Terms of Service

By downloading from, or viewing material on, this website you agree to the terms of this disclaimer.

You agree that use of Muddy Waters LLC’s research is at your own risk. In no event should Muddy Waters LLC or any affiliated party be liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence before making any investment decision with respect to securities covered herein.

You should assume that as of the publication date of any report on this site, Muddy Waters, LLC (possibly along with or through our members, employees, and / or consultants) along with our clients has an investment position in the stock (and / or options of the stock) covered therein, and therefore stands to realize significant gains in the event that the price of the stock increases or declines, as the case may be. Following publication of any report, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation.

The materials on the site are not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.

Muddy Waters, LLC has obtained all information contained herein and in reports from sources we believe to be accurate and reliable. However, such information is presented “as is,” without warranty of any kind – whether express or implied. Muddy Waters, LLC makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Muddy Waters, LLC does not undertake to update or supplement this report or any of the information contained herein.