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