357 documents showing 61–120
Date
Fund
Target
Thesis
Scores
Jun 24, 2024
Muddy Waters
Eurofins Scientific SE
ERF
Muddy Waters is short Eurofins: controlling shareholder Dr. Gilles Martin has siphoned capital via above-market real-estate leasebacks for 20 years, and the financials appear engineered to overstate revenue, profits, and cash.
N4
V2
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec, hailed as 'Japan's ASML,' is a $23B accounting fraud — a textbook inventory scheme masking a defective EUV tool destined for a 65-70% write-down reminiscent of Olympus and Toshiba.
N5
V2
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec — Japan's most-traded stock at $23B market cap — is a colossal accounting fraud whose defective EUV mask-inspection tool and sham 'Innovation Park' mirror Olympus and Toshiba before collapse.
N4
V2
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec — Japan's most-traded stock at $23B — is inflating inventory to hide that its flagship ACTIS EUV mask-inspection tool is defective; a 65-70% writedown will erase 85% of retained earnings.
N5
V4
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec, Japan's most actively traded stock at a $23B cap and 17x sales, is a textbook accounting fraud — a defective EUV tool, fake fab, and looming impairment will wipe out most earnings.
N5
V3
Jun 03, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
CPI PG's controlling shareholder Vitek swapped €273m of personal debt for Dubai properties still under construction, sticking CPI PG with ~€220m of hidden progress payments while pocketing ~€118m.
N4
V2
Jun 01, 2024
Kerrisdale Capital
Riot Platforms, Inc.
RIOT
Riot Platforms is a serial-diluting bitcoin miner with $140k+ all-in cost per coin, rising Texas regulatory risk, and a broken model increasingly obviated by low-fee BTC ETFs.
N4
V3
May 29, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
CPI Property Group's luxury London transactions — same-day flips, offshore proxies, and uneconomic sales to PEPs — bear hallmarks of money laundering integration using bondholder funds.
N4
V3
May 08, 2024
Spruce Point Capital
Boot Barn Holdings, Inc.
BOOT
Boot Barn's stock is propped up by Taylor Swift/Beyonce hype and a flawed big-box expansion masking executive red flags, bloated capex and stretched valuation; 40-50% downside to $51-$62.
N4
V3
Apr 23, 2024
White Diamond Research
authID Inc.
AUID
authID is a $50M+ micro-cap at 300x sales whose selfie second-factor product a former top executive says has no product-market fit — $1 price target.
N3
V2
Apr 17, 2024
Spruce Point Capital
PowerSchool Holdings, Inc.
PWSC
Spruce Point is short PWSC: ESSER-fueled K-12 growth is about to hit a fiscal cliff while aggressive accounting, SOPIPA privacy exposure, and 5.8x true leverage imply 30-60% downside.
N5
V3
Apr 08, 2024
Muddy Waters
CPI Property Group
CPIPG
CPIPG's 2023 results show undisclosed related-party transfers to controlling shareholder Vitek, aggressive fair-value inflation, and an unreconciled 92% equity collapse at GSG Berlin — management must answer on the call.
N4
V2
Apr 03, 2024
Spruce Point Capital
WSP Global Inc.
WSP
WSP Global is a $27bn engineering roll-up masking financial stress with accounting tricks, scandalous leadership, and tax-evasion allegations — Spruce Point sees 25-50% downside to C$110-$165.
N4
V3
Mar 14, 2024
Spruce Point Capital
Enfusion, Inc.
ENFN
Enfusion is a no-moat SaaS with tainted leadership, deteriorating unit economics, and revenue-reporting anomalies; Spruce Point sees 40-60% downside to $3.70-$5.60.
N5
V3
Mar 05, 2024
Spruce Point Capital
Zillow Group, Inc.
Z
Zillow's Premier Agent core is saturated, NAR lawsuits will compress commissions, Flex/Super App cannot replace it, and aggressive revenue recognition masks decline — shares worth $23-$35 vs $57.
N4
V3
Mar 01, 2024
Wolfpack Research
B. Riley Financial
RILY
B. Riley is a web of self-dealing related-party loans to alleged Ponzi co-conspirator Brian Kahn; expect qualified audit, unfiled 10-K, fire sales, and Chapter 7 bankruptcy.
N4
V2
Feb 15, 2024
Wolfpack Research
Innodata, Inc.
