(ShareCast News) - New York-based hedge fund Kerrisdale Capital has slammed science and technology development and commercialisation company Allied Minds, calling it a "dressed-up collection of high-risk, low-reward gambles".The report has sent the FTSE 250 listed company's stock plummeting on Tuesday, down 12.76% to 449.30p at 1618 BST.Kerrisdale claimed the company was "an investment vehicle with no objective evidence of commercial success" and internal valuations of its subsidiaries are "baselessly optimistic"."Allied Minds has not sold any of its portfolio companies, has not taken a single one public, has not generated any material licensing revenues from its intellectual property, and has produced negligible revenue even from its 'mature' subsidiaries," it said."Indeed, of the five companies Allied Minds formed in 2006, four failed completely and were dissolved, while the fifth, Cephalogics, remains stuck in R&D mode, has at best a modest advantage over similar companies and research groups, and is still many years away from generating real revenue."The report also said the three businesses Allied Minds owns which are at a commercial-stage "have not been profitable and have no blockbuster potential."The hedge-fund also took aim at the leadership of the company."The company's founder and the CEOs of its two purportedly most valuable subsidiaries have chequered track records presiding over small-scale technology firms that went on to fail or go bankrupt," Kerrisdale added."Simply put, there is no good reason to believe, as the company's valuation implies, that this is among the best VC funds of all time."