track record
Accountability Ledger
A record of identifying fraud and terminal business models second to none among any published source. Below: publication dates set against the drawdowns, resignations, investigations and delistings that followed.
- 2026-08-04 / Gotham City Research
Gotham City Research alleges Sumitomo Pharma's parent-company financial statements contain an unexplained ¥116 billion irregularity tied to a dividend from its Swiss subsidiary — variously reported as ¥48bn, ¥56bn, and ¥164bn — with the largest figure booked as a non-cash distribution-in-kind of accounts receivable. GCR ties this to a highly anomalous 76% YoY surge in Pharma's receivables (versus 14% revenue growth) and estimates true earnings at both Chemical and Pharma are 50-100% lower than reported, with Chemical's real leverage closer to 6x-10x versus a reported 3.5x. GCR calls both stocks uninvestable and sees 50-100% downside.
- 2026-08-03 / Gotham City Research
Gotham City Research published Part I of its investigation into Sumitomo Chemical (4005) and Sumitomo Pharmaceutical (4506), titled 'The 116 Billion Swiss Shuffle.' The report alleges that Sumi Pharma's FY2025 financial statements are misstated by 116-165 billion JPY and will be restated, with an investigation to follow. Sumitomo Pharma FY2025 earnings account for 92% of Sumitomo Chemical FY2025 earnings, and both companies' earnings are inflated by non-recurring sources. Pharma's receivables grew 76% YoY while revenue grew only 14%, suggesting channel stuffing, aggressive revenue recognition, or fictitious revenue. The centerpiece of the report is a discrepancy between a 48 billion JPY dividend announced from Switzerland subsidiary SMPS to Pharma (weeks before a 116.4 billion JPY public offering) and the 164 billion JPY dividend actually paid per the parent company's financial statements — an unexplained 116 billion JPY gap. The 164 billion dividend was a distribution in-kind (accounts receivables), does not appear on the income statement, and implies the parent company is loss making. Without the manipulated receivables, Chemical's leverage is ~10x rather than the reported ~3x. Gotham City concludes shares of both Chemical and Pharma are uninvestable and face 50%-100% downside risk.
No Material Outcome - 2026-07-29 / Spruce Point Capital
Spruce Point Capital is short China Gold International Resources Corp Ltd. (TSX: CGG / HK: 2099), a Vancouver-based company with two mines in the Tibet and Inner Mongolia autonomous regions of China. The forensic review raises serious concerns about management, Board governance, related party dealings with largest shareholder China National Gold (CNG) — which represented 99.5% of total revenue in 2025 — a web of auditors and financial/geologic advisors, and ESTMA reporting delinquency. Two former CEOs/Chairmen have been reprimanded (one serving prison time), and the new independent financial advisor is linked to Ms. Ma Xiaoqiu, reportedly charged with fraud and money laundering in Shenzhen. Spruce Point estimates 50-75% downside risk to CGG's share price.
No Material Outcome - 2026-06-11 / Muddy Waters Research
Muddy Waters concludes that ENSG engages in a systematic scheme at an estimated ~20 of its 379 Skilled Nursing Facilities to rent the licenses of Administrators who are not generally present at, nor actually managing, the facilities. This scheme — which could amount to fraud against states, Medicare, and Medicaid — is the pillar upon which ENSG's acquisition strategy and margins are built. Federal law requires each SNF have a licensed Administrator to be eligible to bill Medicare and Medicaid (69% of revenue). Under the False Claims Act, violations could lead to theoretical sanctions of ~$7 billion. Compliance alone would reduce 2027 EBIT by ~35% vs consensus.
Regulatory Investigation - 2026-04-30 / Blue Orca Capital
Blue Orca Capital disclosed a short position in Sigma Lithium (SGML), alleging the company failed to disclose a technical report claiming its Grota do Cirilo mine has pit walls so steep they create a 'high potential for loss of human life,' along with a sealed $22 million lawsuit from its former mining contractor, over a dozen additional creditor actions, a $2 million U.S. arbitration judgment, an emergency Brazilian state prosecutor lawsuit seeking to freeze $9.2 million of its cash, and federal prosecutor demands to annul its mining and environmental licenses.
Regulatory Investigation - 2026-04-24 / Spruce Point Capital
Spruce Point Capital is LONG Zoom Communications, Inc. (Nasdaq: ZM) — a rare strong-buy recommendation. After a forensic review, Spruce Point sees material upside potential, viewing Zoom as a market leader trading well below intrinsic value, including an estimated $1.2B stake in AI leader Anthropic. The report outlines nine core recommendations to accelerate shareholder value creation: improve capital allocation ($4B Dutch auction tender + $1/share dividend), reduce operating expenses, restructure the underperforming international business, improve marketing, avoid M&A mistakes, and consolidate insider selling. Spruce Point estimates 83% share upside from EBITDA multiple re-rating (9.5x to 19x) and $172M of incremental EBITDA.
