Latest Reports

Canaan Fodder

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We view CAN as the latest US-listed Chinese company to have deceived investors about its business. Our investigation of this bitcoin mining machine maker reveals undisclosed related party transactions, irregularities involving many customers and distributors, as well as a business model that we view as broken.  Read More

NBIX: The Tiger’s Stripes

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We are short Neurocrine Biosciences (NASDAQ: NBIX).  We see distinct risks that the company’s sales growth is fueled by the same type of kickback scheme that recently devastated Avanir Pharmaceuticals. Read More

VSLR: Fiddler on the Roof

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Vivint appears to have largely concealed a growing pattern of undisclosed lawsuits alleging the company has engaged in a nationwide fraud involving forged customer contracts.  The lawsuits specifically allege that Vivint has forged the signatures of homeowners, complete strangers, relatives, neighbors, and even a dead person onto sham solar contracts.  Court documents suggest Vivint’s corporate office even has spreadsheets keeping track of the fraud allegations via an internal system. Read More

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