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

MW is Short Danimer Scientific, Inc. (DNMR US)

Muddy Waters is short DNMR.  We conclude that DNMR has significantly misrepresented the state of its customer relationships, product development, readiness to scale, and TAM for PHAs.  Both the money that DNMR spent buying Novomer and the cash it intends to spend on capacity expansion strike us as H… more

Solutions 30: Locked Doors (S30 FP)

We have been short S30 since May 2019, and it has been a long and strange journey.  We analogize the present situation to this: Imagine if you thought your partner is cheating on you with another.  You arrive at your house at a moment you believe the cheating is taking place, and see your partner’s… more

XL Fleet: Not Denying Much, Still SPAC Trash (XL US)

On March 8, 2021, XL issued a multi-page response to our March 3rd report.1 The response did not deny key claims of company misrepresentations. On the next page is a summary table of the key claims that we made in our initial report, and whether in our view XL specifically denied them in its respons… more

MW is Short XL Fleet Corp. (XL US)

Muddy Waters is short XL Fleet Corp. (NYSE: XL) because it strikes us as middle of the fairway SPAC garbage. We conclude that the real green technology at XL is duping investors into throwing money at this company through a collection of exaggerations, half-truths, and mistruths. XL’s previous equit… more

MW is Short Joyy Inc. (YY US)

While trawling the sewers of the world’s capital markets over the past 10 years, irony has never been in short supply. And yet, nothing could prepare us for the surreality of Baidu announcing its intention to buy YY Live from JOYY, which happened just as we were preparing to reveal that our year-lon… more

MW is Short Nano-X Imaging Ltd. (NNOX US)

We are short NNOX because we think it is a much bigger piece of garbage than Nikola will ever be.  There are important similarities, though.  Nikola rolled a truck down the hill to try to prove it’s real.  NNOX almost certainly used somebody else’s chest images to try to make its ARC machine look re… more

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