357 documents showing 301–357

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.

Pershing Square Portfolio (multi-position annual update)

Pershing Square delivered 40.4% net in 2014 — Allergan's sale to Actavis, Herbalife's 50% drop and Seifi Ghasemi's Air Products turnaround — and IPO'd PSH for permanent capital.

Superb Summit International Group Limited 1228.HK

Superb Summit's HK$773m of reported revenue belongs to a coal company it never owned, and its HK$1.5bn JFT acquisition is a sham valuation routed through a mystery intermediary.

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.

iRobot Corp IRBT

IRBT is a narrow consumer-vacuum company riding a robotics bubble; aggressive accounting, insider selling and a decaying moat point to $20-$25, or 25-40% downside.

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.

BofI Holding BOFI

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.

NQ Mobile NQ

NQ Mobile's Oct 25 rebuttal of Muddy Waters' fraud report contained ten provable lies — Yidatong is NQ, revenue and market share are fabricated; reiterating price target under $1.

NQ Mobile Inc. NQ

NQ Mobile is a 'China Fraud 2.0': 72%+ of China revenue is fictitious, real market share is 1.4% not 55%, and the $127.9M cash balance is likely forged — target price under $1.

American Tower Corporation AMT

AMT's $4.8bn purchase of Global Tower Partners at ~19x 2014 EBITDA looks engineered to mask decelerating US organic growth and preserve 20% dividend-growth optics; maintain Strong Sell.

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.

American Tower Corporation AMT

AMT's $811M purchase of 4,456 NIHD towers at 21x EBITDA is a de facto loan to a near-bankrupt counterparty, masking weak growth and compounding accounting red flags from the prior Site Sharing deal.

American Tower AMT

AMT's international growth is a de facto lending / FX carry trade masking deteriorating economics, and ~$250M appears to have vanished from its Site Sharing acquisition.

American Tower Corp AMT

AMT is a Strong Sell at $44.57 (40% downside): a $250M Brazil accounting discrepancy hints at fraud, international growth is a disguised lending/carry trade, and Wi-Fi will erode tower economics.

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.

Olam International Ltd. OLAM

Olam's Q2 2013 results confirm Muddy Waters' Strong Sell thesis: debt is spiraling (9.5x EBITDA), cash is burning, and management's acquisitions and Gabon project reveal haphazard planning.

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.

Herbalife Ltd. HLF

Herbalife is an illegal pyramid scheme masquerading as a nutrition company; its $4.8bn market cap rests on recruiting, not real retail demand, and the stock should go to zero.

Herbalife Ltd. HLF

Herbalife is an illegal pyramid scheme: distributors profit from recruiting not retail, the top 1% captures 88% of rewards, and the stock is ultimately worth zero.

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.

Olam International Ltd. SGX:O32

Olam is an Enron-style agri trader whose aggressive non-cash accounting, off-the-rails CapEx binge, and 9.3x leverage mask a failing trading business — equity likely worthless, bonds 14-33¢.

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.

Focus Media Holding Ltd. FMCN

Focus Media is the Olympus of China: it inflates its LCD screen count by 50%, systematically overpays for acquisitions it writes off, and enriches insiders at shareholders' expense.

Green Mountain Coffee Roasters GMCR

GMCR's $9 EPS bull case ignores a smaller TAM, falling K-cup attachment rates, a September 2012 patent cliff, and accounting shenanigans at fulfillment agent MBlock — realistic EPS is ~$3.50.

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.

Sino-Forest Corporation TRE

Sino-Forest is a fraud: its Authorized Intermediary structure fabricates timber revenue, its Yunnan holdings are overstated by ~$900M, and equity is worth less than $1 vs. $18.21.

Duoyuan Global Water Inc. DGW

DGW is a massive fraud overstating revenue by 100x; forged PRC audits, empty factory, and related-party tunneling to Chairman Guo imply the stock is worth under $1.

China MediaExpress Holdings CCME

CCME is a fraud: a recorded salesperson admits doubling the bus count for SEC filings, and Chairman Cheng's rebuttal cited fabricated license plates — fair value $3.54 vs $12.27.

China MediaExpress Holdings CCME

CCME is a pump-and-dump: reported revenue is overstated ~5x, its bus network is half the claimed size, and management is cashing out — fair value $5.28 vs $16.61.

RINO International Corp. RINO

RINO is a near-zero: 94% of its reported revenue is fabricated, customers deny buying its FGD systems, and founders are draining cash via the VIE; fair value $2.45 vs. $15.52.

The St. Joe Company JOE

St. Joe's Florida real estate empire is a value trap: developments are ghost towns, the airport catalyst is a bust, and the land is worth $7-10/share, not $24.54.

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 stands by its ONP fraud thesis: the Baoding factory is incapable of producing reported output, and the 'rejected $300K research fee' vendetta narrative is fabricated.

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.

Orient Paper Inc. ONP

Orient Paper is a fraud — revenues overstated 27x in 2008 and ~40x in 2009, assets inflated 10x, ~$30M of investor raises misappropriated; fair value under $1 vs. $8.43.

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.

Lehman Brothers LEH

Lehman is using fair-value accounting tricks to hide CDO losses and inflate Level 3 marks; the firm is over-levered, opaque, and needs to recapitalize before the Fed has to step in.

Allied Capital ALD

Greenlight argues Allied Capital overstates NAV by mismarking illiquid BDC loans and funds its dividend with non-cash PIK income and fees from Enron-Raptor-style controlled subsidiaries.

GreenPower Motor Company GP

GreenPower imports Chinese Eurise minibuses, re-decals them as 'EV Stars,' and survives only on California subsidies — fair value ~$1.54/share vs. declining revenues and 92% customer concentration.

ADOMANI ADOM

ADOMANI is an electric-drivetrain reseller founded by convicted felons with zero 2017 revenues against a $69M forecast, yet trading at a $500M cap — White Diamond sees 90%+ downside.

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.