Culper Research

Culper Research’s website states that the firm was founded in 2019 by Christian Lamarco and is based in New York City. Its name pays homage to the Culper Spy Ring, which George WashingtonGeorge WashingtonGeorge Washington (1732–1799) was the first president of the United States, serving from 1789 to 1797. Earlier he commanded the Continental Army in the American Revolutionary War and presided over the Constitutional Convention of 1787.Open the full entry tasked during the American Revolution with reporting on the movements of British forces; the website says that the firm likewise takes an “exhaustive, investigative approach” to investment research.⁠[1]

In federal court cases Culper Research has been named as a defendant through the entity that operates it. The memorandum opinion of the U.S. District Court for the Western District of Pennsylvania dated June 13, 2022 states that Culper Research is a limited liability company under the laws of DelawareDelawareDelaware is a U.S. state in the Mid-Atlantic region on the East Coast, with its capital at Dover and Wilmington as its largest city. On December 7, 1787, it became the first state to ratify the U.S. Constitution, entering the Union as the 1st state, and it had a population of 989,948 in the 2020 census (April 1, 2020).Open the full entry and an independent stock research firm, and that Christian Lamarco is its sole employee and member; the court records of that case name the company “Shadyside Partners, LLC d/b/a Culper Research.” The complaint filed by Tecnoglass and others in September 2025 names the defendants as Christian Lamarco and “Shadyside Partners, LLC (d/b/a Culper Research)” and alleges, on information and belief, that Christian Lamarco founded Shadyside Partners in 2019 and is its sole member and owner.⁠[2][3][4]

MarketWatch’s article of November 9, 2026 states that Christian Lamarco started Culper Research after he decamped for Pittsburgh, and that the name of his LLC, Shadyside Partners, refers to a Pittsburgh neighborhood.⁠[5]

Culper Research’s website states that in 2021 the firm was recognized by Activist Insight as a “Top 5 activist short seller.”⁠[1]

The memorandum opinion of the U.S. District Court for the Western District of Pennsylvania dated June 13, 2022 states that on or about April 14, 2021, Culper Research published a report on the telehealth company LifeMD, entitled “LifeMD, Inc.: Redwood Redux at RexMD,” on its website and through its Twitter account @CulperResearch, and that the disclaimer on the report’s first page asked readers to assume that Culper Research held a position in the securities covered and stated that the report comprised the author’s opinions.⁠[2]

LifeMD responded in a press release on April 16, 2021, rebutting the report’s points on Redwood Scientific, physician licensing and other matters one by one, including that “LifeMD has never allowed an unlicensed physician to perform a telehealth consult for any of its brands.” Justin Schreiber, the company’s chairman and chief executive officer, said in the release, “The author of this report is utterly lacking in credibility, as its numerous errors, distortions and half-truths show,” and, “The person who’s hurting our shareholders is the author of the Culper report.”⁠[6]

The memorandum opinion of the U.S. District Court for the Western District of Pennsylvania dated June 13, 2022 states that LifeMD, its chief executive officer Justin Schreiber and its chief technology officer Stefan Galluppi sued Culper Research and Christian Lamarco in the Court of Common Pleas of Allegheny County, PennsylvaniaPennsylvaniaPennsylvania (officially the Commonwealth of Pennsylvania) is a Middle Atlantic state of the United States; its capital is Harrisburg, and Philadelphia and Pittsburgh are its two great metropolitan areas. One of the original 13 states, it ratified the U.S. Constitution on December 12, 1787, the second state to do so. Its population in the 2020 census (April 1, 2020) was 13,002,700.Open the full entry, on September 17, 2021, in an eight-count complaint for defamation, trade libel, false light, unjust enrichment, deceptive trade practices, unfair competition, conspiracy, and aiding and abetting (the last brought only against unnamed defendants); the plaintiffs alleged that Culper Research, Christian Lamarco and unnamed defendants engaged in a “short and distort” stock scheme. On September 23, 2021, Culper Research and Christian Lamarco removed the case to that federal court (No. 2:21-cv-01273).⁠[2][3]

