Reports
Newest first. Active shorts carry a rating and price view; closed cases and retrospectives document how earlier campaigns by other publishers resolved.
- ZTGNASDAQNASDAQ: ZTG
Zenta Group Company Limited (NASDAQ: ZTG) — Holder Risk Assessment
Thirteen days after completing a share-funded acquisition, the company disclosed that the acquired business has no customer orders and no contracted revenue — what that means for holders of Class A shares
NOT RATED — Holder Risk AssessmentCase study - ZTGNASDAQNASDAQ: ZTG
Zenta Group Company Limited (NASDAQ: ZTG) — Forensic Investigation Report
Nine Employees, Four Customers, One Supplier — And A +350% Melt-Up The Company Itself Couldn't Explain
HIGH RISK — AvoidCase study - ZTGNASDAQNASDAQ: ZTG
Zenta Group Company Limited (NASDAQ: ZTG) — Public-Record Due-Diligence Review
Financial Position, Corporate Governance, Capital Structure, Revenue Concentration, Related-Party Matters and Market Activity — Areas Requiring Further Due Diligence
Investor Attention Required — Areas requiring further due diligenceCase study 
NASDAQ: DLXYDelixy Holdings Ltd. (NASDAQ: DLXY) — Forensic Short Report
The IPO Funded An Exit, Not An Expansion. Dividends Out 4x What The Public Put In.
NOT RATED — Research case studyCase study
NSE: ADANIENTAdani Enterprises (NSE: ADANIENT)
Three years after Hindenburg, two years after OCCRP, eighteen months after the EDNY indictment — what the public record now shows.
SHORT — UpdateActive short- TRETSXTSX: TRE
Sino-Forest Corporation (TSX: TRE)
The founding case of the modern China-short genre — fifteen years on.
SHORT — Closed CaseClosed case - BURNYSE / LSENYSE / LSE: BUR
Burford Capital (NYSE/LSE: BUR)
Six years on from Muddy Waters' mismarking thesis — what the Second Circuit's March 2026 reversal of the YPF judgment changes.
NEUTRALRetrospective 
NASDAQ: IEPIcahn Enterprises L.P. (NASDAQ: IEP)
Three years after Hindenburg's "Pied Piper of Pumpland" — distributions, the SEC settlement, and the margin-loan unwind.
SHORT — UpdateActive short
XETRA: WDIWirecard AG (XETRA: WDI) — Closed-Case Retrospective
Six years after the €1.9B missing cash — what a streamlined trial, a €140M civil award, and the Marsalek-as-FSB-asset disclosures now confirm.
SHORT — Closed CaseClosed case
NASDAQ: NKLANikola Corporation (NASDAQ: NKLA)
The Hindenburg short, the Milton conviction, the Trump pardon, and the company's own Chapter 11.
SHORT — Closed CaseClosed case- MAGHNASDAQNASDAQ: MAGH
Magnitude International Ltd. (NASDAQ: MAGH) — Forensic Short
Penny-Priced Pre-IPO Equity, Eight-Month Cashout, Resale Shelf Engineered for Insider Exit.
SHORT — High convictionActive short 
NYSE: VRXValeant Pharmaceuticals (NYSE: VRX, now Bausch Health: BHC)
Citron's "Pharmaceutical Enron" call, the Philidor disclosure, and the ten-year recovery that never came.
SHORT — Closed CaseClosed case- TIONASDAQNASDAQ: TIO
Tingo Group (NASDAQ: TIO)
Hindenburg's June 2023 short, SEC fraud charges, the $250M civil judgment, and the founder still at large.
SHORT — Closed CaseClosed case 
NASDAQ: EBIXEbix, Inc. (NASDAQ: EBIX)
Hindenburg's June 2021 short, the December 2023 Chapter 11, the $400M Zinnia sale, and the August 2024 emergence under Eraaya LifeSpaces sponsorship.
SHORT — UpdateActive short
ATHEX: FFGRPFolli Follie (ATHEX: FFGRP)
QCM's May 2018 short, the largest stock-market fraud in modern Greek history, and the June 2024 prison sentences.
