MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. XL FLEET CORP. ARCHIVES March 3, 2021. 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. AGREE TO TERMS OF USE The reports on this website have been prepared by either Muddy Waters, LLC (“Muddy Waters Research”) or Muddy Waters Capital LLC (“Muddy Waters Capital”). MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In ORIENT PAPER, INC. ARCHIVES Since Muddy Waters, LLC published its initial Strong Sell report on ONP on June 28th, 2010, in which we charge that ONP is a fraud, ONP has engaged in a rushed effort to cover up evidence that would prove our allegations to be true. MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP ARCHIVES Muddy Waters rates New Oriental Education & Technology Group (NYSE: EDU) shares a Strong Sell because it is probable that EDU will have a significant restatement and possible that its auditor will resign because: EDU has reported 392% revenue growth since going public. MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. XL FLEET CORP. ARCHIVES March 3, 2021. 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. AGREE TO TERMS OF USE The reports on this website have been prepared by either Muddy Waters, LLC (“Muddy Waters Research”) or Muddy Waters Capital LLC (“Muddy Waters Capital”). MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In ORIENT PAPER, INC. ARCHIVES Since Muddy Waters, LLC published its initial Strong Sell report on ONP on June 28th, 2010, in which we charge that ONP is a fraud, ONP has engaged in a rushed effort to cover up evidence that would prove our allegations to be true. MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP ARCHIVES Muddy Waters rates New Oriental Education & Technology Group (NYSE: EDU) shares a Strong Sell because it is probable that EDU will have a significant restatement and possible that its auditor will resign because: EDU has reported 392% revenue growth since going public. XL FLEET CORP. ARCHIVES March 3, 2021. 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. MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MUDDY WATERS INITIATING COVERAGE ON ONP Muddy Waters Initiating Coverage on ONP – Strong Sell. We are confident that ONP is a fraud. Its purpose is to raise and misappropriate tens of millions of dollars. Approximately $30 million has been misappropriated since October 2009. ONP overstated 2008

revenue by 27x.

MW IS SHORT GSX TECHEDU INC. (GSX US) MW is Short GSX Techedu Inc. (GSX US) We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

MW IS SHORT CHINA HUISHAN DAIRY HOLDINGS CO LTD (6863:HK MW is Short China Huishan Dairy Holdings Co Ltd (6863:HK) PART 1. We are short China Huishan Dairy Holdings (6863 HK / “Huishan”) because we believe it is worth close to Zero. We conclude Huishan is a fraud. In this first report on Huishan, we detail the following conclusions and supporting facts. Since at least 2014, the company has TAL EDUCATION GROUP ARCHIVES June 13, 2018. TAL Education: A Real Business With Fake Financials - Part I Muddy Waters is short TAL Education Group. Investors might recall the dark days of 2010 and 2011, during which numerous U.S.-listed China companies went down as frauds. According to the recent documentary, the China Hustle, there were app more. CHINA HUISHAN DAIRY HOLDINGS CO LTD ARCHIVES MW is Short China Huishan Dairy Holdings Co Ltd (6863:HK) December 15, 2016. PART 1 We are short China Huishan Dairy Holdings (6863 HK / “Huishan”) because we believe it is worth close to Zero. We conclude Huishan is a fraud. In this first report on Huishan, we detail the following conclusions and supporting facts. Since at least

2014, the

GROUPE CASINO GUICHARD-PERRACHON SA ARCHIVES Muddy Waters publie une communication sur les derniers développements de Casino Guichard-Perrachon et ses sociétés mères. En décembre 2015, Muddy Waters Capital avait mis en garde le marché contre Casino, Rallye et leur management, en particulier Jean-Charles Naouri. Nous avions déclaré que Casino était en train d’être vidé de sa MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. OPEN LETTER TO LEMONADE: EGREGIOUS SECURITY VULNERABILITY Open Letter to Lemonade: Egregious Security Vulnerability (LMND US) In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information. XL FLEET CORP. ARCHIVES March 3, 2021. 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. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NMC: UNDISCLOSED SHARE PLEDGES INTENSIFY QUESTIONS ABOUT Yesterday NMC issued the latest in a series of confusing disclosures about its controlling shareholders’ ownership and pledges when it disclosed that 19.0 million of its shares are potentially subject to undisclosed share pledges. We note that the FCA has announced it is probing these misstatements. In our December 2019 report, we stated