On June 13, 2022, Judge William S. Stickman IV of the U.S. District Court for the Western District of Pennsylvania ruled on the motion to dismiss filed by Culper Research and Christian Lamarco: the motion was denied as to the counts for defamation, trade libel, false light, deceptive trade practices and unfair competition, which proceeded, and granted as to the counts for unjust enrichment and conspiracy. In the opinion the court found that the communications at issue were capable of defamatory meaning and were not shielded as pure opinion; on unjust enrichment, it held that short-sale profits came from stock trades, not from the plaintiffs.⁠[2]

The complaint filed by JC International Finance Limited and other plaintiffs on June 10, 2026 states in a footnote that the LifeMD action was “subsequently dismissed by all parties.”⁠[7]

Institutional Investor’s article of August 29, 2023 states that in Culper Research’s July 2023 report on SoundHound AI, Christian Lamarco wrote that SoundHound “claims its AI technology will revolutionize phone and drive-thru ordering, but we think this foray is an utter failure,” and that the report, drawing on former employees the firm interviewed, stated that its ordering relied on call centers staffed by humans, that the company was not profitable and that insiders were dumping the stock. A SoundHound spokesperson responded that its voice AI platform “responds to billions of queries without human involvement” and that its AI-only drive-thru solution, under its partnership with White Castle, was scaling to 100 locations the following year.⁠[8]

On February 15, 2024, Culper Research disclosed a short position in the shares of Acadia Pharmaceuticals. ReutersReutersReuters is an international news agency founded in London in 1851 by Paul Julius Reuter and is now the news business of Thomson Reuters. It provides text, photo, video, and graphics coverage to media and institutional clients and distributes it through channels such as Reuters Connect.Open the full entry’s dispatch of that day states that Culper Research said Acadia had misrepresented the safety profile of Daybue (trofinetide), its treatment for Rett syndrome, and in turn patient retention rates; it also said that Acadia faced a wave of discontinuations because insurers require reauthorization, and estimated Daybue’s 2024 revenue at $316 million, below the roughly $379 million analysts expected, based on LSEG data. Reuters writes that it could not immediately verify the allegations.⁠[9]

Reuters’s dispatch states that Acadia’s shares fell as much as 8% after the report, later recovered some ground and were last down 2.1%, and that Acadia did not immediately respond to Reuters’s request for comment.⁠[9]

bne IntelliNews’s article of September 20, 2024, states that Culper Research disclosed a short position in Kaspi.kz, the Kazakh financial-technology company listed on NasdaqNasdaqNasdaq is an exchange operator and financial technology company headquartered in New York. It runs The Nasdaq Stock Market and other markets and provides capital markets technology, regulatory technology, and data and index services. Founded in 1971, it combined with OMX AB in 2008, and in March 2026 the U.S. Securities and Exchange Commission approved its rules for trading tokenized securities.Open the full entry, and said that the company had “systematically misled” U.S.United StatesThe United States is a federal country in North America made up of 50 states, the District of Columbia as the seat of government, and territories such as Puerto Rico and Guam; its capital is Washington, D.C. The Continental Congress adopted the Declaration of Independence on July 4, 1776. The 2020 census (April 1, 2020) counted a resident population of 331,449,281, and the 435 seats of the House of Representatives are apportioned among the states on the basis of the census.Open the full entry investors and regulators about having no exposure to Russia, particularly before its Nasdaq listing in January 2024. The report said that Russian relationships touch every segment of the business and that Russia had contributed materially to its growth from 2022 into 2024, pointing to Russian “card tourists” and immigrants, a marketplace open to Russian users, and reliance on Russia-based partners for payments, delivery and public relations; it also wrote that “Russia has also never been mentioned in any of the Company’s 7 conference calls since Kaspi’s January 2024 IPO” and that the shares were “headed lower.” bne IntelliNews writes that it could not independently verify the claims. Its article of September 24, 2024, gives September 18 as the report’s release date, and states that the report called the company’s claim of zero exposure to Russia a “grave deception” and argued that the company risked secondary sanctions.⁠[10][11]

