25 documents showing 1–25
Date
Fund
Target
Thesis
Scores
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
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
Dec 11, 2023
Wolfpack Research
Ramaco Resources, Inc.
METC
Wolfpack is short METC: Brook Mine's REE concentration sits below crustal average, processing economics imply an $88bn loss, and insiders have dumped $96M into WSJ-fueled hype.
N4
V2
Oct 06, 2021
Bonitas Research
TMC the metals company Inc.
TMC
TMC is a recycled Nautilus Minerals fraud: $43M siphoned to insiders for worthless seabed licenses, inflated expenses, and a TOML permit at risk of ISA termination.
N4
V2
Sep 15, 2021
Muddy Waters
Danimer Scientific
DNMR
DNMR is a post-SPAC bioplastics story whose 'sold-out' demand, $200M take-or-pay contracts, and $1 trillion TAM are misrepresentations — actual utilization is ~28% and Novomer is a Hail Mary.
N4
V2
Apr 22, 2021
Spruce Point Capital
Danimer Scientific, Inc.
DNMR
Danimer is an over-hyped SPAC bioplastics story whose governance-tainted management, irreconcilable facility claims, failed-PHA precedent, and 138x EBITDA valuation imply 65-100% downside to ~$8.75/share.
N4
V3
Mar 10, 2021
Spruce Point Capital
American Battery Metals Corporation / Comstock Mining Inc.
ABML / LODE
ABML and LODE are hype-driven EV battery-recycling penny stocks with fraud-tied management, fabricated permit claims, and a nonsensical LiNiCo deal — up to 90% downside.
N5
V3
Nov 10, 2020
Spruce Point Capital
Avery Dennison Corporation
AVY
Avery Dennison masks structural decline with restructuring add-backs and inflated Adjusted EBITDA/FCF; normalized for accounting manipulation, AVY is worth $68-99/share — 35-55% downside.
N5
V4
Apr 20, 2020
Hindenburg Research
New Pacific Metals
NUAG
Bolivia-focused silver developer New Pacific trades 17x peers on concessions likely acquired illegally under a now-ousted regime; Hindenburg targets C$0.37, 90%+ downside.
N5
V4
Mar 10, 2020
Spruce Point Capital
Amcor plc
AMCR
Amcor is a packaging roll-up masking 3-4% organic declines, obscured tobacco dependence, liquidity strain, and accounting red flags — including a CAO with a revoked CPA — with 40-60% downside to $3.60-$5.40.
N5
V4
May 17, 2018
Spruce Point Capital
U.S. Concrete Inc
USCR
USCR's 21% gross margins and Adj EBITDA growth are engineered via capital leases and overcapitalized truck costs; CEO Sandbrook should resign and shares face 60-90% downside to $6-$25.
N4
V3
Jun 15, 2017
Viceroy Research
Caesarstone Ltd.
CSTE
CSTE's bull case has disappeared: the touted Lowe's Transform deal is absent from shelves, sales agents are phantoms, and financials look overstated versus Cosentino.
N4
V2
Jun 05, 2017
Muddy Waters
Asanko Gold Inc.
AKG
Asanko's reassurances on Nkran are 'puppies and rainbows': fresh drone images show wall failures, reserve accounting is non-compliant, and insider share counts don't reconcile with management's 'never sold' claim.
N4
V3
May 31, 2017
Muddy Waters
Asanko Gold Inc.
AKG
Muddy Waters is short AKG: flawed geology, a collapsing Nkran pit, and a 2018 liquidity crunch make the Ghana gold miner highly likely to end up a zero.
N4
V2
Nov 20, 2014
Muddy Waters
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.
N4
V2
Jun 20, 2011
Muddy Waters
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.
N4
V1
Jun 13, 2011
Muddy Waters
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.
N3
V1
Jun 02, 2011
Muddy Waters
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.
N5
V2
Jul 22, 2010
Muddy Waters
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.
N4
V1
Jul 13, 2010
Muddy Waters
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.
N3
V1
Jul 06, 2010
Muddy Waters
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.
N4
V1
Jul 02, 2010
Muddy Waters
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.
N4
V1
Jul 01, 2010
Muddy Waters
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.
N4
V1
Jun 28, 2010
Muddy Waters
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.
N5
V2
—
Viceroy Research
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.
N4
V2