that we

MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. OPEN LETTER TO LEMONADE: EGREGIOUS SECURITY VULNERABILITY Open Letter to Lemonade: Egregious Security Vulnerability (LMND US) In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information. XL FLEET CORP. ARCHIVES March 3, 2021. 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. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NMC: UNDISCLOSED SHARE PLEDGES INTENSIFY QUESTIONS ABOUT Yesterday NMC issued the latest in a series of confusing disclosures about its controlling shareholders’ ownership and pledges when it disclosed that 19.0 million of its shares are potentially subject to undisclosed share pledges. We note that the FCA has announced it is probing these misstatements. In our December 2019 report, we stated

that we

ABOUT MUDDY WATERS RESEARCH About. Muddy Waters Research. Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see

through the

XL FLEET CORP. ARCHIVES March 3, 2021. 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. NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT GSX TECHEDU INC. (GSX US) MW is Short GSX Techedu Inc. (GSX US) We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping MUDDY WATERS INITIATING COVERAGE ON TRE.TO, OTC:SNOFF Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00.. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In TRE’s case, its early start as an RTO fraud, luck, and deft navigation enabled it to grow into an institution whose “quality management BLOCK ON CNBC’S SQUAWK BOX DISCUSSING LATEST SHORT Block on CNBC’s Squawk Box Discussing Latest Short, eHealth Inc. Block on CNBC’s Squawk Box discussing MW’s latest short, eHealth Inc. Watch the full interview here. Click to print (Opens in new window) Click to email this to a friend (Opens in new window) Click to share on Tumblr (Opens in new window) Click to share on Pocket (Opens

in

MW IS SHORT CHINA HUISHAN DAIRY HOLDINGS CO LTD (6863:HK MW is Short China Huishan Dairy Holdings Co Ltd (6863:HK) PART 1. We are short China Huishan Dairy Holdings (6863 HK / “Huishan”) because we believe it is worth close to Zero. We conclude Huishan is a fraud. In this first report on Huishan, we detail the following conclusions and supporting facts. Since at least 2014, the company has

PAGE 1 OF 5

XL Fleet: Not Denying Much, Still SPAC Trash 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. REPORTS – MUDDY WATERS RESEARCH In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information. MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. OPEN LETTER TO LEMONADE: EGREGIOUS SECURITY VULNERABILITY Open Letter to Lemonade: Egregious Security Vulnerability (LMND US) In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information. XL FLEET CORP. ARCHIVES March 3, 2021. 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. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NMC: UNDISCLOSED SHARE PLEDGES INTENSIFY QUESTIONS ABOUT Yesterday NMC issued the latest in a series of confusing disclosures about its controlling shareholders’ ownership and pledges when it disclosed that 19.0 million of its shares are potentially subject to undisclosed share pledges. We note that the FCA has announced it is probing these misstatements. In our December 2019 report, we stated

that we

MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. OPEN LETTER TO LEMONADE: EGREGIOUS SECURITY VULNERABILITY Open Letter to Lemonade: Egregious Security Vulnerability (LMND US) In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information. XL FLEET CORP. ARCHIVES March 3, 2021. 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. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NMC: UNDISCLOSED SHARE PLEDGES INTENSIFY QUESTIONS ABOUT Yesterday NMC issued the latest in a series of confusing disclosures about its controlling shareholders’ ownership and pledges when it disclosed that 19.0 million of its shares are potentially subject to undisclosed share pledges. We note that the FCA has announced it is probing these misstatements. In our December 2019 report, we stated

that we

ABOUT MUDDY WATERS RESEARCH Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some

managements create.

XL FLEET CORP. ARCHIVES March 3, 2021. 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. WATCH THE VIDEO: EDU The following video is an excerpt from a phone conversation taking place in 2012 discussing how to become a franchise. MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT GSX TECHEDU INC. (GSX US) MW is Short GSX Techedu Inc. (GSX US) We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 MW IS SHORT CHINA HUISHAN DAIRY HOLDINGS CO LTD (6863:HK MW is Short China Huishan Dairy Holdings Co Ltd (6863:HK) PART 1. We are short China Huishan Dairy Holdings (6863 HK / “Huishan”) because we believe it is worth close to Zero. We conclude Huishan is a fraud. In this first report on Huishan, we detail the following conclusions and supporting facts. Since at least 2014, the company has

