The full disclosure language governing Operon Research's published research, subscription terms, and analytical work.
Operon Research, LLC ("Operon Research," "we," "our") is an independent financial publisher. Operon Research is not a registered investment adviser, broker-dealer, or financial planner. The information published by Operon Research is provided for informational and educational purposes only and does not constitute personalized investment advice, an offer to sell, or a solicitation of an offer to buy any security.
Operon Research operates as an independent financial publisher relying on the publisher's exemption to the Investment Advisers Act of 1940, as interpreted by the U.S. Supreme Court in Lowe v. SEC (1985). To remain within this exemption, our published research is impersonal, bona fide, and of general and regular circulation.
Operon Research does not issue investment ratings, price targets, or buy, sell, or hold recommendations on individual securities. Our published research provides industry analysis, financial models, scenarios, and contextual commentary intended for an audience of institutional decision-makers and other sophisticated readers.
Readers are responsible for their own investment decisions and should consult their own advisors before acting on any information in our research.
Operon Research's research is informed by public filings, public statements, third-party data providers, channel checks with industry contacts, and other sources we believe to be reliable. We take reasonable steps to verify source information but do not independently audit all source statements and cannot guarantee the accuracy or completeness of source-derived information. Channel checks reflect a sample of contacts; sources may have their own biases, conflicts, or limitations of knowledge that may affect the reliability of their statements.
Our research contains forward-looking statements, including but not limited to financial models, projections, scenarios, and forecasts of industry or company-specific trends. Such statements are based on assumptions and information available at the time of publication and are inherently uncertain. Actual results may differ materially. Operon Research undertakes no obligation to update forward-looking statements to reflect subsequent events or information.
Operon Research and its principals do not hold long or short positions in any security covered by Operon Research's published research. This restriction extends to household members of the firm's principals. Operon Research does not receive compensation from issuers of securities discussed in the research.
Operon Research does not knowingly publish research with the purpose of advancing the interests of any specific issuer, investor, or other third party. To the extent Operon Research becomes aware of a material conflict of interest related to a particular research product, Operon Research will disclose such conflict in the relevant report.
Operon Research separately offers custom research engagements (Operon Consulting) to clients under separate engagement terms. Custom work is analytical and educational in nature and does not include personalized investment advice. Custom engagements are governed by separate engagement letters and are not part of the published research.
Our research is intended for readers in the United States. Operon Research makes no representation that our research is appropriate or available for use in any other jurisdiction. Subscribers accessing the research from outside the United States do so on their own initiative and are responsible for compliance with applicable local laws and regulations.
All research published by Operon Research is the intellectual property of Operon Research, LLC and is protected under U.S. copyright law and other applicable intellectual property laws. Subscribers receive a personal, non-transferable, non-exclusive license to access and use the research for their own internal use only. Subscribers may not reproduce, redistribute, repost, forward in bulk, sell, sublicense, or otherwise make the research available to non-subscribers without the prior written consent of Operon Research.
Operon Research may revise these disclosures from time to time. The current version is available at operonresearch.com/disclosures. Subscribers are responsible for reviewing the disclosures periodically. Continued use of the research following the posting of revised disclosures constitutes acceptance of the revised terms.
Questions about these disclosures may be directed to contact@operonresearch.com.