No Material Outcome - 2026-04-22 / Muddy Waters Research
Muddy Waters is short Sportradar Group AG (SRAD). At the ICE 2026 gaming conference in Barcelona, undercover investigators posing as a startup sportsbook targeting banned markets (Vietnam, Thailand, Indonesia, China) were not turned away by any SRAD salesperson. An Asia-focused executive offered to introduce them to the Yabo Group — China's largest illegal gambling operator, staffed by trafficked workers. Muddy Waters estimates illegal operators deliver 20-40% of SRAD's total revenues, and identified nearly 50 companies operating in illegal markets as current or recent SRAD clients, including 1xBet, FonBet, 8xBet, OKVIP, SBOBet, and Yabo Group. SRAD's CEO Carsten Koerl's claims of a '4-level' KYC process and close monitoring of illegal activity are contradicted by the undercover investigation, SRAD's own website code, and testimony of 15 current and former employees.
Regulatory Investigation - 2026-03-30 / Muddy Waters Research
Muddy Waters is short SOFI. SOFI's management appears to have booked a $312 million loan from JPMorgan as if it were a sale — inflating reported profits and their own bonuses while shareholders bear ~15% annual dilution. Utah UCC filings contradict SOFI's accounting, suggesting SOFI needs to restate this transaction. The restatement should be much larger than just $312 million: when SOFI restates this borrowing, it will also restate ~$1 billion of previously reported EBITDA, and its capital ratios will be restated materially lower.
Restatement - 2026-03-25 / Spruce Point Capital
Spruce Point Capital is short Bunge Global SA (NYSE: BG), an S&P 500 global agribusiness, and calls for an independent investigation into the accuracy of its financial reporting and accounting. Spruce Point views Bunge as a complex and troubled roll-up that has demonstrated an inability to deliver value to shareholders absent external financing — since 1999, it has generated a cash flow deficit of -$1.6bn after capex while making +$4.7bn in dividends and +$3.9bn in buybacks effectively through debt-financing. The $10.6bn Viterra acquisition from Glencore is viewed as a deal borne out of necessity to deflect from core oilseeds challenges, and has wildly disappointed. Spruce Point estimates 55-80% downside risk and warns of extreme insider selling of up to 30% of the stock.
No Material Outcome - 2026-03-21 / Muddy Waters Research
Muddy Waters is short SOFI. On March 17, the firm published a 28-page report concluding that SOFI's 2025 Adjusted EBITDA is inflated by approximately 90%. SOFI's response was a press release that did not address a single factual claim. CEO Noto purchased $500,000 of stock — roughly 0.86% of the $58.3 million he and CFO Lapointe have already extracted through prepaid variable forward contracts. Five days later, SOFI has still not engaged with any specific allegation in the report.
No Material Outcome - 2026-02-20 / Spruce Point Capital
Spruce Point Capital is short Nova Minerals Ltd. (Nasdaq / ASX: NVA), a company with ambitions of becoming an integrated producer of antimony and a Tier 1 gold miner. Spruce Point believes investor expectations are too high given significant commercial challenges (lack of infrastructure, community pushback, harsh Alaskan weather, lack of proof of concept). Concerns include management/Board/shareholder links to individuals charged with market manipulation by ASIC and SEC, an unverifiable consulting geologist responsible for data evaluation and quality control, frequent strategic pivots, and missed project timetables. Spruce Point estimates 45-60% downside ($2.50-$3.50/ADS), but up to 100% downside if the $43.5m Department of War award is lost.
No Material Outcome - 2026-02-18 / Gotham City Research
In a follow-up report, Gotham City Research says it has on-the-record evidence — Carvana's own Better Business Bureau responses — of Carvana identifying Bridgecrest (DriveTime's financing arm) as the lienholder on cars Carvana sold, contradicting Carvana's own website, which names Carvana as lienholder and Bridgecrest as merely a 'third-party loan servicer.' GCR identifies 34 additional VINs it says end up with Bridgecrest as lienholder, and says vehicle-history records show Bridgecrest, not Carvana, is now the current lienholder on the original 34 VINs from its first report, undercutting a JPMorgan rebuttal. GCR argues this matters because Carvana's Gain on Loan Sales -- effectively all of its reported earnings -- appears ultimately tied to the heavily leveraged, related-party DriveTime/Bridgecrest, a dependency GCR says Carvana has not adequately explained.
- 2026-02-18 / Gotham City Research
Gotham City Research published a follow-up report on Carvana (CVNA) revealing new information that Bridgecrest, not Carvana, is the lienholder on cars Carvana sold. The report presents on-the-record evidence of Carvana stating that Bridgecrest is the lienholder, identifies 34 new vehicles/VINs where Bridgecrest is the ultimate lienholder, and shows via detailed lienholder history records that Bridgecrest is the most recent lienholder of the original 34 VINs from the prior report. Gotham City explains that Carvana sells cars without title and issues temporary out-of-state plates while awaiting registration, causing chronic mismatches between ABS Obligor State fields and title record states. The report also alleges that Carvana's Gain on Loan Sales are ultimately tied to DriveTime/Bridgecrest, despite Carvana narrowly claiming it hasn't sold loans directly to DriveTime in years, and calls on CVNA management to explain the mechanism by which its loans end up at DriveTime/Bridgecrest.
