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Report Archive, Page 3
12 of 145 reportsSpruce Point, Known for Short Selling, Issues a Rare Strong Buy on Zoom: 40% to 100%+ Upside, $1.2B Hidden Anthropic Stake, and a Bear Thesis It Says Has No Evidence
Spruce Point argues Zoom trades at 4.1x revenue and 16.1x free cash flow despite 77% gross margins and 40% FCF margins, while AI displacement fears and Teams competition have created a mispricing the firm calls one of...
Fugazi Research: Avis Budget Group's 40% Crash Was a Short Squeeze Unwind, Not a Fundamental Event — What Remains Is $25.3B in Debt, Negative Equity, and 0.56x Interest Coverage
SRS Investment Management held more shares than Avis's entire non-affiliate float, installed its own CEO, CFO, and Chairman, and used the company's own buybacks to consolidate control for free — while the business gen...
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 esti...
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 ...
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 fra...
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 blockcha...
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...
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 th...
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
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 kn...
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 ...
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 str...