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

GSX: Small Classes, Big Lies (GSX US)

On May 18th, we published our research on GSX in which we concluded that at least 70% of GSX’s purported users are fraudulent, and quite likely the real percentage of fake users is over 80%. We detailed three behaviors we were highly confident evidenced widespread bot usage: “Precise Joiners”, “GSX… more

MW is Short GSX Techedu Inc. (GSX US)

We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is n… more

MW is Short eHealth Inc. (EHTH US)

EHTH’s highly aggressive accounting masks what we believe is a significantly unprofitable business.  Based on variable costs alone, we estimate that EHTH will lose approximately -$135 from each MA member it enrolled in 2019.  If also including fixed costs, our per MA member loss estimate becomes -$4… more

MW is Short NMC Health plc (NMC.LN)

We are short NMC Health plc.  We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels.  At the worst of times, the company has invested in large assets at costs that we find too high to be plausible – inclu… more

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