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By downloading from, or viewing material on, this website you agree to the following Terms of Service. You agree that use of GOTHAM CITY RESEARCH LLC’s research is at your own risk. In no event will you hold GOTHAM CITY RESEARCH LLC or any affiliated party liable for any direct or indirect trading losses caused by any information on this website. This report is not investment advice or a recommendation or solicitation to buy any securities. GOTHAM CITY RESEARCH LLC is not registered as an investment advisor in any jurisdiction. GOTHAM CITY RESEARCH LLC is not affiliated or associated with Gotham Asset Management, LLC or any of its affiliates.

You agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein. You represent to GOTHAM CITY RESEARCH LLC that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You further agree that you will not communicate the contents of this report to any other person unless that person has agreed to be bound by these same terms of service.


You should assume that as of the publication date of the reports found on this website, GOTHAM CITY RESEARCH LLC stands to profit in the event the issuer’s stock declines. We may buy, sell, cover or otherwise change the form or substance of its position in the issuer. GOTHAM CITY RESEARCH LLC disclaims any obligation to notify the market of any such changes.


Our research and reports includes forward-looking statements, estimates, projections, and opinions prepared with respect to, among other things, certain accounting, legal, and regulatory issues the issuer faces and the potential impact of those issues on its future business, financial condition and results of operations, as well as more generally, the issuer’s anticipated operating performance, access to capital markets, market conditions, assets and liabilities. Such statements, estimates, projections and opinions may prove to be substantially inaccurate and are inherently subject to significant risks and uncertainties beyond GOTHAM CITY RESEARCH LLC’s control.


Our research and reports expresses our opinions, which we have based upon generally available information, field research, inferences and deductions through our due diligence and analytical process. GOTHAM CITY RESEARCH LLC believes all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable. However, such information is presented “as is,” without warranty of any kind, whether express or implied. GOTHAM CITY RESEARCH LLC, makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and GOTHAM CITY RESEARCH LLC is not obligated to update or supplement any reports or any of the information, analysis and opinion contained in them.

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