PAGE 1 OF 5

XL Fleet: Not Denying Much, Still SPAC Trash 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. REPORTS – MUDDY WATERS RESEARCH In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information. MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. OPEN LETTER TO LEMONADE: EGREGIOUS SECURITY VULNERABILITY Open Letter to Lemonade: Egregious Security Vulnerability (LMND US) In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information. XL FLEET CORP. ARCHIVES March 3, 2021. 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. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NMC: UNDISCLOSED SHARE PLEDGES INTENSIFY QUESTIONS ABOUT Yesterday NMC issued the latest in a series of confusing disclosures about its controlling shareholders’ ownership and pledges when it disclosed that 19.0 million of its shares are potentially subject to undisclosed share pledges. We note that the FCA has announced it is probing these misstatements. In our December 2019 report, we stated

that we

MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. OPEN LETTER TO LEMONADE: EGREGIOUS SECURITY VULNERABILITY Open Letter to Lemonade: Egregious Security Vulnerability (LMND US) In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information. XL FLEET CORP. ARCHIVES March 3, 2021. 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. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NMC: UNDISCLOSED SHARE PLEDGES INTENSIFY QUESTIONS ABOUT Yesterday NMC issued the latest in a series of confusing disclosures about its controlling shareholders’ ownership and pledges when it disclosed that 19.0 million of its shares are potentially subject to undisclosed share pledges. We note that the FCA has announced it is probing these misstatements. In our December 2019 report, we stated

that we

ABOUT MUDDY WATERS RESEARCH About. Muddy Waters Research. Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see

through the

XL FLEET CORP. ARCHIVES March 3, 2021. 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. NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT GSX TECHEDU INC. (GSX US) MW is Short GSX Techedu Inc. (GSX US) We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping MUDDY WATERS INITIATING COVERAGE ON TRE.TO, OTC:SNOFF Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00.. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In TRE’s case, its early start as an RTO fraud, luck, and deft navigation enabled it to grow into an institution whose “quality management BLOCK ON CNBC’S SQUAWK BOX DISCUSSING LATEST SHORT Block on CNBC’s Squawk Box Discussing Latest Short, eHealth Inc. Block on CNBC’s Squawk Box discussing MW’s latest short, eHealth Inc. Watch the full interview here. Click to print (Opens in new window) Click to email this to a friend (Opens in new window) Click to share on Tumblr (Opens in new window) Click to share on Pocket (Opens

in

MW IS SHORT CHINA HUISHAN DAIRY HOLDINGS CO LTD (6863:HK MW is Short China Huishan Dairy Holdings Co Ltd (6863:HK) PART 1. We are short China Huishan Dairy Holdings (6863 HK / “Huishan”) because we believe it is worth close to Zero. We conclude Huishan is a fraud. In this first report on Huishan, we detail the following conclusions and supporting facts. Since at least 2014, the company has

PAGE 1 OF 5

XL Fleet: Not Denying Much, Still SPAC Trash 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. REPORTS – MUDDY WATERS RESEARCH In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information. MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. ABOUT MUDDY WATERS RESEARCH Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some

managements create.

MW RESPONSE TO MAN WAH (1999:HK) Muddy Waters, LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response. MWH’s response accurately quotes the presentation slides, although it does not present the

complete deck. We

MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. ABOUT MUDDY WATERS RESEARCH Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some

managements create.

MW RESPONSE TO MAN WAH (1999:HK) Muddy Waters, LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response. MWH’s response accurately quotes the presentation slides, although it does not present the

complete deck. We

MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far CONTACT US - MUDDY WATERS RESEARCH Contact Us. To send us an inquiry or comment, please e-mail info@muddywatersresearch.com. For U.S. media inquiries please contact Rubenstein at 917-804-7003 or email to MuddyWaters@rubenstein.com. For European media inquiries, please contact Charlotte Balbirnie of Kepler Communications at +44 (0) 7989 528 421 or cbalbirnie@keplercomms.com. IN THE NEWS ARCHIVES OSC Rules Sino-Forest Defrauded Investors and Misled Investigators. July 14, 2017. BNN reports on Ontario Securities Commission’s ruling on SinoForest. In a nearly 300-page report, OSC said the company and several of its top executives defrauded investors and misled investigators and “engaged in deceitful or dishonest conduct”. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

MW IS SHORT GSX TECHEDU INC. (GSX US) MW is Short GSX Techedu Inc. (GSX US) We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MUDDY WATERS INITIATING COVERAGE ON ONP Muddy Waters Initiating Coverage on ONP – Strong Sell. We are confident that ONP is a fraud. Its purpose is to raise and misappropriate tens of millions of dollars. Approximately $30 million has been misappropriated since October 2009. ONP overstated 2008

revenue by 27x.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP ARCHIVES Muddy Waters rates New Oriental Education & Technology Group (NYSE: EDU) shares a Strong Sell because it is probable that EDU will have a significant restatement and possible that its auditor will resign because: EDU has reported 392% revenue growth since going public. MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. ABOUT MUDDY WATERS RESEARCH Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some

managements create.

