69 documents showing 1–60
Date
Fund
Target
Thesis
Scores
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 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
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
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
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
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
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
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
May 08, 2024
Spruce Point Capital
Boot Barn Holdings, Inc.
BOOT
Boot Barn's stock is propped up by Taylor Swift/Beyonce hype and a flawed big-box expansion masking executive red flags, bloated capex and stretched valuation; 40-50% downside to $51-$62.
N4
V3
Nov 09, 2023
Spruce Point Capital
e.l.f. Beauty, Inc.
ELF
ELF Beauty's premium valuation relies on viral Gen-Z marketing led by Movers+Shakers, an agency whose founders have NXIVM-cult ties — reputational backlash points to 45%-65% downside.
N5
V3
Nov 29, 2022
Spruce Point Capital
Saputo Inc.
TSX:SAP
Saputo's 25-year dairy roll-up is failing internationally; hidden U.K. pension, Argentina margin outlier, and auditor red flags point to 40%-60% downside to C$13.75-$20.50.
N4
V3
Sep 07, 2022
Spruce Point Capital
FIGS, Inc.
FIGS
FIGS is a fading pandemic winner whose founders exaggerated revenue 82% and TAM 135%; at ~4x sales versus 1.2x DTC peers, Spruce Point sees 45%-60% downside to $4.40-$6.05.
N4
V3
Jul 19, 2022
Spruce Point Capital
Skechers U.S.A., Inc.
SKX
Skechers is a governance-rotten, family-run 'fast follower' whose China growth is collapsing and inventory is bloating — 30%-50% downside to $18.60-$26.00.
N4
V3
Jul 14, 2021
Spruce Point Capital
Oatly Group AB
OTLY
Oatly is an over-hyped oat-milk fad with accounting overstatements, hidden management scandals and a $12bn valuation pricing in 57% market share — 30-70% downside.
N5
V3
Nov 12, 2020
Bonitas Research
China Harmony New Energy Auto Holding
3836.HK
research note
N1
V2
Jun 30, 2020
Spruce Point Capital
Prestige Consumer Healthcare Inc.
PBH
Spruce Point is short Prestige Brands: a decaying OTC roll-up with no organic growth, CFO déjà-vu from Boulder Brands' collapse, and 40-60% downside to $14.80-$22.50.
N4
V3
May 28, 2020
Muddy Waters
GSX Techedu
GSX
GSX's rebuttals to our fraud report are evasive techno-drivel; meanwhile GSX openly recruits engineers to run cell-phone bot farms, confirming it is a nearly empty box.
N4
V2
May 18, 2020
Muddy Waters
GSX Techedu Inc.
GSX
GSX Techedu is a near-total fraud: at least 73% — likely 80%+ — of paid K-12 users are bots, and Chairman Chen's $319M pledged stock heightens crash risk.
N4
V2
May 12, 2020
Bonitas Research
Pets at Home Group plc
LSE:PETS
research note
N1
V1
Apr 14, 2020
Citron Research
GSX Techedu
GSX
Citron argues GSX Techedu is a near-total fraud — the vast majority of claimed K-12 students are bots, revenues are fabricated, and the stock is a zero.
N4
V2
Apr 02, 2020
Spruce Point Capital
WD-40 Company
WDFC
WD-40 is a promotional, no-moat lubricant company hiding a balance-sheet hole and bloated inventory behind a 28x EBITDA multiple — Spruce Point sees 55-60% downside to $75-$85.
N5
V4
Feb 25, 2020
Grizzly Research
GSX Techedu Inc.
GSX
GSX Techedu's too-good-to-be-true 70%+ margins and triple-digit growth are propped up by inflated profits, brushed student enrollments, alter-ego related parties, and suspected CAPEX fraud — it is a fraud worth zero.
N4
V2
Dec 10, 2019
Citron Research
Peloton Interactive
PTON
Peloton trades at 2,286% above peers on EV per subscriber; once a cannibalizing app, undifferentiated hardware, and a March lockup wave hit, the stock collapses to $5.
N4
V2
Dec 05, 2019
Spruce Point Capital
Canadian Tire Corporation
CTC.A
Canadian Tire is an over-levered legacy retailer masking decline with aggressive accounting and risky credit card lending; looming downgrade forces asset sales and 35-50% downside to C$77-100.
N5
V4
Sep 05, 2019
Spruce Point Capital
Church & Dwight Co., Inc.
CHD
CHD trades at an all-time-high premium as a trade-war safe haven, but CEO Farrell's financial-engineering roll-up is cracking; 35-50% downside to $40-$52/share.
