carson block, muddy waters
This is the call that made Carson Block and Muddy Waters a household name to most Western investors. Now, Muddy Waters' Carson Block is digging into UAE-based healthcare operator NMC Health, with his first damning report wiping nearly $2 billion off its market value. Par Beatrice Parrino Publié le 20/12/2018 à 09h00 Before Muddy Waters’ research report uncovered this massive fraud, Chinese companies were still relatively attractive prospects for global investors seeking growth at a time when most Western markets were still struggling to shake off the effects of the Great Financial Crisis (GFC). The shares, which had gained 280% in the year leading up to the report, promptly loss 50% of their value in the wake of the report. Carson Block, the founder of Muddy Waters Capital, likes to talk about what a screwed up year 2020 was — on many levels. Carson Block, the founder of Muddy Waters. Muddy Waters went on to describe exactly what they meant in their press release summarizing the report: Ströer’s governance reminds us of some of the companies we researched in China. But Block, 34, seems to have hit his stride with Muddy Waters Research, an online service he launched in June 2010 to expose what he describes as misstatements and fraud at … Muddy Waters conducts extensive due diligence based investment research on companies around the globe. Calling the company a “near total fraud,” the main basis of the short thesis is that GSX is allegedly faking up to 80% of its customers through the use of bots. Further accusations include that GSX is understating its expenses and corporate governance issues from its Chairman. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some managements create. Investors may have been more willing to quickly jump ship from the company as it was so closely associated with Neil Woodford, who was in the middle of his fall from grace as a star fund manager. Wall Street seemed to expect a positive outcome for Prothena’s drug results and as a result, the company’s shares traded as high as $67 per share in the weeks leading up to Muddy Waters report casting doubt on its main drug. NQ is a massive fraud. Show full articles without "Continue Reading" button for {0} hours. Muddy Waters turned its attention to biotech stock Prothena (ticker: PRTA), a company developing a seemingly promising drug for a condition known as AL amyloidosis, which had no available cure. The legacy of this fraud established Muddy Waters’ reputation as a top short-selling firm and also shattered the illusion of many investors who had hoped Chinese small-cap companies would be the “next big thing.” Investors and regulators became more aware of a major problem regarding RTO fraud, where Chinese companies would use Western corporate shells in an attempt to obscure their true operations from auditors and the investing public. However, unlike many other of Muddy Waters’ targets, Ströer was able to shake off the negative report and the shares rebounded beginning in 2017. The company never recovered, despite their own investigations clearing themselves of any wrongdoing and threats to sue Carson Block. You are leaving the Muddy Waters Capital (muddywaterscapital.com) website and going to the Muddy Waters Research website (muddywatersresearch.com). The stock had lost 80% of its value by 2016 and an unsuccessful rebrand to Link Motion Inc, which aimed to focus on smart driving technology never took off. What Block agrees with is the growing sense that financial markets are overvalued and predominantly small investors will be hurt when the bubble finally bursts. Carson Block said his Muddy Waters Capital “massively reduced” its short positions in recent days, mostly avoiding the buying frenzy that has burned at least two other hedge funds. We estimate that its China paying user base is less than 250,000, versus the six million NQ claims. Pourquoi l'action Solutions 30 a dévissé de plus de 50 % depuis le 9 décembre ? Muddy Waters Capital Founder & CIO Carson Block joined Yahoo Finance's Jen Rogers, Myles Udland, and Dan Roberts to discuss his latest short call on GSX Techedu. Muddy Waters founder expects a number of new scandals Luckin Coffee, Hin Leong allegations have spooked investors Carson Block Photographer: Victor J. Blue/Bloomberg Entre le mercredi 9 … Prothena, while still trading today, is a shell of its former self, with its shares trading at a fraction of previous highs in 2017. Carson Block, director of research and founding partner of Muddy Waters Research LLC, speaks during an interview in New York, in this October 16, 2014 file photo. Muddy Waters alleged that Sino-Forest’s convoluted corporate structure allowed it to obscure its operations from auditors, while at the same time massively overstating the size of its assets, in one case overstating the value of its timber investments in Yunan Province by $900 million. More recently, he started releasing videos on zer0es.tv. Publié le 14 décembre 2020 par Magazine En-Contact Email Facebook LinkedIn Twitter Whatsapp. “It’s almost funny if it weren’t for the fact that I now have all these people trying to troll me.”