Sharesleuth.com on:
[Wikipedia]
[Google]
[Amazon]
Sharesleuth is an
In early 2006, Carey approached Cuban with the idea of launching an investigative organization focusing on corporate fraud. Cuban was receptive to the idea, and offered to finance the venture. Within its first year, Sharesleuth articles on the publicly traded companies Xethanol and UTEK were followed by drops of over 35% in the stock price of each company. Sharesleuth has since reported on many other companies, including
investigative reporting
Investigative journalism is a form of journalism in which reporters deeply investigate a single topic of interest, such as serious crimes, political corruption, or corporate wrongdoing. An investigative journalist may spend months or years res ...
website, created to investigate and report on instances of alleged securities fraud
Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in lo ...
and corporate malfeasance. It was founded in July 2006 by American businessman Mark Cuban
Mark Cuban (born July 31, 1958) is an American billionaire entrepreneur, television personality, and media proprietor whose net worth is an estimated $4.8 billion, according to ''Forbes'', and ranked No. 177 on the 2020 ''Forbes'' 400 list ...
and business reporter Chris Carey, formerly of the ''St. Louis Post-Dispatch
The ''St. Louis Post-Dispatch'' is a major regional newspaper based in St. Louis, Missouri, serving the St. Louis metropolitan area. It is the largest daily newspaper in the metropolitan area by circulation, surpassing the ''Belleville News-De ...
''.
History
In early 2006, Carey approached Cuban with the idea of launching an investigative organization focusing on corporate fraud. Cuban was receptive to the idea, and offered to finance the venture. Within its first year, Sharesleuth articles on the publicly traded companies Xethanol and UTEK were followed by drops of over 35% in the stock price of each company. Sharesleuth has since reported on many other companies, including Kandi Technologies
Kandi Technologies Group, Inc. is a Chinese battery and electric vehicle manufacturer. Kandi is listed on the NASDAQ stock exchange with ticker KNDI. It was founded in 2002 in Jinhua, Zhejiang by Hu Xiaoming.
History Kandi partnership with ...
and Highland Mint, a firm that manufactured the coins used in the Super Bowl pre-game coin toss.
As a means of funding the site, Cuban typically shorts
Shorts are a garment worn over the pelvic area, circling the waist and splitting to cover the upper part of the legs, sometimes extending down to the knees but not covering the entire length of the leg. They are called "shorts" because they ...
the stocks of the article subjects prior to publication, a practice which has drawn controversy. He has stated that the site has published articles on "literally anything that I have shorted".
Related sites
In October 2008, Cuban and Carey started a companion website, BailoutSleuth, for the purpose of trackingTroubled Asset Relief Program
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President ...
funds and bank activity in the wake of the 2008 financial crisis and resulting bank bailouts. Pulitzer Prize-winning journalists Gary Cohn of ''The Baltimore Sun
''The Baltimore Sun'' is the largest general-circulation daily newspaper based in the U.S. state of Maryland and provides coverage of local and regional news, events, issues, people, and industries.
Founded in 1837, it is currently owned by T ...
'' and Russell Carollo of the ''Dayton Daily News
The ''Dayton Daily News'' (''DDN'') is a daily newspaper published in Dayton, Ohio, United States. It is owned by Cox Enterprises, Inc., a privately held global conglomerate headquartered in Atlanta, Georgia, United States, with approximately ...
'' were hired in 2009–2010, the latter to handle Freedom of Information Act Freedom of Information Act may refer to the following legislations in different jurisdictions which mandate the national government to disclose certain data to the general public upon request:
* Freedom of Information Act 1982, the Australian act
* ...
requests. Unlike the for-profit Sharesleuth, BailoutSleuth was conceived as a nonprofit service. The site is no longer online.
In mid-2010 Cuban and Carey created another nonprofit website, JunketSleuth.com, to provide access to government travel spending records. As with Sharesleuth, Cuban provided the funding and Carey served as the investigative reporter. The site has since closed.
References
Further reading
*External links
*{{Official, http://sharesleuth.com American financial news websites