353 documents showing 181–240

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.

GFL Environmental Inc. GFL

Spruce Point argues GFL Environmental is a 'terminal zero': a Canadian waste roll-up mimicking the Philip Services fraud playbook, with understated debt, CEO ties to organized crime, and 100% downside.

Prestige Consumer Healthcare Inc. PBH

Spruce Point is short Prestige Brands: a decaying OTC roll-up with no organic growth, CFO déjà-vu from Boulder Brands' collapse, and 40-60% downside to $14.80-$22.50.

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.

Forescout Technologies FSCT

Advent overpaid $33/share for Forescout — management buried weaker forecasts and Q1 sales fell 24%; renegotiating 35-50% lower or paying the $112M break fee both beat closing.

Pets at Home Group plc LSE:PETS

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.

58.com Inc. WUBA

WUBA's sudden $55 go-private offer from underfunded Ocean Link — announced the day after Luckin's fraud burst — is a sham price-support PR maneuver masking accounting fraud and COVID collapse.

Inspire Medical Systems, Inc. INSP

Inspire's surgical sleep-apnea implant is too invasive to ever scale — VA sales prove patients refuse it for free, while insiders have dumped $340M cashing out a fictional $10bn TAM story.

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.

Innovative Industrial Properties IIPR

Property-by-property forensic appendix shows IIPR overpaid for cannabis-grow real estate while tenants sit on empty or unbuilt sites, implying inflated rents and looming defaults.

Innovative Industrial Properties, Inc. IIPR

IIPR is a cannabis REIT propped up by overpriced sale-leasebacks to insolvent tenants and sham markups; fair value is $22.29 versus a $69 share price.

Align Technology, Inc. ALGN

Align's Invisalign moat is eroding as FDA-approved third-party 3D-printing labs and 3M Clarity undercut prices by 50-65%, driving 40-55% downside to $80-$115.

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.

iQIYI, Inc. IQ

Wolfpack alleges iQIYI has been committing accounting fraud since before its 2018 IPO — inflating revenue 27-44% and DAUs 42-60% via dual memberships, sham acquisitions, and barter deals.

WD-40 Company WDFC

WD-40 is a promotional, no-moat lubricant company hiding a balance-sheet hole and bloated inventory behind a 28x EBITDA multiple — Spruce Point sees 55-60% downside to $75-$85.

Amcor plc AMCR

Amcor is a packaging roll-up masking 3-4% organic declines, obscured tobacco dependence, liquidity strain, and accounting red flags — including a CAO with a revoked CPA — with 40-60% downside to $3.60-$5.40.

JinkoSolar Holding Co., Ltd. JKS

GSX Techedu Inc. GSX

GSX Techedu's too-good-to-be-true 70%+ margins and triple-digit growth are propped up by inflated profits, brushed student enrollments, alter-ego related parties, and suspected CAPEX fraud — it is a fraud worth zero.

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.

Dropbox, Inc. DBX

Dropbox is a decelerating, commoditized storage business whose reported FCF is overstated ~2x; fair value is $6.60-$13, implying 25-60% downside from $17.60.

58.com Inc. WUBA

58.com is an accounting house of cards: inflated SEC revenues, a $2.6bn Ganji goodwill that collapsed 95% post-acquisition, and serial insider spin-offs enriching the CEO and former co-chairman.

Qutoutiao, Inc. QTT

QTT's rebuttal is non-responsive: revenue, cash, interest income, customer advances, and related-party transactions still don't reconcile between its SEC filings and Chinese filings — the fraud case stands.

LHC Group, Inc. LHCG

LHCG's 20.6x EBITDA multiple rests on phantom organic growth — excluding the failing Almost Family acquisition inflates growth ~500 bps, masking sub-2% reality and 35-65% downside to $60-$90.

Plug Power Inc. PLUG

Plug Power's $1.5B valuation rests on a fake 'inflection to profitability' manufactured by ASC 842 lease accounting; strip the add-backs, face 80% dilution, and the stock trends to $0.

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.

Qutoutiao, Inc. QTT

Qutoutiao is a low-tech China Hustle: ~74% of revenue is fabricated through fake accruals via in-house ad-agent Dianguan, and CEO Eric Tan funnels ad traffic to his own undisclosed related parties.

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.

Canadian Tire Corporation CTC.A

Canadian Tire is an over-levered legacy retailer masking decline with aggressive accounting and risky credit card lending; looming downgrade forces asset sales and 35-50% downside to C$77-100.

Trulieve Cannabis Corp TRUL

Trulieve's premium-grower story is a fraud: cultivation is mostly cheap hoop houses, profits rely on biological-asset mark-ups, and the CEO's husband sits at the center of an FBI corruption probe.

Cintas Corp. CTAS

Cintas's fastest-growing fire inspection business is committing fraud while G&K integration masks financial strain — a sum-of-parts at peer M&A multiples implies 60-75% downside to $69-$107/sh.

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%.

Hill-Rom Holdings, Inc. HRC

Hill-Rom is a low-quality medical roll-up whose plateauing new products, exhausted margin expansion and aggressive accounting point to a 25-55% drop to $45-$75 per share.

Monolithic Power Systems MPWR

MPWR's Chinese tax filings show $262m missing revenue and near-zero inventory despite 90% production in China — accounting red flags point to 75-85% downside.

SMART Global Holdings, Inc. SGH

SMART Global Holdings' 62%-of-revenue Brazil business depended on a PPB tax subsidy the WTO struck down; without it margins collapse, and self-dealing M&A signals management already knows.

Premier, Inc. PINC

Premier's earnings are artificially inflated by expiring pre-IPO shareback contracts; as member hospitals renegotiate at market rates, EBITDA halves and shares fall 55-75% to $8-$15.

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.

Accelerate Diagnostics AXDX

AXDX is a one-product company whose Pheno system is a flawed niche diagnostic — missed reagent targets, a looming Mayo-UCLA study failure, and cash burn point to 70% downside to a $6 price target.

Church & Dwight Co., Inc. CHD

CHD trades at an all-time-high premium as a trade-war safe haven, but CEO Farrell's financial-engineering roll-up is cracking; 35-50% downside to $40-$52/share.

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.

Penumbra, Inc. PEN

Penumbra is a commoditized single-product 510(k) company whose aspiration-catheter franchise is collapsing to deep-pocketed bundlers; Spruce Point sees 40-55% downside to $85-110 per share.

Mettler-Toledo International, Inc. MTD

Mettler-Toledo's flawless EPS record masks aggressive capitalization, an empty Shanghai office, and PwC auditor conflicts — implying 30-50% downside to $410-$574 per share.

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.

New Age Beverage Corp. NBEV

NBEV paid $85m for Morinda, an MLM with inflated China financials and missing licenses in 60% of provinces — stock faces 60% immediate downside.

New Age Beverage Corp. NBEV

NBEV overpaid $85m for Morinda, an MLM with inflated China revenues and illegal operations; the stock faces 60% immediate downside and likely insolvency.

Axon Enterprise (formerly TASER) AAXN

Axon is a mature Taser maker masquerading as a SaaS cloud story; aggressive accounting, China-tariff margin pressure, and TAM inflation justify a $27.50-$40 target — 40-60% downside.

GTT Communications, Inc. GTT

GTT Communications is a fundamentally broken telecom rollup using non-GAAP metrics and aggressive accounting to hide negative organic growth, unsustainable leverage, and an inevitable dilutive equity raise.