227 documents showing 181–227

Japanese listed companies (market-level)

Japan's twin Corporate Governance and Stewardship Codes, paired with strong Companies Act shareholder rights, will drive an ROE revolution making Japan one of the best long-term equity markets.

Herbalife Ltd. HLF

A leaked 71-minute video shows Herbalife CEO Michael Johnson admitting the business is a 'lottery ticket' with 'pyramiding' — Pershing demands he release the tape and the distributor failure data.

Pershing Square Portfolio (multiple positions)

Pershing Square's 2015 portfolio recap: 9 positions led by the Allergan win, new Valeant stake, ongoing CP/APD transformations, and the Herbalife pyramid-scheme short.

Noble Group NOBL

Muddy Waters is short Noble Group: a cash-burning commodities trader that manufactures EBITDA via sham affiliate transactions like the PT ALH $46M negative-goodwill scheme to keep credit flowing.

H.J. Heinz Company HNZ

Retrospective of Trian's 2006 Heinz campaign: a 13D white paper and proxy-won board seats drove brand reinvestment and cost discipline, delivering 178% TSR versus 40% for the S&P 500.

MGM Resorts International MGM

Land and Buildings will file its own proxy at MGM after the board rejected its four nominees, arguing a $1.5bn post-pitch rally proves shareholders back its real-estate-unlock plan.

Herbalife HLF

Herbalife is a pyramid scheme built on recruitment, not retail: former distributors describe losing thousands while 88% of participants earn no commission.

Pershing Square portfolio (Allergan, Herbalife, Canadian Pacific, Air Products, Restaurant Brands, Platform Specialty, Zoetis, Howard Hughes, Fannie/Freddie)

Pershing Square's 2014 annual recap: 40.4% net return, Allergan sold at a 75% premium, Herbalife short down 52%, and a $2.8bn PSH IPO making 46% of AUM permanent capital.

Herbalife Ltd. HLF

Pershing urges Herbalife's first-ever Chief Compliance Officer to build a genuinely independent program, because a 4-million-distributor pyramid cannot survive real enforcement of its own rules.

NQ Mobile NQ

NQ's July 3 disclosures vindicate the fraud thesis: the audit chair resigned, PwC will never sign off, and insiders front-ran the news by dumping stock.

NQ Mobile NQ

NQ's own investigation committee confirmed widespread data tampering — the same pattern that preceded Sino-Forest's collapse — so Muddy Waters maintains its fraud rating.

NQ Mobile NQ

NQ Mobile's surprise Q4 loss and negative cash flow under PwC's tougher audit confirm Muddy Waters' fraud thesis: revenue, acquisitions, and cash balances are all fabricated.

eBay EBAY

13D Monitor backs Icahn's eBay campaign: the board's Silicon-Valley-insulated directors can't even recognize their conflicts, so Icahn needs two seats and a PayPal spin to fix it.

Nintendo Co., Ltd. 7974.T

Nintendo should port Mario, Zelda and Donkey Kong to iOS/Android and buy a free-to-play studio — the casual gamer has moved to mobile, where $100bn of attention value awaits.

NQ Mobile, Inc. NQ

NQ Mobile's independent-committee fraud probe is structurally compromised; Muddy Waters offers to fund Plante & Moran to audit the auditors and protect investors from another China-fraud whitewash.

NQ Mobile NQ

NQ Mobile's credible-looking US management is a veneer hiding a $1.1bn fraud — Mathison conceals JCAP ties, Co-CEO Khan knows nothing, and pre-IPO partners include a convicted racketeer.

NQ Mobile NQ

NQ Mobile's largest purported revenue source, Yidatong, is a controlled shell whose offices, tax filings, and carrier records all contradict NQ's story — we maintain a <$1 target.

NQ Mobile (NetQin) NQ

Muddy Waters maintains its sub-$1 price target on NQ Mobile after Chinese media reporting confirms that ZTE, Huawei, Lenovo and Coolpad never had the pre-installation partnerships NQ claims.

Olam International OLAM

Ten months after our initial short, Olam's FY13 results confirm the thesis: 1.8% ROA, S$800m cash burn, ossified board, no acknowledgement of the over-leverage problem.

Herbalife, Ltd. HLF

Herbalife is an illegal pyramid scheme: ~92% of distributor income comes from recruiting rather than retail, and the top 1% extracts 88% of rewards.

Focus Media Holding Ltd. FMCN

New BVI registry evidence proves FMCN lied about its mobile-phone VIE acquisitions, reinforcing the long-running fraud thesis just as Carlyle's LBO consortium prepares to overpay.

SandRidge Energy SD

CEO Tom Ward's family entities systematically flipped Mississippian Lime mineral rights to SandRidge and competed for adjacent acreage—evidence of self-dealing that warrants a board investigation and potential termination.