MW RESPONSE TO MAN WAH (1999:HK) Muddy Waters, LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response. MWH’s response accurately quotes the presentation slides, although it does not present the

complete deck. We

MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. ABOUT MUDDY WATERS RESEARCH Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some

managements create.

MW RESPONSE TO MAN WAH (1999:HK) Muddy Waters, LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response. MWH’s response accurately quotes the presentation slides, although it does not present the

complete deck. We

MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far CONTACT US - MUDDY WATERS RESEARCH Contact Us. To send us an inquiry or comment, please e-mail info@muddywatersresearch.com. For U.S. media inquiries please contact Rubenstein at 917-804-7003 or email to MuddyWaters@rubenstein.com. For European media inquiries, please contact Charlotte Balbirnie of Kepler Communications at +44 (0) 7989 528 421 or cbalbirnie@keplercomms.com. IN THE NEWS ARCHIVES OSC Rules Sino-Forest Defrauded Investors and Misled Investigators. July 14, 2017. BNN reports on Ontario Securities Commission’s ruling on SinoForest. In a nearly 300-page report, OSC said the company and several of its top executives defrauded investors and misled investigators and “engaged in deceitful or dishonest conduct”. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

MW IS SHORT GSX TECHEDU INC. (GSX US) MW is Short GSX Techedu Inc. (GSX US) We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MUDDY WATERS INITIATING COVERAGE ON ONP Muddy Waters Initiating Coverage on ONP – Strong Sell. We are confident that ONP is a fraud. Its purpose is to raise and misappropriate tens of millions of dollars. Approximately $30 million has been misappropriated since October 2009. ONP overstated 2008

revenue by 27x.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP ARCHIVES Muddy Waters rates New Oriental Education & Technology Group (NYSE: EDU) shares a Strong Sell because it is probable that EDU will have a significant restatement and possible that its auditor will resign because: EDU has reported 392% revenue growth since going public. MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. ABOUT MUDDY WATERS RESEARCH Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some

managements create.

MW RESPONSE TO MAN WAH (1999:HK) Muddy Waters, LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response. MWH’s response accurately quotes the presentation slides, although it does not present the

complete deck. We

MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. ABOUT MUDDY WATERS RESEARCH Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some

managements create.

MW RESPONSE TO MAN WAH (1999:HK) Muddy Waters, LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response. MWH’s response accurately quotes the presentation slides, although it does not present the

complete deck. We

MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far CONTACT US - MUDDY WATERS RESEARCH Contact Us. To send us an inquiry or comment, please e-mail info@muddywatersresearch.com. For U.S. media inquiries please contact Rubenstein at 917-804-7003 or email to MuddyWaters@rubenstein.com. For European media inquiries, please contact Charlotte Balbirnie of Kepler Communications at +44 (0) 7989 528 421 or cbalbirnie@keplercomms.com. IN THE NEWS ARCHIVES OSC Rules Sino-Forest Defrauded Investors and Misled Investigators. July 14, 2017. BNN reports on Ontario Securities Commission’s ruling on SinoForest. In a nearly 300-page report, OSC said the company and several of its top executives defrauded investors and misled investigators and “engaged in deceitful or dishonest conduct”. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

MW IS SHORT GSX TECHEDU INC. (GSX US) MW is Short GSX Techedu Inc. (GSX US) We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MUDDY WATERS INITIATING COVERAGE ON ONP Muddy Waters Initiating Coverage on ONP – Strong Sell. We are confident that ONP is a fraud. Its purpose is to raise and misappropriate tens of millions of dollars. Approximately $30 million has been misappropriated since October 2009. ONP overstated 2008

revenue by 27x.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP ARCHIVES Muddy Waters rates New Oriental Education & Technology Group (NYSE: EDU) shares a Strong Sell because it is probable that EDU will have a significant restatement and possible that its auditor will resign because: EDU has reported 392% revenue growth since going public. MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. ABOUT MUDDY WATERS RESEARCH Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some

managements create.

