Research

Wolfpack Research

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.

Our Research

INOD: Exposing INOD’s “Smoke and Mirrors” AI

  • February 15, 2024

We are short Innodata, Inc. (NASDAQ: INOD) because despite management’s pumping that it is “delivering the promise of AI to many of the world’s most prestigious companies,” it is a deteriorating, manual data-entry business driven by offshore labor, not innovation.

METC: Pumping And Dumping Nearly Worthless Dirt

  • December 11, 2023

Shares of Ramaco Resources, Inc. (METC) recently soared following a Wall Street Journal article that hyped its Brook Mine as a potential source of up to $37 billion in rare earth elements (REE).

APLD: AN EMBARASSING AND PREDICTABLE STOCK PROMOTION

  • July 6, 2023

Applied Digital, Inc (APLD), a potato farm turned failed bitcoin miner, pumped up its stock in May by claiming to pivot from a floundering business hosting bitcoin miners, to becoming a low-cost AI Cloud service provider.

GSHD: A Growth Story In Decline And Priced To Fall

  • February 16, 2023

We are short Goosehead Insurance (Nasdaq: GSHD) for three key reasons: (1) Our analysis shows that, contrary to management’s claims, the failure rate of their first-year franchisees topped 67% in 2021 and we expect that number to increase again in 2022.

B. Riley Financial: Skeletons in the Closet

  • February 14, 2023

Has RILY Tacitly Admitted to a Breach of Covenant? In its Q3 2022 10-Q, B. Riley Financial (Nasdaq: RILY) abruptly stopped assuring investors that it was in compliance with the covenants of two credit agreements – its $380 million Nomura credit agreement, as well as its $75 million BRPAC credit agreement.

RILY: A Bottom-Feeder Investment Bank That Is Crumbling Before Our Eyes

  • February 8, 2023

Calling B. Riley Financial, Inc. (Nasdaq: RILY) a second-tier investment bank would be the highest compliment RILY ever received; we see it as a lender of last resort for the dregs of the public market.

ZI Former Employee Reveals the Secret Sauce Is CEO’s College Roommate

  • June 2, 2022

We are short ZI ZoomInfo (ZI) is a SaaS provider that supplies its subscribers with detailed information on potential contacts. ZI claims 95+% of the contact information it sells customers is accurate, giving ZI an advantage over its peers.

PMVP: We Believe Next Week’s Critical Phase I Data Will Disappoint

  • May 19, 2022

PMVP: We Believe Next Week’s Critical Phase I Data Will Disappoint We are short PMVP PMV’s preclinical laboratory results for their primary drug candidate appear to have been photoshopped, raising an initial red flag that PMV may have cherrypicked data to spin a positive story on lackluster results.

SGOC: Multiple Arrests, Financial Fraud and Money Laundering

  • August 18, 2021

SGOC: Multiple Arrests, Financial Fraud and Money Laundering We are short SGOC. Introduction In December 2020, three of SGOC’s key people and largest shareholders were arrested by the Hong Kong Police and were named as the “masterminds” in a HK$475 million (approximately US$61 million) international fund fraud scheme involving SGOC.

MOXC: A Failed Business Turned Stock Promotion

  • July 26, 2021

We are short Moxian, Inc. (Nasdaq: MOXC). MOXC’s main operating subsidiary in China, Moxian Shenzhen, and its purported VIE, Moyi Shenzhen, do not have the national licenses required to operate an online advertising business in China: MOXC claims that Moxian Technology (Shenzhen) Co.

SKLZ: It Takes Little Skill to See This SPACtacular Disaster Coming

  • March 8, 2021

We are short Skillz, Inc. (Nasdaq: SKLZ) because its top games appear to be stagnant to declining, leading us to believe its revenue projections are farcical. Our research, including conversations with former employees, employees of Skillz’s two largest developers, and independent third-party app download data, all show us that the growth projections SKLZ and its SPAC sponsor continue to present to investors are entirely unrealistic.

EHang: A Stock Promotion Destined to Crash and Burn

  • February 16, 2021

We are short Ehang. Today, we reveal why we believe EHang NASDAQ: EH is an elaborate stock promotion, built on largely fabricated revenues based on sham sales contracts with a customer who appears to us to be more interested in helping inflate the value of its investment in EH i.

Wolfpack Research 在2021年2月16日出具了有关亿航的英文调查报告。现提供该英文调查报告的中文要点，供各位考鉴。

  • February 15, 2021

Wolfpack Research 在2021年2月16日出具了有关亿航的英文调查报告。现提供该英文调查报告的中文要点，供各位考鉴。

Wolfpack is Short Remark Holdings (MARK) - Contrarian Investor Virtual Conference - August 11, 2020

  • August 11, 2020

Wolfpack is Short Remark Holdings (MARK) - Contrarian Investor Virtual Conference - August 11, 2020

Inspire Medical Systems: A Nightmare Investment

  • April 22, 2020

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.

iQIYI: The Netflix of China? Good Luckin.

  • April 6, 2020

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.

QTT’s Top 12 Lies and Omissions for the New Year

  • January 17, 2020

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.

QTT: Fake Revenue, Non-Existent Cash, Undisclosed Related Parties

  • December 10, 2019

“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.

SGH: Two Stories - One Truth

  • September 25, 2019

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.

GTT: A Broken Roll Up

  • June 5, 2019

We are short GTT Communications, Inc. (GTT US) because we believe it is an over-levered, fundamentally broken business that uses non-GAAP metrics to conceal its lack of organic growth and cash flow from investors.

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