e.l.f. Beauty, Inc.

ELF Beauty's premium valuation relies on viral Gen-Z marketing led by Movers+Shakers, an agency whose founders have NXIVM-cult ties — reputational backlash points to 45%-65% downside.

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