N5
V4
Jul 22, 2019
Muddy Waters
ANTA Sports Products
2020.HK
ANTA's largest 'third-party' supplier and its 'self-operated' online stores are secretly controlled by an ANTA employee, so reported margins and Fila's numbers cannot be trusted.
N4
V2
Jul 15, 2019
Muddy Waters
ANTA Sports Products
2020.HK
Muddy Waters Part 4 rebuts ANTA's responses — management has lied about owning all Fila stores, the Shanghai Fengxian disposal, and distributor independence, confirming the underlying fraud.
N4
V1
Jul 10, 2019
Muddy Waters
ANTA Sports Products
2020.HK
ANTA's 'self-operated' Fila franchise is a fiction: 46 Beijing Fila stores are owned by an insider proxy, exposing fabricated Fila financials and rendering all ANTA numbers unreliable.
N4
V2
Jul 09, 2019
Muddy Waters
ANTA Sports Products Limited
2020.HK
ANTA used IPO proceeds to grow Shanghai Fengxian, then stripped it to insider proxies via a straw buyer in 2008 — proof of fraudulent intent toward minority shareholders.
N4
V2
Jul 08, 2019
Muddy Waters
ANTA Sports Products Ltd.
2020.HK
ANTA secretly controls at least 27 — and likely over 40 — of its 46 Tier 1 distributors via proxy owners, fraudulently inflating the margins behind its peer-leading financials.
N4
V2
Jun 27, 2019
Grizzly Research
New Age Beverage Corp.
NBEV
NBEV paid $85m for Morinda, an MLM with inflated China financials and missing licenses in 60% of provinces — stock faces 60% immediate downside.
N4
V2
Jun 27, 2019
Grizzly Research
New Age Beverage Corp.
NBEV
NBEV overpaid $85m for Morinda, an MLM with inflated China revenues and illegal operations; the stock faces 60% immediate downside and likely insolvency.
N4
V2
May 24, 2019
Muddy Waters
Casino Guichard-Perrachon
CO
Rallye, Finatis, Euris and Foncière Euris entering procédure de sauvegarde vindicates MW's 2015 warnings
N3
V1
May 24, 2019
Muddy Waters
Casino Guichard-Perrachon
CO
Rallye's safeguard filing vindicates Muddy Waters' 2015 warning that Casino was being hollowed out to sustain Jean-Charles Naouri's parasitic, debt-laden holding structure.
N3
V1
Apr 30, 2019
Spruce Point Capital
PetIQ, Inc.
PETQ
PetIQ's grey-market vet-drug margins and rebate-dependent earnings are unsustainable as Merial goes direct-to-retail, while a $200M wellness-center cash burn and the CEO's Petters/Fleming ties imply 75-90% downside.
N5
V3
Apr 24, 2019
Bonitas Research
Best World International
CGN
research note
N1
V1
Mar 01, 2019
Spruce Point Capital
Carvana Co.
CVNA
Carvana is a CCC+-rated subprime used-car dealer masquerading as a tech disruptor; Spruce Point sees 56-83% downside to $7.50-$19.60, with a credible path to zero.
N4
V3
Oct 31, 2018
Spruce Point Capital
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.
N4
V3
Sep 05, 2018
Spruce Point Capital
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.
N4
V3
Jul 25, 2018
Muddy Waters
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.
N4
V1
Jul 23, 2018
Muddy Waters
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.
N4
V2
Jul 02, 2018
Muddy Waters
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.
N4
V2
Jun 13, 2018
Muddy Waters
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.
N5
V2
Jun 16, 2017
Muddy Waters
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.
N4
V2
May 11, 2017
Pershing Square
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.
N4
V3
Jan 12, 2017
Spruce Point Capital
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.
N4
V3
Dec 19, 2016
Muddy Waters
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.
N4
V2
Dec 16, 2016
Muddy Waters
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.
N5
V2
Jul 20, 2016
Pershing Square
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.
N5
V3
Jul 15, 2016
Pershing Square
Herbalife Ltd.
HLF
FTC findings satisfy the Koscot/Omnitrition/Vemma legal test for a pyramid scheme
N2
V1
Mar 08, 2016
Muddy Waters
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.
N5
V1
Jan 13, 2016
Muddy Waters
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.
N4
V2
Dec 16, 2015
Muddy Waters
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.
N4
V2
Aug 01, 2015
Pershing Square
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.
N5
V2
Jun 26, 2015
Pershing Square
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.
N3
V1
Feb 26, 2015
Pershing Square
Herbalife
HLF
Herbalife is a pyramid scheme built on recruitment, not retail: former distributors describe losing thousands while 88% of participants earn no commission.
N4
V1
Nov 06, 2014
Pershing Square
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.
N4
V2
Sep 02, 2013
Muddy Waters
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.
N3
V1