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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

ANTA Part IV: “Liars Lie” (2020.HK)

We resume our campaign to expose ANTA’s fraud, and have several more pieces planned that will expose other inconsistencies and lies.  In this piece though, we first take stock of the lies in ANTA’s responses to our pieces last week.  Muddy Waters has been exposing frauds for nine years, and never on… more

ANTA Part III: FilaBuster (2020.HK)

Fila. Su Weiqing (苏伟卿). By the time Chairman Ding has gotten this far in this report, he will undoubtedly be quite agitated. By the end of this report, investors maintaining faith in ANTA should be too. In Part 1 of our reports on ANTA (July 8, 2019), we discussed Su Weiqing at length. We show… more

ANTA Part II: “Mens Rea” (2020.HK)

“Mens rea” is Latin for “guilty mind”, and is a foundational legal concept in many jurisdictions. Simply put, it’s the intention to commit a crime. Often, when a PRC-based company is accused of fraud, management and their supporters try to brush the accused conduct aside as innocently following loca… more

ANTA Part I: Turds in the Punchbowl (2020.HK)

We thought long and hard about the title of this report, which is the first in a series evidencing endemic fraud at ANTA.  We kept coming back to “Turds in the Punchbowl.”  ANTA is a real business, and in terms of operations and marketing, there’s much to be admired.  Presumably, this is why accompl… 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

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