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.

KE Holdings Inc.

MW is Short KE Holdings Inc. (BEKE US)

We are short BEKE because we conclude the Company is engaged in systemic fraud, by our estimate, inflating its new home sales GTV by over ~126% and its commission revenues by approximately ~77–96%. We found massive discrepancies between the transaction volumes, store count and agent count reported… more

Danimer Scientific, Inc.

MW is Short Danimer Scientific, Inc. (DNMR US)

Muddy Waters is short DNMR. We conclude that DNMR has significantly misrepresented the state of its customer relationships, product development, readiness to scale, and TAM for PHAs. Both the money that DNMR spent buying Novomer and the cash it intends to spend on capacity expansion strike us as H… more

Solutions 30 SE

Solutions 30: Locked Doors (S30 FP)

We have been short S30 since May 2019, and it has been a long and strange journey. We analogize the present situation to this: Imagine if you thought your partner is cheating on you with another. You arrive at your house at a moment you believe the cheating is taking place, and see your partner’s… more

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