Sunrun Inc.
2 activist/short documents on this target.
Timeline
2022-07-28
Muddy Waters · research note
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.
N4 V2
2023-10-25
Muddy Waters · full deck
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.
N4 V2