|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||9.75 - 9.78|
|52 Week Range||9.75 - 26.75|
|Beta (3Y Monthly)||0.80|
|PE Ratio (TTM)||5.60|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Aug.20 -- Carson Block, chief investment officer and co-founder at Muddy Waters, explains the firm's short of Burford Capital Ltd. He speaks on "Bloomberg Markets." (Video expanded to include Burford Capital's response.)
(Bloomberg) -- Burford Capital Ltd. has had a challenging few weeks. Yet despite being the target of a high profile short-selling report, facing a potential lawsuit from investors and seeing its shares fall more than 40%, analysts are still overwhelmingly bullish.Eight of the nine analysts tracked by Bloomberg still rate the stock a buy or equivalent, with only Canaccord Genuity Ltd. holding a sell recommendation. London-traded Burford has plunged since Muddy Waters first tweeted about a new unidentified short position on Aug. 6. It published a report a day later, questioning Burford’s financial reporting and governance, which the company labeled as “false and misleading.”The average price target on Burford has decreased by less than 1% to 2,190 pence since the release of the Muddy Waters report, with only two of the nine analysts tracked by Bloomberg lowering their targets since Aug. 7. That implies the shares could almost triple from Thursday’s closing price of 808 pence and market value of 1.77 billion pounds ($2.16 billion).“Burford is still the long-term leader in a large, under-penetrated market offering attractive, uncorrelated returns,” Jefferies LLC analyst Julian Roberts wrote in a note Thursday with a buy rating on the stock.Analysts at Berenberg earlier this week noted that valuing the company is currently challenging because of changing market sentiment and daily newsflow. “In time, we expect analysts and investors to focus on tangible data points relating to capital deployed and sustainable levels of returns,” analysts including Donald Tait wrote in a note Monday with a buy rating.Burford last week named a new chief financial officer and announced it is starting a search for new board members and plans to seek a secondary listing in the U.S., in response to the short seller’s report.“There are a number of questions that still need answering and comfort needs to be given,” in particular regarding returns and funding capability, Canaccord analyst Justin Bates said in an email. Canaccord’s price target of 1,240 pence is the lowest among analysts tracked by Bloomberg.To contact the reporter on this story: Lisa Pham in London at email@example.comTo contact the editors responsible for this story: Beth Mellor at firstname.lastname@example.org, Jon MenonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Three things to start: Deutsche Bank is preparing to transfer up to 800 staff to BNP Paribas in a deal that will see the French lender assume control of its German rival’s prime brokerage unit that services hedge funds, with tens of billions of euros of assets also changing hands. And finally, the owners of Sunderland AFC, the English football franchise whose struggles were captured in a Netflix-documentary series, are in talks to sell the club to US investors best known for running the fortune of billionaire Michael Dell. One by one, the heavyweights of Hong Kong business are coming out with their pleas to the public to find a peaceful resolution to the months of protests that have shaken the Asian financial centre to its core.
Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Burford Capital Limited filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between March 18, 2015 and August 7, 2019.
NEW YORK, Aug. 22, 2019 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Burford Capital Limited ("Burford" or "the Company") (OTCMKT: BRFRF, BRFRY) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Burford securities between March 18, 2015 and August 7, 2019, both dates inclusive. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
NEW YORK , Aug. 22, 2019 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of Burford Capital Limited ...
PHILADELPHIA, Aug. 22, 2019 -- Kehoe Law Firm, P.C. announces that a class action lawsuit has been filed in United States District Court, Eastern District of New York, on.
The litigation funder says the case is meritless. There is a second problem, more material for investors in shares that collapsed after criticism by short seller Muddy Waters. Why does an investment fund need a corporate intelligence boss?
A senior executive at Burford Capital has been accused of unlawfully trading confidential documents for a sex tape in a $91m lawsuit filed at the High Court in London. In the lawsuit, Daniel Hall, co-head of Burford’s global corporate intelligence, asset tracing and enforcement business, is alleged to have supplied “sensitive” documents obtained while working for a shipping client. Mr Hall is alleged to have exchanged the documents for “video material of a sexual nature” relating to American oil billionaire Harry Sargeant III, whose assets he was investigating for another client.
