Gotham City Research @GothamResearch Twitter profile | Pikagi

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Gotham City Research

@GothamResearch

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USA

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Joined November 2012

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@GothamResearch

Gotham City Research

@GothamResearch

26 days

Mutares Research Report link to our report: Mutares reminds us of Aurelius, a company we wrote about in 2017 (whose shares are -78% since), except we believe Mutares is worse

Mutares SE & Co. KGaA – Research Report

CONFLICT OF INTEREST: At the time of publication of this Report, GOTHAM CITY RESEARCH LLC, General Industrial Partners LLP, and their affiliates, in aggregate, hold short positions corresponding to...

www.gothamcityresearch.com

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@GothamResearch

Gotham City Research

@GothamResearch

10 months

Tomorrow, we will release a report on a highly levered, $10+ billion company. Shares listed in Spain. Though the company's maneuvers reminds us more of NMC Health plc than Let's Gowex, we believe shares are uninvestable, and will head to zero, just as Let's Gowex shares did.

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Gotham City Research

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10 months

Grifols SA: Scranton and the Undisclosed Debts for the full report -

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Gotham City Research

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26 days

New report tomorrow. Europe.

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8 months

Grifols

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Gotham City Research

@GothamResearch

9 months

We have many question + observations regarding Grifols. At this moment, we will leave you with one question that NO ONE has addressed: Do Grifols' banks and creditors know that Grifols AND Scranton BOTH FULLY CONSOLIDATE Haema and BPC Plasma onto their financial statements?

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Gotham City Research

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8 months

El expresidente Víctor Grifols debía a Grifols 162 millones que devolvió este mes de enero Former president Víctor Grifols owed Grifols 162 million, which he returned this January

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El expresidente Víctor Grifols saldó una deuda de 5,6 millones con la empresa este enero

Grifols como banco de la familia. Víctor Grifols tenía una deuda viva con la compañía que había presidido que saldó el mismo mes que Gotham publicó su informe

www.elconfidencial.com

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@GothamResearch

Gotham City Research

@GothamResearch

4 years

The Wirecard fraud thesis - from 2008:

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Gotham City Research

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8 months

Grifols: “We are innocent and Gotham are crooks… that is why we are replacing our CEO.”

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@GothamResearch

Gotham City Research

@GothamResearch

1 year

~9 years ago, we exposed two outliers listed in Europe: Let's Gowex and Quindell plc. Tomorrow, we will release a report on a company who we strongly suspect will join the Pantheon of Europe-listed outliers. In the interim, feel free to guess this outlier's attributes:

Fictitious revenue

354

Fictitious cash

199

Hidden related party deal

264

none of the above

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@GothamResearch

Gotham City Research

@GothamResearch

8 months

Grifols: “Free cash flow”

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@GothamResearch

Gotham City Research

@GothamResearch

10 months

GRF shareholders, due to minority interests, own shares in a loss-making entity that is heavily indebted. We believe GRF manipulates reported debt & EBITDA to artificially reduce leverage to 6x which we believe is closer to 10x-13x. Should we be correct, then GRF equity = 0.

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Gotham City Research

@GothamResearch

3 months

Grifols’ New Auditor Discovers Non-Cash Accounting Discrepancy

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Gotham City Research

@GothamResearch

8 months

Grifols SA: How an advance payment becomes a loan Part I

Grifols SA: How an advance payment becomes a loan Part I

Gotham City Research published Grifols SA: Focus on Related Parties and Corporate Governance on 20 February 2024, which primarily consisted of a list of questions for Grifols. Later within the day,...

www.gothamcityresearch.com

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@GothamResearch

Gotham City Research

@GothamResearch

10 months

If you are having trouble accessing our Grifols report, try this link here:

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@GothamResearch

Gotham City Research

@GothamResearch

4 years

Short selling is always and everywhere a dangerous proposition: that being said, there have been far worse times to get into “gentlemen short selling”. The ducks have just about all lined up.

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@GothamResearch

Gotham City Research

@GothamResearch

1 year

SES Imagotag SESL: THE CIRCULAR DANCE WITH A CHINESE TWIRL – PART I

SES Imagotag (SESL): THE CIRCULAR DANCE WITH A CHINESE TWIRL – PART I

SUMMARY OF GOTHAM CITY RESEARCH’S OPINIONS AND SUPPORTING OBSERVATIONS • BOE is the largest shareholder, largest supplier, one of the largest customers, JV partner, and on the audit committee....

www.gothamcityresearch.com

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@GothamResearch

Gotham City Research

@GothamResearch

5 years

Dear Burford Capital: Short Sellers are Important Players in Fulfilling Justice Our full statement regarding litigation finance, short selling, and Burford Capital: $BUR

Dear Burford Capital: Short Sellers are Important Players in Fulfilling Justice

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Gotham City Research

@GothamResearch

3 years

$YALA reminds us of Let’s Gowex and Luckin Coffee $LK. We are short $YALA.