No Material Outcome - 2026-02-12 / Spruce Point Capital
Spruce Point Capital is short Super Group (SGHC) Ltd (NYSE: SGHC), an online sports betting and gaming company and 2022 vintage SPAC transaction domiciled in Guernsey. Spruce Point identified a material omission of a minority ownership interest in its crown-jewel South African subsidiary, Raging River Trading (Pty) Ltd. SGHC's 20-F claims 100% ownership, but a May 2024 public notice from the Western Cape Gambling and Racing Board and a November 2024 B-BBEE verification certificate confirm a 10.71% minority interest (Betway Cares Foundation NPC), reducing SGHC's ownership to 89.29%. If improperly consolidating 100% rather than 89.29%, SGHC may be overstating 2025E EBITDA by approximately $30.7 million. Spruce Point estimates 20-50% downside to $4.25-$6.80 per share.
No Material Outcome - 2026-01-27 / Spruce Point Capital
Spruce Point Capital is short Resideo Technologies, Inc. (NYSE: REZI) and calls for an independent investigation into the accuracy of its financial reporting and accounting. As a troubled spin-off from Honeywell in 2018, Resideo has failed to achieve its long-term financial goals, suffers from years of organizational complexity, and has failed to fix lingering technology issues. Spruce Point provides analysis suggesting Resideo has engaged in value-destructive M&A with questionable financial reporting to bolster the appearance of earnings growth, with the First Alert (2022) and Snap One Holdings (2024) acquisitions being particularly troubled. The announced split-up is viewed as a red herring to distract from weakening competitive positioning, diminished growth vectors, and growing accounting strains. Resideo is now precariously levered at 5.5x (up from 3.3x in 2018). Spruce Point sees 25-50% downside to approximately $17.64-$26.45 per share.
No Material Outcome - 2025-11-12 / Spruce Point Capital
Spruce Point Capital is short IperionX Ltd. (Nasdaq / ASX: IPX), a company with ambitions of becoming a vertically integrated producer of titanium powders and products. Spruce Point believes investor expectations are too high and expresses concerns with the accuracy of its financial reporting. Key concerns include significant management overlap with the collapsed Piedmont Lithium, doubts about the HAMR technology's ability to displace the 70-year-old Kroll process, oversupplied end markets, no revenue despite a Ford contract, Titan project delays, financial reporting discrepancies, and evidence of potential breach of duty by CEO Taso Arima related to undisclosed entities (PowerChem, GX Technologies). IPX trades at 9.7x and 24x book value and 2026E revenues vs. industry medians of 1.4x and 1.8x. Spruce Point estimates 70-95% downside risk.
No Material Outcome - 2025-10-03 / Spruce Point Capital
Spruce Point Capital is short DraftKings Inc. (Nasdaq: DKNG) on the thesis that emerging prediction markets like Kalshi and Polymarket will take more sportsbook market share than investors and sell-side analysts predict. Spruce Point believes prediction exchanges will continue to operate while state litigation drags on, with the U.S. Supreme Court unlikely to decide on legality until summer 2027. DKNG is forced to sit on the sidelines as state gaming commissions have warned sportsbooks not to enter prediction markets. Kalshi appears to offer better odds than DKNG, driving rapid handle growth. The market has misinterpreted Kalshi's handle and hold rate, and sell-side analysts have been reluctant to lower consensus revenue estimates. Spruce Point estimates 35-60% downside risk.
No Material Outcome - 2025-08-28 / Gotham City Research
Gotham City Research published Part II of its investigation into Sumitomo Chemical and Sumitomo Pharmaceutical, focusing on the Center for iPS Cell Research & Application (CiRA) and its founder Dr. Shinya Yamanaka. Sumitomo Pharma targets 350 billion JPY in iPS cell revenue, including from Amchepry, and CiRA is its research partner, iPS cells supplier, and trial conductor. Gotham City Research identified two well-documented cases of fraud involving CiRA and Yamanaka (2014 and 2018), plus 8 additional problematic cases — including one research paper where the Amchepry trial's lead investigator is an author. Amchepry depends entirely on CiRA's integrity, which Gotham City considers suspect and unreliable. Notably, Takeda recently terminated its 10-year partnership with CiRA while Sumitomo goes all-in. Gotham City's opinion is that Sumi Pharma's FY2025 financial statements are misstated by 116-165 billion JPY and will be restated, with an investigation to follow.
No Material Outcome - 2021-10-06 / Viceroy ResearchAdler Group ADJ-92%
Viceroy argued Adler's German property portfolio was systematically overvalued and that a web of undisclosed related-party transactions moved assets at prices designed to support the balance sheet rather than reflect the market.
Executive ResignationRegulatory InvestigationRestatement - 2021-03-24 / Spruce Point Capital
Spruce Point argued that Dun & Bradstreet's post-IPO organic growth relied on aggressive revenue recognition, capitalisation choices and acquisition accounting that flattered adjusted earnings well beyond underlying performance.
