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by Mike Caswell

Andrew Left, the activist short publisher charged for a two-year scheme to manipulate several Canadian and U.S. listings, has pleaded not guilty. The government claims that Mr. Left misused his investment publication, Citron Research, to generate $20-million in trading profits. (All figures are in U.S. dollars.) He frequently traded against his own recommendations, taking advantage of unsuspecting investors who followed his advice, the government says.

Mr. Left, 54, entered his plea in an appearance before a federal judge in Los Angeles. The charges to which he pleaded not guilty are one count of engaging in a securities fraud scheme, 17 counts of securities fraud and one count of making false statements to federal investigators. The charges carry a maximum sentence of 25 years.

The not guilty plea comes days after federal prosecutors and the U.S. Securities and Exchange Commission filed charges against Mr. Left. The case, as set out in a complaint filed by the SEC on July 26, 2024, targets Mr. Left and his Citron Research platform. Citron purported to expose negative information on public companies, with Mr. Left offering advice "often larded with hyped rhetoric" that urged readers to sell, the SEC said.

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