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Newly assembled evidence drawn entirely from Southern California Edison’s own regulatory filings indicates the utility consciously disregarded public safety when it failed to consider de-energizing the four 220-kilovolt Transmission Circuits running through Eaton Canyon on the evening of January 7,… more

We conclude that ENSG engages in a systematic scheme at an estimated ~20 of Skilled Nursing Facilities (SNFs) to rent the licenses of Administrators who are not generally present at, nor actually managing, the facilities. Ensign enters into consulting agreements with these nominal Administrators tha… more

We are short Sportradar Group AG. At the ICE 2026 gaming conference in Barcelona, our investigators posed as operators of a startup sportsbook. We told SRAD's sales team — repeatedly and explicitly — that our target markets were Vietnam, Thailand, Indonesia, and China. Every one of these countries… more

Muddy Waters is short SOFI. SOFI's management appears to have booked a $312 million loan from JPMorgan as if it were a sale—inflating reported profits and their own bonuses while shareholders bear ~15% annual dilution. In our first report, we highlighted unrecorded borrowings of $312 million. SOFI h… more

Muddy Waters is short SOFI. On March 17, we published a 28-page report concluding that SOFI’s 2025 Adjusted EBITDA is inflated by approximately 90%. SOFI’s response was a press release that did not address a single factual claim. CEO Noto purchased $500,000 of stock—roughly 0.86% of the $58.3 millio… more

SOFI is a financial engineering treadmill, not a healthily growing origination business. SOFI shareholders are incessantly diluted so management can hit bonus targets through GE Capital-style loan marks and Enron-esque off-balance-sheet structures that disguise borrowings as revenue. SOFI also ap… more

Muddy Waters is short AppLovin (APP). APP’s CEO and CTO responded to our initial report (dated Match 27, 2025) with demonstrably false statements. In contrast to its CEO and CTO’s claims, APP continues to use persistent identifiers that violate users’ privacy and partner platforms’ terms of service.… more

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