Regulatory InvestigationMedia Exposé - 2021-03-03 / Muddy Waters ResearchXL Fleet XL-94%
Muddy Waters alleged XL Fleet inflated its sales pipeline and misrepresented customer relationships and product performance following its SPAC merger, based on interviews with former employees and customers.
Executive ResignationRegulatory InvestigationMedia Exposé - 2021-02-22 / Viceroy ResearchEbix Inc. EBIX-96%
Research focused on Ebix's Indian gift-card business, where auditors were unable to obtain sufficient evidence over trade receivables. The auditor resigned; the company later filed for Chapter 11.
Regulatory InvestigationBankruptcyMedia Exposé - 2020-09-15 / Citron Research
Short-side research argued Nikola's hydrogen truck claims were unsupported by working technology, most infamously a promotional video of a truck rolling downhill rather than driving under its own power. The founder resigned days later and was later convicted of fraud.
Executive ResignationRegulatory InvestigationMedia Exposé - 2020-04-27 / Viceroy ResearchWirecard AG WDI-99%
Research on Wirecard's third-party acquiring business argued that the bulk of reported profit sat in opaque Asian partners whose cash could not be verified. €1.9 billion of trust account cash was subsequently found not to exist.
Executive ResignationRegulatory InvestigationBankruptcyMedia Exposé - 2020-01-31 / Muddy Waters ResearchLuckin Coffee LK-93%
An anonymous 89-page report plus thousands of hours of store video alleged that Luckin fabricated store-level per-day items sold and inflated advertising expense to funnel cash out. The company later admitted roughly RMB 2.2 billion of fabricated sales.
Executive ResignationRegulatory InvestigationDelistingRestatementMedia Exposé - 2019-11-21 / Blue Orca Capital
Blue Orca argued China Feihe overstated revenue and profitability relative to channel evidence and understated advertising and distribution expense. The company rejected the findings and the shares later recovered — a reminder that not every case resolves the short seller's way.
Media ExposéNo Material Outcome - 2019-04-02 / Spruce Point Capital
Spruce Point questioned the credit quality of Axos's specialty lending book, the adequacy of loss provisioning, and governance and disclosure practices at a bank whose growth outpaced comparable digital lenders.
Regulatory InvestigationMedia Exposé - 2018-05-24 / Blue Orca Capital
Blue Orca alleged Samsonite inflated profits through the accounting treatment of an undisclosed related-party acquisition and highlighted that the CEO had misrepresented his doctoral credential. Trading was suspended and the CEO resigned within days.
Executive ResignationTrading HaltMedia Exposé - 2015-10-21 / Citron Research
Citron alleged Valeant used a captive specialty pharmacy network, principally Philidor, to create phantom sales and inflate reported revenue — likening the structure to Enron's off-balance-sheet entities.
Executive ResignationRegulatory InvestigationRestatementMedia Exposé - 2011-06-02 / Muddy Waters Research
The report alleged Sino-Forest overstated timber holdings and revenue through opaque "authorised intermediaries" that left no verifiable paper trail. Trading was halted, the CEO resigned, and the company filed for creditor protection.
Executive ResignationRegulatory InvestigationTrading HaltBankruptcyMedia Exposé
It is obvious that the vast preponderance of companies — but not all, so who's perfect? — covered in the archived reports performed poorly as investments. Readers are welcome to compile their own track records and draw their own conclusions.
Companies featured in Short News coverage — short positions, regulatory actions, and activist insights reported by The Forensic Ledger Desk.
Innventure Faces Class Action Over Alleged Data Center Fabrications
Following a May short seller report alleging fabricated AI data center projects, Innventure, Inc. is now the target of a securities class action lawsuit filed by investors.
NuScale Power Faces Securities Fraud Probe After UBS Downgrade
Following a sharp downgrade by UBS, law firms have initiated investigations into potential securities fraud at NuScale Power Corporation. The firm's analysis highlighted structural hurdles, including significant projected negative cash flows.
Gildan Activewear Faces Investor Scrutiny After Short Report
Following the release of a short-seller report, Gildan Activewear has become the subject of investor investigations. The firm's stock price decline has prompted legal firms to examine potential disclosure failures.
Robinhood Crypto Insider Trading Case Highlights 'Shadow' Market Risks
Federal prosecutors have charged two former Robinhood engineers with fraud, revealing a critical blind spot in institutional compliance monitoring: employee trading on decentralized derivatives platforms.
FTAI Aviation Faces Dual Short-Seller Pressure and Class Action
FTAI Aviation Ltd. is under mounting pressure following a second critical report from Snowcap, which corroborates earlier allegations of financial irregularities raised by Muddy Waters Research.
Sportradar Class Action Follows Muddy Waters Allegations
Sportradar Group AG is facing a securities class action lawsuit following a 22% share price collapse triggered by critical reports from Muddy Waters Research and Callisto Research.
Petrus Advisers Counters Grizzly Research in Raiffeisen Play
Activist investor Petrus Advisers has increased its stake in Raiffeisen Bank International following a sharp sell-off triggered by a report from short seller Grizzly Research.