bne IntelliNews’s articles state that Kaspi.kz’s shares on Nasdaq fell as much as 22.3% on September 19, 2024, touching a low of $92.89 that day, from just over $120 before the report, and closed at $104.47 on September 24.⁠[10][11]

Kaspi.kz said at the time that the report “is misleading, inaccurate and misrepresents our business.” On September 23, 2024, Kazakhstan’s Agency for Regulation and Development of Financial Markets called Kaspi one of the country’s systemically important banks and said that it “fully complies with the sanctions regime” of the United States, the European Union and other countries. On September 24, Kaspi.kz issued a further response, stating that, as shown in its U.S. IPO prospectus, 99.6% of its 2023 revenue came from Kazakhstan, with the rest from Azerbaijan and Ukraine; that “We have comprehensive policies and procedures designed to avoid working with any consumers or companies” on international sanctions lists; that it runs a know-your-customer process requiring biometric identification and documents; that it believes it complies with applicable laws and is not aware of any anti-money-laundering investigation against Kaspi.kz; and that its Russian correspondent partner, Raiffeisen Bank Russia, is not under sanctions.⁠[10][11]

On February 26, 2025, Culper Research and another short seller, Fuzzy Panda, each published a report on AppLovin. CNBCCNBCCNBC is an American business and financial news cable channel launched by NBC in 1989; it merged with its rival FNN in 1991 and since January 2026 has been part of Versant Media Group, spun off from Comcast.Open the full entry’s article of that day quotes Culper Research’s report as stating that AppLovin’s recent success in mobile gaming stems from the “systematic exploitation” of app permissions, which lets ads silently install apps on users’ phones with a single click, often inadvertently because of the company’s “notorious UX gimmicks”; it also states that a letter from Christian Lamarco indicated that Culper Research had shared some of its research with Fuzzy Panda, and that Culper Research did not immediately respond to CNBC’s request for confirmation.⁠[12]

BloombergBloomberg L.P.Bloomberg L.P. is a global financial technology, data and media company founded by Michael Bloomberg in 1981. It began by providing terminal services that deliver data, analytics and news to financial professionals, and launched Bloomberg News in 1990. Michael Bloomberg has pledged the vast majority of the company’s profits to his philanthropic organization, Bloomberg Philanthropies.Open the full entry writes that the two reports touched off a record intraday rout of as much as 23% in AppLovin’s shares, which closed down 12% that day, shedding nearly $17 billion in market value; CNBC likewise gives a 12% fall at the close.⁠[13][12]

CNBC writes that AppLovin declined to comment to CNBC directly that day; shortly before the market closed, the company’s chief executive, Adam ForoughiAdam ForoughiAdam Foroughi is the co-founder and chief executive officer of AppLovin, an advertising technology company whose Axon AI recommendation engine powers performance advertising for mobile-game, e-commerce and other advertisers and whose shares are listed on Nasdaq and included in the S&P 500.Open the full entry, responded that the reports were “littered with inaccuracies and false assertions,” said that the short sellers were making false claims to drive down the stock for profit, and noted that the reports had come after the company’s earnings report, when it could not respond with financial results.⁠[12]

Gorilla Technology Group’s press release states that Culper Research published a short report on the company on April 4, 2025. The “Latest Research” page of Culper Research’s website lists the report under the title “Gorilla Technology (GRRR): A Brazen Fraud.”⁠[14][15]