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@GothamResearch

Gotham City Research

@GothamResearch

8 months

Grifols SA: Focus on Related Parties and Corporate Governance

Grifols SA: Focus on Related Parties and Corporate Governance

Gotham City Research released Grifols SA: Scranton and the Undisclosed Debts on Tuesday, January 19, 2024. Grifols in turn responded with a series of responses, answering some questions, but not...

www.gothamcityresearch.com

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@GothamResearch

Gotham City Research

@GothamResearch

3 years

Short selling is always dangerous, but rarely this dangerous:

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@TheBenSchmark

JabroniCoin.USD

3 years

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Gotham City Research

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8 years

We are initiating coverage on a new company tomorrow. Reminds us of Valeant & Quindell before they imploded. We estimate 96+% downside.

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Gotham City Research

@GothamResearch

3 months

Moody’s Ratings decided to withdraw its credit ratings of Grifols related loans because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings on Friday July 12, 2024

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Gotham City Research

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7 years

Why we do what we do...for the fans:

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4 years

Friendly reminder: we have NEVER seen any market regulator in any jurisdiction - other than in Germany - ban short selling of just a single issuer. This extraordinary action last year merits a thorough explanation, especially in light of today’s Wirecard news.

@GothamResearch

Gotham City Research

@GothamResearch

6 years

Today, Germany’s securities regulator, BAFIN imposed a ban on a single issuer, Wirecard. This action is an unprecedented action, as it is the first such ban of an individual stock in its history (though BAFIN and other regulators outlawed shorting of bank shares in 2008).

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Gotham City Research

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5 years

We are long Criteo $CRTO . We hope shares decline so we can buy more. Short and sweet writeup explaining why:

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2 months

Brookfield's takeover bid on Grifols is complicated because it does not trust the accounts of its subsidiary in China La OPA de Brookfield sobre Grifols se complica porque no se fía de las cuentas de su filial en China

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La OPA de Brookfield sobre Grifols se complica porque no se fía de las cuentas de su filial en China

La OPA de Brookfield y la familia sobre Grifols se complica por las irregularidades en la forma de contabilizar la filial en China

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@GothamResearch

Gotham City Research

@GothamResearch

10 months

Both GRF and Scranton Enterprises (a Grifols family vehicle) fully consolidate BPC + Haema. BPC + Haema are very material to both GRF and Scranton's earnings and overall financial statements. We believe this treatment is deceptive and incorrect. Are their creditors aware?

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@GothamResearch

Gotham City Research

@GothamResearch

5 months

Grifols SA: The BPC Value Transfer

Grifols SA: The BPC Value Transfer (a.k.a. How an advance payment becomes a loan, Part II)

Gotham City Research published Grifols SA: How an advance payment becomes a loan Part I on March 6th 2024, which detailed how we believe Grifols moves money from Grifols shareholders to Scranton, via...

www.gothamcityresearch.com

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@GothamResearch

Gotham City Research

@GothamResearch

5 years

Dear South Korea, Italy, Spain, the United Kingdom, & other countries restricting short selling: short selling bans destabilize the financial system, incite panic, and leads to selling of equities. Why? Short selling is insurance. If you eliminate insurance, people panic & sell.

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@GothamResearch

Gotham City Research

@GothamResearch

5 years

We are cautious buyers of equities today. Stay safe and healthy! This too will pass!!!

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@GothamResearch

Gotham City Research

@GothamResearch

1 year

We are releasing Part II of our SES Imagotag report tomorrow on

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Gotham City Research LLC

Gotham City Research LLC focuses on due diligence-based investing.

www.gothamcityresearch.com

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@GothamResearch

Gotham City Research

@GothamResearch

4 years

We will be sharing our opinions on a $2 billion market value company today. Stay tuned.

