Sample Reports

These samples are for illustrative purposes only and are not to be considered as an offer or the solicitation of an offer to sell or buy any securities mentioned herein. Full copies of Ladenburg’s Equity Research reports may be obtained from Ladenburg’s New York Office located at 640 5th Ave, 4th Floor, New York, NY 10019.

Vanguard Natural Resources LLC - Reduces Distribution and Provides 2015 and 2016 Guidance; Adjusting Estimates

February 23, 2015

Lipocine Inc. - Positive Pre-NDA Meeting with FDA; Submission Timeline On-Track, BUY $24 PT

March 25, 2015

Orbcomm Inc. - Story on the Verge of Change; Initiate with BUY Rating and $7 Price Target

March 16, 2015