. The stock then began a summer surge in early June, peaking at more than $131 per share in August. Together they go back over the past year of short-selling and do an around the horn take on all of the biggest stories. “At the end of the day, it’s a fake company,” he said in the June 2020 interview. The bearish report accused Burford of grossly misrepresenting its return on capital, questioned its accounting and even took issue with the firm’s CFO being married to the CEO. He has hit some notable home runs, including most recently with his exposure of fraudulent accounting practices at Luckin Coffee, once thought to be the “Starbucks of China.” He remains best know for the 2011 call that brought his name and that of his activist investment firm Muddy Waters Research to major prominence: Sino-Forest, a fraudulent Canadian-listed Chinese company that claimed to be the largest forest plantation owner in China.if(typeof __ez_fad_position != 'undefined'){__ez_fad_position('div-gpt-ad-brostocks_com-medrectangle-4-0')}; Carson Block is an American researcher who focuses primarily on Chinese companies due to his vast previous experience as an entrepreneur in China. Did they cross the line? Block justified his focus on the company by stating that the executive team at Ströer “had engaged in more highly questionable self-dealing than we’ve ever seen outside of a Chinese company.”. Burford’s executives have remained defiant however, denying the allegations leveled at it and even seeking a US IPO later in 2020. Carson Block's Muddy Waters Research announced Wednesday it has taken a short position in eHealth Inc., a digital health insurance marketplace company. Because of the way the transaction was structured, it is impossible to say how much profit the insiders made; however, we believe approximately EUR 22.5 million on a EUR 2 million cash investment made just six months earlier is a reasonable estimate. 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, … For more information on the ongoing Luckin Coffee situation, visit our article on the topic. Unlike a long/short equity fund manager like Steve Eisman, Carson Block is entirely focused on bogus companies that make for short targets. Muddy Waters downloaded GSX class data to make the analysis and further corroborated their conclusions with a former manager that worked at the company. All information on this site and in the following post should not be construed as investment advice or a specific recommendation. We’ll keep this article updated to provide the latest calls here.if(typeof __ez_fad_position != 'undefined'){__ez_fad_position('div-gpt-ad-brostocks_com-banner-1-0')}; This is the call that made Carson Block and Muddy Waters a household name to most Western investors. But what others short calls did Block make to get to this point? Carson Block, Founder and Chief Investment Officer of Muddy Waters Capital, is among a group of investors blasting the Chinese for repeated bad … if(typeof __ez_fad_position != 'undefined'){__ez_fad_position('div-gpt-ad-brostocks_com-leader-2-0')}; Not long after the firm’s massive success with their Sino-Forest call, Muddy Waters initiated coverage on NQ Mobile as a “strong sell,” which understates just how negative Block & Co. was on the stock. Carson Block addressed the strong stock performance of GSX over the summer with multiple media outlets including Bloomberg TV. Looking at the stock performance of Ströer (ticker: ETR:SAX), we can see that the Muddy Waters report did have a significant impact on the share price when it was released in April 2016. On March 30, 2012, the company declared bankruptcy, well under a year after the original Muddy Waters report was published.if(typeof __ez_fad_position != 'undefined'){__ez_fad_position('div-gpt-ad-brostocks_com-leader-1-0')}; The accusations of fraud made in the report were ultimately confirmed by the Ontario Securities Commission (OSC) which found that Sino-Forest and four of its executives, including its CEO, Allen Chan, were active participants in a long-term fraud. Do your own research and/or consult a financial professional before investing your money.if(typeof __ez_fad_position != 'undefined'){__ez_fad_position('div-gpt-ad-brostocks_com-medrectangle-3-0')}; Carson Block is currently one of the most notable short sellers and activist investors in the eyes of the investment public. The report itself used slightly less strong language in terms of accusing the company of outright fraud than in previous cases such as with Sino-Forest and NQ Mobile. Dans une interview à Challenges, Carson Block, le fondateur du fonds activiste Muddy Waters, accuse Jean-Charles Naouri, patron de Casino, de le faire espionner depuis un an. The potential for a proven therapy would be a major success for the company and one that its entire enterprise value was tied up in. Also on Wednesday, Mr. Block addressed the collapse of hedge-fund-like family office Archegos Capital Management. The stock traded at around $32 per share when the call was made and briefly dipped below $30 in the wake of Muddy Waters publishing their analysis. It’s possible that some investors were less willing to fully accept an analysis of a non-Chinese company by Muddy Waters. Microsoft and partners may be compensated if you purchase something through recommended links in this article. The report, published on June 2nd, 2011, noted that Sino-Forest had been engaged in fraud since its establishment of its reverse takeover (RTO) that allowed it to list on the Canadian market.
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