175 documents showing 61–120
XL Fleet XL
XL Fleet's March 8 rebuttal fails to deny Muddy Waters' core claims — exaggerated pipeline, ~10% reorder rate, overstated fuel savings — confirming XL is SPAC trash.
XL Fleet Corp XL
XL Fleet is SPAC trash: salespeople were paid to fabricate pipeline, most touted customers are inactive, ROI is actually negative, and the stock is worth a fraction of its billion-dollar SPAC valuation.
Joyy Inc. YY
JOYY is a multibillion-dollar fraud: ~90% of YY Live and ~80% of Bigo revenue is fabricated via bots and gift roundtripping, and Baidu's pending $3.6bn acquisition is buying air.
NIO Inc. NIO
NIO trades at 17-18x NTM EV/Sales — double Tesla's multiple — as a Made-in-China Model Y near $41K threatens the ES6/EC6; Citron closes its 2018 long at a $25 price target.
MultiPlan Corp MPLN
MultiPlan is a financially-engineered SPAC corpse losing its biggest customer UHC to UHC's own competitor Naviguard; expect 35% revenue loss and 8x+ leverage by 2022.
Nano-X Imaging Ltd. NNOX
Nanox's $1.3B medical-imaging story is a stock promotion: the ARC device appears to be a prop, distribution partnerships are shams, and a convicted felon engineered the IPO.
AtriCure, Inc. ATRC
AtriCure's 7.5x revenue valuation assumes stand-alone Convergent succeeds, but electrophysiologists won't refer, and PFA plus real-time mapping will obsolete surgical ablation.
eHealth, Inc. EHTH
EHTH books Medicare Advantage revenue today that takes nine to twenty years to collect, masking a cash-incinerating, high-churn business reminiscent of Enron-style accounting.
GSX Techedu GSX
GSX's rebuttals to our fraud report are evasive techno-drivel; meanwhile GSX openly recruits engineers to run cell-phone bot farms, confirming it is a nearly empty box.
GSX Techedu Inc. GSX
GSX Techedu is a near-total fraud: at least 73% — likely 80%+ — of paid K-12 users are bots, and Chairman Chen's $319M pledged stock heightens crash risk.
Burford Capital BUR
Burford's 2019 financials rely on reclassifications and definition changes to mask an -11.8% drop in cash receipts, -35.5% drop in deployments, and $20.6m of unexplained fair-value gains.
New Pacific Metals NUAG
Bolivia-focused silver developer New Pacific trades 17x peers on concessions likely acquired illegally under a now-ousted regime; Hindenburg targets C$0.37, 90%+ downside.
GSX Techedu GSX
Citron argues GSX Techedu is a near-total fraud — the vast majority of claimed K-12 students are bots, revenues are fabricated, and the stock is a zero.
eHealth Inc. EHTH
eHealth books three years of Medicare Advantage commissions upfront while true churn has spiked to 47%; corrected, every MA enrollee loses $135-$402 — a cash-incinerating stock promotion.
NMC Health plc NMC
Newly disclosed NMC share pledges corroborate Muddy Waters' hidden-debt thesis: likely Enron-style off-balance-sheet financing or subsidies from undisclosed Shetty-family related parties inflating margins.
Burford Capital BUR
Burford's dismal H2 2019 — 85% YoY collapse in realized gains, Petersen sold to its own fund, vanishing cash, and a lost Perry Ellis ruling — validates Muddy Waters' short thesis on aggressive marks and a flawed model.
NMC Health plc NMC.LN
NMC Health's UAE hospital empire is built on inflated capex, overstated cash, hidden reverse factoring and related-party self-dealing — Muddy Waters is short and sees deep, possibly fraudulent rot.
Peloton Interactive PTON
Peloton trades at 2,286% above peers on EV per subscriber; once a cannibalizing app, undifferentiated hardware, and a March lockup wave hit, the stock collapses to $5.
PeptiDream, Inc. 4587 JP
PeptiDream's 19 pharma 'partnerships' are largely dormant and 13 years of R&D have produced zero Phase 2 drugs — analyst 2027 revenue forecasts will miss by over 60%.
Burford Capital BUR
Burford cherry-picks which investments count as 'concluded' to avoid truing up marks; the 110% vs 19% gap between unconcluded and concluded returns exposes systematic fair-value manipulation.
