Terms of Use and Disclaimer

By downloading from this site or otherwise reading any report by Black Stone Insights (the “Reports”), you agree to the following Terms of Use. You agree that use of the Reports is at your own risk. In no event will you hold Black Stone Insights, any affiliated party, or any related person liable for any direct or indirect trading losses caused by any information in the Reports.

For informational purposes only

The Reports are not intended as, and shall not be construed as, financial, legal, investment, tax, or other advice, nor a recommendation to buy, sell, or hold any security or other investment. The Reports do not represent an offer or solicitation to buy or sell any security. The information contained in the Reports is presented “as is” without warranty of any kind, express or implied.

Sources and accuracy

Reports rely on public sources believed to be accurate and reliable, including securities filings, court records, regulatory disclosures, corporate registries, news articles, and primary materials such as corporate websites and public social-media profiles. Black Stone Insights makes no representation or warranty as to the accuracy or completeness of any information contained in the Reports. Public information can change, and the analyses, conclusions, and opinions expressed in the Reports are based on information available as of the date of publication.

Opinions

Interpretations, characterisations and conclusions in the Reports are the opinions of the authors, held in good faith and based on the sources cited. Nothing in a Report should be read as a statement that any person has committed fraud or any other unlawful act unless a court or regulator has so found.

No confidential relationship

Use of the Reports does not create any client, advisory, fiduciary, or professional relationship between you and Black Stone Insights or any of its affiliates.

Positions

As of the publication date of any Report, Black Stone Insights and/or its affiliates and/or any party associated with us (collectively, the “Authors”) may have a short position in the securities (and/or related derivatives) of an issuer covered in the Report, and the Authors stand to realise gains in the event that the price of those securities declines. The Authors may transact in the securities of any covered issuer at any time, and may be long, short, or neutral, in their sole discretion, without updating any prior Report.

Third-party reports

Closed cases and retrospectives describe research originally published by other firms. Black Stone Insights did not author those reports, makes no claim of authorship, and summarises publicly reported developments for study of the genre. Verify with primary sources before relying on any item.

Forward-looking statements

The Reports may contain forward-looking statements, estimates, projections, and opinions on issuers. Such statements involve substantial uncertainty and risk and are not guarantees of future performance or results.

Jurisdiction

The Reports are not directed at, and are not intended for use by, any person in any jurisdiction where such use would be contrary to applicable law.