INOD
Wolfpack is short INOD: its 'AI platform' is 4,000 offshore data-entry workers in disguise, insiders dumped $13m timed to AI press releases, and a dilutive raise will send shares back below $3.
N4
V2
Feb 15, 2024
Muddy Waters
Fairfax Financial Holdings Ltd.
FFH
Muddy Waters poses five forensic questions to Fairfax management that, if answered honestly, would expose return-of-capital dividends, off-balance-sheet debt via NCIs, and fair-value gain engineering.
N3
V1
Feb 08, 2024
Muddy Waters
Fairfax Financial Holdings Ltd.
FFH
Muddy Waters is short Fairfax Financial, arguing it is 'the GE of Canada' — a serial accounting manipulator whose book value is overstated by ~$4.5bn (~18%) through value-destructive transactions.
N4
V3
Jan 25, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
CPI PG's Italian landbank and St. Tropez villa deals show ~€100M in unexplained cash and receivables gaps, suggesting controlling shareholder Vitek is using bondholder money to strip assets and launder cash.
N4
V3
Jan 22, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
Muddy Waters is short CPI Property Group's credit: its €19.2B portfolio appears inflated via implausible Berlin gains, cherry-picked Bubny landbank comps, and occupancy rates realtor listings show are overstated by ~2x.
N4
V3
Jan 17, 2024
Spruce Point Capital
MSCI Inc.
MSCI
Spruce Point rates MSCI a Strong Sell: accounting red flags, nepotism-like M&A, eroding ESG lead and a CAO resignation expose 55-65% ($190-$244) downside to MSCI's premium multiple.
N5
V3
Jan 14, 2024
Scorpion Capital
TransMedics
TMDX
Scorpion petitions the FDA to suspend TransMedics' OCS Liver approval, citing pervasive off-label use, necrotic-organ device failures, and an alleged systematic cover-up of safety issues from regulators.
N4
V1
Dec 11, 2023
Wolfpack Research
Ramaco Resources, Inc.
METC
Wolfpack is short METC: Brook Mine's REE concentration sits below crustal average, processing economics imply an $88bn loss, and insiders have dumped $96M into WSJ-fueled hype.
N4
V2
Dec 06, 2023
Muddy Waters
Blackstone Mortgage Trust, Inc.
BXMT
BXMT's borrowers only stay current because of expiring rate swaps; as ~$16B of swaps terminate in 2024, dividend cuts of 33-85% and $2.5-4.5B of loan losses could wipe out the $4B market cap.
N4
V2
Nov 30, 2023
Muddy Waters
CPI Property Group
CPIPGR
Follow-up to Muddy Waters' Part 1 report: a list of pointed questions challenging CPI Property Group to explain self-dealing transactions through which controlling shareholder Radovan Vitek is allegedly asset-stripping the company.
N3
V1
Nov 21, 2023
Muddy Waters
CPI Property Group S.A.
CPIPGR
Muddy Waters is short CPI PG's credit: controlling shareholder Radovan Vitek is brazenly looting the company via undisclosed related-party deals — ~50% of €1.2bn examined transactions appear suspect.
N4
V3
Nov 09, 2023
Spruce Point Capital
e.l.f. Beauty, Inc.
ELF
ELF Beauty's premium valuation relies on viral Gen-Z marketing led by Movers+Shakers, an agency whose founders have NXIVM-cult ties — reputational backlash points to 45%-65% downside.
N5
V3
Nov 06, 2023
Citron Research
Apellis Pharmaceuticals
APLS
Citron shorts Apellis, arguing its new Geographic Atrophy drug Syfovre faces an imminent FDA warning as AAO ophthalmologists reject it 83%-17% and vasculitis cases mount.
N4
V2
Nov 01, 2023
Muddy Waters
Sunrun
RUN
Sunrun's Subscriber metric is fabricated — inflated ~20% above EIA filings — letting it overclaim ~$205M in IRS tax credits and prop up a fictitious valuation; Muddy Waters remains short.
N4
V2
Oct 25, 2023
Muddy Waters
Sunrun Inc.
RUN
Sunrun's non-GAAP Subscriber count exceeds mandatory EIA filings by ~20%, implying phantom customers, ~$1.5B of overstated Net Earning Assets (62.5% of market cap), and possible ITC tax fraud.