SHORT — Closed CaseClosed case
JSE: SNHSteinhoff International (JSE: SNH)
Viceroy's December 2017 short, €7B+ of confirmed accounting irregularities, and the July 2023 vote to dissolve.
SHORT — Closed CaseClosed case
NASDAQ: RIDELordstown Motors (NASDAQ: RIDE, now Nu Ride: NRDE)
From SPAC pre-orders to Chapter 11 to a litigation-vehicle reorganization.
SHORT — Closed CaseClosed case- GSXNYSE → GOTUNYSE → GOTU: GSX
GSX Techedu (NYSE: GSX, now Gaotu: GOTU)
Muddy Waters' May 2020 short, the July 2021 "double reduction" policy that vindicated the broader sector thesis, and the 2022 HFCAA delisting.
SHORT — Closed CaseClosed case 
NYSE: EROSEros International / Eros STX Global (NYSE: EROS, formerly)
Kerrisdale's November 2015 short, the 2020 merger with STX Entertainment, and the 2022 separation that effectively ended the listed parent.
SHORT — Closed CaseClosed case- QPPLSE (AIM)LSE (AIM): QPP
Quindell PLC (LSE AIM: QPP, now Watchstone)
Gotham City Research's April 2014 short, the £637M Slater & Gordon sale, the £11M settlement that followed, and the SFO investigation that ended without charge.
SHORT — Closed CaseClosed case - SONGNASDAQNASDAQ: SONG
Akazoo S.A. (NASDAQ: SONG)
QCM's April 2020 short, SEC fraud charges, and the fastest US-regulator resolution of a SPAC-era fraud.
SHORT — Closed CaseClosed case - INSYNASDAQNASDAQ: INSY
Insys Therapeutics (NASDAQ: INSY)
Citron's August 2016 short, the Subsys opioid-marketing prosecution, the June 2019 bankruptcy, and the first US pharmaceutical-executive RICO conviction for opioid marketing.
SHORT — Closed CaseClosed case - ONBorsa Italiana (AIM Italia)Borsa Italiana (AIM Italia): ON
Bio-on S.p.A. (Borsa Italiana AIM: ON) — Forensic Short Closed Case
Auditor-quality bioplastics revenue, a same-quarter founder arrest, and the fastest closure of any modern European forensic-short case.
SHORT — Closed CaseClosed case 
SGX: N21Noble Group (SGX: N21)
Iceberg Research's February 2015 short, multi-year mark-to-model contestation, and the 2018 break-up of one of Asia's largest commodity traders.
SHORT — Closed CaseClosed case
NYSE: NQNQ Mobile (NYSE: NQ)
Muddy Waters' October 2013 short, four years of contested public posture, and the eventual NYSE delisting in 2017.
SHORT — Closed CaseClosed case- FMCNNASDAQ (delisted 2013); re-listed Shenzhen 002027NASDAQ (delisted 2013); re-listed Shenzhen 002027: FMCN
Focus Media (NASDAQ: FMCN, formerly)
Muddy Waters' November 2011 short, the 2013 take-private at a premium, and the 2015 China A-share relisting at a multiple of the take-private price.
SHORT — Counter-CaseRetrospective - GOWBME (Mercado Alternativo Bursátil)BME (Mercado Alternativo Bursátil): GOW
Let's Gowex (BME MAB: GOW)
Gotham City Research's July 2014 short, the CEO confession within days, and the fastest forensic-short to bankruptcy in the modern catalogue.
SHORT — Closed CaseClosed case - CCMENASDAQNASDAQ: CCME
China MediaExpress Holdings (NASDAQ: CCME)
Muddy Waters' February 2011 short, auditor Deloitte's resignation, and the SEC fraud charges that followed.
SHORT — Closed CaseClosed case - LFTNYSENYSE: LFT
Longtop Financial Technologies (NYSE: LFT)
Citron's April 2011 short, Deloitte's May 2011 resignation letter, and the SEC's signature fraud case of the 2011 China-short wave.
SHORT — Closed CaseClosed case