Raiffeisen Bank Faces Volatility After Grizzly Research Report
Raiffeisen Bank International shares experienced significant turbulence following a critical report from short seller Grizzly Research, prompting a counter-move from activist investors.
JPMorgan Settles SEC Enforcement Actions for $151 Million
JPMorgan Chase affiliates have agreed to a $151 million settlement with the SEC to resolve multiple charges, including fiduciary breaches and misleading disclosures.
Raiffeisen Bank Shares Tumble Following Short-Seller Report
Raiffeisen Bank International shares experienced a sharp decline following the release of a new short-seller report, marking the bank's worst daily performance in over four years.
Grizzly Research Targets Raiffeisen Bank Over Russia Ties
Shares of Raiffeisen Bank International experienced a sharp decline following a new short position disclosure from Grizzly Research alleging problematic ties to Russia.
Sportradar Faces Class Action Following Short Seller Allegations
Sportradar Group AG is the subject of a securities class action lawsuit following a 22% share price collapse triggered by critical reports from Muddy Waters and Callisto Research.
BlackRock Discloses Short Position in Beijer Ref
BlackRock Advisors has initiated a public short position in Swedish refrigeration wholesaler Beijer Ref, signaling potential institutional bearishness in the industrial sector.
Sportradar Faces Scrutiny Over Alleged Illegal Betting Ties
Sportradar shares plummeted 23% following coordinated reports from Muddy Waters and Callisto Research alleging systemic regulatory failures.
SDNY Enters Final Consent Judgment Against Ex-Doximity CRO Over Insider Selling
A federal court in New York has finalized a civil consent judgment against former Doximity revenue chief Paul Jorgensen, imposing a permanent officer-and-director bar and resolving parallel SEC insider trading claims.
Citadel Advisors Crosses Swedish Disclosure Threshold in Vicore Pharma Short
Citadel Advisors has become a public short seller in Sweden's Vicore Pharma after crossing the 0.5% net short position threshold. Regulatory disclosures from Finansinspektionen show total aggregate short interest standing at 2.76%.
Short Sellers Target Australian Uranium and Tech in Systematic Rotation
Short sellers are ramping up scrutiny across Australian-listed clean tech, uranium producers, and media giants, as capital shifts highlight operational bottlenecks and debt structures.
AQR Capital Discloses Public Short Position in Getinge
AQR Capital Management has disclosed an initial 0.50 percent public short position in Swedish medtech supplier Getinge. The disclosure highlights growing institutional focus as total short interest climbs to 3.37 percent.
Sportradar Hit with Securities Class Action Following Short Campaign
Sportradar Group faces a new investor class action alleging misleading statements about revenue legitimacy, following research published by Muddy Waters and Callisto Research that erased over $800 million in market capitalization.
Datavault AI Shares Drop Following Short Report
Datavault AI shares experienced a significant decline following a short-seller report questioning the validity of the company's announced partnerships.
Wolfpack Research Short Attack Triggers Securities Fraud Suits Against Flotek
Flotek Industries faces mounting securities class actions following a devastating report by short seller Wolfpack Research. The report exposed that a centerpiece $400 million contract with Puerto Rico's power authority was terminated amidst regulatory reviews.
Viceroy Escalates Blue Moon Metals Short Campaign with Regulatory Petitions
Activist short seller Viceroy Research has petitioned the EFTA Surveillance Authority to intervene against Blue Moon Metals' flagship Norwegian project. The firm alleges material environmental permitting failures and undisclosed regulatory barriers at the company's planned Nussir copper mine.
Sportradar Faces Securities Litigation Over Activist Short Seller Claims
Sportradar Group AG is facing a newly filed federal securities class action stemming from an activist short seller report alleging an illegal underlying business model. The case highlights the accelerating speed at which forensic short dossiers translate into formal shareholder litigation.
PROCEPT BioRobotics (NASDAQ: PRCT) Faces Securities Fraud Class Action Alleging Discount-Driven Revenue Inflation and Overstated Handpiece Utilization
SBS Law has announced a securities fraud class action against PROCEPT BioRobotics (NASDAQ: PRCT) alleging the company used large discounts to incentivize bulk orders — pulling revenue forward at the expense of future periods — and materially overstated the utilization of its handpiece units. Lead-plaintiff deadline is September 22, 2026.
Cardinal Infrastructure (NASDAQ: CDNL) Shares Plunge 36% After A.L. Grading Acquisition Issues Surface in Q2 2026 Results — BFA Law Opens Securities Fraud Probe
BFA Law has opened a securities fraud investigation into Cardinal Infrastructure Group (NASDAQ: CDNL) after the stock collapsed 36% on August 11, 2026, when Q2 2026 results revealed a 12.4% adjusted EBITDA margin — far below the 20%+ margin Cardinal had guided — due to cost overruns and scalability issues tied to the A.L. Grading Contractors acquisition.