Burford Capital BUR
Burford's rebuttal on Napo is a dodge: a 2013 Glenmark arbitration MW surfaces proves Napo was a failed investment BUR disguised as a winner.
Burford Capital Ltd. BUR
Muddy Waters hires ex-CIA behavioral analysts Qverity to show Burford management's rebuttal is riddled with evasion, aggression and persuasion — corroborating the original fraud thesis.
Burford Capital BUR
Burford's rebuttal confirms it: aggressive mark-to-model fair-value gains, manipulated ROIC/IRR, and a CEO-CFO marriage make BUR an Enron-style stock promotion the FCA should investigate.
Burford Capital Ltd. BUR LN
Burford is a poor litigation-finance business masquerading as a great one through Enron-like fair value accounting, four-case concentration, and a CEO-wife CFO — and is arguably insolvent.
ANTA Sports Products 2020.HK
ANTA's largest 'third-party' supplier and its 'self-operated' online stores are secretly controlled by an ANTA employee, so reported margins and Fila's numbers cannot be trusted.
ANTA Sports Products 2020.HK
Muddy Waters Part 4 rebuts ANTA's responses — management has lied about owning all Fila stores, the Shanghai Fengxian disposal, and distributor independence, confirming the underlying fraud.
ANTA Sports Products 2020.HK
ANTA's 'self-operated' Fila franchise is a fiction: 46 Beijing Fila stores are owned by an insider proxy, exposing fabricated Fila financials and rendering all ANTA numbers unreliable.
ANTA Sports Products Limited 2020.HK
ANTA used IPO proceeds to grow Shanghai Fengxian, then stripped it to insider proxies via a straw buyer in 2008 — proof of fraudulent intent toward minority shareholders.
ANTA Sports Products Ltd. 2020.HK
ANTA secretly controls at least 27 — and likely over 40 — of its 46 Tier 1 distributors via proxy owners, fraudulently inflating the margins behind its peer-leading financials.
CareDx, Inc. CDNA
CareDx is a $1.7bn story built on AllSure, a cfDNA kidney-rejection test that misses 40% of rejections and faces 70% annual patient attrition, competition and Medicare reset — ~70% downside.
FleetCor Technologies FLT
FleetCor's Clean Advantage carbon-offset program is a $100M+ green fraud — 97% of fees stay with FLT, demanding CEO Clarke's resignation and implying ~57% downside.
Casino Guichard-Perrachon CO
Rallye, Finatis, Euris and Foncière Euris entering procédure de sauvegarde vindicates MW's 2015 warnings
Casino Guichard-Perrachon CO
Rallye's safeguard filing vindicates Muddy Waters' 2015 warning that Casino was being hollowed out to sustain Jean-Charles Naouri's parasitic, debt-laden holding structure.
Inogen INGN
INGN's growth narrative rests on an inflated $3-4B TAM that Medicare data contradicts; under a realistic 1.3M-user market, peak unit sales arrive this year or next.
Inogen INGN
Inogen's growth is built on a reseller network that lies to elderly customers about Medicare coverage to force cash sales — competition and oversight will collapse margins to a $46 stock.
Inogen, Inc. INGN
Inogen's growth story rests on a fabricated TAM sourced from a plagiarism-riddled WinterGreen report; real market is shrinking, peak sales arrive 2019-2020, target $46 (-67%).
Tesla, Inc. TSLA
After five years short, Citron reverses on Tesla: Model 3 is dominating luxury and EV segments, Munro confirms 30% margins, and worst-case math yields $599/share.
Manulife Financial Corporation MFC
Muddy Waters is short Manulife because a Saskatchewan verdict due by year-end could force MFC to accept unlimited deposits at a guaranteed 4%+ rate — an unhedgeable bleed its own expert admits could cause insolvency.
Wayfair W
Wayfair's unit economics are deteriorating — loss per new customer nearly doubled to $19 — while the stock defies gravity; Citron is re-shorting with a first stop at $100.
NVIDIA Corporation NVDA
NVDA, up 600% since 2016, faces in-house silicon from every mega-customer, collapsing crypto and autonomous narratives, and a benchmark-less Turing launch — shares revert to $200.