MW RESPONSE TO MAN WAH (1999:HK) Muddy Waters, LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response. MWH’s response accurately quotes the presentation slides, although it does not present the

complete deck. We

MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far MUDDY WATERS RESEARCH 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. Joyy Inc. RESEARCH - MUDDY WATERS RESEARCHGSX USMFC USANTA PART IANTA PART II Muddy Waters Releases Statement on Developments with Casino Guichard-Perrachon and its Parent Companies. Groupe Casino Guichard-Perrachon SA. 2019-05-23. Credibility in the Balance: Six Key Questions for INGN Management (INGN US) Inogen, Inc. 2019-02-25. MW is Short Inogen, Inc. (INGN US) Inogen, Inc. 2019-02-08. ABOUT MUDDY WATERS RESEARCH Muddy Waters, LLC is a pioneer in on-the-ground, freely published investment research. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. We pride ourselves on assessing a company’s true worth, and being able to see through the opacity and hype that some

managements create.

MW RESPONSE TO MAN WAH (1999:HK) Muddy Waters, LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response. MWH’s response accurately quotes the presentation slides, although it does not present the

complete deck. We

MW IS SHORT ST. JUDE MEDICAL (STJ:US) Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years. STJ’s pacemakers, ICDs, and CRTs might – and in our view, should – be recalled and remediated. (These devices collectively were 46% of STJ’s SINO-FOREST CORPORATION ARCHIVES June 2, 2011. Muddy Waters LLC has initiated coverage on Sino-Forest Corporation (TRE.TO, OTC:SNOFF) with a Strong Sell rating and an estimated value of < $1.00. Like Madoff, TRE is one of the rare frauds that is committed by an established institution. In MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

NANO-X IMAGING LTD. ARCHIVES MW is Short Nano-X Imaging Ltd. (NNOX US) September 22, 2020. 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 INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far CONTACT US - MUDDY WATERS RESEARCH Contact Us. To send us an inquiry or comment, please e-mail info@muddywatersresearch.com. For U.S. media inquiries please contact Rubenstein at 917-804-7003 or email to MuddyWaters@rubenstein.com. For European media inquiries, please contact Charlotte Balbirnie of Kepler Communications at +44 (0) 7989 528 421 or cbalbirnie@keplercomms.com. IN THE NEWS ARCHIVES OSC Rules Sino-Forest Defrauded Investors and Misled Investigators. July 14, 2017. BNN reports on Ontario Securities Commission’s ruling on SinoForest. In a nearly 300-page report, OSC said the company and several of its top executives defrauded investors and misled investigators and “engaged in deceitful or dishonest conduct”. MW IS SHORT NANO-X IMAGING LTD. (NNOX US) 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

real.

MW IS SHORT BURFORD CAPITAL LTD. (BUR LN) MW is Short Burford Capital Ltd. (BUR LN) We are short BUR. For years, it was the ultimate “trust me” stock. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. INITIATING COVERAGE ON NQ MOBILE INC. (NYSE: NQ) Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell. Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how: NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far MW IS SHORT NMC HEALTH PLC (NMC.LN) MW is Short NMC Health plc (NMC.LN) We are short NMC Health plc. We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels. At the worst of times, the company has invested in large assets at costs that we find too high to be plausible –

including

MW IS SHORT GSX TECHEDU INC. (GSX US) MW is Short GSX Techedu Inc. (GSX US) We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping MULTIPLAN: PRIVATE EQUITY NECROPHILIA MEETS THE GREAT 2020 In the great present-day money grab known as SPAC promotion, egregious mistakes will be made – such as missing an impending customer defection that could cost ~35% of revenue within two years. A business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value MUDDY WATERS INITIATING COVERAGE ON ONP Muddy Waters Initiating Coverage on ONP – Strong Sell. We are confident that ONP is a fraud. Its purpose is to raise and misappropriate tens of millions of dollars. Approximately $30 million has been misappropriated since October 2009. ONP overstated 2008

revenue by 27x.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP ARCHIVES Muddy Waters rates New Oriental Education & Technology Group (NYSE: EDU) shares a Strong Sell because it is probable that EDU will have a significant restatement and possible that its auditor will resign because: EDU has reported 392% revenue growth since going public.

* Home

* About

* Research

* In the News

* Subscribe

* Submit an Idea

* Contact Us

* 日本語

__ Close Menu

* __

* __

Search for: __

HOME

eHealth Inc.

