56 documents showing 1–56
Date
Fund
Target
Thesis
Scores
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
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
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
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 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
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
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
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 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
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec, hailed as 'Japan's ASML,' is a $23B accounting fraud — a textbook inventory scheme masking a defective EUV tool destined for a 65-70% write-down reminiscent of Olympus and Toshiba.
N5
V2
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec — Japan's most-traded stock at $23B market cap — is a colossal accounting fraud whose defective EUV mask-inspection tool and sham 'Innovation Park' mirror Olympus and Toshiba before collapse.
N4
V2
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec — Japan's most-traded stock at $23B — is inflating inventory to hide that its flagship ACTIS EUV mask-inspection tool is defective; a 65-70% writedown will erase 85% of retained earnings.
N5
V4
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec, Japan's most actively traded stock at a $23B cap and 17x sales, is a textbook accounting fraud — a defective EUV tool, fake fab, and looming impairment will wipe out most earnings.
N5
V3
Jun 01, 2024
Kerrisdale Capital
Riot Platforms, Inc.
RIOT
Riot Platforms is a serial-diluting bitcoin miner with $140k+ all-in cost per coin, rising Texas regulatory risk, and a broken model increasingly obviated by low-fee BTC ETFs.
N4
V3
Apr 23, 2024
White Diamond Research
authID Inc.
AUID
authID is a $50M+ micro-cap at 300x sales whose selfie second-factor product a former top executive says has no product-market fit — $1 price target.
N3
V2
Apr 17, 2024
Spruce Point Capital
PowerSchool Holdings, Inc.
PWSC
Spruce Point is short PWSC: ESSER-fueled K-12 growth is about to hit a fiscal cliff while aggressive accounting, SOPIPA privacy exposure, and 5.8x true leverage imply 30-60% downside.
N5
V3
Mar 14, 2024
Spruce Point Capital
Enfusion, Inc.
ENFN
Enfusion is a no-moat SaaS with tainted leadership, deteriorating unit economics, and revenue-reporting anomalies; Spruce Point sees 40-60% downside to $3.70-$5.60.
N5
V3
Feb 15, 2024
Wolfpack Research
Innodata, Inc.
INOD
Wolfpack is short INOD: its 'AI platform' is 4,000 offshore data-entry workers in disguise, insiders dumped $13m timed to AI press releases, and a dilutive raise will send shares back below $3.
N4
V2
Sep 21, 2023
Spruce Point Capital
Samsara Inc.
IOT
Samsara is a commodity-hardware vehicle-telematics company masquerading as a premium SaaS growth story; aggressive accounting inflates margins and a 16x revenue multiple implies 45%-75% downside to $6.30-$13.90.
N5
V4
Jan 10, 2023
Spruce Point Capital
Super Micro Computer, Inc.
SMCI
SMCI — an SEC-fined serial restater now ~22% reliant on Meta — is masking accounting strain and insider selling behind a multiple expansion that should revert, implying 40-50% downside.
N4
V3
Dec 01, 2022
Muddy Waters
dLocal
DLO
DLO's refusal to reconcile 2020 cash flows in writing, while verbally denying misuse on broker calls, confirms Muddy Waters' view that client funds financed the pre-IPO special dividend.
N3
V1
May 03, 2022
Scorpion Capital
IonQ Inc.
IONQ
IonQ's 32-qubit 'world's most powerful quantum computer' is a Nikola-style hoax; its only real machine can't reliably add 1+1, and revenue stems from sham related-party deals.
N4
V2
Feb 16, 2022
Spruce Point Capital
C3.ai, Inc.
AI
C3.ai is a serially rebranded, money-losing AI story-stock propped up by an unraveling Baker Hughes JV and aggressive accounting; Spruce Point sees 40-50% downside to $12.85-$15.40.
N5
V3
Feb 03, 2022
Grizzly Research
Playtika Holding Corp.
