Wolfpack Research is able to determine the real value of a company by taking pieces of information and synthesizing it into a comprehensive picture. Through in-depth analysis and on the ground research of companies, industries, and the world economy, we have exposed billions of dollars of fraud on the markets. Wolfpack Research accurately reveals the complete picture of a company and more than just what management wants investors to see. Wolfpack Research has earned its reputation as a leader as a top tier short activist.
Introduction Wolfpack is short Inspire Medical Systems (INSP). The annual market opportunity promoted by its management is so preposterous that it must be disingenuous, leaving investors holding the bag of this terminally unprofitable business.
Introduction Our research shows us that iQIYI, Inc. (“IQ”) was committing fraud well before its IPO in 2018 and has continued to do so ever since. Like so many other China-based companies who IPO with inflated numbers, IQ is unable to legitimately grow their business enough to true up their financial statements.
On December 27, 2019, QTT issued a response to our report with a headline stating that it was “false and misleading,” using the same tired formula of responding (poorly, in our opinion) to only a few points, while ignoring arguably the most serious issues we brought up.
“It’s like déjà vu all over again” We Believe the Vast Majority of QTT’s Revenue is Fake; And So is its Cash Our analysis and on the ground due diligence indicate that ~74% of QTT’s 2018 revenues are fake and ~78% of its current cash balance is non-existent.
SMART Global Holdings, Inc. (SGH:US, “SGH”) relied on its subsidiary SMART Brazil for 62% of its 2018 revenue. This revenue was only possible because of a tax incentive for which SMART Brazil no longer qualifies.