357 documents showing 1–60
Date
Fund
Target
Thesis
Scores
Apr 16, 2026
Grizzly Research
Sinch AB
SINCH
Sinch's golden-goose subsidiary Inteliquent enables ~45% of US imposter robocalls; with state AGs closing in and zero disclosure, the market is materially mispricing regulatory downside.
N4
V3
Apr 14, 2026
Wolfpack Research
POET Technologies Inc.
POET
POET is an obvious stock promote on its seventh pivot with almost no revenue, and it is a PFIC — trapping US holders in a punitive IRS tax regime unless they file by April 15.
N4
V2
Mar 30, 2026
Muddy Waters
SoFi Technologies
SOFI
SOFI booked a $312M JPMorgan borrowing as a loan sale, inflating ~$1B of EBITDA and enriching management while shareholders absorb ~15% annual dilution.
N4
V3
Mar 25, 2026
Spruce Point Capital
Bunge Global SA
BG
Bunge is a levered agribusiness roll-up masking a failing Viterra deal with opaque accounting; strip out the hand-waving and the stock is worth $24-$55, 55-80% below $124.
N5
V4
Mar 22, 2026
Muddy Waters
SoFi Technologies
SOFI
SOFI's silence on 11 specific accounting questions confirms Muddy Waters' view that 2025 Adjusted EBITDA is inflated ~90% via mislabeled financings, hidden debt, and misstated risk retention.
N4
V2
Mar 19, 2026
Grizzly Research
Accor SA
AC
Accor markets itself as an anti-trafficking leader, yet 80% of its hotels accepted Grizzly's red-flagged bookings for underage girls and CEO Bazin allegedly sits in Epstein's orbit.
N4
V3
Mar 17, 2026
Muddy Waters
SoFi Technologies, Inc.
SOFI
SoFi's $1,054M reported 2025 EBITDA is ~90% inflated via manipulated charge-off rates, off-balance-sheet VIEs and subsidized seller-financed sales that feed CEO Noto's comp — real EBITDA is ~$103M.
N5
V3
Feb 20, 2026
Spruce Point Capital
Nova Minerals Limited
NVA
Nova Minerals' 'Qualified Person' geologist can't be verified to have graduated, management ties to market-manipulation figures, and shares trade at 48.7x resources vs 18.8x peer median — 45-60% downside, up to 100%.
N4
V3
Feb 12, 2026
Spruce Point Capital
Super Group (SGHC) Limited
SGHC
Super Group overstates EBITDA by consolidating 100% of South African crown-jewel Raging River despite evidence of a 10.71% minority interest, implying 20%-50% downside to $4.25-$6.80.
N4
V3
Feb 06, 2026
Grizzly Research
Electro Optic Systems Holdings Limited
EOS.AX
EOS's stock-doubling US$80m Korean defense contract is with Goldrone, a defunct three-person agricultural drone company — a fake catalyst used by a desperate management to pump a failing stock.
N4
V3
Feb 04, 2026
Wolfpack Research
IonQ Inc
IONQ
IONQ's $14B valuation relied on Pentagon 'validation' that was really backdoor congressional earmarks — now unfunded — with management hiding the $54M hole via non-quantum roll-ups while insiders dumped $396M.
N4
V2
Jan 27, 2026
Spruce Point Capital
Resideo Technologies, Inc.
REZI
Resideo is an over-levered, serially-disappointing Honeywell spin whose split-up is a 'trust me' distraction from $2bn of troubled M&A and -37% cash-flow decline; 25-50% downside.
N4
V3
Dec 11, 2025
Grizzly Research
Ceres Power Holdings plc
CWR
Ceres Power's decade of hyped SOFC partnerships (Bosch, Nissan, Honda, Doosan) has produced only negligible royalties; the market-cap surge from partnership announcements will fade as revenue reality emerges.
N4
V3
Dec 04, 2025
Grizzly Research
Trustpilot Group PLC
TRST
Trustpilot runs a mafia-style extortion racket — seeding hyper-negative profiles to force businesses to pay, while tolerating fake reviews; impending Google de-ranking will destroy its business model.
N4
V3
Nov 21, 2025
Grizzly Research
Industry meta-study: 24 firms that sued short sellers (2018-2025)
Firms that sue activist short sellers underperform the S&P 500 by 72% long-term — the lawsuit is a bluffing signal that confirms, rather than refutes, the short thesis.