PLTK
PLTK is a Chinese-insider piggy bank dumped on US public investors — debt-financed pre-IPO cash-out, addictive gambling-akin games facing regulators, and hidden share pledges imply ~45% downside.
N4
V3
Jan 20, 2022
Spruce Point Capital
TaskUs, Inc.
TASK
TaskUs is a Blackstone-promoted BPO with embellished disclosures, Satyam-linked accounting tics, and eroding Facebook unit economics; fair value is 25-50% below spot, or $18-$27.
N4
V3
Dec 09, 2021
Spruce Point Capital
Nuvei Corp
NVEI
Nuvei is a thrice-rebranded payments roll-up run by executives tied to Ponzi schemes, fraud and adult-industry operators; peer-multiple re-rating implies 40-60% downside to $39-$58.
N5
V4
Sep 29, 2021
Spruce Point Capital
Lightspeed Commerce, Inc.
LSPD
Lightspeed is a cash-burning POS roll-up that inflated its pre-IPO customer count by 85%, hides organic decline behind acquisitions, and should re-rate 60–80% lower to $22.50–$47 as Shopify, Square, Adobe and Amazon crowd it out.
N4
V3
Apr 08, 2021
Spruce Point Capital
Porch Group Inc
PRCH
Porch is 'Active Network 2.0' run by the same CEO — a money-losing lead-gen business dressed as SaaS, with barter accounting and hidden debt implying 50%-70% downside to $5-$8.
N4
V3
Mar 08, 2021
Wolfpack Research
Skillz, Inc.
SKLZ
Skillz's SPAC-era growth story is collapsing — its top three games (88% of revenue) are in freefall while management touts fake NFL and Buck Hunter 'partnerships' to mask the miss.
N4
V2
Jan 07, 2021
Spruce Point Capital
Magnite, Inc.
MGNI
Magnite is a hype-fueled ad-tech merger masking Telaria's deteriorating CTV business with dubious management and suspect accounting; 25%-50% downside to $14.75-$20.
N4
V4
May 13, 2020
Spruce Point Capital
Forescout Technologies
FSCT
Advent overpaid $33/share for Forescout — management buried weaker forecasts and Q1 sales fell 24%; renegotiating 35-50% lower or paying the $112M break fee both beat closing.
N4
V3
Apr 28, 2020
TCI Fund
Wirecard AG
WDI
KPMG's failed audit of Wirecard's EUR 1bn trustee cash and TPA revenues creates a legal duty for the supervisory board to remove the CEO immediately.
N5
V2
Feb 06, 2020
Spruce Point Capital
Dropbox, Inc.
DBX
Dropbox is a decelerating, commoditized storage business whose reported FCF is overstated ~2x; fair value is $6.60-$13, implying 25-60% downside from $17.60.
N4
V3
Oct 09, 2019
Spruce Point Capital
Monolithic Power Systems
MPWR
MPWR's Chinese tax filings show $262m missing revenue and near-zero inventory despite 90% production in China — accounting red flags point to 75-85% downside.
N5
V4
Sep 25, 2019
Wolfpack Research
SMART Global Holdings, Inc.
SGH
SMART Global Holdings' 62%-of-revenue Brazil business depended on a PPB tax subsidy the WTO struck down; without it margins collapse, and self-dealing M&A signals management already knows.
N4
V2
May 30, 2019
Grizzly Research
Intelligent Systems Corp
INS
Grizzly argues INS's sudden 2018 revenue surge is a round-trip scheme via undisclosed related-party shells in India run by employees; fair value is ~$5, 85% below $34.
N4
V2
May 23, 2019
Spruce Point Capital
Verint Systems, Inc.
VRNT
Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25.
N4
V3
Jan 23, 2019
Spruce Point Capital
Amdocs Limited
DOX
Spruce Point sees 25-50% downside in Amdocs (DOX): a Guernsey-domiciled telecom-IT vendor whose steady margins, opaque insider selling via Pines Quest, and dot-com-era accounting tricks signal $30-$45 per share.
