357 documents showing 241–300

Amdocs Limited DOX

Spruce Point sees 25-50% downside in Amdocs (DOX): a Guernsey-domiciled telecom-IT vendor whose steady margins, opaque insider selling via Pines Quest, and dot-com-era accounting tricks signal $30-$45 per share.

XPO Logistics, Inc. XPO

XPO is a United-Rentals-style roll-up masking financial strain with aggressive accounting and a felon-linked board; normalized EPS is 47% overstated, implying 40–60% downside.

Dollarama Inc. DOL

Dollarama trades 50% above peers as a 'dollar store' now selling $4 goods; reversing FX hedges, Dollar Tree's arrival and governance red flags imply ~40% downside to C$24.60.

Mercury Systems Inc. MRCY

Mercury Systems faces 50-60% downside as Supermicro-hack exposure, missing cyber leadership, hidden A/R factoring, and the sector's richest multiple collide with rising DFARS compliance costs.

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.

Weis Markets, Inc. WMK

Weis Markets is the most expensive U.S. supermarket masking -1-2% organic decline with aggressive accounting and shrinking disclosures; Spruce Point sees 45-65% downside.

Maxar Technologies MAXR

Maxar's MDA-DigitalGlobe merger masks a collapsing satellite cycle and the most aggressive accounting Spruce Point has ever seen, leaving 5.8x-levered MAXR with 100% downside risk.

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.

2U, Inc. TWOU

2U's one-size-fits-all OPM model is being disrupted by lower-take-rate fee-for-service rivals; FOIA-documented program failures imply 30-50% downside to $47-$65/share.

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.

Momo, Inc. MOMO

Momo's 'blowout' live-video numbers hide a SAIC fraud charge, 123 undisclosed VIE subs, an illegal gambling site, and a fading KOL base — 30-50% downside to $23-$32.

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.

Healthcare Trust of America, Inc. HTA

HTA's suspiciously flat Same-Property NOI growth mirrors Brixmor's pre-restatement pattern; Spruce Point sees 20-40% downside to $15-$20 once the accounting unravels.

U.S. Concrete Inc USCR

USCR's 21% gross margins and Adj EBITDA growth are engineered via capital leases and overcapitalized truck costs; CEO Sandbrook should resign and shares face 60-90% downside to $6-$25.

Assured Guaranty AGO

Assured Guaranty is a melting-ice-cube bond insurer aggressively returning capital it hasn't earned; Puerto Rico losses alone (2-4x reserves) will force a capital raise or strip the AA rating it needs to write new business.

Globant SA GLOB

Globant is a poorly organized digital-IT roll-up using accounting games and Luxembourg disclosure loopholes to mask decelerating organic growth; shares warrant 40-50% downside to $24.50-$29.50.

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.

Kratos Defense & Security Solutions KTOS

Kratos is an overhyped drone play run by executives tied to the Titan FCPA scandal; with the weakest margins in defense and a recent Director fraud indictment, we see 40%-70% downside.

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.

Realty Income Corp O

Realty Income's 'magic dividend' flywheel is broken — true same-store rents are -0.8% (not +1.2%), and as rates rise and tenants disintermediate the stock re-rates 30-45% lower to $28-$35.

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.

MiMedx Group MDXG

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.

Caesarstone Ltd. CSTE

CSTE's bull case has disappeared: the touted Lowe's Transform deal is absent from shelves, sales agents are phantoms, and financials look overstated versus Cosentino.

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.

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.

Herbalife HLF

Post-2012-short results confirm Herbalife's pyramid thesis: individual markets pop-and-drop, Q1'17 China growth is a pull-forward illusion, and questionable EPS add-backs mask structural decline.

Pershing Square Holdings Portfolio (MDLZ, APD, CMG, HHC, NOMD, HLF short, FNMA/FMCC) PSH

Pershing Square's 2017 European investor meeting recaps a concentrated multi-position book (MDLZ, APD, CMG, HHC, NOMD, HLF short, GSEs) and asks investors to approve a London LSE listing and 5% buyback to close PSH's NAV discount.

