Jefferies can't seem to stay out of the headlines Jefferies in the last 6 months: • Oct: $715M exposure to First Brands fraud • Oct: $5.9B debt discrepancy uncovered • Feb: UK lender MFS collapses, Jefferies had £103M exposure • Mar: Western Alliance sues for $126M breach of contract SEC is investigating Jefferies and multiple law firms filing class-action suits on behalf of shareholders $JEF: $81 → $39 Earnings report comes out this Wednesday