29 documents showing 1–29
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
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
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
May 23, 2023
Spruce Point Capital
Perion Network Ltd.
PERI
PERI's Apple-tier revenue per employee, opaque revenue recognition, Lumenis-tainted CEO and impaired Microsoft Bing deal point to a forensic short with 25-40% downside.
N4
V3
May 02, 2023
Spruce Point Capital
DoubleVerify Holdings, Inc.
DV
DoubleVerify's manipulative accounting, saturated product, slowing international growth, and insider selling by Providence Equity justify a 35-45% downside, while competitor IAS offers 20-30% upside.
N4
V3
Sep 01, 2022
Kerrisdale Capital
AST SpaceMobile, Inc.
ASTS
AST SpaceMobile is a $1.8bn 2021-SPAC promoting a physically implausible direct-to-handset satellite broadband dream; the technology won't work as hyped, timelines keep slipping, and SpaceX/Apple competition eliminates any lead.
N4
V2
Apr 01, 2022
Kerrisdale Capital
Digital World Acquisition Corp
DWAC
DWAC's $8bn pro-forma SPAC merger with Trump's TMTG will never close because the SEC is actively investigating it and can kill the deal via a stop order — fair value is the $10 trust cash (-80%).
N4
V2
Aug 05, 2021
Spruce Point Capital
Genius Sports Limited
GENI
Genius Sports is a low-moat data middleman overpaying for league rights and inflating growth via barter revenue; 55m shares of overhang unlock imminently — 60-80% downside to $3.25-$6.50.
N4
V3
Jul 27, 2021
Wolfpack Research
Moxian, Inc.
MOXC
MOXC is a Nevada shell whose Chinese 'operating' subsidiaries lack valid licenses, working phones, and a real GM, while related-party debt swaps fueled a 2,400% stock pump.
N4
V2
Nov 18, 2020
Muddy Waters
Joyy Inc.
YY
JOYY is a multibillion-dollar fraud: ~90% of YY Live and ~80% of Bigo revenue is fabricated via bots and gift roundtripping, and Baidu's pending $3.6bn acquisition is buying air.
N5
V2
Apr 29, 2020
Grizzly Research
58.com Inc.
WUBA
WUBA's sudden $55 go-private offer from underfunded Ocean Link — announced the day after Luckin's fraud burst — is a sham price-support PR maneuver masking accounting fraud and COVID collapse.
N4
V3
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
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
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
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 27, 2018
Spruce Point Capital
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.
N4
V3
Aug 10, 2016
Muddy Waters
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.
N3
V1
Apr 28, 2016
Muddy Waters
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.
N4
V1
Apr 21, 2016
Muddy Waters
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.
N4
V2
Oct 15, 2015
Muddy Waters
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.
N4
V2
Jan 24, 2013
Muddy Waters
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.
N4
V1
Feb 09, 2012
Muddy Waters
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.
N5
V2
Jan 06, 2012
Muddy Waters
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.
N4
V1
Dec 09, 2011
Muddy Waters
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.
N4
V2
Nov 29, 2011
Muddy Waters
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.
N4
V2
Nov 21, 2011
Muddy Waters
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.
N5
V2
Mar 02, 2011
Muddy Waters
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.
N4
V2
Feb 03, 2011
Muddy Waters
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.
N4
V2