Muddy Waters
133 documents across the library, active from 2010 to 2026.
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SoFi Technologies SOFI
SOFI booked a $312M JPMorgan borrowing as a loan sale, inflating ~$1B of EBITDA and enriching management while shareholders absorb ~15% annual dilution.
SoFi Technologies SOFI
SOFI's silence on 11 specific accounting questions confirms Muddy Waters' view that 2025 Adjusted EBITDA is inflated ~90% via mislabeled financings, hidden debt, and misstated risk retention.
SoFi Technologies, Inc. SOFI
SoFi's $1,054M reported 2025 EBITDA is ~90% inflated via manipulated charge-off rates, off-balance-sheet VIEs and subsidized seller-financed sales that feed CEO Noto's comp — real EBITDA is ~$103M.
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.
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%.
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.
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.
e.l.f. Beauty, Inc. ELF
ELF's imports collapsed while inventory and revenue kept soaring; reconciling the two suggests $138-188mm of overstated sales and a likely fraud.
Eurofins Scientific SE ERF
Eurofins' €556m 'excess cash' earned just 1.42% vs banks' quoted ~2.88%, echoing the NMC Health fraud tell; only radical disclosure on cash, entities, and Dr. Martin's real estate can clear it.
Eurofins Scientific SE ERF
Eurofins' 800+ immaterial subsidiaries and 18 auditors enable sham sales and cash double-counting; new evidence, including a factoring denial contradicted by a former BU head, argues the financials cannot be trusted.
Eurofins Scientific SE ERF
Muddy Waters is short Eurofins: controlling shareholder Dr. Gilles Martin has siphoned capital via above-market real-estate leasebacks for 20 years, and the financials appear engineered to overstate revenue, profits, and cash.
CPI Property Group S.A. CPIPGR
CPI PG's controlling shareholder Vitek swapped €273m of personal debt for Dubai properties still under construction, sticking CPI PG with ~€220m of hidden progress payments while pocketing ~€118m.
CPI Property Group S.A. CPIPGR
CPI Property Group's luxury London transactions — same-day flips, offshore proxies, and uneconomic sales to PEPs — bear hallmarks of money laundering integration using bondholder funds.
CPI Property Group CPIPG
CPIPG's 2023 results show undisclosed related-party transfers to controlling shareholder Vitek, aggressive fair-value inflation, and an unreconciled 92% equity collapse at GSG Berlin — management must answer on the call.
Fairfax Financial Holdings Ltd. FFH
Muddy Waters poses five forensic questions to Fairfax management that, if answered honestly, would expose return-of-capital dividends, off-balance-sheet debt via NCIs, and fair-value gain engineering.
Fairfax Financial Holdings Ltd. FFH
Muddy Waters is short Fairfax Financial, arguing it is 'the GE of Canada' — a serial accounting manipulator whose book value is overstated by ~$4.5bn (~18%) through value-destructive transactions.
CPI Property Group S.A. CPIPGR
CPI PG's Italian landbank and St. Tropez villa deals show ~€100M in unexplained cash and receivables gaps, suggesting controlling shareholder Vitek is using bondholder money to strip assets and launder cash.
CPI Property Group S.A. CPIPGR
Muddy Waters is short CPI Property Group's credit: its €19.2B portfolio appears inflated via implausible Berlin gains, cherry-picked Bubny landbank comps, and occupancy rates realtor listings show are overstated by ~2x.
Blackstone Mortgage Trust, Inc. BXMT
BXMT's borrowers only stay current because of expiring rate swaps; as ~$16B of swaps terminate in 2024, dividend cuts of 33-85% and $2.5-4.5B of loan losses could wipe out the $4B market cap.
CPI Property Group CPIPGR
Follow-up to Muddy Waters' Part 1 report: a list of pointed questions challenging CPI Property Group to explain self-dealing transactions through which controlling shareholder Radovan Vitek is allegedly asset-stripping the company.
CPI Property Group S.A. CPIPGR
Muddy Waters is short CPI PG's credit: controlling shareholder Radovan Vitek is brazenly looting the company via undisclosed related-party deals — ~50% of €1.2bn examined transactions appear suspect.
Sunrun RUN
Sunrun's Subscriber metric is fabricated — inflated ~20% above EIA filings — letting it overclaim ~$205M in IRS tax credits and prop up a fictitious valuation; Muddy Waters remains short.
