It was back in July 2018 that I first started to expose the murky and, at times fraudulent, world of First Derivatives (FDP) and its scandal plagued auditors at KPMG Belfast, with the shares at £46. A lot has happened since then. Fascist PR pigs FTI tried to bully me to take down my articles but I told the mothers where to stick it. I reported First to the FRC and it was forced to restate its crooked accounts signed off by KPMG. And Brian Conlon, the CEO and architect of this enterprise sadly passed away leaving his grieving widow as the largest shareholder. Today the name is now FD Technologies (FDP).And it is still a cracking short ahead of numbers next week.Let me explain.
Thanks to the pressure applied by major dossiers and a string of exposed published by myself and by the Dark Destroyer, Matt Earl, a new management team at First Derivatives (FDP) has started to clean up its act. I got the FRC to force it to change its misleading accounts. And the old, very whiffy related party/Panama Pump deals of the ancient regime are gone. But yesterday’s results show that without the gloss of aggressive accounting and dodgy deals, what is left is a dull business but still one on a glamour rating. My original bear call – sell at £46 on 28 June 2018 - was spot on. The shares are now £22.25 to sell but still a slam dunk sell. Here is why…
It strikes me that having a big short position right now might be a tad unwise and indeed smart bears are closing many positions. Do not get me wrong, I think that the medical and financial crisis has a good way to run but none the less there are very real dangers in being short. Having said that I suggest to you two stocks where if you are not short yet, you may wish to open a position. I also urge you all to keep safe and stay well.
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2018 and thus far in 2019 (by net short position %, those in bold not on the list at the start of 2019) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
UPDATED: Earlier today I revealed that AIM superstar First Derivatives )(FDP) had been sitting on highly damaging and adverse price sensitive information since Tuesday of last week and had not disclosed this to the market. But it could be far worse. Far worse. I have thus written to both the FCA and to AIM Regulation demanding an immediate formal enquiry into a range of possible offences. It now emerges the case settled on Friday (terms unclear). That does not mean that on Tuesday/Wednesday it should have not been announced.. The letter is below:
UPDATED: This begs all sorts of questions about First Derivatives (FDP), an AIM casino listed "superstar" about which we have repeatedly warned (and been vindicated by regulators acting on our complaints). The company faced a lawsuit that could bankrupt it and has failed to notify investors, a clear breach of AIM Rules.
