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
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
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
In this brief presentation we explain why we think Peiyou offline enrollments are declining.… more
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
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
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
OSIS’s response to our December 6, 2017 report in no way changes our opinion that OSIS is rotten to the core. We see the Albania issue as important for three reasons – first, it’s illustrative of our view of the rot; second, it begs the question of how viable the turnkey model is without corruption,… more
We conclude that China Internet Financial Services Inc. (NASDAQ:CIFS) is a King Zero – just another worthless China fraud. We believe zero to almost none of CIFS’s purported business is real. PRC financials show that CIFS overstated its 2016 revenue by 5x. Every one of the purported borrowe… more
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
Carson Block on Bloomberg Markets with Erik Schatzker discussing MW’s latest short, TAL Education Group. Watch the interview here.… more
Carson Block on Bloomberg Markets with Erik Schatzker discussing MW’s latest short, China Internet Financial Services. Watch the interview here.… more
Carson Block discussing MW’s latest short, OSI Systems, with Erik Schatzker on Bloomberg Markets. Watch the interview here.… more