Sunrun Inc. RUN
Sunrun's non-GAAP Subscriber count exceeds mandatory EIA filings by ~20%, implying phantom customers, ~$1.5B of overstated Net Earning Assets (62.5% of market cap), and possible ITC tax fraud.
Vivion Investments
Vivion's proposed bond exchange rests on inflated UK hotel valuations — illustrated by Crowne Plaza Heathrow, marked at EUR94.6m versus CBRE's EUR72.9m — serving insiders, not bondholders.
Chinook Therapeutics KDNY
Chinook manipulated 2021-2022 revenues via its Chinese JV SanReno; strip out the accounting tricks and reported revenue collapses by 95% and 68% respectively, reinforcing our short.
Chinook Therapeutics Inc KDNY
Muddy Waters is short Chinook (KDNY): lead drug atrasentan is inefficacious, harmful, and blocked by sparsentan's IgAN orphan-drug exclusivity — FDA approval is highly unlikely.
Vivion Investments
Muddy Waters stays short Vivion bonds: the December 2022 rebuttal is misleading, asset values are inflated, rent24 exposure is hidden, and shareholder loans are being cashed out with bondholder money.
Vivion Investments S.à.r.l.
Vivion's €1.44bn bond issuer is a multi-billion euro shell game — fabricated shareholder loans, inflated occupancy and fair value gains, and related-party rents enriching controlling shareholder Amir Dayan.
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.
DLocal Ltd. DLO
Muddy Waters is short DLO: contradictory TPV disclosures, implausibly high FX-driven take rates, governance failures and ~$1bn of insider selling point to likely fraud at the Uruguay-based payments processor.
Hannon Armstrong Sustainable Infrastructure Capital HASI
HASI is 'dumb money' in renewables JVs — sponsors cash out while HASI books non-cash HLBV income on investments unlikely to ever pay out, inflating reported earnings over real economics.
Sunrun RUN
Muddy Waters rebuts Sunrun's response: the 90% PPA-renewal assumption on 20-year-old panels is fantasy, the $668M panel-removal liability is real, and RUN hides its tax basis.
Sunrun Inc. RUN
Sunrun's equity story rests on three shaky pillars — inflated subscriber values, abusive IRS tax-basis gaming, and fragile ABS — that together imply an 85% haircut to Net Earning Assets.
Hannon Armstrong Sustainable Infrastructure Capital HASI
HASI is a short: its GAAP and non-GAAP 'Distributable Earnings' are inflated by three non-cash accounting tricks and roundtripped SunStrong loans, masking a cash-losing, capital-raise-dependent business.
KE Holdings BEKE
BEKE is systemic fraud: platform scraping and field work show new-home GTV inflated ~126%, revenues inflated 77-96%, with ghost stores, clone stores, and a sham acquisition masking the deception.
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.
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.
Lemonade, Inc. LMND
Muddy Waters is short Lemonade after discovering a critical session-fixation flaw that exposed customer PII to Google's index — a negligence that shatters Lemonade's 'trustworthy' digital-native brand.
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.
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.
Joyy Inc. YY
JOYY is a multibillion-dollar fraud: ~90% of YY Live and ~80% of Bigo revenue is fabricated via bots and gift roundtripping, and Baidu's pending $3.6bn acquisition is buying air.
MultiPlan Corp MPLN
MultiPlan is a financially-engineered SPAC corpse losing its biggest customer UHC to UHC's own competitor Naviguard; expect 35% revenue loss and 8x+ leverage by 2022.
Nano-X Imaging Ltd. NNOX
Nanox's $1.3B medical-imaging story is a stock promotion: the ARC device appears to be a prop, distribution partnerships are shams, and a convicted felon engineered the IPO.
eHealth, Inc. EHTH
EHTH books Medicare Advantage revenue today that takes nine to twenty years to collect, masking a cash-incinerating, high-churn business reminiscent of Enron-style accounting.
GSX Techedu GSX
GSX's rebuttals to our fraud report are evasive techno-drivel; meanwhile GSX openly recruits engineers to run cell-phone bot farms, confirming it is a nearly empty box.
GSX Techedu Inc. GSX
GSX Techedu is a near-total fraud: at least 73% — likely 80%+ — of paid K-12 users are bots, and Chairman Chen's $319M pledged stock heightens crash risk.