N3
V2
Nov 12, 2025
Spruce Point Capital
IperionX Ltd.
IPX
Spruce Point shorts IperionX: its 'revolutionary' HAMR titanium process is unlikely to displace 70-year Kroll, customers are absent, and the $1.2bn market cap implies 70-95% downside risk.
N4
V3
Nov 06, 2025
Grizzly Research
HelloFresh SE
HFG
HelloFresh's core meal-kit business is in terminal decline while CEO Dominik Richter pledges 77% of his stock to fund his brother's leveraged real-estate empire — a margin call could crater the stock.
N4
V3
Nov 06, 2025
Grizzly Research
HelloFresh SE
HFG
HelloFresh's CEO has pledged 77% of his shares to fund brother's real estate, driving an EUR100m buyback to avert margin calls while the meal-kit business structurally collapses.
N5
V3
Oct 31, 2025
Wolfpack Research
Datavault AI Inc.
DVLT
DVLT is a buzzword-stuffed pump-and-dump: CEO sanctioned by the SEC, co-patenting with a convicted felon, and the 'AI platform' is NFTs of Putin vomiting.
N4
V2
Oct 08, 2025
Wolfpack Research
Datasection, Inc.
3905.TYO
Datasection is a front smuggling restricted NVIDIA B200 GPUs to blacklisted Tencent via shell entities and Chinese-linked financing; forced regulatory decoupling will destroy the business.
N4
V2
Oct 08, 2025
Wolfpack Research
Datasection Inc.
3905
Datasection is covertly supplying 15,000 export-controlled NVIDIA B200 GPUs to sanctioned Chinese military-linked Tencent via CEO-founded shell NowNaw Japan; already reported to US BIS and Japanese authorities.
N4
V2
Sep 18, 2025
Spruce Point Capital
Uranium Energy Corp
UEC
Spruce Point calls UEC a promotional penny-stock-turned-$5bn uranium speculator: CEO Adnani's ties to charged fraudsters plus zero proven reserves imply 65-85% downside.
N4
V3
Sep 11, 2025
Wolfpack Research
Faraday Future Intelligent Electric Inc.
FFAI
Wolfpack is short FFAI: Jia Yueting pumped the stock with fake preorders, a rebadged Chinese minivan, and shell-company financing while hiding Lucid shares from bankruptcy — SEC and DOJ are circling.
N4
V2
Sep 01, 2025
Kerrisdale Capital
Pure Storage, Inc.
PSTG
Pure Storage's hyperscaler dream is hype: HDDs dominate at 5-6x TCO advantage, the Meta deal is replicable, and Pure deserves a peer multiple, implying ~55% downside to $35.
N4
V3
Aug 27, 2025
Grizzly Research
Archer Aviation Inc
ACHR
Archer Aviation is 'the Nikola of the skies' — the Midnight eVTOL is uncertifiable, the Covington factory sits idle, and the $6B order book is built on shell companies and cancelled deals.
N4
V3
Aug 21, 2025
Scorpion Capital
Soleno Therapeutics
SLNO
Scorpion petitions FDA to recall Soleno's VYKAT XR after 7 hospitalizations for fluid overload/potential heart failure in children and alleged safety-data manipulation invalidate the drug's risk-benefit.
N4
V1
Aug 18, 2025
Spruce Point Capital
iRhythm Technologies, Inc.
IRTC
Spruce Point argues iRhythm hid FDA-flagged Zio AT defects that killed patients and faces a DOJ cover-up probe; commoditized tech and an overstated asymptomatic market imply 40-70% downside.
N4
V3
Aug 15, 2025
Scorpion Capital
Soleno Therapeutics
SLNO
Scorpion shorts Soleno (SLNO), arguing VYKAT XR — a $500K/year repackaged 50-year-old generic — is causing pediatric heart-failure hospitalizations and was approved on sham trial data; the launch will collapse.
N4
V2
Aug 01, 2025
Kerrisdale Capital
Aurora Innovation, Inc.
AUR
Aurora's autonomous trucking vision is a dead end: tech can only enable hub-and-spoke freight, drayage kills the economics, and the real TAM is smaller than the company's $13bn market cap.
N4
V3
Jul 22, 2025
Spruce Point Capital
Limbach Holdings, Inc.