N4
V3
Jul 19, 2018
Spruce Point Capital
2U, Inc.
TWOU
2U's one-size-fits-all OPM model is being disrupted by lower-take-rate fee-for-service rivals; FOIA-documented program failures imply 30-50% downside to $47-$65/share.
N4
V3
Apr 04, 2018
Spruce Point Capital
Globant SA
GLOB
Globant is a poorly organized digital-IT roll-up using accounting games and Luxembourg disclosure loopholes to mask decelerating organic growth; shares warrant 40-50% downside to $24.50-$29.50.
N4
V3
Feb 08, 2018
Muddy Waters
IQE plc
IQE
Muddy Waters is short IQE: the compound-semi maker inflated 2015/2016 net income by 58.5%/25.4% via transactions with its Cardiff University JV — an alter ego, not an arm's-length partner.
N4
V2
Jul 06, 2014
Muddy Waters
NQ Mobile
NQ
NQ's July 3 disclosures vindicate the fraud thesis: the audit chair resigned, PwC will never sign off, and insiders front-ran the news by dumping stock.
N4
V2
Jun 04, 2014
Muddy Waters
NQ Mobile
NQ
NQ's own investigation committee confirmed widespread data tampering — the same pattern that preceded Sino-Forest's collapse — so Muddy Waters maintains its fraud rating.
N3
V2
May 20, 2014
Spruce Point Capital
iRobot Corp
IRBT
IRBT is a narrow consumer-vacuum company riding a robotics bubble; aggressive accounting, insider selling and a decaying moat point to $20-$25, or 25-40% downside.
N4
V3
Apr 13, 2014
Muddy Waters
NQ Mobile
NQ
NQ Mobile's surprise Q4 loss and negative cash flow under PwC's tougher audit confirm Muddy Waters' fraud thesis: revenue, acquisitions, and cash balances are all fabricated.
N4
V2
Dec 19, 2013
Muddy Waters
NQ Mobile, Inc.
NQ
NQ Mobile's independent-committee fraud probe is structurally compromised; Muddy Waters offers to fund Plante & Moran to audit the auditors and protect investors from another China-fraud whitewash.
N4
V2
Nov 12, 2013
Muddy Waters
NQ Mobile
NQ
NQ Mobile's credible-looking US management is a veneer hiding a $1.1bn fraud — Mathison conceals JCAP ties, Co-CEO Khan knows nothing, and pre-IPO partners include a convicted racketeer.
N4
V1
Nov 06, 2013
Muddy Waters
NQ Mobile
NQ
NQ Mobile's largest purported revenue source, Yidatong, is a controlled shell whose offices, tax filings, and carrier records all contradict NQ's story — we maintain a <$1 target.
N4
V2
Nov 01, 2013
Muddy Waters
NQ Mobile (NetQin)
NQ
Muddy Waters maintains its sub-$1 price target on NQ Mobile after Chinese media reporting confirms that ZTE, Huawei, Lenovo and Coolpad never had the pre-installation partnerships NQ claims.
N3
V1
Oct 29, 2013
Muddy Waters
NQ Mobile
NQ
NQ Mobile's Oct 25 rebuttal of Muddy Waters' fraud report contained ten provable lies — Yidatong is NQ, revenue and market share are fabricated; reiterating price target under $1.
N4
V2
Oct 24, 2013
Muddy Waters
NQ Mobile Inc.
NQ
NQ Mobile is a 'China Fraud 2.0': 72%+ of China revenue is fictitious, real market share is 1.4% not 55%, and the $127.9M cash balance is likely forged — target price under $1.
N4
V2
Jun 28, 2011
Muddy Waters
Spreadtrum Communications
SPRD
Spreadtrum's 229.6% 2010 revenue jump cannot be reconciled with MediaTek's flat year, zero cash taxes were paid on $75M of profit, and CFO/auditor turnover points to material misstatement — Muddy Waters is short.
N4
V1