N4
V2
Oct 04, 2023
Spruce Point Capital
Rollins Inc.
ROL
Rollins is the 'Cockroach' of activism: SEC settlement, auditor swap, family insider sales, and a 27x EBITDA multiple set up 30-40% downside as Rentokil/Terminix and PE roll-ups erode the moat.
N4
V3
Sep 21, 2023
Spruce Point Capital
Samsara Inc.
IOT
Samsara is a commodity-hardware vehicle-telematics company masquerading as a premium SaaS growth story; aggressive accounting inflates margins and a 16x revenue multiple implies 45%-75% downside to $6.30-$13.90.
N5
V4
Aug 09, 2023
Spruce Point Capital
Xylem Inc.
XYL
Xylem overpaid in stock for SEC-fraud-charged Evoqua, just published two contradictory cash-flow statements, and faces 30-45% downside as multiples compress toward water-industrial peers.
N5
V4
Aug 04, 2023
Muddy Waters
Vivion Investments
Vivion's proposed bond exchange rests on inflated UK hotel valuations — illustrated by Crowne Plaza Heathrow, marked at EUR94.6m versus CBRE's EUR72.9m — serving insiders, not bondholders.
N4
V2
Jul 13, 2023
Spruce Point Capital
Hims & Hers Health, Inc.
HIMS
HIMS is an overvalued, commoditized ED/hair-loss e-commerce business masquerading as healthcare, with CPoM regulatory risk and new OTC Eroxon competition driving 25-40% downside to $5.20-$6.50.
N4
V3
Jun 07, 2023
Muddy Waters
Chinook Therapeutics
KDNY
Chinook manipulated 2021-2022 revenues via its Chinese JV SanReno; strip out the accounting tricks and reported revenue collapses by 95% and 68% respectively, reinforcing our short.
N4
V2
May 23, 2023
Spruce Point Capital
Perion Network Ltd.
PERI
PERI's Apple-tier revenue per employee, opaque revenue recognition, Lumenis-tainted CEO and impaired Microsoft Bing deal point to a forensic short with 25-40% downside.
N4
V3
May 16, 2023
Muddy Waters
Chinook Therapeutics Inc
KDNY
Muddy Waters is short Chinook (KDNY): lead drug atrasentan is inefficacious, harmful, and blocked by sparsentan's IgAN orphan-drug exclusivity — FDA approval is highly unlikely.
N4
V2
May 02, 2023
Spruce Point Capital
DoubleVerify Holdings, Inc.
DV
DoubleVerify's manipulative accounting, saturated product, slowing international growth, and insider selling by Providence Equity justify a 35-45% downside, while competitor IAS offers 20-30% upside.
N4
V3
Apr 19, 2023
Citron Research
Freedom Holding Corp
FRHC
FRHC funnels 85% of revenue through a CEO-owned Belize affiliate (FFIN) sourcing Russian flows — an FTX/Alameda structure that should trigger restatement, sanctions violations, and Nasdaq delisting.
N4
V2
Apr 03, 2023
Scorpion Capital
Harmony Biosciences
HRMY
Scorpion petitions the FDA to pull Wakix (pitolisant), arguing the H3-receptor drug is inherently cardiotoxic, clinically inferior to $10 modafinil, and approved on fraud-tainted Russian trials.
N4
V1
Mar 28, 2023
Scorpion Capital
Harmony Biosciences Holdings
HRMY
Scorpion shorts HRMY: Wakix is a toxic, ineffective H3 antagonist propped up by sham foreign trials, an Insys-style kickback scheme, and off-label sales — collapse is imminent.
N4
V2
Mar 28, 2023
Muddy Waters
Vivion Investments
Muddy Waters stays short Vivion bonds: the December 2022 rebuttal is misleading, asset values are inflated, rent24 exposure is hidden, and shareholder loans are being cashed out with bondholder money.
N3
V2
Mar 08, 2023
Spruce Point Capital
Essential Utilities, Inc.
WTRG
WTRG's water roll-up is failing and its $4.3bn Peoples gas pivot is a Ponzi-like dividend trap; 35%-50% downside to $20-$28 on sum-of-parts.
N5
V3
Feb 16, 2023
Wolfpack Research
Goosehead Insurance, Inc.