Burford Capital BUR
Burford's 2019 financials rely on reclassifications and definition changes to mask an -11.8% drop in cash receipts, -35.5% drop in deployments, and $20.6m of unexplained fair-value gains.
eHealth Inc. EHTH
eHealth books three years of Medicare Advantage commissions upfront while true churn has spiked to 47%; corrected, every MA enrollee loses $135-$402 — a cash-incinerating stock promotion.
Burford Capital BUR
Burford's dismal H2 2019 — 85% YoY collapse in realized gains, Petersen sold to its own fund, vanishing cash, and a lost Perry Ellis ruling — validates Muddy Waters' short thesis on aggressive marks and a flawed model.
NMC Health plc NMC
Newly disclosed NMC share pledges corroborate Muddy Waters' hidden-debt thesis: likely Enron-style off-balance-sheet financing or subsidies from undisclosed Shetty-family related parties inflating margins.
NMC Health plc NMC.LN
NMC Health's UAE hospital empire is built on inflated capex, overstated cash, hidden reverse factoring and related-party self-dealing — Muddy Waters is short and sees deep, possibly fraudulent rot.
PeptiDream, Inc. 4587 JP
PeptiDream's 19 pharma 'partnerships' are largely dormant and 13 years of R&D have produced zero Phase 2 drugs — analyst 2027 revenue forecasts will miss by over 60%.
Burford Capital BUR
Burford cherry-picks which investments count as 'concluded' to avoid truing up marks; the 110% vs 19% gap between unconcluded and concluded returns exposes systematic fair-value manipulation.
Burford Capital BUR
Burford's rebuttal on Napo is a dodge: a 2013 Glenmark arbitration MW surfaces proves Napo was a failed investment BUR disguised as a winner.
Burford Capital Ltd. BUR
Muddy Waters hires ex-CIA behavioral analysts Qverity to show Burford management's rebuttal is riddled with evasion, aggression and persuasion — corroborating the original fraud thesis.
Burford Capital BUR
Burford's rebuttal confirms it: aggressive mark-to-model fair-value gains, manipulated ROIC/IRR, and a CEO-CFO marriage make BUR an Enron-style stock promotion the FCA should investigate.
Burford Capital Ltd. BUR LN
Burford is a poor litigation-finance business masquerading as a great one through Enron-like fair value accounting, four-case concentration, and a CEO-wife CFO — and is arguably insolvent.
ANTA Sports Products 2020.HK
ANTA's largest 'third-party' supplier and its 'self-operated' online stores are secretly controlled by an ANTA employee, so reported margins and Fila's numbers cannot be trusted.
ANTA Sports Products 2020.HK
Muddy Waters Part 4 rebuts ANTA's responses — management has lied about owning all Fila stores, the Shanghai Fengxian disposal, and distributor independence, confirming the underlying fraud.
ANTA Sports Products 2020.HK
ANTA's 'self-operated' Fila franchise is a fiction: 46 Beijing Fila stores are owned by an insider proxy, exposing fabricated Fila financials and rendering all ANTA numbers unreliable.
ANTA Sports Products Limited 2020.HK
ANTA used IPO proceeds to grow Shanghai Fengxian, then stripped it to insider proxies via a straw buyer in 2008 — proof of fraudulent intent toward minority shareholders.
ANTA Sports Products Ltd. 2020.HK
ANTA secretly controls at least 27 — and likely over 40 — of its 46 Tier 1 distributors via proxy owners, fraudulently inflating the margins behind its peer-leading financials.
Casino Guichard-Perrachon CO
Rallye's safeguard filing vindicates Muddy Waters' 2015 warning that Casino was being hollowed out to sustain Jean-Charles Naouri's parasitic, debt-laden holding structure.
Casino Guichard-Perrachon CO
Rallye, Finatis, Euris and Foncière Euris entering procédure de sauvegarde vindicates MW's 2015 warnings
Inogen INGN
INGN's growth narrative rests on an inflated $3-4B TAM that Medicare data contradicts; under a realistic 1.3M-user market, peak unit sales arrive this year or next.
Inogen, Inc. INGN
Inogen's growth story rests on a fabricated TAM sourced from a plagiarism-riddled WinterGreen report; real market is shrinking, peak sales arrive 2019-2020, target $46 (-67%).
