tribunal.<ref>{{Cite Hong Kong case|litigants=Andrew Edward Left v Securities and Futures Commission|list=CACV|number=228|year=2019|id=120286}}, reported at [2019] 2 HKLRD 288</ref> The Court of Appeal dismissed Left's application for leave to appeal to the Court of Final Appeal.<ref>{{Cite Hong Kong case|litigants=Andrew Edward Left v Securities and Futures Commission|list=CACV|number=228|year=2019|id=122057}}</ref> On 8 July 2020, the Court of Final Appeal also dismissed Left's application for leave to appeal.<ref>{{Cite Hong Kong case|litigants=Andrew Edward Left v Securities and Futures Commission|list=FAMV|number=195|year=2019|id=129369}}</ref>
In 2021, Left's claims were shown to be correct as the Evergrande Group signaled that they will not be able to pay off the interest on $300 billion in liabilities, sparking a global market sell-off. Left was quoted as saying "I am not vindicated because I'm still banned."<ref name="2021EvergrandeReaction">{{cite web |last1=Fox |first1=Matthew |title=Short-seller Andrew Left warned investors of Evergrande's looming insolvency nearly 10 years ago - and was banned from trading in Hong Kong as a result |url=https://markets.businessinsider.com/news/stocks/andrew-left-evergrande-warning-looming-debt-insolvency-citron-research-2021-9 |publisher=Business Insider |date=September 20, 2021}}</ref>
==Legal cases==
=== DOJ criminal indictment 2024 === On July 25, 2024, prosecutors with the United States Department of Justice issued a 19-count criminal indictment against Left charging securities fraud and lying to federal investigators.<ref>{{cite web |last= |first= |title=United States of America vs. Andrew Left |work=Department of Justice |date=July 25, 2024 |access-date=2024-07-26 |url=https://prod-i.a.dj.com/public/resources/documents/andrew-left-indictment07-26-2024.pdf}}</ref> Left allegedly took contrary trading positions to his public recommendations to reap quick profits off the stocks he promoted through Citron.<ref name="Lee" /> A judge rejected an effort by Left to dismiss the charges in December 2025.<ref>{{Cite news|title=Prominent short seller Andrew Left fails to end US criminal fraud case|url=https://www.reuters.com/legal/government/prominent-short-seller-andrew-left-fails-end-us-criminal-fraud-case-2025-12-30/|work=Reuters|access-date=2026-02-01|archive-url=http://web.archive.org/web/20251231114743/https://www.reuters.com/legal/government/prominent-short-seller-andrew-left-fails-end-us-criminal-fraud-case-2025-12-30/|archive-date=2025-12-31|language=en-US}}</ref>
=== SEC civil lawsuit 2024 === On July 26, 2024, the U.S. Securities and Exchange Commission (SEC) filed a civil lawsuit against Andrew Left and Citron Capital, alleging fraud and illegal manipulation of the stock market.<ref name=":4">{{Cite web |title=SEC vs. Andrew Left and Citron Capital, LLC |url=https://storage.courtlistener.com/recap/gov.uscourts.cacd.934731/gov.uscourts.cacd.934731.1.0.pdf}}</ref> According to the SEC complaint, he allegedly engaged in a scheme that involved making public recommendations contrary to his private trading positions which netted him $20-million in illicit gains between 2018 and 2023.<ref name="Lee">{{cite web |last=Lee |first=Don |title=Well-known stock trader and his L.A. firm are charged with fraud and market manipulation |work=The Los Angeles Times |date=July 26, 2024 |access-date=2024-04-01 |url=https://www.yahoo.com/news/finance/news/well-known-stock-trader-l-172535262.html}}</ref><ref>{{Cite web |last=Mangan |first=Dan |date=July 26, 2024 |title=Short seller Andrew Left of Citron charged with fraud by prosecutors, SEC |url=https://www.cnbc.com/2024/07/26/short-seller-andrew-left-charged-with-fraud-by-prosecutors-sec.html |publisher=CNBC}}</ref> The SEC also accused that Left shared his planned announcements with at least two hedge funds in advance, receiving a portion of their trading profits in return.<ref>{{Cite news |last=Schoenberg |first=Tom |date=July 26, 2024 |title=US Accuses Famed Short-Seller Andrew Left of Securities Fraud |url=https://www.bloomberg.com/news/articles/2024-07-26/sec-sues-andrew-left-citron-capital-over-stock-short-selling |publisher=Bloomberg News}}</ref>
In a response to the SEC allegations against his client, Left's lawyer said "You have no duty to the market to disclose your private trading intentions."<ref>{{cite web |last=Fineman |first=Joshua |title=Short seller Andrew Left surrenders after securities fraud charges - report |work=Seeking Alpha News |date=July 29, 2024 |access-date=2024-04-01 |url=https://seekingalpha.com/news/4129834-short-seller-andrew-left-surrenders-after-securities-fraud-charges-report}}</ref>
==Personal life== Left has four children, two from his previous marriage.<ref>{{Cite web |last=Carleton English |date=12 December 2017 |title=Tycoons Battle Over Kids' $37k-a-Month Child Support Payments |url=https://nypost.com/2017/12/12/tycoons-battle-over-kids-37k-a-month-child-support-payments/ |publisher=New York Post}}</ref> Left is married to his wife, Stephanie.<ref name="bi" /> He lives in Boca Raton, Florida.<ref>{{Cite news |last=Goldstein |first=Matthew |date=July 26, 2024 |title=Prominent Short Seller Made Millions Off Bait-and-Switch Scheme, U.S. Says |url=https://www.nytimes.com/2024/07/26/business/andrew-left-short-seller-fraud.html |work=The New York Times}}</ref>
==Philanthropy== In 2018, following the Stoneman Douglas High School shooting, Left created a scholarship for students of the school. The award provided five seniors per year between 2018 and 2021 a $10,000 scholarship.<ref>{{Cite web |title=Broward Education Foundation 2018 Scholarships |url=http://browardedfoundation.org/apply/ |publisher=Broward Education Foundation}}</ref>
== See also == *Kenneth Griffin *James Chanos
==References== {{Reflist}}
==External links== * [http://citronresearch.com/ Citron Research]
{{DEFAULTSORT:Left, Andrew}} <!--- Categories ---> Category:American financial analysts Category:American investors Category:20th-century American Jews Category:American stock traders Category:American financial writers Category:Living people Category:1970 births Category:21st-century American Jews