Block on CNBC Squawk Box Discussing New Kind of Activism – Morality Shorts
Block on CNBC Squawk Box discussing a new kind of activism - morality shorts. Watch the full interview here.… more
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Latest Reports
Credibility in the Balance: Six Key Questions for INGN Management (INGN US)
On February 8th, Muddy Waters released a report in which we stated that INGN has created an egregiously false narrative about its growth prospects, particularly with respect to the size of the U.S. total addressable market (“TAM”) for oxygen therapy. INGN was in the quiet period, and thus did not r… more
MW is Short Inogen, Inc. (INGN US)
Muddy Waters is short Inogen, Inc. (INGN) because we believe management has created an egregiously false narrative about the Total Addressable Market (“TAM”) size and growth. We estimate the U.S. market is 1.3 million users. The data shows us that the market is actually shrinking. We believe that… more
MW is Short Manulife Financial Corp. (NYSE: MFC US)
Muddy Waters is short Manulife Financial Corp. (“MFC”). MFC’s life insurance subsidiary, The Manufacturers Life Insurance Company (“Manulife”), just concluded a trial that could significantly damage its earnings, capital, creditworthiness, business, and solvency – per its own expert’s sworn affidav… more
TAL Education: A Real Business With Fake Financials Part IV (NYSE: TAL US)
In addition to reporting fraudulent profits, TAL has been misleading investors about the health of its core Peiyou business. TAL’s core Peiyou business appears to be in decline. We believe that Peiyou offline Q3 revenue YoY growth was likely negative, despite TAL CFO Rong Luo stating the growth ra… more
TAL Education: A Real Business With Fake Financials Part III (NYSE: TAL US)
In this brief presentation we explain why we think Peiyou offline enrollments are declining.… more
TAL Education: A Real Business With Fake Financials Part II (NYSE: TAL US)
We began our series discussing two transactions where not only is the evidence of fraud is, in our view, clear and convincing; but, the impacts can be quantified. From the outside, fraud is usually difficult to quantify – even analysts who specialize in detecting fraud usually struggle to estimate… more
MW is Short TAL Education Group (NYSE: TAL US)
TAL Education: A Real Business With Fake Financials - Part I Muddy Waters is short TAL Education Group. Investors might recall the dark days of 2010 and 2011, during which numerous U.S.-listed China companies went down as frauds. According to the recent documentary, the China Hustle, there were app… more
MW is Short IQE (AIM: IQE LN)
Muddy Waters Capital LLC (“Muddy Waters”) is an investment advisor to private funds. Muddy Waters has analyzed the U.K.-listed company IQE plc (“IQE”) and is hereby publishing the outcome and the conclusions of our analysis, which is based on publicly available information. Funds Muddy Waters manage… more
Latest News
Block on CNBC Squawk Box Discussing New Kind of Activism – Morality Shorts
Block on CNBC Squawk Box discussing a new kind of activism - morality shorts. Watch the full interview here.… more
Block on Yahoo Finance Discussing Morality Shorts
Block on Yahoo Finance Video discussing morality shorts. Watch the full interview here.… more
Block Presenting at Kase Learning Conference in New York (December 3, 2018)
Carson Block presenting at the Kase Learning Conference in New York on December 3, 2018. Watch the full presentation here.… more
Block on Bloomberg Markets Discussing Latest Short, Manulife Financial Corp.
Carson Block on Bloomberg Markets with Erik Schatzker discussing MW’s latest short, Manulife Financial Corp., Canadian pot stocks and the Chinese government’s hardware hack of U.S. technology companies. Watch the full interview here.… more