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