Olam International OLAM

Olam's surprise $750m Temasek-backed debt raise — at an effective cost over 10% — validates Muddy Waters' thesis that the company is days from collapse; Strong Sell maintained.

Olam International OLAM

Olam's 45-page rebuttal ducks Muddy Waters' real points; we'll pay S&P to rate Olam's debt and prove the market underprices its accounting and acquisition risk.

Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)

ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.

New Oriental Education & Technology Group EDU

New Oriental is hiding an extensive franchising operation, filing fraudulent tax-exempt financials in Beijing and using a cosmetic VIE — expect a restatement and Deloitte to resign.

Focus Media Holding FMCN

FMCN's 'independent' verification of its 185,174 LCD network counted 30,500 cardboard posters as LCDs, confirming Muddy Waters' fraud thesis and impugning all reported financials.

Focus Media Holding FMCN

FMCN's bizarre acquisition of a tiny border-town ginseng plantation from its own employee is fresh evidence the 'Olympus of China' is using fake M&A to launder fake cash off its books.

Focus Media Holding FMCN

FMCN's promise to have 'reputable' Chinese firms verify its LCD network is worthless — CTR, the firm most likely to be hired, previously rubber-stamped CCME's fabricated bus network.

Focus Media Holding FMCN

FMCN's rebuttal concedes Muddy Waters' core claims — inflated LCD network, 1,758% theater market share, phantom VIE acquisitions, and brazen insider self-dealing make the shares un-investable.

Spreadtrum Communications SPRD

Spreadtrum's 229.6% 2010 revenue jump cannot be reconciled with MediaTek's flat year, zero cash taxes were paid on $75M of profit, and CFO/auditor turnover points to material misstatement — Muddy Waters is short.

Sino-Forest Corporation TRE

Sino-Forest claims Huaihua Yuda is unrelated, but Muddy Waters shows Sonic Jita was once owned by TRE executives and still shares a key executive — undisclosed related-party transactions contradicting CEO Allen Chan's guarantees.

Sino-Forest Corporation TRE

TRE management's evasive Q1 call answers — unfinished E&Y review, undisclosed related parties, an unnecessary AI model, and dropped analyst questions — reinforce Muddy Waters' fraud thesis on Sino-Forest.

Orient Paper, Inc. ONP

AMEX-listed Orient Paper is a Chinese reverse-merger fraud: tax records, shell-company suppliers, and customer interviews show revenues and profits are fabricated by orders of magnitude.

Orient Paper, Inc. ONP

ONP secretly swapped its paper-machine order from corrugating medium to kraft board to salvage a technically impossible 360,000-ton output claim, while overpaying the vendor $13-14 million.

Orient Paper, Inc. ONP

ONP claimed to own its China operating company HBOP for 16 months when it didn't, and replaced 80% of its top 10 customers while growing sales 56.5% — both flag fraud.

Orient Paper, Inc. ONP

Muddy Waters reaffirms ONP is a fraud: SAIC-filed PRC financials, impossible equipment claims, and bogus acquisitions contradict ONP's SEC filings; Strong Sell.

NRSRO Rating Agencies (Moody's, S&P, Fitch)

Rating agencies caused the credit crisis through conflicted 'success fee' incentives; a 60-day new-issue moratorium plus pay-over-time fee structure would restore ratings integrity and market discipline.

US/Japan Sovereign Debt & Fiat Currencies (Macro)

Bernanke and Geithner's short-termism has institutionalized too-big-to-fail and will debase fiat currencies — hedge with gold and long-dated options on higher US and Japanese rates.

Lehman Brothers LEH

Lehman's $489M 1Q08 profit is accounting ingenuity — hidden CDOs, an unexplained $1.1bn Level 3 swing, and a fabricated KSK mark-up; it must recapitalize now.

Whole Foods Market, Inc. WFMI

Quintis Limited QIN

Quintis is a Ponzi-like Australian sandalwood MIS where bogus sales channels, CEO cash-skimming via Arwon Finance, and conflicted experts mask fraud — equity worth $0.00.

Parkland Corporation PKI

Parkland's board is running a sham strategic review to entrench itself; Engine demands a shareholder-driven board reconstitution before the 2025 Annual Meeting to unlock real value.

Lyft LYFT

Lyft's entrenched, inexperienced board tolerates a dual-class structure, staggered seats and unoptimized balance sheet; replacing two directors unlocks governance reform and a $750mm ASR.

Kao Corporation 4452 JT

Kao's iconic cosmetics brands are underutilized by passive management; prioritizing international growth, hiring a global CMO, and refreshing the board unlock JPY10,000/share — a 76% upside.

TCI portfolio companies

Climate change is a material investment risk, so TCI demands portfolio companies disclose emissions and a credible transition plan, or face votes-against and divestment.

The Walt Disney Company DIS

Disney has lost its way and underperformed peers; replacing two long-tenured directors with Nelson Peltz and former Disney CFO Jay Rasulo will restore accountability and shareholder returns.