TAL Education Group TAL
TAL Education's core Peiyou business is shrinking, not 'healthy' as CFO Rong Luo claims; under every reasonable model TAL's FY2018 Q3-Q4 disclosures fail to reconcile.
TAL Education Group TAL
TAL's own Peiyou Q3 disclosures, common-sized, mathematically imply offline enrollment declined YoY — contradicting the growth narrative and signaling fabricated results.
TAL Education Group TAL
TAL inflated Firstleap's acquired deferred revenue by 90-175%, pumping $21-29M of fake profit through FY2017 via an above-the-line accounting lever obscured by an overlooked small acquisition.
TAL Education Group TAL
TAL is a real business with fake financials: two asset-parking transactions inflated FY2016-FY2018 pre-tax profits by $153M (28.4%) while Deloitte China was starved of audit hours.
Snap Inc. SNAP
SNAP trades at largest-ever discount to FB/TWTR despite fastest revenue growth
The St. Joe Company JOE
St. Joe's Florida Panhandle land bank is worth a fraction of what bulls claim; absent the promised population boom, the stock is materially overvalued and a short.
IQE plc IQE
Muddy Waters is short IQE: the compound-semi maker inflated 2015/2016 net income by 58.5%/25.4% via transactions with its Cardiff University JV — an alter ego, not an arm's-length partner.
OSI Systems OSIS
OSIS's rebuttal fails: S2 Albania's financials prove ICMS contributed no capital, making its 49% concession stake an unjustified conduit for corruption and confirming management's lost credibility.
Ballard Power Systems BLDP
Ballard's 167% 2017 rally rests on a fragile China fuel-cell story with weak partners and zero insider skin; expect a repeat of the Azure failure and 35-70% downside to $1.15-$2.50.
China Internet Nationwide Financial Services Inc. CIFS
CIFS is an old-style China reverse-merger fraud dressed up as a Reg A+ IPO; SAIC filings show 5x revenue overstatement, every disclosed borrower is a sham, and the equity is worthless.
OSI Systems, Inc. OSIS
OSIS is rotten to the core: the Albania concession was obtained via an apparent bribe, the Mexico turnkey is egregiously priced and up for renewal, and FCPA liability could erase a large chunk of the $1.6bn market cap.
Adamas Pharmaceuticals, Inc. ADMS
Kerrisdale is long ADMS: Gocovri, the only FDA-approved drug for levodopa-induced dyskinesia, plus an MS and Vimpat XR pipeline, is worth over $100/share versus ~$25 today.
Prothena Corp PLC PRTA
Short PRTA: publicly-available NEOD001 data does not show efficacy — organ responses are likely driven by prior PCD chemo, not the drug, and $1.5B peak sales are unrealistic.
Man Wah Holdings 1999.HK
Man Wah's response fails to address Muddy Waters' core fraud allegations: suspicious Macau profit-shifting, export revenue gaps vs. Panjiva data, tax inconsistencies, and undisclosed debt all remain unexplained.
Asanko Gold Inc. AKG
Asanko's reassurances on Nkran are 'puppies and rainbows': fresh drone images show wall failures, reserve accounting is non-compliant, and insider share counts don't reconcile with management's 'never sold' claim.
BlackBerry BBRY
QNX is entrenched in 60M cars across 40+ automakers — a leading autonomous-driving OS
Asanko Gold Inc. AKG
Muddy Waters is short AKG: flawed geology, a collapsing Nkran pit, and a 2018 liquidity crunch make the Ghana gold miner highly likely to end up a zero.
MGP Ingredients, Inc. MGPI
MGPI's whiskey-premiumization rerating is an illusion: Diageo is going in-house, inventory is stranded, and insiders are selling — shares should collapse 60-70% to $16-$21.
China Huishan Dairy Holdings 6863.HK
Huishan's revenue is fabricated: tax-bureau data, cow-farm photos, and e-commerce scrapes all show the reported top line is dramatically overstated — the stock is a zero.
China Huishan Dairy Holdings 6863 HK
Huishan is a fraud worth close to zero — fabricated alfalfa self-sufficiency inflates margins, RMB 1.6bn of CapEx is fictitious, and Chairman Yang has siphoned farms to a related party.