NEW YORK, Aug. 21, 2019 /PRNewswire/ -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all investors that purchased Burford Capital Limited (Other OTC: BRFRF) securities between March 15, 2015 and August 7, 2019 (the "Class Period"). Investors have until October 21, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of Burford Capital Limited (OTC: BRFRF, BRFRY) from March 18, 2015 through August 7, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Burford investors under the federal securities laws. To join the Burford class action, go to http://www.rosenlegal.com/cases-register-1647.html or call Phillip Kim, Esq.
On June 3, U.K.’s most high-profile fund managers, Neil Woodford’s £3.75-billion ($4.55 billion) LF Woodford Equity Income Fund, was suspended as the fund manager struggled to free up cash to pay investors ...
Burford Capital , the litigation finance company targeted by short-seller Muddy Waters, has said it is changing its chief financial officer as "it is clear that investors would prefer an alternative CFO." Elizabeth O'Connell, the CFO who is married to Burford's CEO Christopher Bogart, will become chief strategy officer, while former Morgan Stanley Investment Banking vice chairman Jim Kilman will become CFO. The company also has begun a formal search to add two new independent directors and is pursuing a stock market listing in the U.S. by the end of the first quarter of 2020 or as soon as reasonably practicable thereafter.
Is in-play betting, during a sporting event, becoming a social problem? GVC, owner of Ladbrokes Coral, does not believe . . . oh no, Jason Roy’s just edged his third ball to the keeper, and the odds on ...
, has demoted the wife of its chief executive from her role as finance director and pledged to overhaul its board. of being “arguably insolvent” in a blistering tirade and hit out at its “laughter-inducing” governance structure. Burford, which makes money by funding lawsuits and taking a share of the proceeds, said it had replaced Elizabeth O’Connell, wife of chief executive Christopher Bogart, as finance chief with “immediate effect”.
The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Burford Capital Limited (“Burford Capital” or “the Company”) (OTC: BRFRF) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Burford Capital was the subject of a report by Muddy Waters published on August 7, 2019. Among the allegations in the report, Muddy Waters claims that the Company overstated investment returns, and suffers from weak financial reporting and internal controls.
It seems that every day now brings a new offensive in the war of words between litigation financier Burford Capital and short-seller Muddy Waters, which has captivated the UK stock market. Burford began last week with its shares valued at more than £3bn, making it the largest stock listed on Aim, the London Stock Exchange’s junior market. Burford was also one of Aim’s strongest performers, having surged more than 1,000 per cent over the past five years, making it a rare bright spot for one of its troubled shareholders, Neil Woodford.
(Bloomberg Opinion) -- For a company whose senior management team is staffed largely by hard-headed litigators, Burford Capital Ltd. is doing a lousy job of fighting off an attack by short-seller Carson Block.In a call with investors last week, Burford’s management declared confidently that its rebuttal of a highly critical report from Block’s Muddy Waters Research had “knocked it on the head.” Yet the shares of the London-listed company – which provides funding for corporate litigation – remain more than 40% below where they were when rumors of the impending short-campaign first emerged last week. This suggests Buford still hasn’t done enough to alleviate investor concerns, particularly regarding the company’s byzantine governance.In fairness, there’s blame on both sides here. It’s unhelpful that Muddy Waters declared a company with more than $400 million of cash and equivalents to be “arguably insolvent.” Comparing Burford’s accounting to Enron seemed calculated to encourage shareholders to sell first and ask questions later.As one might have expected from such a lawyer-heavy enterprise, Burford has responded vigorously, claiming it has identified trading patterns that demonstrate illegal market manipulation (something Muddy Waters denies). If proven, such behavior would be reprehensible. But it kind of misses the main point: How does Burford address some of the more reasonable issues raised by Block’s firm?A two-hour call with analysts and investors last week should have been the chance for Burford’s executives to shore up confidence. But shareholders have hardly recovered their nerve subsequently.Some of the answers in the session – such as how to better understand the company’s cash flow statement and how to clarify the book value of a prized piece of Argentinian litigation – were fuzzy. On governance matters the message was outright jarring. When asked, for example, why it was that Burford prefers to be listed on the less-regulated Aim market, its management team insisted that a