Culper

@CulperResearch

Investigative Investment Research

Vrijeme pridruživanja: prosinac 2017.

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  1. Prikvačeni tweet
    prije 10 sati

    Tomorrow, we expose a near-$1B company run by a convicted felon who we believe has exploited every trick in the stock promoter’s playbook in the face of the company's undeniable solvency crisis. We think said stock is worth $0.00.

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  2. 14. stu 2019.

    We remain short ProPetro and have posted an update at . In our view, yesterday's 8-K confirmed the internal probe was a sham, while mgmt. remains allergic to engaging transparently with investors.

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  3. 13. stu 2019.

    iRhythm down ~10% on inability to file Q3 financials and "errors affecting prior periods…" Accountants no longer allowing the Company to push the revenue recognition envelope to meet numbers?

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  4. 4. stu 2019.

    We remain short and have posted an update at . We present add'l evidence we believe demonstrates management's lack of dedication to the Company, and challenge mgmt to show commitment by answering the 7 pressing questions we pose in this report.

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  5. 31. lis 2019.

    10) YTD, has burned $174M, & we believe the Co will require capital in 2020. Given non-current financials, abysmal governance, & reported SEC investigation, a raise will likely be punitive. Given cash burn, we believe shares are worthless.

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  6. 31. lis 2019.

    9) 's fundamentals are rapidly deteriorating; despite CEO Redman stating in Aug 2019 that "we remain confident in our ability to remain highly utilized," in Oct 2019, guided Q4 19 to just 18-20 fleets vs. 28 held, emblematic of Redman's highly promotional style.

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  7. 31. lis 2019.

    8) These entities often share addresses and phone numbers with 's HQ, while some also offer O&G-related services. We were unable to find any of these entities disclosed in 's SEC filings or insider biographies.

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  8. 31. lis 2019.

    7) We found at least 9 addt'l undisclosed TX-based entities which name CEO Jackie Dale Redman, CAO Jeffrey Smith, multiple addt'l employees, and board members as entity creators, members, and signatories.

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  9. 31. lis 2019.

    6) Moreover, Board & Audit Committee member Alan Douglas is CEO Redman's accountant & Redman attests that Douglas once gave him an envelope containing $5,000. Moreover, Douglas is a signatory on multiple undisclosed entities which name executives and employees as members.

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  10. 31. lis 2019.

    5) 's "organizational restructuring" left the same team largely in place, which in our view is emblematic of both ProPetro's (1) egregious insider "friends & family" enrichment and (2) horrendous reporting disclosures.

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  11. 31. lis 2019.

    4) For ex: in Dec 2018, 's Chief Accounting Officer sold 2 properties to the Company through an undisclosed LLC. These transactions remain undisclosed to this day, despite claiming "substantial completion" of its internal probe.

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  12. 31. lis 2019.

    3) We believe this announcement falsely reassured investors that 's governance issues are contained, in the past, & will not require restatements. We believe otherwise: 's issues have been long-standing and extensive, while its purported "internal review" was a sham.

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  13. 31. lis 2019.

    2) ProPetro is a provider of fracking & related services to E&Ps in the Permian basin. In Aug 2019, announced it would be unable to file its 10-Q on time due to an internal probe. In Oct 2019, the Co announced "substantial completion" of this probe; shares rallied 19.5%.

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  14. 31. lis 2019.

    1) We are short ProPetro Holding Corp . Full report now available at

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  15. 30. lis 2019.

    Tomorrow we will release a report on a near $1B company whose board, executives, and employees we believe to be entangled in numerous undisclosed entities & related party transactions. Amidst prolific cash burn and deteriorating fundamentals, we believe shares are worthless.

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  16. 2. lis 2019.

    We encourage investors to consider the sustainability of the company’s ongoing operations, as well as potential implications of continued support of the company in light of these risks, and the issues highlighted in our original report.

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  17. 2. lis 2019.

    (1/2) John Oliver recently aired a segment highlighting the numerous regulatory, quality & safety risks that face compounding pharmacies such as

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  18. 11. ruj 2019.

    2/2) Even 6 days after our original report, the analyst never addresses a) direct-to-patient marketing, b) off-label promotion, c) MIS billing, or d) the DOJ investigation, but perhaps we shouldn't expect so much from an analyst who can't work out how to properly title a chart.

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  19. 11. ruj 2019.

    1/2) We are aware of another sell-side analyst defending today. We read the note and remain short. In our view, the analyst provides a weak defense of both physician payments and potential safety and efficacy of "minimally invasive" procedures vs. catheter ablation.

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  20. 9. ruj 2019.

    We remain short and have posted an update addressing the sell-side response to our original report.

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