357 documents showing 181–240
Date
Fund
Target
Thesis
Scores
Apr 09, 2020
Grizzly Research
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.
N3
V2
Apr 09, 2020
Grizzly Research
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.
N4
V2
Apr 09, 2020
Spruce Point Capital
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.
N4
V3
Apr 08, 2020
Muddy Waters
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.
N5
V2
Apr 07, 2020
Wolfpack Research
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.
N4
V2
Apr 02, 2020
Spruce Point Capital
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.
N5
V4
Mar 10, 2020
Spruce Point Capital
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.
N5
V4
Mar 04, 2020
Bonitas Research
JinkoSolar Holding Co., Ltd.
JKS
research note
N1
V1
Feb 25, 2020
Grizzly Research
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.
N4
V2
Feb 10, 2020
Muddy Waters
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.
N4
V1
Feb 10, 2020
Muddy Waters
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.
N4
V1
Feb 06, 2020
Spruce Point Capital
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.
N4
V3
Feb 01, 2020
Grizzly Research
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.
N4
V2
Jan 17, 2020
Wolfpack Research
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.
N4
V2
Jan 15, 2020
Spruce Point Capital
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.
N4
V4
Dec 19, 2019
Spruce Point Capital
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.
N5
V3
Dec 17, 2019
Muddy Waters
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.
N5
V1
Dec 10, 2019
Wolfpack Research
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.
N4
V3
Dec 10, 2019
Citron Research
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.
N4
V2
Dec 05, 2019
Spruce Point Capital
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.
N5
V4
Dec 01, 2019
Grizzly Research
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.
N4
V2
Nov 13, 2019
Spruce Point Capital
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.
N5
V4
Nov 07, 2019
Muddy Waters
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%.
N4
V2
Oct 29, 2019
Spruce Point Capital
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.
N5
V4
Oct 09, 2019
Spruce Point Capital
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.
N5
V4
Sep 25, 2019
Wolfpack Research
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.
N4
V2
Sep 25, 2019
Spruce Point Capital
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.
N5
V3
Sep 24, 2019
Muddy Waters
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.
N3
V1
Sep 05, 2019
Spruce Point Capital
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.
N5
V4
Aug 27, 2019
Muddy Waters
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.
N3
V2
Aug 16, 2019
Muddy Waters
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.
N4
V1
Aug 13, 2019
Muddy Waters
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.
N4
V2
Aug 07, 2019
Muddy Waters
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.
N5
V2
Jul 31, 2019
Spruce Point Capital
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.
N4
V3
Jul 24, 2019
Spruce Point Capital
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.
N5
V3
Jul 22, 2019
Muddy Waters
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.
N4
V2
Jul 15, 2019
Muddy Waters
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.
N4
V1
Jul 10, 2019
Muddy Waters
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.
N4
V2
Jul 09, 2019
Muddy Waters
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.
N4
V2
Jul 08, 2019
Muddy Waters
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.
N4
V2
Jul 01, 2019
Kerrisdale Capital
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.
N4
V2
Jun 27, 2019
Grizzly Research
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.
N4
V2
Jun 27, 2019
Grizzly Research
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.
N4
V2
Jun 19, 2019
Spruce Point Capital
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.
N4
V3
Jun 06, 2019
Wolfpack Research
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.
N4
V2
Jun 01, 2019
Citron Research
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.
N4
V3
May 30, 2019
Grizzly Research
Intelligent Systems Corp
INS
Grizzly argues INS's sudden 2018 revenue surge is a round-trip scheme via undisclosed related-party shells in India run by employees; fair value is ~$5, 85% below $34.
N4
V2
May 24, 2019
Muddy Waters
Casino Guichard-Perrachon
CO
Rallye, Finatis, Euris and Foncière Euris entering procédure de sauvegarde vindicates MW's 2015 warnings
N3
V1
May 24, 2019
Muddy Waters
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.
N3
V1
May 23, 2019
Spruce Point Capital
Verint Systems, Inc.
VRNT
Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25.
N4
V3
May 16, 2019
Spruce Point Capital
A.O. Smith Corporation
AOS
A.O. Smith's China growth is cracking while revenue-recognition red flags, unsustainable 40%+ margins and vanishing insider ownership point to 45-65% downside to $17.75-$27.30.
N4
V3
May 07, 2019
Spruce Point Capital
Kornit Digital Ltd.
KRNT
Kornit's 2018 boom was an Amazon warrant-and-rebate illusion — 105% of cash flow came from one customer, a scandal-tainted CFO is covering it, leaving 75-85% downside to $4.50-$9.30.
N5
V3
Apr 30, 2019
Spruce Point Capital
PetIQ, Inc.
PETQ
PetIQ's grey-market vet-drug margins and rebate-dependent earnings are unsustainable as Merial goes direct-to-retail, while a $200M wellness-center cash burn and the CEO's Petters/Fleming ties imply 75-90% downside.
N5
V3
Apr 24, 2019
Bonitas Research
Best World International
CGN
research note
N1
V1
Apr 09, 2019
Spruce Point Capital
Aerojet Rocketdyne Holdings, Inc.
AJRD
AJRD's rocket franchise is eroding as Blue Origin and SpaceX displace it; aggressive accounting and ~$900M ignored liabilities mask 5x leverage and 40-60% downside to $13-$20.
N4
V3
Mar 21, 2019
Spruce Point Capital
Dexcom, Inc.
DXCM
Dexcom's blow-out growth is a sugar high — driven by hidden price hikes and sensor stockpiling — and Abbott's cheap Libre 2 will commoditize CGMs, taking DXCM down 45-60% to $65-$85.
N4
V3
Mar 01, 2019
Spruce Point Capital
Carvana Co.
CVNA
Carvana is a CCC+-rated subprime used-car dealer masquerading as a tech disruptor; Spruce Point sees 56-83% downside to $7.50-$19.60, with a credible path to zero.
N4
V3
Feb 25, 2019
Muddy Waters
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.
N4
V1
Feb 15, 2019
Citron Research
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.
N4
V2
Feb 08, 2019
Muddy Waters
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%).
N5
V2