Pershing Square Holdings Portfolio (multiple) PSH

2016 losses of -13.5% were driven overwhelmingly by Valeant; balance of portfolio performed well

Pershing Square Holdings Portfolio (multi-position) PSH

After a -13.5% 2016 driven by Valeant, Pershing recaps a concentrated portfolio (Mondelez, Air Products, Restaurant Brands, Chipotle) where margin and turnaround catalysts should restore long-term outperformance versus the S&P.

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.

Nidec Corp. 6594 JP

Nidec is a gigantic stock promotion: zero organic growth and aggressive accounting hide behind a Facebook-like multiple — fair value JPY 4,764, ~52% downside.

St. Jude Medical STJ

STJ's rebuttal to Muddy Waters' cybersecurity short report is 80% fluff and 20% substance, with admissions and deception cues that confirm its cardiac devices remain unsafe and need recall.

St. Jude Medical, Inc. STJ

St. Jude's $23B cardiac-device franchise rests on a Merlin ecosystem so insecure that hackers can crash pacemakers from 50 feet — a recall and two-year remediation imply 50%+ downside and likely covenant breach.

Ströer SE & Co. KGaA SAX

Muddy Waters publishes the translated transcript of Ströer's June 2016 AGM, where CEO Udo Müller defends the company against MW's short attack amid sharp shareholder questions.

Herbalife HLF

The FTC's July 2016 Herbalife complaint and forced restructuring vindicate Pershing's pyramid-scheme short thesis; normalized EPS collapses to $1.42–$2.22, far below the ~$65 share price.

Herbalife Ltd. HLF

FTC findings satisfy the Koscot/Omnitrition/Vemma legal test for a pyramid scheme

Stroer SE & Co. KGaA SAX

Stroer's defense fails to rebut Muddy Waters' core allegations of overstated organic growth, misleading cash-flow netting and freeXmedia self-dealing, with a CIA polygrapher flagging Muller's response as deceptive.

Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)

Mondelez 13% EBIT margin vs 17-26% peers implies +600-700 bps optimized EBIT upside under 3G playbook

Multiple holdings (Pershing Square portfolio)

Fund-level recap after Q1 2016's -25.6% drawdown: Ackman defends the contrarian book — MDLZ margin upside, APD turnaround, CP execution — while reaffirming the Herbalife pyramid-scheme short.

Ströer SE & Co. KGaA SAX

Ströer's digital-transformation narrative is hollow: organic growth is 10x overstated, EBITDA and FCF are inflated, and insider self-dealing rivals Chinese fraud cases — short.

Casino Guichard-Perrachon SA CO

Casino's claimed France recovery is fiction: Mercialys property gains inflate EBITDA, suppliers are being stretched, and the CFO's earnings-call language shows deception clusters.

Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)

After a -20.5% 2015, Pershing concedes mistakes on Valeant/Platform/CP but argues its portfolio holdings trade at a substantial discount to intrinsic value and that permanent capital lets it wait for convergence.

Groupe Casino CO

Casino is a highly-levered, deteriorating French retailer being hollowed out by controlling shareholder Naouri and using property-sale gains to inflate EBITDA; equity worth ~€7 per share.

Groupe Casino Guichard-Perrachon SA CO FP

Casino's financial statements mask 8.9x leverage and inflated EBITDA via related-party Mercialys real-estate sales; shares are worth €6.91 vs €48.97, an 86% decline.

Valeant Pharmaceuticals VRX

Valeant is channel-stuffing through a web of captive specialty pharmacies (Philidor, R&O, plus cloned shells) to fabricate invoices and book phantom revenue — a potential Pharmaceutical Enron; price target $50.

TeliaSonera AB TLSN

Short TeliaSonera: disclosed Uzbekistan bribery is only the tip — ~SEK 17bn of suspect Eurasia/Nepal payments plus a multi-billion DOJ FCPA settlement threaten the dividend and cut stub fair value to SEK 27-29.

Herbalife Ltd. HLF

Herbalife's fastest-growing segment — China, ~10% of sales — operates as an illegal pyramid scheme, with royalties disguised in SEC filings as 'China Sales Employees' SG&A to hide identical multi-level compensation.

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.

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 (multi-target)

Pershing Square delivered 40.4% net returns in 2014, driven by Allergan's forced sale to Actavis, Herbalife's 52% decline, and Canadian Pacific's continued transformation under Hunter Harrison.