Culper Research

Culper Research is an activist short-selling firm that specializes in investigative research on publicly traded companies to identify instances of fraud, mismanagement, and financial misrepresentation. Founded in 2019 by Christian Lamarco and based in New York, the firm has gained significant notoriety for its critical reports on companies within the healthcare and biotechnology sectors. Culper Research typically takes a short position in the entities it investigates, publishing detailed dossiers to alert investors to perceived risks, such as manipulated clinical trial data or undisclosed related-party transactions. Notable targets of the firm's research have included ADMA Biologics, Cassava Sciences, and Ginkgo Bioworks. The firm's work is characterized by deep-dive forensic accounting and on-the-ground investigative techniques aimed at exposing corporate malfeasance.