Manulife Financial Corporation MFC
Muddy Waters is short Manulife because a Saskatchewan verdict due by year-end could force MFC to accept unlimited deposits at a guaranteed 4%+ rate — an unhedgeable bleed its own expert admits could cause insolvency.
TAL Education Group TAL
TAL Education's core Peiyou business is shrinking, not 'healthy' as CFO Rong Luo claims; under every reasonable model TAL's FY2018 Q3-Q4 disclosures fail to reconcile.
TAL Education Group TAL
TAL's own Peiyou Q3 disclosures, common-sized, mathematically imply offline enrollment declined YoY — contradicting the growth narrative and signaling fabricated results.
TAL Education Group TAL
TAL inflated Firstleap's acquired deferred revenue by 90-175%, pumping $21-29M of fake profit through FY2017 via an above-the-line accounting lever obscured by an overlooked small acquisition.
TAL Education Group TAL
TAL is a real business with fake financials: two asset-parking transactions inflated FY2016-FY2018 pre-tax profits by $153M (28.4%) while Deloitte China was starved of audit hours.
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.
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.
China Internet Nationwide Financial Services Inc. CIFS
CIFS is an old-style China reverse-merger fraud dressed up as a Reg A+ IPO; SAIC filings show 5x revenue overstatement, every disclosed borrower is a sham, and the equity is worthless.
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.
Prothena Corp PLC PRTA
Short PRTA: publicly-available NEOD001 data does not show efficacy — organ responses are likely driven by prior PCD chemo, not the drug, and $1.5B peak sales are unrealistic.
Man Wah Holdings 1999.HK
Man Wah's response fails to address Muddy Waters' core fraud allegations: suspicious Macau profit-shifting, export revenue gaps vs. Panjiva data, tax inconsistencies, and undisclosed debt all remain unexplained.
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.
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.
China Huishan Dairy Holdings 6863.HK
Huishan's revenue is fabricated: tax-bureau data, cow-farm photos, and e-commerce scrapes all show the reported top line is dramatically overstated — the stock is a zero.
China Huishan Dairy Holdings 6863 HK
Huishan is a fraud worth close to zero — fabricated alfalfa self-sufficiency inflates margins, RMB 1.6bn of CapEx is fictitious, and Chairman Yang has siphoned farms to a related party.
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.
St. Jude Medical STJ
STJ's rebuttal to Muddy Waters' cybersecurity short report is 80% fluff and 20% substance, with admissions and deception cues that confirm its cardiac devices remain unsafe and need recall.
St. Jude Medical, Inc. STJ
St. Jude's $23B cardiac-device franchise rests on a Merlin ecosystem so insecure that hackers can crash pacemakers from 50 feet — a recall and two-year remediation imply 50%+ downside and likely covenant breach.
Ströer SE & Co. KGaA SAX
Muddy Waters publishes the translated transcript of Ströer's June 2016 AGM, where CEO Udo Müller defends the company against MW's short attack amid sharp shareholder questions.
Stroer SE & Co. KGaA SAX
Stroer's defense fails to rebut Muddy Waters' core allegations of overstated organic growth, misleading cash-flow netting and freeXmedia self-dealing, with a CIA polygrapher flagging Muller's response as deceptive.
Ströer SE & Co. KGaA SAX
Ströer's digital-transformation narrative is hollow: organic growth is 10x overstated, EBITDA and FCF are inflated, and insider self-dealing rivals Chinese fraud cases — short.
Casino Guichard-Perrachon SA CO
Casino's claimed France recovery is fiction: Mercialys property gains inflate EBITDA, suppliers are being stretched, and the CFO's earnings-call language shows deception clusters.
Groupe Casino CO
Casino is a highly-levered, deteriorating French retailer being hollowed out by controlling shareholder Naouri and using property-sale gains to inflate EBITDA; equity worth ~€7 per share.
Groupe Casino Guichard-Perrachon SA CO FP
Casino's financial statements mask 8.9x leverage and inflated EBITDA via related-party Mercialys real-estate sales; shares are worth €6.91 vs €48.97, an 86% decline.
TeliaSonera AB TLSN
Short TeliaSonera: disclosed Uzbekistan bribery is only the tip — ~SEK 17bn of suspect Eurasia/Nepal payments plus a multi-billion DOJ FCPA settlement threaten the dividend and cut stub fair value to SEK 27-29.