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@GothamResearch

Gotham City Research

@GothamResearch

3 years

Dan of Gotham City Research will be joining @herbgreenberg , Nate of @HindenburgRes , and @sharesleuth to discuss short selling later today. For those unfamiliar with Gotham, here is our track record (on publicly disclosed short positions):

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@herbgreenberg

Herb Greenberg

3 years

Congrats to @ClarityToast (Nate) on the FT article below. Reminder that Nate will be joining me, @sharesleuth , @LongShortTrader on a panel regarding activist short-selling – moderated by @lopezlinette – at FraudFest 4 next week. Details:

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9 years

Endurance International Group: A Web of Deceit http://t.co/qGOsEc0Hen Price Target: $0.00 per share

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Gotham City Research

@GothamResearch

6 years

Today, Germany’s securities regulator, BAFIN imposed a ban on a single issuer, Wirecard. This action is an unprecedented action, as it is the first such ban of an individual stock in its history (though BAFIN and other regulators outlawed shorting of bank shares in 2008).

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@GothamResearch

Gotham City Research

@GothamResearch

6 years

After considering early retirement, we've decided instead to release a report within the next 7 days to celebrate our near 5-year anniversary of our $TTS report: "The Tile Shop: Like Crazy Eddie’s, But With An Undisclosed Related Party and A Chinese Twist Stay tuned.

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Gotham City Research

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4 years

“Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria.” - John Templeton Happy (almost) New Year! Know what you own for 2021.

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5 years

Good morning. We will be sharing our thesis later today on a company whose shares we are long. Stay tuned.

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Gotham City Research

@GothamResearch

8 years

MDC Partners (ticker = $MDCA): Like Valeant, But with Understated Debts - Price target <$1.00 per share

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Gotham City Research

@GothamResearch

1 year

Testing, testing, 1, 2, 3…

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@GothamResearch

10 months

Scranton 2021 filing shows an increase in liabilities of EUR 59 million relating to “advance payments from Grifols Worldwide Operations Ltd”. This transaction is undisclosed in GRF filings.

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@GothamResearch

Gotham City Research

@GothamResearch

7 years

On October 12th we wrote a report titled: "Criteo SA (NASDAQ: $CRTO): Why We Believe Criteo’s Undisclosed Practices are Illegal and Harmful to Advertisers" Reposting, for those who did not get a chance to read it (FYI there are more shoes to drop).

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Gotham City Research

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5 months

Which “French listed company” might 👇 be referring to ? 🤔

@Lordshipstrade

Matthew Earl

@Lordshipstrade

5 months

There is a French listed company which last year was accused of round tripping with a major supplier. A major supplier is also a large shareholder in said company 🤷🏼‍♂️. Nine months later and that supplier / shareholder has “corrected” its inventory and reported its sales at -25%

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Gotham City Research

@GothamResearch

10 years

Gotham City Research’s Formal Response to Gowex & Jenaro Garcia Martin’s Public Confession - http://t.co/gOFBCIQrsm cc: QPP Quindell $EBIX

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Gotham City Research

@GothamResearch

8 months

"Grifols has refused to answer any questions about the origin of this debt in question: neither the date on which it was settled, nor the reason for providing such a large amount, nor the interest rate, nor if there were guarantees for the company..."

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@GothamResearch

Gotham City Research

@GothamResearch

10 months

Grifols' recently appointed CEO is being hailed as a change in direction, but he has been with Grifols since 2006, and on the board when the suspect transactions we describe in our report occurred. We find him heavily conflicted and a Grifols in everything but name.

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@GothamResearch

Gotham City Research

@GothamResearch

4 years

Being “bullish” short selling right now is like being a cautious buyer of equities last year, in March 2020. You can’t time the bottom, but it’s the right posture:

@GothamResearch

Gotham City Research

@GothamResearch

5 years

We are cautious buyers of equities today. Stay safe and healthy! This too will pass!!!

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7 years

JP Morgan Chase Bank’s Chief Marketing Officer slams ad tech vendors, like Criteo, for perpetuating fraud:

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Gotham City Research

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9 years

We've found a company that gets us just as excited as Quindell and Gowex did. We think the shares of this company will go to zero.

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Gotham City Research

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2 years

@WillauerProsky Matt Farrell, Your dedication to speaking truth to power was only surpassed by your kindness and the nobility of your character. May we meet once again, ❤️ Dan

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Gotham City Research

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5 years

Gotham City Research initiated coverage of $MED last year with a strong sell opinion. Shares are down -30% today, hitting the upper end of our price target. We will be providing our updated thoughts on $MED shares today.

