They say they lost a "net" of $2.8 billion, and that shortseller, David Einhorn was cherry picking:
"Mr. Einhorn cherry-picks certain specific items from our quarterly filing and takes them out of context … which suits him because of his short position in our stock."
http://www.fool.com/investing/dividends-income/2008/05/27/lehman-cant-shake-the-shorts.aspx
According to Einhorn, the cherries are now watermelons.
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