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Campaigns / Muddy Waters → e.l.f. Beauty, Inc.
Muddy Waters vs. e.l.f. Beauty, Inc.

e.l.f. Beauty, Inc. · ELF

1 deck published between 2024-11-20 and 2024-11-20 — 48 pages, 48 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. 2024-11-20 initial thesis

    2024 11 ELF_Report_20241120_Final

    48pp · research_note

    ELF's imports collapsed while inventory and revenue kept soaring; reconciling the two suggests $138-188mm of overstated sales and a likely fraud.