BLOCK ON CNBC’S SQUAWK BOX DISCUSSING LATEST SHORT, EHEALTH INC. Block on CNBC’s Squawk Box discussing MW's latest short, eHealth Inc. Watch the full interview here… more __

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.

Read More __

LATEST REPORTS

GSX Techedu Inc.

GSX: SMALL CLASSES, BIG LIES (GSX US) On May 18th, we published our research on GSX in which we concluded that at least 70% of GSX’s purported users are fraudulent, and quite likely the real percentage of fake users is over 80%. We detailed three behaviors we were highly confident evidenced widespread bot usage: “Precise Joiners”, “GSX… more __

GSX Techedu Inc.

MW IS SHORT GSX TECHEDU INC. (GSX US) We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is

n… more __

Burford Capital Ltd. BURFORD: HUSBANDING LIQUIDITY, WIFE-ING FINANCIALS (BUR LN) Burford’s 2019 financials use reclassification, redefinition to inflate cash receipts, operating profit, and to otherwise present a misleading picture of the business. Cutting through the new bullshit, we adjust Burford’s cash receipts to show a YoY decline of -11.8%. We also adjust reported 2019 op… more __

eHealth Inc.

MW IS SHORT EHEALTH INC. (EHTH US) EHTH’s highly aggressive accounting masks what we believe is a significantly unprofitable business.  Based on variable costs alone, we estimate that EHTH will lose approximately -$135 from each MA member it enrolled in 2019.  If also including fixed costs, our per MA member loss estimate becomes -$4… more __

NMC Health plc

NMC: UNDISCLOSED SHARE PLEDGES INTENSIFY QUESTIONS ABOUT TRUE DEBT

LEVELS (NMC.LN)

Yesterday NMC issued the latest in a series of confusing disclosures about its controlling shareholders’ ownership and pledges when it disclosed that 19.0 million of its shares are potentially subject to undisclosed share pledges. We note that the FCA has announced it is probing these misstatements.… more __ Burford Capital Ltd. BURFORD: HORRIBLE SECOND HALF RESULTS VALIDATE OUR THESIS (BUR LN) Burford’s abysmal second-half performance speaks to the company’s exaggerated marks, which are married to a flawed business model. Second half net realized gains were paltry, despite Burford seemingly having strong incentive to prove that it can monetize the investments on its ever-expanding balance… more __

NMC Health plc

MW IS SHORT NMC HEALTH PLC (NMC.LN) We are short NMC Health plc.  We have serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels.  At the worst of times, the company has invested in large assets at costs that we find too high to be plausible – inclu… more __

PeptiDream, Inc.

MUDDY WATERS IS SHORT PEPTIDREAM, INC. (4587.JP) When wooing retail investors, Chairman Kiichi Kubota likes to compare non-standard peptide drugs to a Jaguar sports coupe (while comparing other drug types to a dump truck and motor scooter). We believe this comparison would be more relevant to PeptiDream if the Jaguar were missing its wheels.… more __

More __

LATEST NEWS

eHealth Inc.

BLOCK ON CNBC’S SQUAWK BOX DISCUSSING LATEST SHORT, EHEALTH INC.

April 8, 2020

Block on CNBC’s Squawk Box discussing MW's latest short, eHealth Inc. Watch the full interview here… more __ Burford Capital Ltd. BLOCK ON BLOOMBERG MARKETS DISCUSSING LATEST SHORT, BURFORD CAPITAL

August 7, 2019

Block on Bloomberg discussing MW's latest short, Burford Capital. Watch the full interview here… more __

In the News

BLOCK ON CNBC SQUAWK BOX DISCUSSING NEW KIND OF ACTIVISM – MORALITY

SHORTS

December 4, 2018

Block on CNBC Squawk Box discussing a new kind of activism - morality shorts. Watch the full interview here.… more __

In the News

BLOCK ON YAHOO FINANCE DISCUSSING MORALITY SHORTS

December 3, 2018

Block on Yahoo Finance Video discussing morality shorts. Watch the full interview here.… more __ SUBSCRIBE FOR UPDATES Sign up for our mailing list and receive research reports and other related news and updates from Muddy Waters Research.

Subscribe Now __

__Twitter __News

__Reports

* Home

* About

* Research

* In the News

Copyright © 2020 Muddy Waters Research , All Rights Reserved.