switch to the main London market would be “expensive” and “burdensome.” “We’re not entirely clear of the benefits other than possibly, at a moment like this, it might make people feel any better,” the chief executive Chris Bogart said, although he did leave open the possibility of a second listing in the U.S.Saying that takes some gumption when your shares have just lost more than 1.5 billion pounds ($1.8 billion) of value, thereby burning countless U.K. retail investors as well as loyal institutional shareholders. (Bogart has taken a personal financial hit but he’s hardly on the breadline, having sold about 60 million pounds worth of shares last year).One reason why investors might indeed feel better about a main market listing is that Burford would then be bound by the U.K. Corporate Governance Code, instead of Guernsey’s, as is the case now. As I’ve pointed out, Burford’s governance is a long way from satisfactory. Given the level of managerial subjectivity involved in determining the value of the legal cases funded by the company (and by extension its profits), it’s troubling that the chief executive and finance director are husband and wife.Under the U.K. governance code, non-executive directors who serve for more than nine years are considered likely to have impaired independence. Yet all four members of Burford’s board, made up entirely of non-executives, exceed that tenure.One result of these arrangements is that Burford doesn’t have to disclose how much its top executives are paid. This seems remarkably coy. Would Burford investors who’ve done well backing the stock (until last week) care that much if those salaries were huge? The seeming reluctance to countenance change undermines the management’s insistence that Burford has a “strong focus on issues like governance and transparency.”“We are, after all, a firm run by lawyers,” Bogart said last week. “We know what it looks like when companies don’t do the right thing. That’s part of what we do every day for a living. And we have deliberately built a business that has high standards and high principles around these issues.”With respect, if Burford really was aware of how its governance practices look, it wouldn’t be run like this. It should rethink, quickly.To contact the author of this story: Chris Bryant at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
NEW YORK, NY / ACCESSWIRE / August 12, 2019 / Rosen Law Firm, a global investor rights law firm, issues this update on its continuing investigation of potential securities claims on behalf of shareholders ...
(Bloomberg) -- Burford Capital Ltd., the latest target of short seller Muddy Waters, said it found evidence of illegal market manipulation after a preliminary analysis of trading that led to last week’s record stock slump.A forensic examination of detailed data by Burford and its expert, Professor Joshua Mitts of Columbia University, “discloses trading activity consistent with material illegal activity,” the litigation-finance firm said in a statement Monday. The company said it has made regulatory authorities and criminal prosecutors aware of its findings and is considering its own options.Burford’s traumatic week began when the stock sank 19% on Tuesday, the same day that Muddy Waters tweeted it would release a report the following day on a company it didn’t name. The shares then plunged 46% on Wednesday after Muddy Waters, the research firm founded by Carson Block, published a 25-page report saying that Burford overstated the returns it earns on its investments and has questionable financial reporting and governance. Burford labeled the short seller’s claims “false and misleading.”In its statement Monday, Burford said that in the hours after Muddy Waters’ initial tweet, almost 90 million pounds ($109 million) of sell orders in its shares were placed and canceled without being filled, for a stock whose average daily volume is less than a fifth of that amount. It also released a breakdown of trading activity indicating that only a small proportion of sell orders that were created were actually executed, with most being canceled.“It strains credulity to believe that a decline on the order of hundreds of millions of pounds in market capitalization was driven solely by actual trading amounting to a few hundred thousand pounds absent market manipulation,” Burford said.Falling ValueBurford’s market value has fallen to less than 1.8 billion pounds from more than 3 billion pounds only a week ago.Responding to the statement, Muddy Waters said: “The only manipulation is that of Burford’s return metrics, accounts, and disclosures.”A spokesman for the U.K. Financial Conduct Authority said the regulator “is aware of these matters” and has been undertaking “wide-ranging enquiries,” which will continue.Burford shares fell 3.4% at 11:55 a.m. in London, after initially extending their rally to a third straight session. The stock rose 41% in the two days after the company rebutted Muddy Waters’s report and executives purchased shares. Chief Investment Officer Jonathan Molot bought an additional 339,963 shares on Friday, taking his stake to 4.23%, according to a separate statement Monday.Muddy Waters isn’t the only short seller to scrutinize Burford. Gotham City Research LLC, which shorted the stock last year but doesn’t currently have a short position, said on Sunday that the company isn’t being financed appropriately because of the risks associated with litigation assets. In response, Burford said it has a conservative asset-liability profile, with average concluded investment duration of less than two years and average debt maturity of almost six years, at a weighted average interest rate of 5.8%.