LMB
Limbach's ODR recurring-revenue story masks decelerating organic growth, aggressive accounting, and fraud-linked directors; at 18x FY26E EBITDA we see 20-50% downside to $62-99/share.
N4
V3
Jun 25, 2025
Wolfpack Research
CTO Realty Growth, Inc.
CTO
CTO Realty's management inflates AFFO by excluding recurring capex, used a sham loan to hide a tenant collapse, and is diluting shareholders 70% to fund a dividend it cannot cover.
N4
V2
May 28, 2025
Spruce Point Capital
Tempus AI, Inc.
TEM
Tempus AI is an AI-branded diagnostics roll-up whose tiny AI revenue, Lefkofsky-linked restatement history, and round-tripped related-party deals imply 50-60% downside to ~$25-34/share.
N5
V3
May 07, 2025
Muddy Waters
AppLovin Corporation
APP
Muddy Waters is short AppLovin; the CEO and CTO's March 2025 denials of persistent identifiers are demonstrably false, exposing APP to deplatforming, regulatory, and margin-compression risks.
N4
V3
May 05, 2025
Wolfpack Research
UFP Technologies, Inc.
UFPT
UFPT's largest customer Intuitive Surgical — 96.5% of 2024 organic growth — is quietly insourcing drapes and buying from rival Microtek while insiders dumped $51M in stock.
N4
V2
May 03, 2025
White Diamond Research
ZJK Industrial
ZJK
ZJK is a Chinese nuts-and-bolts maker fabricating a Nvidia AI partnership to pump its US-listed stock before pre-IPO insiders dump 60M shares (cost basis 7c) at the 3/31/25 lock-up expiry.
N4
V2
Apr 30, 2025
Spruce Point Capital
Clear Secure, Inc.
YOU
Spruce Point is short Clear Secure (YOU): TSA Digital ID and weakening airline partnerships are eroding CLEAR's value prop while accounting red flags and a CAO from Ubiquiti suggest 30-50% downside.
N4
V3
Apr 08, 2025
Spruce Point Capital
Monster Beverage Corp.
MNST
Monster's Coke-like 23x EBITDA multiple masks accounting red flags, eroding US share to Celsius/Alani/BUD, and decaying governance — implying 25%-40% downside to $36-$44.
N4
V3
Apr 01, 2025
Kerrisdale Capital
D-Wave Quantum Inc
QBTS
D-Wave's quantum annealing is a commercial dead end, its 'hybrid' solvers are almost entirely classical, and at 57x 2026E revenue the stock will collapse as reality sets in.
N4
V3
Mar 27, 2025
Muddy Waters
AppLovin
APP
AppLovin's e-commerce ad boom is built on fingerprinting that violates Meta/Google/Apple TOS; only 25-35% of sales are incremental and Q1 churn is already 23%.
N4
V3
Mar 11, 2025
Spruce Point Capital
Remitly Global, Inc.
RELY
Remitly sells 'trust' but relies on stock-photo testimonials and doctored reviews; forensic review reveals margin compression and governance red flags implying 40-55% downside to ~$10.
N4
V3
Mar 03, 2025
Muddy Waters
FTAI Aviation, Ltd.
FTAI
An FTAI Aviation Module Factory box appears in an Iranian MRO's LinkedIn posts, suggesting FTAI may have indirectly violated U.S. OFAC sanctions on Iran.
N3
V3
Feb 19, 2025
Spruce Point Capital
Dycom Industries, Inc.
DY
Dycom's premium multiple masks a forensic minefield — undisclosed Frontier related-party revenue, accounting officers with restatement histories, and unexplained DSO expansion — implying 35–55% downside to $79–$119.
N4
V3
Jan 29, 2025
Wolfpack Research
Mercury General Corporation
MCY
Mercury General faces >$2bn in LA wildfire losses uncovered by its $1.3bn reinsurance tower, eroding subsidiary capital and risking dividend cuts, capital raises, and regulatory review.
N4
V3
Jan 23, 2025
Spruce Point Capital
Construction Partners, Inc.
ROAD
ROAD is a levered Sunbelt asphalt roll-up whose Florida DOT engine is quietly stalling — FOIA shows -22% award decline — and its $1bn Lone Star deal masks the gap; we see 35-50% downside.
N4
V3
Jan 16, 2025
Spruce Point Capital
PROCEPT BioRobotics Corporation
PRCT
Procept trades at 14x revenue on a false 'all-prostates' TAM; Spruce Point sees channel-stuffing via DSOs at 130 days, no procedure growth, and 30-60% downside to $29-$54.
