Muddy Waters Research | Due diligence-based equity research on Chinese companies

Block on CNBC’s Squawk Box Discussing Latest Short, eHealth Inc.

Block on CNBC’s Squawk Box discussing MW's latest short, eHealth Inc. Watch the full interview here… more

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.

Lemonade, Inc.

Open Letter to Lemonade: Egregious Security Vulnerability (LMND US)

In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information.… more

XL Fleet Corp.

XL Fleet: Not Denying Much, Still SPAC Trash (XL US)

On March 8, 2021, XL issued a multi-page response to our March 3rd report.1 The response did not deny key claims of company misrepresentations. On the next page is a summary table of the key claims that we made in our initial report, and whether in our view XL specifically denied them in its respons… more

XL Fleet Corp.

MW is Short XL Fleet Corp. (XL US)

Muddy Waters is short XL Fleet Corp. (NYSE: XL) because it strikes us as middle of the fairway SPAC garbage. We conclude that the real green technology at XL is duping investors into throwing money at this company through a collection of exaggerations, half-truths, and mistruths. XL’s previous equit… more

Joyy Inc.

MW is Short Joyy Inc. (YY US)

While trawling the sewers of the world’s capital markets over the past 10 years, irony has never been in short supply. And yet, nothing could prepare us for the surreality of Baidu announcing its intention to buy YY Live from JOYY, which happened just as we were preparing to reveal that our year-lon… more

MultiPlan Corp.

MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab (MPLN US)

In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is boun… more

Nano-X Imaging Ltd.

MW is Short Nano-X Imaging Ltd. (NNOX US)

We are short NNOX because we think it is a much bigger piece of garbage than Nikola will ever be. There are important similarities, though. Nikola rolled a truck down the hill to try to prove it’s real. NNOX almost certainly used somebody else’s chest images to try to make its ARC machine look re… more

eHealth Inc.

EHTH: Booking Revenues Today that it Will Collect in 2029 (EHTH US)

We estimate that – prior to any tail revenue adjustment – it takes EHTH nine years to fully collect each dollar of Medicare Advantage revenue it books. With tail revenue adjustments, EHTH’s collection period seemingly extends to 20 years. EHTH’s future cash flows are therefore highly speculative.… more

GSX Techedu Inc.

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