NEW YORK--(BUSINESS WIRE)--Today, Gordon Johnson (“Johnson”) and Axiom Capital Management, Inc. (“Axiom”) announce the settlement of their dispute with Cleveland-Cliffs Inc. (“CLF”) and its Chairman, President, and Chief Executive Officer, Lourenco Goncalves.
As part of the settlement, Johnson and Axiom acknowledge the omission of additional stock purchase information in their May 4, 2017 analyst note, which contained a sell recommendation in response to Mr. Goncalves’ May 3, 2017 open-market purchase of CLF shares.
The information omitted in the original report includes other material purchases of CLF shares, which were publicly disclosed in CLF’s Form 4 filings with the Securities and Exchange Commission for Mr. Goncalves. These purchases and each of their respective performances are as follows:
| Date | Shares Purchased | Purchase Price | 8/27/2018 Price | Gain (Loss) | ||||||
| 3/4/2015 | 100,000 | $ | 6.54 | $ | 10.15 | 55.20% | ||||
| 5/21/2015 | 91,852 | $ | 5.04 | $ | 10.15 | 101.39% | ||||
| 5/26/2015 | 108,148 | $ | 5.12 | $ | 10.15 | 98.24% | ||||
| 5/9/2016 | 100,000 | $ | 3.09 | $ | 10.15 | 228.48% | ||||
| 5/3/2017 | 200,000 | $ | 6.36 | $ | 10.15 | 59.59% | ||||
| 8/10/2017 | 100,000 | $ | 7.24 | $ | 10.15 | 40.19% | ||||
| 9/15/2017 | 100,000 | $ | 7.16 | $ | 10.15 | 41.76% | ||||
In spite of these results, Johnson and Axiom stand by their May 4, 2017 sell recommendation for CLF shareholders.
Safe Harbor Disclosures
The information and market prices contained in this press release were obtained from sources believed to be reliable however accuracy cannot be guaranteed. Although a security may be mentioned in this press release, it is neither a solicitation nor offer to buy or sell any security. Past performance is no guarantee or indication of future results. This press release may contain forward-looking statements that involve substantial risks and uncertainties. There may be events in the future, however, Axiom is not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