Pentair plc (NYSE: PNR) Faces Securities Fraud Class Action After CFO Exit and ~$170M Pool-Channel Destocking Hit
Kaplan Fox has alerted Pentair plc (NYSE: PNR) investors to an October 2, 2026 lead-plaintiff deadline in a securities fraud class action alleging misleading statements concealed a pool-channel inventory destocking that the company ultimately disclosed as a ~$170 million sales impact — a correction that emerged alongside the departure of Pentair's CFO.
Capricor Therapeutics (NASDAQ: CAPR) Faces Securities Fraud Class Action; Lead-Plaintiff Deadline September 28, 2026
Kaplan Fox has alerted Capricor Therapeutics (NASDAQ: CAPR) investors to a September 28, 2026 lead-plaintiff deadline in a securities fraud class action covering the December 2025–July 2026 class period, alleging the company made materially false and misleading statements about its business and prospects that left the market uninformed about risks that subsequently materialized.
Guggenheim Strategic Opportunities Fund (NYSE: GOF) Securities Fraud Investigation Continues After Short-Seller Report on Premium-Share-Funded Distributions
A law firm investigation into possible securities violations by Guggenheim Strategic Opportunities Fund (NYSE: GOF) is continuing after a short-seller report alleged the fund's distributions were funded by selling shares at a premium to NAV — a circular structure that, if true, would mean distributions were financed by dilution rather than portfolio returns — with the probe unfolding against the backdrop of a federal investigation into Guggenheim CEO Mark Walter.
Bloom Energy (NYSE: BE) Faces Securities Fraud Class Action Over Alleged Undisclosed Chinese Scandium Sourcing
Kaplan Fox has alerted investors to a September 28, 2026 lead-plaintiff deadline in a securities fraud class action against Bloom Energy Corporation (NYSE: BE) alleging the company understated its reliance on Chinese-sourced scandium obtained through intermediaries — a material supply-chain dependency the plaintiffs say was concealed from investors despite being load-bearing for the company's clean-energy production model.
Dick's Sporting Goods (NYSE: DKS) Faces Securities Fraud Class Action Over Foot Locker Acquisition Disclosures
A securities fraud class action has been filed against Dick's Sporting Goods (NYSE: DKS) alleging investors were misled about the inventory position and integration challenges following its acquisition of Foot Locker — with executives accused of painting an unduly rosy picture of the post-acquisition integration while concealing material inventory and operational risks that subsequently materialized.
Kaplan Fox Alerts Investors to Securities Fraud Class Action Against Wix.com Ltd. Over Alleged AI Competitive Edge Misrepresentations
Kaplan Fox & Kilsheimer LLP has alerted investors to a securities fraud class action against Wix.com Ltd. (NASDAQ: WIX) over a February 19, 2025–May 12, 2026 class period, alleging executives misled the market by falsely claiming proprietary AI tools gave Wix a strong competitive edge — when rival AI platforms rapidly outpaced it and internal operational costs accelerated, until a May 13, 2026 Q1 earnings miss and margin drop triggered a 27.1% single-day stock collapse ($20.56 per share).
Rosen Law Firm Files Securities Class Action Against Wise Group plc Over Alleged AML Compliance Failures
The Rosen Law Firm has filed a federal securities class action against Wise Group plc (WISE) on behalf of investors who purchased securities between May 11 and July 23, 2026, alleging management issued false and misleading statements about the stability of its global cross-border payments infrastructure while concealing systemic deficiencies in its anti-money laundering and counter-terrorism financing compliance controls — exposing the firm to severe regulatory backlash and operational delays just as CFO Emmanuel Thomassin is set to face investors at the Goldman Sachs Communacopia + Technology Conference.
Kerrisdale Capital: Affirm Is a Subprime Lender in the Political Crosshairs — "Buy Now, Cry Later"
Kerrisdale Capital published a short report on Affirm Holdings arguing the $25B BNPL lender is a subprime balance-sheet lender charging 31% average loan yields, now exposed to a proposed 10% credit card APR cap, with thin reserves against 6-7% historical loss rates and a $17 fair value estimate (~80% downside). The claims are allegations by a disclosed short seller, not adjudicated facts.
Kerrisdale Capital: Everspin Is a Casino-Gaming Memory Supplier, Not an AI Winner
Kerrisdale Capital published a short report on Everspin Technologies arguing the ~$900M MRAM chipmaker's 300% stock surge is an AI mania misfire — its largest end market is casino gaming, not hyperscalers — and its valuation multiples are disconnected from years of stagnant ~$55-65M revenue. The claims are allegations by a disclosed short seller, not adjudicated facts.
Viceroy Research: Close Brothers Faces a Redress Bill It Cannot Absorb — and an FCA Complaint Over Its Own Disclosure
Viceroy Research published a sequence of reports alleging Close Brothers Group has understated its exposure to the FCA's Motor Finance Consumer Redress Scheme by hundreds of millions of pounds, culminating in a formal letter of complaint to the FCA alleging the bank's 8 April 2026 announcement was materially misleading. The claims are allegations by a disclosed short seller — not adjudicated facts.
