Doing the Work
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 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

Asanko: Puppies and Rainbows (AKG:CN)

In this slide deck, Muddy Waters presents six questions for management. These questions relate to insufficient disclosures on share ownership, stockpiles, depletion and technical information. Included are three pictures of the Nkran pit from May 28, 2017, so investors can make their own judgement… more

Muddy Waters is Short Asanko Gold Inc. (AKG:CN)

We are short AKG because we believe it is highly likely to end up a Zero. On the back of flawed geology, AKG made investments in Nkran, its satellite pits, and Esaase that we believe will never be recovered. Nkran is already experiencing a serious collapse of its west wall that we believe is… more

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