Muddy Waters Research
Muddy Waters Research is one of the world’s most prominent—and often controversial—short-selling firms, renowned for uncovering corporate fraud, financial mismanagement, and misleading business practices.
Founded by short-selling expert Carson Block, the firm has built its reputation on high-impact activist investment campaigns that expose hidden risks in global capital markets.
Its work has resulted in multiple financial restatements, four delistings, one multi-year stock suspension by securities regulators, and over $150 million in restitution and penalties, protecting both investors and the integrity of financial markets.
NOTABLE CASES
Sino-Forest (2011): Muddy Waters rose to international prominence after exposing Sino-Forest Corp. as a massive fraud, sending shockwaves through global markets.
Luckin Coffee: The firm revealed fabricated sales data at Luckin Coffee, a scandal that led to the company’s Nasdaq delisting and a dramatic collapse in its stock price.
NMC Health: Muddy Waters uncovered inflated financial statements and overstated cash balances at NMC Health, forcing the company to acknowledge severe financial irregularities.
REPORTS
Business Fraud Reports: Investigate companies that grossly overstate revenues to mislead investors.
Accounting Fraud Reports: Focus on real businesses that manipulate accounting practices to artificially boost profits.
Fundamental Problem Reports: Analyze opaque companies with hidden structural weaknesses not yet recognized by the market.