GSHD
Goosehead's top-tier growth story is collapsing: 67% first-year franchisee failure, 85-95% reliance on a frozen housing market, and $900M extracted by the CEO's family while shareholders netted $23M.
N4
V2
Feb 14, 2023
Wolfpack Research
B. Riley Financial, Inc.
RILY
RILY tacitly admitted it breached covenants on $455M of credit lines while a deteriorating loan book and an undisclosed insider — Daniel Asher — quietly props up its share register and dividend.
N4
V2
Feb 08, 2023
Wolfpack Research
B. Riley Financial, Inc.
RILY
RILY is a bottom-feeder investment bank whose loans to zombies and imploding equity book will drive ~$700M of 2023 losses, breach a Nomura NAV covenant, and threaten collapse.
N4
V2
Feb 07, 2023
Spruce Point Capital
Progyny, Inc.
PGNY
PGNY is a $3.1bn fertility-benefits manager run by ex-WebMD/Medical Manager executives whose marketing claims, treatment model and 2023 growth are disputable, implying 60%-80% downside to $7-$14.
N5
V3
Jan 10, 2023
Spruce Point Capital
Super Micro Computer, Inc.
SMCI
SMCI — an SEC-fined serial restater now ~22% reliant on Meta — is masking accounting strain and insider selling behind a multiple expansion that should revert, implying 40-50% downside.
N4
V3
Dec 14, 2022
Muddy Waters
Vivion Investments S.à.r.l.
Vivion's €1.44bn bond issuer is a multi-billion euro shell game — fabricated shareholder loans, inflated occupancy and fair value gains, and related-party rents enriching controlling shareholder Amir Dayan.
N4
V2
Dec 01, 2022
Muddy Waters
dLocal
DLO
DLO's refusal to reconcile 2020 cash flows in writing, while verbally denying misuse on broker calls, confirms Muddy Waters' view that client funds financed the pre-IPO special dividend.
N3
V1
Nov 29, 2022
Spruce Point Capital
Saputo Inc.
TSX:SAP
Saputo's 25-year dairy roll-up is failing internationally; hidden U.K. pension, Argentina margin outlier, and auditor red flags point to 40%-60% downside to C$13.75-$20.50.
N4
V3
Nov 16, 2022
Muddy Waters
DLocal Ltd.
DLO
Muddy Waters is short DLO: contradictory TPV disclosures, implausibly high FX-driven take rates, governance failures and ~$1bn of insider selling point to likely fraud at the Uruguay-based payments processor.
N4
V2
Nov 15, 2022
Scorpion Capital
Twist Bioscience
TWST
Twist is a textbook Ponzi — price-dumping commodity DNA below cost, inventing a fake 'DNA chip,' masking negative gross margins via WorldCom-style accounting fraud. Target: $0.
N5
V3
Sep 28, 2022
Spruce Point Capital
Broadridge Financial Solutions, Inc.
BR
Spruce Point argues Broadridge is a low-tech BPO masquerading as SaaS, with a failing $1B+ UBS buildout, accounting red flags, and likely SEC scrutiny — 65-75% downside to $37-52.
N4
V3
Sep 07, 2022
Spruce Point Capital
FIGS, Inc.
FIGS
FIGS is a fading pandemic winner whose founders exaggerated revenue 82% and TAM 135%; at ~4x sales versus 1.2x DTC peers, Spruce Point sees 45%-60% downside to $4.40-$6.05.
N4
V3
Sep 01, 2022
Kerrisdale Capital
AST SpaceMobile, Inc.
ASTS
AST SpaceMobile is a $1.8bn 2021-SPAC promoting a physically implausible direct-to-handset satellite broadband dream; the technology won't work as hyped, timelines keep slipping, and SpaceX/Apple competition eliminates any lead.
N4
V2
Aug 25, 2022
Muddy Waters
Hannon Armstrong Sustainable Infrastructure Capital
HASI
HASI is 'dumb money' in renewables JVs — sponsors cash out while HASI books non-cash HLBV income on investments unlikely to ever pay out, inflating reported earnings over real economics.
N4
V2
Aug 03, 2022
Muddy Waters
Sunrun
RUN
Muddy Waters rebuts Sunrun's response: the 90% PPA-renewal assumption on 20-year-old panels is fantasy, the $668M panel-removal liability is real, and RUN hides its tax basis.
N3
V1