On April 16, 2025, Gorilla Technology Group issued a press release announcing that it had filed a lawsuit against Culper Research and its founder, Christian Lamarco, stating that the report contained false, misleading and defamatory statements that had artificially depressed its share price and damaged its reputation, and seeking compensatory and punitive damages. The release calls the report “baseless and malicious accusations regarding Gorilla’s business, products and strategic partners,” “especially brazen and nefarious,” and apparently “a coordinated attempt to mislead the public and manipulate Gorilla’s share price.”⁠[14]

The complaint filed by Tecnoglass and others in September 2025 lists Gorilla Technology’s suit as a 2025 case in the U.S. District Court for the Southern District of New York (Gorilla Technology Group, Inc. v. Shadyside Partners, LLC, No. 1:25-cv-03142), and states that in both the LifeMD and the Gorilla Technology cases the defendants argued that the companies’ share-price declines were due not to their reports but to other market factors; the defendants’ motions quoted in its footnote state that the declines preceded the reports.⁠[4]

The complaint filed by JC International Finance Limited and other plaintiffs on June 10, 2026 likewise lists this case in a footnote as No. 1:25-cv-03142 in the U.S. District Court for the Southern District of New York, alleging libel per se and trade libel.⁠[7]

On May 20, 2025, Culper Research said it was short Archer Aviation. Reuters’s dispatch of that day states that Culper Research alleged that over the past year Archer had misled investors about nearly every development and testing milestone of its Midnight electric vertical take-off and landing (eVTOL) aircraft, and called its push for near-term commercialization “not only premature, but reckless.” Archer’s shares fell about 2% to $11 in morning trade. The dispatch also notes that the Los Angeles Olympic organizers had recently named Archer the official air-taxi provider for the 2028 Games and that Archer had announced plans the previous month for an air-taxi network in New York City with United AirlinesUnited AirlinesUnited Airlines is an airline based in Chicago, Illinois, United States. It is wholly owned by the Nasdaq-listed United Airlines Holdings, Inc. and is a member of Star Alliance. One of its founding carriers, Varney Air Lines, made its first flight in 1926, and the company merged with Continental Airlines in 2010.Open the full entry; LSEG data showed that seven of the nine brokerages covering the stock rated it “buy” and two “hold,” with a median price target of $13.⁠[16]

On June 12, 2025, Culper Research published a report entitled “AppLovin (APP): Behind the Red Curtain,” stating in it, “We are short AppLovin.” The report stated that the Chinese national Hao Tang had backed AppLovin since at least 2017, controlling through a web of offshore shell companies up to 28% of its Class A shares before its 2021 initial public offering and at least 9.8% at the time of the report; that chief executive officer Adam Foroughi’s statements denying that the company had major Chinese shareholders were false; that some holding entities had pledged their AppLovin shares under margin loan and structured equity trade agreements not disclosed to investors; and that in January 2025 AppLovin had formed agency agreements with two Chinese ad-tech companies, BlueFocus Intelligence and eClickTech.⁠[17]

Gorilla Technology announced in a press release on July 21, 2025 that the parties had agreed to resolve the litigation through a “confidential non-monetary settlement”; its chairman and chief executive officer, Jay Chandan, said in the release, “We are pleased to put this matter behind us.”⁠[18]

The complaint filed by Tecnoglass and others in September 2025 states that on August 21, 2025, Culper Research published on its website a report titled “Tecnoglass (TGLS): From Barranquilla to Sinaloa” and promoted it on X, and that the report stated “[w]e are short Tecnoglass Inc.” The complaint alleges that the report and related X posts, relying on a purported Mexican intelligence document, tied Tecnoglass and its co-founders José Daes and Christian Daes to the Sinaloa cartel and to an illegal campaign-finance scheme; the plaintiffs say that the document is fabricated and that the Mexican government has made clear in court filings that it is not authentic, and allege that the defendants knew it came from an anonymous hacktivist group and did not contact the plaintiffs before publishing. The complaint further alleges that after the plaintiffs sent a demand letter on August 26, 2025, enclosing a Mexican court decision, the defendants refused to retract.⁠[4]

