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Wall Street Won’t

Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements.

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Latest Reports

MW is Short TAL Education Group (NYSE: TAL US)

TAL Education: A Real Business With Fake Financials - Part I Muddy Waters is short TAL Education Group. Investors might recall the dark days of 2010 and 2011, during which numerous U.S.-listed China companies went down as frauds. According to the recent documentary, the China Hustle, there were app… more

MW is Short IQE (AIM: IQE LN)

Muddy Waters Capital LLC (“Muddy Waters”) is an investment advisor to private funds. Muddy Waters has analyzed the U.K.-listed company IQE plc (“IQE”) and is hereby publishing the outcome and the conclusions of our analysis, which is based on publicly available information. Funds Muddy Waters manage… more

OSI Systems: Lost Credibility

OSIS’s response to our December 6, 2017 report in no way changes our opinion that OSIS is rotten to the core. We see the Albania issue as important for three reasons – first, it’s illustrative of our view of the rot; second, it begs the question of how viable the turnkey model is without corruption,… more

MW is Short OSI Systems (NASDAQ: OSIS)

We are short OSI Systems, Inc. (OSIS.US) because we think it is rotten to the core. We believe it obtained a major turnkey contract in Albania through corruption. It is likely that OSIS’s accounts are misstated as a result. We believe the pricing of its Mexico turnkey contract does not stand up to s… more

MW is Short Prothena Corp PLC (PRTA:US)

Questioning Whether NEOD001 is Efficacious We are short PRTA. The publicly-available data, in our opinion, does not show that NEOD001 is efficacious. Our impression appears to run contrary to that of the sell-side. We believe that perceived positive responses to the drug are quite possibly – if n… more

MW Response to Man Wah (1999:HK)

Muddy Waters, LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response. MWH’s response accurately quotes the presentation slides, although i… more

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