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词条 Muddy Waters Research
释义

  1. History

  2. See also

  3. References

  4. External links

{{Infobox company
| name = Muddy Waters Research group
| logo = MuddyWaters Logo.jpg
| logo_size = 200px
| type = Privately Held
| key_people = Carson Block
| industry = Investment management
| num_employees = 1-10
| homepage = http://www.muddywatersresearch.com
| location = California, United States
}}Muddy Waters Research LLC is a privately held due diligence based investment firm that conducts investigative research on public companies while also taking investment positions that reflect their research.[1] The firm has exposed accounting problems and fraud at several companies, primarily in China but also in other countries in Asia, Europe and North America.[2]

The firm is best known for spotting fraud at Sino-Forest Corp, a Canadian-listed Chinese company whose stock fell 74 percent before it eventually filed for bankruptcy protection in March 2012.[1] In 2014, Canadian authorities outlined criminal fraud charges against Sino-Forest and its executives.[3] Prominent investors including Maurice Greenberg and John Paulson lost significant amounts of money on Sino-Forest.[4]

History

Muddy Waters was founded by Carson Block, an American short-seller.[5] The company is named after the Chinese proverb “ 混水摸魚 ” "muddy waters makes it easy to catch fish."[6] In January 2015, the firm raised an initial $100 million for its investment strategy.[1] Block has been described by Bloomberg News and others as "one of the most successful bears" in the market today.[7]

In 2011, Block was named as one of the 50 most influential people in finance and investing by Bloomberg Markets Magazine.[8] Before founding Muddy Waters, Block ran a Shanghai-based self-storage company called "Love Box Storage." He also wrote the book [https://www.amazon.com/Doing-Business-Dummies-Robert-Collins/dp/0470049294 "Doing Business in China for Dummies,"] was an attorney at Jones Day in Shanghai and an adjunct professor at Chicago-Kent College of Law.[9]

In addition to Sino-Forest, Muddy Waters also reported on NQ Mobile, a Chinese-based cybersecurity and mobile application company. In October 2013, Muddy Waters published research claiming NQ Mobile had "fictitious" customers and revenues. In April 2015, the co-CEO of NQ Mobile, Omar Khan, stepped down after the stock had fallen nearly 84 percent.[10] He has also released reports on companies including Noble Group, Focus Media, Olam International, Groupo Casino, Orient Paper, China Media Express, Bank of the Ozarks, Rino International, Bolloré, American Tower Corp. and TeliaSonera.[11]

In April 2016 Muddy Waters turned against German MDAX listed company Ströer SE & Co. KGaA. Among other things Muddy Waters accused Germany's biggest advertising company of violation of IFRS-accounting directives and claiming that digital organic growth rates presented by the company were faulty,

[12] resulting in a loss of its stocks by 25%, with prices falling from €52 to just under €35 within 45 minutes of a TV presentation by Muddy Waters on the company. Shortly after German Federal Financial Supervisory Authority inquired the case suspecting overstepping of ethical and legal lines by Muddy Waters Capital. One aspect dealt with Muddy Waters failing to report the build up of a short-position exceeding 0,5% of stocks in due time. According to German financial law this notice has to be given at least one day after creating a short-position within that limit. According to public prosecution office Muddy Waters has overstepped that time period by five days. Since June 2017 public prosecution department of Frankfurt am Main investigates the case with respect to alleged market manipulation by Muddy Waters in the case of Ströer.[13]

In August 2016, Muddy Waters released a report claiming that pacemakers and other implantable medical devices made by St. Jude Medical were highly vulnerable to hacking.[14] St. Jude Medical denied the claims made by Muddy Waters, stating that they were "false and misleading" and sued the firm for defamation.[15] In January 2017, the U.S. Food & Drug Administration and the Department of Homeland Security released the results of an investigation into St. Jude's cybersecurity vulnerabilities, which confirmed the findings of Muddy Waters.[16]

On his process for finding wrongdoing at companies, Block has been quoted saying "It's a bit like solving a puzzle. You're really trying to find the pieces and how they match together to make a clear picture of just what the company is doing."[17]

Block appears frequently as a commentator on Bloomberg Television, CNBC and the BBC. He has written op-eds in the Wall Street Journal, Financial Times, and The New York Times on various topics related to improving corporate governance and market transparency.[18][19][20]

On June 29, 2017, Muddy Waters opened research into Prothena Corp PLC, a biotech company whose leading product the shortseller claimed was commercially unviable.[21]

See also

  • Citron Research
  • Anonymous Analytics
  • Glaucus Research
  • Emerson Analytics
  • Gotham City Research
  • Prescience Point Research
  • James Chanos
  • Short selling
  • Sino-Forest
  • Olam International
  • The Big Short