Viceroy Research: Vedanta Gets Raided by India's Enforcement Directorate Over Alleged FEMA Violations
Viceroy Research reported that India's Enforcement Directorate raided Vedanta Limited on 2 June 2026 over alleged FEMA violations connected to brand-fee payments to UK parent Vedanta Resources, corroborated by Indian media reporting a share-price drop. The article also summarizes Viceroy's prior allegations of VRL defaults, a concealed 2023 ED meeting, and ESG failures at Vedanta's Chhattisgarh plant — all allegations by a disclosed short seller, not adjudicated facts.
Viceroy Research Goes Short on Abaxx Technologies: 'Liquidity Explosion at the Plumbing Factory'
Viceroy Research published a follow-up short report on Abaxx Technologies on 30 June 2026, alleging that statements made by management on a June 26 ATB investor call confirm a large share of the exchange's reported trading volume and open interest is incentivized rather than organic, and raising related-party and disclosure questions. The claims are allegations by a disclosed short seller — not adjudicated facts.
Viceroy Research Goes Short on Blue Moon Metals (Nussir): 'Norway Finds No-Way to Dump in Fjords'
Viceroy Research published a short report on Blue Moon Metals on 8 September 2026, centered on an August 27, 2026 letter in which Norway's Environment Ministry allegedly admits its fjord-tailings permitting guidance is legally deficient — potentially revoking Nussir's disposal permit and exposing a shaky $140 million financing package. The claims are allegations by a disclosed short seller — not adjudicated facts.
Muddy Waters Goes Short on AppLovin (NASDAQ: APP): 'Just Another Scammy AdTech Company'
Muddy Waters Research published a short report on AppLovin Corporation (NASDAQ: APP) on 27 March 2025, alleging ~52% of e-commerce conversions are retargeting, true incrementality is only ~25-35%, ~23% Q1 client churn, and that APP's business is built on systematically violating third-party platforms' TOS via 'Persistent Identity Graphs' — risking deplatforming à la Cheetah Mobile. The claims are allegations by a disclosed short seller — not adjudicated facts.
Muddy Waters Goes Short on SoFi (NASDAQ: SOFI): Booking a $312M JPMorgan Loan as a 'Sale'
Muddy Waters Research published a follow-up short report on SoFi Technologies (NASDAQ: SOFI) on 30 March 2026, alleging management booked a $312 million JPMorgan loan as a loan sale, with Utah UCC filings contradicting the accounting — requiring a restatement of ~$1 billion of EBITDA and materially lower capital ratios. The claims are allegations by a disclosed short seller — not adjudicated facts.
Muddy Waters Goes Short on Sportradar (NASDAQ: SRAD): 'Putting the BET into Aiding and Abetting'
Muddy Waters Research published a short report on Sportradar Group AG (NASDAQ: SRAD) on 22 April 2026, alleging the sports-data integrity leader actively aids and abets illegal gambling across black and grey markets — backed by an undercover ICE 2026 sting, ~15 employee interviews, code analysis, a 20–40% illegal-revenue estimate, and ~50 named illegal-market clients. The claims are allegations by a disclosed short seller — not adjudicated facts.
Muddy Waters Goes Short on Ensign (NASDAQ: ENSG): The 'Rented License' Thesis
Muddy Waters Research published a short report on The Ensign Group (NASDAQ: ENSG) on 11 June 2026, alleging a systematic 'rented license' scheme at ~20% of its skilled nursing facilities, theoretical False Claims Act sanctions in the billions, ~210 bps of margin compression, and ~35% lower 2027 EBIT under compliance. The claims are allegations by a disclosed short seller — not adjudicated facts.
White Diamond Research's 25-Cent Target on Blaize Holdings: The Case of the Unpaid AI Contracts
White Diamond Research's short report on Blaize Holdings (BZAI) sets a 25-cent price target, citing a $120 million Starshine Computing agreement of which the company has reported receiving only $1.6 million, a newer $50 million NeoTensr deal that generated $20 million in recognized revenue with no disclosed cash collected, a thinly documented counterparty behind that deal, and two prior short-seller reports the company never publicly rebutted.
White Diamond Research's $1 Target on Microbot Medical: What the Surgeons Who Actually Used the LIBERTY Robot Are Saying
White Diamond Research's short report on Microbot Medical (MBOT) sets a $1 price target after interviewing two vascular surgeons who used the company's LIBERTY Endovascular Robotic System — one calling it 'extra work' with no reimbursement code, the other using it only about once a week at Tampa General — plus a former employee who described gaps in the company's reimbursement strategy, drawing a parallel to founder Harel Gadot's prior venture, XACT Robotics, which shut down in 2023.
White Diamond Research Short SEGG Media: An Inactive Domain, a Dozen Unconfirmed Press Releases, and a Pending SEC Fraud Case
White Diamond Research's short report on SEGG Media alleges the company's sports.com domain has remained an inactive email-collection landing page since 2021 despite years of promotional press releases about expansions and partnerships, questions the legitimacy of its newly announced Polymarket partnership given the lack of any confirmation from Polymarket, and notes SEGG faces a pending SEC civil fraud action along with five other active lawsuits and delinquent 2025 SEC filings.