On September 9, 2025, Tecnoglass Inc., José Daes and Christian Daes sued Christian Lamarco and Shadyside Partners, LLC (d/b/a Culper Research) in the U.S. District Court for the Southern District of New York (No. 1:25-cv-07450) for defamation per se, demanding a jury trial; the plaintiffs are represented by Alex Spiro and others of Quinn Emanuel Urquhart & Sullivan. The complaint states that “Culper Research is a serial defamation defendant and the alter ego of Defendant Christian Lamarco,” and that the plaintiffs “are not, and never have been, connected to or involved in any way with, the Sinaloa cartel or its operations.” The plaintiffs seek compensatory, presumed and special damages, punitive damages, expenses incurred to mitigate the harm, attorneys’ fees, and an injunction requiring the removal and retraction of statements adjudicated defamatory and barring their republication.⁠[4]

On September 10, 2025, Quinn Emanuel Urquhart & Sullivan, the plaintiffs’ law firm, announced in a press release that it had filed the suit (Tecnoglass Inc. v Lamarco, No. 25-cv-7450).⁠[19]

The complaint filed by JC International Finance Limited and other plaintiffs on June 10, 2026 states in a footnote that the Tecnoglass action was “subsequently voluntarily dismissed by Plaintiffs.”⁠[7]

On May 13, 2026, Culper Research published a 40-page report on NVIDIA written by its founder, Christian Lamarco; Fox Business’s article of November 10, 2026, gives the report’s title as “NVIDIA (NVDA): The China Problem.” In the report Culper Research disclosed that it had bet against NVIDIA’s stock, that is, that it held a short position, which yields a profit when the shares decline. CBS NewsCBS NewsCBS News is the news organization of the U.S. CBS system, part of Paramount, providing news coverage through television, the web and streaming. Its history extends from radio newsgathering to television and digital platforms; its signature programs include CBS Evening News, 60 Minutes and Face the Nation, and CBS News 24/7 is its streaming news service.Open the full entry’s article of November 11, 2026, calls the actions of Megaspeed key to Christian Lamarco’s investigation and states that the report drew on interviews with employees of Chinese companies, Singaporean and Malaysian corporate filings, and social media posts that appeared to show Jensen Huang and Alice Huang socializing together at various events. The article also states that NVIDIA’s stock was trading at $225.83 per share when the report was published and that between that date and the close of trading on Tuesday, November 10, 2026, the shares lost 25% of their value.⁠[20][21]

CBS News quotes a social media thread that Culper Research posted on May 13, 2026: “Nvidia claims its China business went to ‘zero’ after April 2025 U.S. trade restrictions,” and “We believe that in reality, over 20% of Nvidia’s FY 2026 compute revenues remained driven by China via illegal GPU diversion and Southeast Asian intermediaries.” Fox Business relays the report as stating that Chinese firms are still accessing NVIDIA’s advanced chips through diversion from other buyers in Southeast Asia, and states that Culper Research said it was short on NVIDIA because of the company’s close ties to China.⁠[20][21]

CBS News relays the report as noting that MegaspeedMegaspeedMegaspeed (in full, Megaspeed International) is a cloud-computing company registered in Singapore that presents itself as a specialized cloud provider and an NVIDIA Cloud Partner in the Asia-Pacific region, offering computing power built on NVIDIA GPUs. Formerly named 7Road International, it took its present name in March 2023; a Bloomberg article of December 2025 described it as the largest Southeast Asian buyer of NVIDIA chips. Singapore’s police have confirmed since October 2025 that they are investigating the company for suspected breaches of Singapore law; a letter from members of the U.S. Congress of March 2026 and articles in several news outlets state that U.S. authorities have been investigating whether it breached U.S. export controls. In a statement of December 2025 the company said that repeated on-site inspections had found no evidence of illicit chip transfers.Open the full entry had “relatively few assets at year-end 2023” but within a year spent $2.9 billion to purchase NVIDIA-powered servers, and as stating that Megaspeed and its Malaysian affiliate, Speedmatrix, together purchased $4.8 billion of NVIDIA’s advanced AI equipment and processors over the last three years; it quotes Culper Research as stating, “Megaspeed went from very little business to billions in a rapid time frame.” Fox Business relays the report as noting that NVIDIA has vouched for Megaspeed.⁠[20][21]