N4
V3
Jan 15, 2025
Muddy Waters
FTAI Aviation Ltd.
FTAI
FTAI is a dressed-up engine-leasing business posing as a high-margin MRO — whole-engine sales counted as three modules and intra-segment depreciation transfers fabricate the aerospace-aftermarket story.
N5
V3
Jan 10, 2025
Scorpion Capital
TransMedics Group Inc
TMDX
TransMedics is a Medicare billing-fraud and kickback racket whose top transplant-center customers are fleeing as cheaper alternatives arrive — Scorpion sets a $0 target.
N5
V3
Jan 09, 2025
Kerrisdale Capital
Red Cat Holdings, Inc.
RCAT
Red Cat's $1bn valuation rests on inflating a $23M/year Army drone contract into a $350M sole-source bonanza, with a factory that can't scale and insiders heading for the exits.
N4
V2
Dec 16, 2024
Spruce Point Capital
Aegon Ltd.
AEG
Aegon's distribution engine WFG is an aggressive MLM run amok with IUL churn, ex-WFG competitor GFI poaching top producers, and sum-of-parts pointing to 25-50% downside.
N5
V4
Nov 20, 2024
Muddy Waters
e.l.f. Beauty, Inc.
ELF
ELF's imports collapsed while inventory and revenue kept soaring; reconciling the two suggests $138-188mm of overstated sales and a likely fraud.
N5
V3
Nov 07, 2024
White Diamond Research
AGBA Group
AGBA
The AGBA/Triller $4B merger is a sham to pump AGBA's stock — both firms are near-bankrupt, the valuation is fiction, and regulators will reject the deal.
N3
V2
Nov 01, 2024
Kerrisdale Capital
Oklo Inc.
OKLO
Oklo is a $3bn pre-revenue SPAC nuclear story whose 5x-lowballed fuel costs, unrealistic 2027 NRC timeline, and inexperienced 'Nuclear Bros' management mean shares should collapse as reality intrudes.
N4
V3
Sep 24, 2024
Citron Research
Multiple (portfolio update)
AGL short worked: $5 PT set when stock was $25, fell to target on unprofitable model
N2
V2
Sep 20, 2024
Spruce Point Capital
Intuit Inc.
INTU
Intuit is an opaque, consumer-unfriendly SMB software company whose $20bn Credit Karma/Mailchimp blunders and 11x revenue multiple imply 40%-80% downside under CEO Sasan Goodarzi.
N5
V3
Aug 15, 2024
Kerrisdale Capital
Lumen Technologies
LUMN
Lumen's 400% AI-fueled rally is an optical illusion: $5bn in PCF deals is construction-contractor funding worth ~$1/share, masking an insolvent, secularly declining telco with $19bn debt.
N4
V3
Aug 08, 2024
Spruce Point Capital
Zebra Technologies Corp.
ZBRA
Zebra's hardware growth is stalling, its accounting and governance are riddled with red flags, and a sum-of-parts valuation implies 65-80% downside to $63-$110 per share.
N4
V3
Aug 01, 2024
Starboard Value
Autodesk, Inc.
ADSK
Autodesk's premier software franchise is squandered under CEO Anagnost — peer-lagging margins, missed Investor Day targets and manipulated billings demand a Board-led overhaul to unlock 45% operating margins.
N4
V3
Jul 23, 2024
Muddy Waters
Eurofins Scientific SE
ERF
Eurofins' €556m 'excess cash' earned just 1.42% vs banks' quoted ~2.88%, echoing the NMC Health fraud tell; only radical disclosure on cash, entities, and Dr. Martin's real estate can clear it.
N4
V2
Jul 03, 2024
Muddy Waters
Eurofins Scientific SE
ERF
Eurofins' 800+ immaterial subsidiaries and 18 auditors enable sham sales and cash double-counting; new evidence, including a factoring denial contradicted by a former BU head, argues the financials cannot be trusted.
N4
V2
Jul 01, 2024
Spruce Point Capital
Floor & Decor Holdings, Inc.
FND
Spruce Point argues Floor & Decor's leadership mirrors Linens 'N Things before bankruptcy, hiding $618M debt and misstating sales — shares face 40–60% downside to $40–60.
N4
V3