@GothamResearch

Gotham City Research

@GothamResearch

6 years

Medifast (NASDAQ: $med ): Like Lumber Liquidators, But With Undisclosed Toxic Metals, and A Supply Chain Twist PART I -

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9 years

Regarding Theranos: the last time we saw a company's customers publicly disputing & questioning its relationship with the company was Gowex.

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7 years

Gotham City Research is Initiating Coverage on Criteo SA $CRTO : Why Does Criteo Refuse to Reveal to its Clients Where Their Ads Are Placed?

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Gotham City Research

@GothamResearch

7 years

Criteo: The true Fraudster in the Adtech Industry? Today, We are release our first report on Criteo $CRTO :

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Gotham City Research

@GothamResearch

8 years

Aurelius Equity Opportunities SE & Co KGaA: The Next Arques AG or the next Philip Green?

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Gotham City Research

@GothamResearch

1 year

Gotham City Research Response to the SES Imagotag July 10 Press Release

Response to the SES Imagotag July 10 Press Release

On July 7, we published Part II of our report, and the Company provided their detailed response to Part II on July 10. We would like to share a few important observations regarding their response: •...

www.gothamcityresearch.com

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@GothamResearch

Gotham City Research

@GothamResearch

8 years

We have a few announcements coming in the near future. Stay tuned.

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Gotham City Research

@GothamResearch

6 years

This unprecedented short selling ban, like other bans that preceded it, appears to be motivated by the desire to calm financial markets. Short selling bans rarely achieve the desired effects. In fact, Gotham City Research believes these bans often have the exact opposite effect.

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@GothamResearch

Gotham City Research

@GothamResearch

8 months

From the article (translated): "If investors expected less connection between Grifols and Scranton Enterprises BV, the Dutch-based Grifols' holding company that controls 8.1% of Grifols, what they have found is more. More cross interests and more financial ties."

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Gotham City Research

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4 years

Our thoughts on Criteo: We believe the business and the stock $CRTO have room to 🚀🚀🚀 thread

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@GothamResearch

Gotham City Research

@GothamResearch

7 years

We wrote to Apple last week, explaining why we believe Criteo's ITP workaround is both dangerous & illegal. Here is Apple's response to us:

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Gotham City Research

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1 year

SES Imagotag: The Fish Rots from the Head – Part II read here:

SES Imagotag: The Fish Rots from the Head – Part II

SUMMARY OF GOTHAM CITY RESEARCH’S OPINIONS AND SUPPORTING OBSERVATIONSWe find SES IMAGOTAG's executive management and board of directors suspect, as we have identified serious misconduct and confli...

www.gothamcityresearch.com

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Gotham City Research

@GothamResearch

7 years

Harvard Professor Ben Edelman, who has a track record of exposing ad fraud companies, warns against Criteo (only available on Bloomberg):

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Gotham City Research

@GothamResearch

4 years

Not a promise, but we will consider talking about shorts too.

@InvestorsLive

Nathan Michaud

4 years

WTF @GothamResearch back from the dead? They just walk in, fuk shit up, walk out and come back every 8 years LOL 👀👀👀

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Gotham City Research

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8 years

$HAIN down -27% on accounting investigation. $Hain CEO, Irwin Simon, is a Board Member of $MDCA & member of $MDCA audit committee!

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Gotham City Research

@GothamResearch

3 years

@QTRResearch Short selling risk factors: Lose money? ✅ Lawsuits? ✅ Regulatory scrutiny? ✅ Targeted Harassment? ✅ … Physical violence, actual death threats ? ✅

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Gotham City Research

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6 years

Had only somebody warned about the various risks to the $CRTO business ...

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Gotham City Research

@GothamResearch

9 years

In "Quindell: A Country Club Built on Quicksand" we claimed 42%-80% of profits suspect. Quindell finally confesses: http://t.co/SvBpz5HEkV

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@GothamResearch

Gotham City Research

@GothamResearch

2 years

A bull market in single stock short selling began in February of last year (see below). While we believe this trend remains intact with years remaining in it, The risk of a countertrend rally seems very high, and may begin fairly soon.

@GothamResearch

Gotham City Research

@GothamResearch

4 years

Short selling is always and everywhere a dangerous proposition: that being said, there have been far worse times to get into “gentlemen short selling”. The ducks have just about all lined up.

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Gotham City Research

@GothamResearch

4 years

By “gentlemen short selling” , we are referring to passive short selling, meaning shorting quietly.