References

1. ^{{Cite news|url=https://www.reuters.com/article/us-funds-carsonblock-idUSKCN0V32EW|title=Short-seller Carson Block launches hedge fund|date=2016-01-25|newspaper=Reuters|access-date=2016-08-13}}
2. ^{{cite web|title=Profile|url=http://www.linkedin.com/company/1053801?trk=tyah}}
3. ^{{Cite news|url=https://www.wsj.com/articles/canada-regulator-lays-out-fraud-case-against-sino-forest-1409693837|title=Canada Regulator Lays Out Fraud Case Against Sino-Forest|last=Dummett|first=Ben|date=2014-09-02|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-08-13}}
4. ^{{Cite news|url=http://www.ft.com/cms/s/0/75577f42-6e57-11e1-b98d-00144feab49a.html?siteedition=intl#axzz4I6lk7OjQ|title=New kid on the block|last=Anderlini|first=Jamil|date=2012-03-20|newspaper=Financial Times|issn=0307-1766|access-date=2016-08-22}}
5. ^https://dealbook.nytimes.com/2014/09/10/short-seller-carson-block-says-hes-wary-of-alibaba/
6. ^{{cite web|title=About us|url=http://www.muddywatersresearch.com/about/}}
7. ^{{Cite web|url=https://www.bloomberg.com/news/articles/2015-04-09/carson-block-s-once-perfect-short-sale-resume-losing-some-luster|title=Carson Block’s Once-Perfect Short-Sale Resume Loses Luster|last=Xie|first=Ye|last2=Korby|first2=Boris|website=Bloomberg.com|access-date=2016-08-17}}
8. ^{{Cite web|url=https://www.bloomberg.com/news/photo-essays/2011-09-08/bloomberg-markets-most-influential-50|title=Bloomberg Markets Most Influential 50|website=Bloomberg.com|access-date=2016-08-17}}
9. ^{{Cite news|url=https://www.reuters.com/article/us-china-accounting-shorts-idUSTRE7740PC20110805|title=Special report: The|date=2011-08-05|newspaper=Reuters|access-date=2016-08-17}}
10. ^{{Cite web|url=http://www.businessinsider.com/nq-mobile-co-ceo-omar-kahn-steps-down-2015-4|title=Carson Block sounds like he's having a great day since the co-CEO of one of his short targets stepped down|access-date=2016-08-22}}
11. ^{{Cite web|url=http://www.muddywatersresearch.com/research/|title=Research {{!}} Muddy Waters Research|website=www.muddywatersresearch.com|access-date=2016-08-23}}
12. ^{{Cite web|url=http://www.muddywatersresearch.com/research/sax/mw-is-short-stroeer {{!}} Muddy Waters Research|website=www.muddywatersresearch.com|access-date=2017-12-06}}
13. ^{{Cite web|url=https://www.capital.de/geld-versicherungen/leerverkaufsattacke-auf-stroeer-wird-fall-fuer-staatsanwaelte {{!}} Capital|website=www.capital.de/|access-date=2017-12-06}}
14. ^{{Cite web|url=https://www.cnbc.com/2016/08/25/st-jude-medical-drops-after-muddy-water-findings-of-negligent-product-design.html|title=St. Jude Medical drops after Muddy Water findings of 'negligent product design'|last=Washington|first=Richard|date=2016-08-25|website=CNBC|access-date=2017-04-11}}
15. ^{{Cite news|url=https://www.bloomberg.com/news/articles/2016-09-07/st-jude-medical-files-lawsuit-against-muddy-waters|title=St. Jude Medical Files Lawsuit Against Muddy Waters|date=2016-09-07|work=Bloomberg.com|access-date=2017-04-11}}
16. ^{{Cite news|url=http://www.healthcareitnews.com/news/st-jude-admits-security-vulnerabilities-cardiac-devices|title=St. Jude admits security vulnerabilities in cardiac devices|date=2017-01-10|work=Healthcare IT News|access-date=2017-04-11|language=en}}
17. ^{{Cite web|url=http://www.businessinsider.com/how-short-seller-carson-block-picks-target-2016-5|title=Here's how famous short seller Carson Block picks a takedown target|access-date=2016-08-17}}
18. ^{{Cite web|url=http://www.baruch.cuny.edu/calendar/EventList.aspx?fromdate=9/5/2014&todate=10/4/2014&display=&type=public&eventidn=10550&view=EventDetails&information_id=26793&print=print|title=Carson Block: The Man Behind Muddy Waters|access-date=2016-08-17}}
19. ^{{Cite news|url=https://www.wsj.com/articles/SB10001424052702304746604577381630586235646|title=China's Auditing Train Wreck|last=Block|first=Carson C.|date=2012-05-03|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-08-18}}
20. ^{{Cite news|url=http://www.ft.com/cms/s/0/813828da-9fe1-11e3-9c65-00144feab7de.html|title=Beware the false reassurance of corporate probes|last=Block|first=Carson|date=2014-03-06|newspaper=Financial Times|issn=0307-1766|access-date=2016-08-18}}
21. ^{{Cite news|url=http://www.valuewalk.com/2017/06/muddy-waters-short-prothena-corporation-plc-prta/|title=Muddy Waters Is Short Prothena Corporation PLC (PRTA)|date=2017-06-29|work=ValueWalk|access-date=2017-06-30|language=en-US}}

External links

  • Muddy Waters Research LLC
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4 : Research and analysis firms|Privately held companies based in New York City|Private equity portfolio companies|Marketing research companies of the United States

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