Noble Group NOBL
Muddy Waters is short Noble Group: a cash-burning commodities trader that manufactures EBITDA via sham affiliate transactions like the PT ALH $46M negative-goodwill scheme to keep credit flowing.
Bolloré SA BOL FP
Bolloré's Breton-Pulleys circular ownership masks that public float is 42.8% not 24.3%; at €4.37 shares trade at 41% of €10.63 NAV — 95% upside to €8.50.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
American Tower Corporation AMT
AMT's $4.8bn purchase of Global Tower Partners at ~19x 2014 EBITDA looks engineered to mask decelerating US organic growth and preserve 20% dividend-growth optics; maintain Strong Sell.
Olam International OLAM
Ten months after our initial short, Olam's FY13 results confirm the thesis: 1.8% ROA, S$800m cash burn, ossified board, no acknowledgement of the over-leverage problem.
American Tower Corporation AMT
AMT's $811M purchase of 4,456 NIHD towers at 21x EBITDA is a de facto loan to a near-bankrupt counterparty, masking weak growth and compounding accounting red flags from the prior Site Sharing deal.
American Tower AMT
AMT's international growth is a de facto lending / FX carry trade masking deteriorating economics, and ~$250M appears to have vanished from its Site Sharing acquisition.
American Tower Corp AMT
AMT is a Strong Sell at $44.57 (40% downside): a $250M Brazil accounting discrepancy hints at fraud, international growth is a disguised lending/carry trade, and Wi-Fi will erode tower economics.
Olam International Ltd. OLAM
Olam's Q2 2013 results confirm Muddy Waters' Strong Sell thesis: debt is spiraling (9.5x EBITDA), cash is burning, and management's acquisitions and Gabon project reveal haphazard planning.
Focus Media Holding Ltd. FMCN
New BVI registry evidence proves FMCN lied about its mobile-phone VIE acquisitions, reinforcing the long-running fraud thesis just as Carlyle's LBO consortium prepares to overpay.
Olam International OLAM
Olam's surprise $750m Temasek-backed debt raise — at an effective cost over 10% — validates Muddy Waters' thesis that the company is days from collapse; Strong Sell maintained.
Olam International OLAM
Olam's 45-page rebuttal ducks Muddy Waters' real points; we'll pay S&P to rate Olam's debt and prove the market underprices its accounting and acquisition risk.
Olam International Ltd. SGX:O32
Olam is an Enron-style agri trader whose aggressive non-cash accounting, off-the-rails CapEx binge, and 9.3x leverage mask a failing trading business — equity likely worthless, bonds 14-33¢.
New Oriental Education & Technology Group EDU
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.
Focus Media Holding FMCN
FMCN's 'independent' verification of its 185,174 LCD network counted 30,500 cardboard posters as LCDs, confirming Muddy Waters' fraud thesis and impugning all reported financials.
Focus Media Holding FMCN
FMCN's bizarre acquisition of a tiny border-town ginseng plantation from its own employee is fresh evidence the 'Olympus of China' is using fake M&A to launder fake cash off its books.
Focus Media Holding FMCN
FMCN's promise to have 'reputable' Chinese firms verify its LCD network is worthless — CTR, the firm most likely to be hired, previously rubber-stamped CCME's fabricated bus network.
Focus Media Holding FMCN
FMCN's rebuttal concedes Muddy Waters' core claims — inflated LCD network, 1,758% theater market share, phantom VIE acquisitions, and brazen insider self-dealing make the shares un-investable.
Focus Media Holding Ltd. FMCN
Focus Media is the Olympus of China: it inflates its LCD screen count by 50%, systematically overpays for acquisitions it writes off, and enriches insiders at shareholders' expense.
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.
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.
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.
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.
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.
China MediaExpress Holdings CCME
CCME is a fraud: a recorded salesperson admits doubling the bus count for SEC filings, and Chairman Cheng's rebuttal cited fabricated license plates — fair value $3.54 vs $12.27.
China MediaExpress Holdings CCME
CCME is a pump-and-dump: reported revenue is overstated ~5x, its bus network is half the claimed size, and management is cashing out — fair value $5.28 vs $16.61.
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.
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.
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.
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.
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.
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.
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.