Muddy Waters is short APP. Web traffic analysis leads us to estimate that ~52% of APPs e-commerce conversions are retargeting and incrementality is only ~25%-35%. Code evidences that APP is collecting and structuring user IDs from its key platform partners, which appears to be a major violation of… more
In apparent violation of U.S. sanctions, an Iranian entity seems to have acquired FTAI product. Muddy Waters presents the case in a series of slides that include evidence published on LinkedIn in January and February 2025 by an Iranian airline executive of Sorena Turbine, an aircraft MRO based in Ir… more
Muddy Waters is short FTAI Aviation Ltd. (FTAI US) because its financial reporting is highly misleading. We believe revenue from true maintenance and individual off-the-rack module sales are materially lower than reported. FTAI, in our view, is misleading investors by reporting one-time engine sales… more
Muddy Waters is short e.l.f. Beauty, Inc. (ELF) because we believe it has materially overstated revenue over the past three quarters – possibly by ~$135 million to ~$190 million. We believe that in Q2 FY24, ELF management realized its growth narrative was in trouble as its inventory built. It appear… more
When we exposed NMC Health PLC in 2019 as a potential fraud, one of the indicia on which we focused was NMC’s materially lower than expected interest income on its reported cash balances. Eurofins generates similar concerns, as its reported 2023 average “Excess Cash” amount earned only about half th… more
Optimized for Efficiency? Or for Something Else? Eurofins has at least 18 auditors across its structure, including at least 13 just in Europe. Accounting Chaos - We estimate Eurofins' entities annually generate ~325,000 Related Party Pooling Receivables and ~325,000 Related Party Pooling Payables.… more
Muddy Waters is short Eurofins Scientific SE (ERF.FP) because the confusion and contradictions inherent in its financials and operations cause us to believe that it is optimized for malfeasance, rather than for conventional business. At best, Eurofins has a parasitic controlling shareholder who has… more
Vitek's gonna Vitek. In the closing minutes of 2023, CPI PG announced a new acquisition from Radovan Vitek. CPI PG exchanged €273 million of Vitek’s personal debt for a portfolio of 20 luxury properties in Dubai held in his newly formed company, Rising Falcon Holdings. CPI PG reported that the port… more
Block on CNBC’s Squawk Box discussing MW's latest short, eHealth Inc. Watch the full interview here… more
Block on Bloomberg discussing MW's latest short, Burford Capital. Watch the full interview here… more
Block on CNBC Squawk Box discussing a new kind of activism - morality shorts. Watch the full interview here.… more
Block on Yahoo Finance Video discussing morality shorts. Watch the full interview here.… more