White Diamond Research Short Quantum Cyber: A CEO's 477 Million Convertible Shares and a Broken-Website Drone Partner
White Diamond Research's short report on Quantum Cyber (QUCY) — formerly molecular diagnostics firm Mainz Biomed — alleges CEO David Lazar holds a convertible security exercisable at roughly $0.013 per share that could push the fully diluted share count to nearly 500 million against 22.77 million reported shares outstanding. The report also finds QUCY's BP United drone license partner has a broken website with $0.00-priced products, and that its Project LightShift quantum antenna deal has no verifiable public history predating the announcement.
White Diamond Research Short RTB Digital: The $200 Million Media Platform With 50 Monthly Visitors
White Diamond Research's short report on RTB Digital (NASDAQ: RTB) — formerly RYVYL, formerly Greenbox POS — alleges its Roundtable crypto-media platform receives only about 50 website visits per month despite a market cap exceeding $200 million after a 300% rally. The report finds roughly 41 verified publisher sites against a claimed 200, flags the flagship deal as a related-party transaction, and notes the predecessor RYVYL settled SEC fraud charges over fabricated blockchain claims in April 2026.
White Diamond Research Short ZenaTech: CEO-Controlled Epazz Sold Tech Back to ZenaTech at 19x Book Value
White Diamond Research's short report on ZenaTech (ZENA) alleges the company advanced roughly C$28.2 million in cash to Epazz — a tiny OTC company controlled by ZenaTech's own CEO — for R&D, then paid $46.5 million in ZenaTech stock for the resulting technology, which Epazz's own filing valued at just $2.36 million in book value, roughly 19 times book. The report also flags approximately 86 million common-equivalent shares from convertible preferred stock that it says are missing from standard dilution trackers.
Grizzly Research Short Ottobock: The €1.5 Billion Margin Loan, 35% of Profits From Russia, and the Accounting Trickery Behind a €3.8 Billion IPO
Grizzly Research's short report on Ottobock (IS44.DE) alleges majority shareholder Hans Georg Näder has pledged all 81% of his shares in a €1.5 billion PIK margin loan accumulating interest at ~15% p.a., the company derives an estimated 35.1% of net income from Russia, and aggressive accounting — R&D capitalization, Russia consolidation without disclosure, extended depreciation — artificially inflates earnings. The firm estimates fair value at €30 against a €3.8 billion IPO valuation.
Grizzly Research Short Pirelli: 10% of Profits From Russia, Kirov Factory Feeding the Military Complex, and an Undercover Path to Tires for Russian Forces in Ukraine
Grizzly Research's short report on Pirelli (PIRC.MI) alleges roughly 10% of the Italian tire maker's profits come from Russia — far more than its folded disclosures imply — and that its Kirov factory shares infrastructure with a neighboring Russian state-owned plant producing tires for military vehicles including the RS-24 Yars nuclear-warhead launcher. An undercover operation found Pirelli's Russian hotline willing to share a contact for buying tires for a Russian military unit fighting in Ukraine, and a dealer in occupied Donetsk is still listed on Pirelli's website.
Grizzly Research Short 2CRSi: Fabricated US Revenue, $610M Phantom Contract, and a Veterinarian's Animal Hospital at the Center of an Undisclosed Related-Party Scheme
Grizzly Research's short report on French server-maker 2CRSi alleges nearly all US revenue is fabricated through an undisclosed related-party scheme centered on Joseph Church, a veterinarian with no data-center experience whose companies are headquartered in a Plattsburgh, NY animal hospital. The $610M contract client was created on the day of the announcement, its website built by 2CRSi's own IT department, and its CEO appears as 'Co-founder' on the client's fundraising deck.
Fluence Discloses Formal SEC Probe Following Short-Seller Report
Fluence Energy reveals that the SEC has launched a formal investigation into its financial reporting following an internal inquiry initiated by an activist short campaign.
GPGI Class Action Spotlight Highlights Husky Acquisition Pitfalls
Investor lawsuits against GPGI, Inc. near class certification deadlines following forensic short-seller scrutiny and severe margin deterioration post-Husky Technologies acquisition. The case exposes aggressive M&A projection practices.
Shortfinder Publishes Activist Short Report on Achieve Life Sciences (ACHV)
Shortfinder published an activist short report on Achieve Life Sciences (NASDAQ: ACHV) on 4 September 2026, alleging the stock is overvalued at a 12-month high on an unapproved drug candidate, with ~68% projected share-count dilution and a newly filed $150M ATM despite ~$187M cash on hand — framing approval as a potential exit event for existing holders. The claims are allegations, not established fact.
Photronics Deadline: The $1.1 Billion ‘Detection Gap’ of 2026
As the September 4 lead plaintiff deadline arrives for Photronics (PLAB) investors, the company’s 36% single-day crash in May remains a cautionary tale of unmonitored design release bottlenecks and the widening 'detection gap' in activist research.