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 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

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

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

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