CBS News relays the report as stating that Jensen Huang appeared to have an “uncomfortably close relationship” with Alice Huang. Fox Business quotes Culper Research as writing that Jensen Huang “has not only vouched for Megaspeed, but seems to have quite literally walked alongside Megaspeed at every step, while maintaining an uncomfortably close relationship with Megaspeed’s Alice Huang.” CBS News states that the report did not directly refer to a romantic relationship between the two but included several photos and video stills showing them together at various events; Fox Business states that the report “didn’t directly suggest an affair” and that it noted they were seen together in June 2024 and May 2025.⁠[20][21]

On June 1, 2026, Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, wrote to Tim Teter, NVIDIA’s executive vice president, general counsel and secretary, and Brooke Seawell, chair of the audit committee of its board, stating that “a recent report from short-seller Culper Research alleges that more than” 20% of NVIDIA’s fiscal 2026 compute revenues remained driven by China; a footnote cites Culper Research’s report “NVIDIA (NVDA): The China Problem” of May 13, 2026, and a Business InsiderBusiness InsiderBusiness Insider is a digital business-news organization.Open the full entry article of May 14, 2026, “A short-seller takes aim at record-high Nvidia stock over its ‘China problem’.” The letter put four questions on NVIDIA’s export-control compliance to the audit committee and asked for a response by June 18, 2026.⁠[22]

On June 10, 2026, JC International Finance Limited and other companies, together with two individuals, sued Christian Lamarco and Shadyside Partners, LLC d/b/a Culper Research in the U.S. District Court for the Southern District of New York (No. 1:26-cv-04930) for libel per se over a summary graphic in the AppLovin report of June 12, 2025, seeking damages of no less than $1,000,000, punitive damages and permanent injunctive relief; the complaint alleges, on information and belief, that Christian Lamarco is the sole member and owner of Shadyside Partners, and states that the report is prefaced with a disclaimer disclosing that the defendants held short positions in AppLovin stock.⁠[7]

On June 12, 2026, Hao Tang, described in the complaint as a Cypriot citizen, sued Shadyside Partners, LLC d/b/a Culper Research and Christian Lamarco in the same court (No. 1:26-cv-05018) for defamation per se under New York law, alleging that the report falsely tied Hao Tang to money laundering, illegal gambling, human trafficking, murder for hire, Chinese intelligence and Chinese Communist Party propaganda outlets, and seeking compensatory damages of no less than $75,000 plus punitive damages. The complaint states that Hao Tang wrote to Shadyside Partners and to Christian Lamarco in December 2025 asking for the report to be removed and that neither responded, that Hao Tang sent two further letters in January 2026, and that Shadyside Partners responded to the third letter but refused to retract or correct any of the statements.⁠[23]

MarketWatch published Joseph Adinolfi’s interview with Christian Lamarco, the founder of Culper Research, on November 9, 2026; the article states that the firm consists of two analysts in addition to him and has published about 40 short reports. Christian Lamarco said of the time after the report’s publication, “The initial comments were overall pretty negative,” and, “Now, everybody and their mother is reaching out,” adding, “We were confident in the research initially, and we’re still confident in it now.” Of NVIDIA’s statement that its China business had collapsed after the U.S. imposed export restrictions while its sales to entities based in Southeast Asia appeared to be booming, he said, “Those two details seemed to conflict.” He would not say whether Culper Research was still betting against NVIDIA’s stock or how much, if any, money it had made; the article states that they had found potential circumstantial evidence linking NVIDIA to at least six other companies in Southeast Asia. It also states that NVIDIA and Megaspeed did not immediately respond to requests for comment.⁠[5]

