Prominent short seller Andrew Left fails to end US criminal fraud case

• Authorities allege Left used social media and TV appearances to profit from quick price movements after his comments, collecting at least $16 million from manipulating stocks including American Airlines, Nvidia, and Tesla
• Left's lawyers argued the government was unconstitutionally targeting him based on the content of his speech as an activist short-seller who publishes negative market opinions
• Criminal trial scheduled for March 17, 2026, after judge previously rejected dismissal attempts in both the criminal case and a related SEC civil case

Andrew Left Criminal Fraud Case Advances Despite Dismissal Attempt

A federal judge has rejected Andrew Left's attempt to dismiss criminal charges accusing the prominent short seller and Citron Research founder of fraudulently manipulating stock prices. U.S. District Judge Terry Hatter denied Left's claim of selective prosecution, which argued that the Department of Justice targeted him specifically for publishing bearish stock opinions.

Left faces securities fraud charges for allegedly using social media and cable TV appearances to promote his views on stocks while intending to profit from quick price movements in either direction. Prosecutors claim Left and Citron Research collected at least $16 million in profits through manipulation of stocks including American Airlines, Nvidia, Tesla, and others.

The case stems from a July 2024 indictment, with Left pleading not guilty to charges that could result in 25 years in prison if convicted. His legal team argued that prosecuting him for publishing negative market opinions violates constitutional free speech principles, stating "the government cannot single a person out for prosecution based on the content of that person's speech."

This rejection marks Left's second failed dismissal attempt in the criminal case, following a July ruling where Judge Hatter denied dismissal on grounds of insufficient allegations of securities fraud or fraudulent intent. Additionally, a different judge rejected Left's bid to dismiss a related SEC civil case in April.

The criminal trial is scheduled for March 17, 2026. The case highlights ongoing scrutiny of short sellers' practices and the fine line between legitimate market commentary and potential market manipulation, with significant implications for activist investors who publicly share trading positions and market views.