Retiree Testifies He Lost Savings in Stocks Criticized by Andrew Left
Business Insider • • business
Key Points:
- Billy Banks, a retired firefighter and retail investor, testified that he lost around $80,000 investing in cannabis stock CV Sciences after Andrew Left's negative comments caused the stock price to plummet.
- Banks also lost about 80% of his investment in Namaste Technologies following Left's public prediction that the stock would go to zero, describing the experience as "devastating."
- The defense argued that Left never recommended buying the stocks and that his negative reports were accurate, asserting that Banks would have lost less money by selling earlier.
- Another retail investor, Adam Gray, testified that he found Left's behavior suspicious, noting Left's simultaneous long position in one cannabis company while shorting its competitors, and reported Left to the SEC.
- The trial against Andrew Left, founder of Citron Research, continues as prosecutors accuse him of market manipulation and deceiving everyday investors for profit.