42 documents showing 1–42
Date
Fund
Target
Thesis
Scores
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
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
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 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
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
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
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 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 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
Apr 03, 2024
Spruce Point Capital
WSP Global Inc.
WSP
WSP Global is a $27bn engineering roll-up masking financial stress with accounting tricks, scandalous leadership, and tax-evasion allegations — Spruce Point sees 25-50% downside to C$110-$165.
N4
V3
Oct 04, 2023
Spruce Point Capital
Rollins Inc.
ROL
Rollins is the 'Cockroach' of activism: SEC settlement, auditor swap, family insider sales, and a 27x EBITDA multiple set up 30-40% downside as Rentokil/Terminix and PE roll-ups erode the moat.
N4
V3
Aug 09, 2023
Spruce Point Capital
Xylem Inc.
XYL
Xylem overpaid in stock for SEC-fraud-charged Evoqua, just published two contradictory cash-flow statements, and faces 30-45% downside as multiples compress toward water-industrial peers.
N5
V4
Jun 22, 2022
Spruce Point Capital
Generac Holdings, Inc.
GNRC
Generac is a COVID-era generator beneficiary masking collapsing core demand and a string of shady clean-energy acquisitions; Spruce Point sees 40-50% downside to $110-$132/share.
N4
V3
Dec 01, 2021
Kerrisdale Capital
Astra Space, Inc.
ASTR
Astra is a SPAC-bubble rocket company with no revenue, an undersized non-reusable vehicle, and fantastical 300-launch-a-year forecasts; shares should tumble back to the ground.
N4
V3
May 24, 2021
Muddy Waters
Solutions 30
S30
EY's refusal to sign Solutions 30's 2020 audit — after S30 blocked access to information on suspect transactions — confirms Muddy Waters' two-year-old fraud and money-laundering thesis.
N4
V1
Apr 15, 2021
Scorpion Capital
QuantumScape
QS
QuantumScape is a $15B SPAC whose solid-state battery breakthrough is a Theranos-grade mirage; 15 experts say the science is not there and the April 24 lockup expiry will trigger an insider dump.
N5
V2
Mar 10, 2021
Muddy Waters
XL Fleet
XL
XL Fleet's March 8 rebuttal fails to deny Muddy Waters' core claims — exaggerated pipeline, ~10% reorder rate, overstated fuel savings — confirming XL is SPAC trash.
N3
V1
Mar 03, 2021
Muddy Waters
XL Fleet Corp
XL
XL Fleet is SPAC trash: salespeople were paid to fabricate pipeline, most touted customers are inactive, ROI is actually negative, and the stock is worth a fraction of its billion-dollar SPAC valuation.
N5
V3
Feb 16, 2021
Wolfpack Research
EHang Holdings, Ltd.
EH
EHang is an elaborate stock promotion built on sham sales contracts with a pre-IPO investor masquerading as its main customer, with hobby-grade hardware and a court-frozen China entity that could leave ADRs worthless.
N4
V2
Feb 16, 2021
Spruce Point Capital
Leidos Holdings, Inc.
LDOS
Leidos is concealing defective explosive-detection products from its impaired $1bn L3Harris SD&A deal while inflating cash flow 67-78%; sell with 35-60% downside to $43-$70.
N4
V3
Dec 01, 2020
White Diamond Research
GreenPower Motor Company
GP
GreenPower markets itself as an American EV bus manufacturer but is merely reselling re-logoed Chinese Weichai Eurise buses — not Buy America compliant and worth ~$1.50, implying 90% downside.
N4
V2
Aug 18, 2020
Spruce Point Capital
GFL Environmental Inc.
GFL
Spruce Point argues GFL Environmental is a 'terminal zero': a Canadian waste roll-up mimicking the Philip Services fraud playbook, with understated debt, CEO ties to organized crime, and 100% downside.
N5
V3
Dec 19, 2019
Spruce Point Capital
Plug Power Inc.
PLUG
Plug Power's $1.5B valuation rests on a fake 'inflection to profitability' manufactured by ASC 842 lease accounting; strip the add-backs, face 80% dilution, and the stock trends to $0.
N5
V3
Nov 13, 2019
Spruce Point Capital
Cintas Corp.
CTAS
Cintas's fastest-growing fire inspection business is committing fraud while G&K integration masks financial strain — a sum-of-parts at peer M&A multiples implies 60-75% downside to $69-$107/sh.
N5
V4
Jul 24, 2019
Spruce Point Capital
Mettler-Toledo International, Inc.
MTD
Mettler-Toledo's flawless EPS record masks aggressive capitalization, an empty Shanghai office, and PwC auditor conflicts — implying 30-50% downside to $410-$574 per share.
N5
V3
Jun 19, 2019
Spruce Point Capital
Axon Enterprise (formerly TASER)
AAXN
Axon is a mature Taser maker masquerading as a SaaS cloud story; aggressive accounting, China-tariff margin pressure, and TAM inflation justify a $27.50-$40 target — 40-60% downside.
N4
V3
May 16, 2019
Spruce Point Capital
A.O. Smith Corporation
AOS
A.O. Smith's China growth is cracking while revenue-recognition red flags, unsustainable 40%+ margins and vanishing insider ownership point to 45-65% downside to $17.75-$27.30.
N4
V3
May 07, 2019
Spruce Point Capital
Kornit Digital Ltd.
KRNT
Kornit's 2018 boom was an Amazon warrant-and-rebate illusion — 105% of cash flow came from one customer, a scandal-tainted CFO is covering it, leaving 75-85% downside to $4.50-$9.30.
N5
V3
Apr 09, 2019
Spruce Point Capital
Aerojet Rocketdyne Holdings, Inc.
AJRD
AJRD's rocket franchise is eroding as Blue Origin and SpaceX displace it; aggressive accounting and ~$900M ignored liabilities mask 5x leverage and 40-60% downside to $13-$20.
N4
V3
Dec 13, 2018
Spruce Point Capital
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.
N5
V3
Oct 17, 2018
Spruce Point Capital
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.
N4
V3
Aug 07, 2018
Spruce Point Capital
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.
N5
V3
Mar 16, 2018
Spruce Point Capital
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.
N4
V3
Jan 31, 2018
Muddy Waters
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.
N4
V1
Jan 25, 2018
Spruce Point Capital
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.
N4
V3
Dec 06, 2017
Muddy Waters
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.
N5
V2
Dec 13, 2016
Muddy Waters
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.
N5
V2
Apr 04, 2011
Muddy Waters
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.
N5
V2
Nov 10, 2010
Muddy Waters
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.
N5
V2
—
White Diamond Research
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.
N3
V1
—
White Diamond Research
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.
N4
V1