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.

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Latest Reports

Vivion: You Don’t Mess With The Dayan

Muddy Waters remains short bonds of Vivion Investments S.à r.l. Vivion’s December 22, 2022 response to our report contained numerous inaccuracies and misleading statements. Research we have conducted subsequent to Vivion’s response yields new evidence that Vivion systematically inflated the values o… more

DLO: Why Won’t dLocal Put Anything in Writing? (DLO US)

We are more convinced than before that DLO used client funds to pay a special dividend to its pre-IPO shareholders.  Rather than provide a detailed written explanation of the various issues we believe are byproducts of fraud and misusing client funds, DLO is holding a series of calls with brokers an… more

Muddy Waters is Short DLocal Ltd. (DLO US)

Muddy Waters is short DLocal Ltd. (NASDAQ: DLO).  DLO, a fast-growing payments company based in Uruguay, spun out of a high-risk processing business, has reported stellar growth and profitability that makes it an outlier.  While we have found no pictures of its CEO wearing black turtlenecks, our res… more

The Shade of Sunrun (RUN US)

Sunrun (RUN) continues the grand tradition of consultant-advised responses that largely avoid substance, yet span several pages.  We herein focus the discussion on what was unsaid, and the little that was said.… more

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