Camelback Research
ORG
Camelback Camelback Research
The lawsuit, filed in New Jersey Superior Court in Newark, lays out a scheme by several hedge funds to send research reports, all negative to Camelback, an independent investment research firm based in Arizona now known as Gradient Analytics. Camelback would wait for the hedge funds to accumulate a short position on the stock a technique that allows traders to make money if the stock price falls and then Camelback would release the report. As a result of the reports of Camelback, shares of Biovail stock fell more than 50 percent. Biovail also accuses Camelback of holding up the release of its reports to allow clients to build meaningful positions in stocks to maximize the benefit of the negative impact from the report and contends that the research firm misrepresented to clients that it did not manage money.