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Campaigns / Muddy Waters → New Oriental Education & Technology Group
Muddy Waters vs. New Oriental Education & Technology Group

New Oriental Education & Technology Group · EDU

1 deck published between 2012-07-18 and 2012-07-18 — 97 pages, 97 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2012-07-18 initial thesis

    2012 07 MW_EDU_07182012

    97pp · research_note

    New Oriental is hiding an extensive franchising operation, filing fraudulent tax-exempt financials in Beijing and using a cosmetic VIE — expect a restatement and Deloitte to resign.