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Ticker: SRAD Company: Sportradar Group AG

Muddy Waters: Sportradar's "FBI of Gambling" CEO Offered to Introduce Undercover Investigators to China's Largest Illegal Gambling Operator at a Trade Show

Undercover footage from ICE 2026 shows Sportradar sales staff discussing product offerings for Vietnam, Thailand, Indonesia, and China without objection — markets where online gambling is banned — as Muddy Waters estimates 20-40% of SRAD revenue comes from illegal operators.

Apr 22, 2026 6 min read
Ticker: AERO SW Company: Montana Aerospace

Bristlemoon Capital on Montana Aerospace: Strong Contracts and 11.5% Revenue Growth, but Pricing Power Remains the Unresolved Question

Montana holds single-source contracts across 100,000+ SKUs on every major commercial aircraft platform with shipset content rising from €350k toward €500k per aircraft — but Bristlemoon stopped short of a buy, saying platform economics remain unclear

Apr 22, 2026 5 min read
Ticker: FRMI Company: Fermi America, Inc.

Fuzzy Panda: Fermi America's AI Data Center Campus Is Mostly Dirt, Its Leadership Faces Fraud Allegations From a Prior Bankruptcy, and $2.4B in Insider Stock Is Waiting to Be Sold

Project Matador showed trenching and rebar in late 2025 drone footage with no buildings or turbine pads, while the CEO who took a $44M jet after IPO has since departed and executives accused of phantom billing and fraudulent transfers remain in place

Apr 20, 2026 8 min read
Ticker: FIGR Company: Figure Technology Solutions, Inc.

Morpheus Research: Figure Technology's SEC Filings Say Blockchain Plays No Role in Loan Origination, Directly Contradicting What Executives Tell Investors

Figure's own filings state its loan origination system "does not rely on blockchain technology" and uses "traditional documentary processes" — yet executives publicly claim every loan originates end-to-end on blockchain, justifying a valuation 103% above peers

Apr 16, 2026 10 min read
Company: Sinch AB Author: Grizzly Research

Grizzly Research: Sinch AB's $1.1B Inteliquent Acquisition Made It One of the Largest Robocall Facilitators in the U.S., With Billions in Fraudulent Calls and Zero Investor Disclosure

A multistate AG task force cited 9,712 traceback notices and alleged Inteliquent transmitted "billions of fraudulent robocalls" — yet Sinch has disclosed none of this to investors, despite North America now accounting for 62% of total revenue

Apr 16, 2026 7 min read
Ticker: TERN Company: Terns Pharmaceuticals

Merck's $5.7B Terns Bet Rests on 38 Patients: Does TERN-701 Justify the Price Over Asciminib?

Two Natural Capital argues Merck's bid isn't obviously cheap -- the merger process showed two bidders wouldn't top Terns' market price and a third walked away after seeing updated trial data showing lower MMR rates than previously disclosed

Apr 8, 2026 6 min read
Ticker: SIDU Company: Sidus Space, Inc.

Sidus Space Lost $8.72 for Every Dollar Earned in 2025 — and Its CEO's Private Firm Was Its Biggest Customer

Fugazi Research says SIDU's FY2025 10-K reveals a $29.5M net loss on $3.4M revenue, a written-off satellite, ineffective internal controls, and CEO Carol Craig's private firm at 86% of receivables

Apr 6, 2026 7 min read
Ticker: META Company: Meta Platforms, Inc.

Hunterbrook Alleges Meta Used Shell LLCs and NDAs to Hide $1B Ohio Data Center Projects From Residents and Officials

A shell company proposing a major Ohio data center listed Meta's HQ address and a senior Facebook legal executive as manager -- while city officials were gagged by an NDA and fast-tracked approvals before residents knew who the developer was

Apr 2, 2026 6 min read
Ticker: WATT Company: Energous Corporation

Fugazi Research: Energous Tripled Its Share Count in 83 Days While a Promoter With a 2017 SEC Fraud Bar Was Pushing the Stock to Retail Investors

Fugazi documents a 150% float expansion in 83 days via ATM offerings averaging $9.67 per share, timed to high-volume trading days coinciding with paid PR and promotion by a commentator barred by the SEC in 2017 for a scheme to defraud clients

Apr 2, 2026 6 min read
Ticker: LEN Company: Lennar Corporation

Lennar's Land-Light Strategy May Be Hiding $2B+ in Annual Option Fees and Inflating Earnings

Hunterbrook alleges a $2.2B gap in Lennar's deposit line suggests option fees are being capitalized rather than expensed, masking the true cost of a land-light strategy that has missed earnings expectations for 10 straight quarters

Mar 31, 2026 8 min read
Ticker: UMAC Company: Unusual Machines

"Infinite Demand" and a $30 Price Target: Why White Diamond Is Bullish on Unusual Machines After a 25% Post-Offering Selloff

White Diamond interviewed CEO Dr. Allan Evans after UMAC fell 25% post-offering and came away bullish — Evans says the company is supply-constrained, 80-90% military-exposed, and experiencing demand he calls "infinite for the next 18 months"

Mar 31, 2026 6 min read
Ticker: SOFI Company: SoFi Technologies, Inc.

Muddy Waters Says SoFi Booked a $312M JPMorgan Loan as a Sale — and a ~$1B EBITDA Restatement May Follow

A Utah UCC filing names JPMorgan as "senior lender" and SoFi Bank as "Debtor" on the same transaction SoFi's CFO publicly called a loan sale — Muddy Waters argues the gap between those two descriptions points to improper accounting that could unwind nearly $1 billion in previously reported EBITDA

Mar 30, 2026 6 min read

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