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
Our third report on CPI PG covered CPI PG’s 2019 acquisition of Vitek’s luxury vacation villa in St. Tropez, known as Villa Mas du Figuier. Vitek's original purchase and subsequent sale to CPI PG give rise to concerns about potential money laundering. In this Part IV, we examine other luxury reside… more
In an open letter to Mr. David Greenbaum, Muddy Waters submits the following questions with regards to CPIPG’s 2023 annual results.… more
Because Fairfax noted that we had not previously asked questions of its management on its calls, we hereby submit a list of questions and requests for disclosures to the benefit of all investors (including Muddy Waters, which remains short).… 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