(Adds Muddy Waters comment in seventh paragraph.)\--With assistance from Franz Wild.To contact the reporter on this story: Lisa Pham in London at email@example.comTo contact the editors responsible for this story: Beth Mellor at firstname.lastname@example.org, Paul Jarvis, John ViljoenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
London-listed litigation funder Burford Capital said it has found evidence of suspect trading patterns in its shares around the time short-seller Muddy Waters issued a report challenging the company's accounts last week. Burford said an investigation by the fund and an expert in market manipulation found trading activity in its shares on Aug. 6 and Aug. 7 was generally consistent with "material illegal activity". Burford's shares fell 19% last Tuesday, the day short-seller Muddy Waters tweeted about a forthcoming short position against an unidentified company, and dived a further 46% on Wednesday when Muddy Waters released a report criticising Burford's accounts and management.
with short-seller Muddy Waters, has alleged there was market manipulation in the trading of its shares last week designed to alter artificially the price of the stock. In a release to the London Stock Exchange, Burford said a “forensic examination” of trading data from August 6 and 7 — the days on which Muddy Waters posted on Twitter that it would be taking a new short position and then released its report on Burford — had revealed “trading activity consistent with material illegal activity”. Outlining processes known as “spoofing” and “layering”, where traders make and cancel orders to influence share prices, Burford said on Monday that data showed there had been “an unusual flood of sellside cancellations” over the two days.
(Bloomberg) -- Short seller Gotham City Research LLC said Burford Capital Ltd. isn’t being financed appropriately because of the risks associated with litigation assets, in the wake of a recent report by Muddy Waters.“We think Burford is inappropriately financed,” Gotham founder Daniel Yu said in an emailed statement. “Litigation assets -- whose associated cash flows’ size and timing are notoriously unpredictable -- should not be financed with debt. This poses a real risk of an eventual asset/liability mismatch nightmare.”In response, Burford said it has a conservative asset-liability profile, with average concluded investment duration of less than two years and average debt maturity of almost six years, at a weighted average interest rate of 5.8%.“Gearing is low with net debt more than three times covered by shareholders’ equity,” the New York-based company said in an email. “Burford has proven access to multiple external finance sources. We have strong organic cash generation with more than $1.6 billion generated since inception.”Burford shares fell 46% on Wednesday after Muddy Waters, the research firm founded by Carson Block, published a 25-page report saying that Burford overstated the returns it earns on its investments and has questionable financial reporting and governance. The shares rose 41% in the following two days after the litigation-finance company rebutted the report and Burford’s executives purchased shares.Gotham shorted London-listed Burford last year, though the firm doesn’t have a short position in the company at the moment, according to its statement. While Yu commended Burford for arranging a conference call in response to the Muddy Waters report, the company could still do more to improve its disclosures and governance, he said.“Burford has explained its positions on disclosure and governance in numerous statutory reports over the years, as well as in our Muddy Waters rebuttal last week,” Burford said in the email.The company has previously said Muddy Waters’ short-seller report published Aug. 7 contained “many factual inaccuracies, simple analytical errors and selective use of information.” Burford’s executives spent about two hours on Thursday addressing investors and analysts on a conference call, and responding to questions about the company’s cash balance, use of fair value adjustments and the potential for a share buyback, among other things.(Adds Burford’s comments in third, fourth and seventh paragraphs.)To contact the reporter on this story: Lisa Pham in London at email@example.comTo contact the editors responsible for this story: Beth Mellor at firstname.lastname@example.org, ;Andrew Davis at email@example.com, John Deane, Sara MarleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.