Founder of Lemon Research Sentencing Hearing Scheduled for August 31, Maximum Sentence of 265 Years

June 18 (Caixin) — Andrew Left, founder of short-selling firm Citron Research, has a sentencing hearing scheduled for August 31, 2026. The theoretical maximum sentence he could face is 265 years, though the final penalty will be determined by the court based on the specific facts of his case. Left has previously targeted over 20 Chinese concept stocks, including New Oriental, Qihoo 360, Evergrande Group, Southeastern Asset Management, and China High Speed Transmission. Early in his career, his short-selling reports were largely accurate, but unlike peers such as Muddy Waters Research, Citron’s work has long been criticized for being riddled with flaws. He was also banned from Hong Kong’s stock market for five years by the Hong Kong Securities and Futures Commission. Prosecutors claim Left regularly used short-dated options expiring between 0 and 5 trading days to bet on stock price movements right after publishing reports or sending out tweets. He placed pre-set limit orders, and the exit prices he used often diverged significantly from Citron’s publicly stated target prices. The stocks involved in the case include Nvidia, Tesla, Facebook, General Electric, and Luckin Coffee.