Fox Business’s article of November 10, 2026, revisits the report and states that Jensen Huang said over the weekend that he had been “unfaithful to my wife,” that NVIDIA’s board had opened an independent investigation led by independent directors with outside counsel, and that the board said “the Board has no reason to believe that either national security or Nvidia secrets were compromised.” CBS News’s article on Megaspeed of November 11, 2026, quotes the board’s statement: “The Board prioritizes U.S. national and economic security, which is paramount to the interests of NVIDIA and its shareholders.”⁠[21][24]

CBS News’s article of November 11, 2026, states that NVIDIA “didn’t immediately respond to a request for comment” and that Christian Lamarco did not immediately respond to requests for comment either. It quotes a remark by Culper Research of November 5, 2026, “We wrote about this in May,” and a remark by Christian Lamarco in a recent interview with The New York TimesThe New York TimesThe New York Times is an American morning daily newspaper published in New York City. Founded in 1851, it is published by The New York Times Company.Open the full entry: “Everyone was just mocking us, and now everyone is singing our praises.”⁠[20]

CBS News’s article on Megaspeed states that Megaspeed International did not reply to a request for comment.⁠[24]

Culper Research’s website states that the firm seeks to expose companies which have misrepresented their operations, failed to disclose significant risks, misused capital, possess accounting irregularities, or otherwise deceived investors.⁠[1]

The disclaimer on the website’s home page states that readers should assume that Culper Research holds a position in any securities covered by its research and that “Following publication of any research, we intend to continue transacting in the securities covered herein”; it states that “Research is not investment advice nor a recommendation or solicitation to buy securities,” that the information “has been obtained from public sources we believe to be accurate and reliable,” and that all expressions of opinion are subject to change without notice.⁠[25]

The complaint filed by Tecnoglass and others in September 2025 alleges that Culper Research publishes ten or fewer reports a year, targeting a small number of public companies in which Christian Lamarco has taken a short position, and that although the firm refers to itself as “we,” “In reality, the ‘we’ at Culper Research is, upon information and belief, really just Lamarco”; it also alleges that posts by Culper Research on X of September 27, 2023, and February 14, 2024, took credit for declines in the share prices of target companies, and that a post of March 20, 2024, likened the firm to the Grim Reaper.⁠[4]

On November 11, 2026, the “Latest Research” page of Culper Research’s website listed, in this order: Gorilla Technology Group Inc, OSI Systems, Inc., AppLovin Corporation, Applied Optoelectronics, Inc., LendingTreeLendingTreeLendingTree is a US online financial comparison platform founded by Doug Lebda in 1996 and launched nationally in 1998. It connects consumers with loan, credit-card and insurance providers. Its publicly traded parent, LendingTree, Inc., operates across Home, Consumer and Insurance segments.Open the full entry, Inc., Zeta Global Holdings Corp., Joint Stock Company Kaspi.kz, Iren Energy Limited, Axsome Therapeutics, Inc., The Bancorp, Inc., ACADIA Pharmaceuticals Inc., XPEL, Inc., GigaCloud Technology Inc, SoundHound AI, Inc. and Xometry, Inc.⁠[15]

On the same day, the “Research Archive” page of the website listed, in this order: Xometry, Inc., Treace Medical Concepts Inc, Energy Vault Holdings, Inc., Piedmont Lithium Inc., Core Scientific, Inc., DatChat, Inc., Aterian, Inc., OrthoPediatrics Corp., VBI Vaccines Inc, CytoDyn Inc., ProPetro Holding Corp. and Harrow Health, Inc.⁠[26]

Culper Research: Official website: https://culperresearch.com/ (opens in a new window).⁠[25]