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Gotham City Research

@GothamResearch

4 years

Maybe BAFIN owes the @FT an apology? Financial restitution for the following:

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Gotham City Research

@GothamResearch

6 years

The Securities and Exchange Commission announced that Endurance International Group (EIGI) fraudulently inflated subscriber counts and revenue per subscriber numbers: We wrote 4 reports about $EIGI and its suspect operating metrics in 2015:

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Gotham City Research

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9 years

Quindell and former #QPP CEO Robert Terry's defamation lawsuit & statements against us were defamatory, malicious, & untrue. For the record.

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Gotham City Research

@GothamResearch

2 years

Stony Point slaying victim Matt Farrell @WillauerProsky was author and arts provocateur

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Stony Point slaying victim was author and arts provocateur

Matthew Sean Farrell, 53, was the only child of a social worker and an Army commando turned French professor. He grew up near Farmville, spent several years after college in

dailyprogress.com

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Gotham City Research

@GothamResearch

6 years

Medifast (NASDAQ: $med ): Like Lumber Liquidators, But With Undisclosed Toxic Metals, and A Supply Chain Twist PART I -

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@GothamResearch

Gotham City Research

@GothamResearch

7 years

On September 21st we wrote "Criteo: The true Fraudster in the Adtech Industry?" $CRTO stock promoters dismiss us for being wrong about Criteo & ad fraud. If so, why did Criteo start offering domain level transparency, starting November?

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Gotham City Research

@GothamResearch

7 years

Does Aurelius' (ticker = AR4) CEO hold a PHD from Harvard, as claimed? Can Dirk Markus be trusted? Part I

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@GothamResearch

Gotham City Research

@GothamResearch

3 years

Does this $YALA make sense? We think no. World leading revenue growth, and cash flow generation coupled with: A business supposedly based in Africa, CFO/auditor in East Asia, and investor base in North America? Some of you might see a unicorn. We see an ugly duck.

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Gotham City Research

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6 years

$MED quietly -26% today, trading at $159 per share as of this moment. We believe several problems not covered in our reports will be revealed over the next 6-12 months. More downside to come. Stay tuned.

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Gotham City Research

@GothamResearch

10 years

Gowex Former CEO bail: 600,000 €. Steal a loaf of bread, & you're more likely to go to jail. This is why vigilante CEOs do not fear the law.

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Gotham City Research

@GothamResearch

10 years

Note that Gowex reported very, very positive Cash flow from Operating Activities. LESSON: CASH FLOW CAN BE FAKED IN OTHER COMPANIES TOO.

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8 years

Testing, Testing.

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Gotham City Research

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7 years

If Criteo were to experience 1% of the scrutiny that Facebook currently is, for their privacy violations, most of the company's revenues would simply go away, At least Facebook gives back something to users and has their affirmative consent. cc: @FTC $CRTO $FB

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Gotham City Research

@GothamResearch

1 year

On Monday, SES Imagotag claimed in their response to Part I of our report: "Financial statements are not misstated." Is this True or False:

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False

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@GothamResearch

Gotham City Research

@GothamResearch

9 years

This article would seem to describe how $EIGI goes to zero http://t.co/Oz4OWoivy6 - If $EIGI were to disappear tmrw, no one would care.

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Gotham City Research

@GothamResearch

7 years

We decided to conduct a study on the quality Criteo sites. The results surprised us: 50+% of traffic is suspect, nearly 2x worse than peers.

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@GothamResearch

Gotham City Research

@GothamResearch

7 years

Our analysis would explain why P&G, Chase Bank, Restoration Hardware, Unilver, Uber, etc could cut spend 40-100% w/ no impact on sales

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@GothamResearch

Gotham City Research

@GothamResearch

4 years

Dear 정세균 Prime Minister of 대한민국, The best capital markets in the world include minimal restrictions on short selling. If you want to develop South Korea's financial system into a world leading one, consider this fact. I'm happy to discuss further. cc: @moonriver365

@business

Bloomberg

4 years

South Korea’s prime minister says he's not a fan of short-selling as the country moves to remove a pandemic-issued ban on the trading practice

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@GothamResearch

Gotham City Research

@GothamResearch

2 years

@nntaleb That’s an insult to Madoff, as SBF is far worse: Madoff recoveries were 88%. What do you estimate SBF recoveries will be, 0%?

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@GothamResearch

Gotham City Research

@GothamResearch

10 years

We have lowered our intrinsic value estimates for Quindell. We anticipate issuing a follow-on report in the not-too-distant future. #QPP

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@GothamResearch

Gotham City Research

@GothamResearch

7 years

Last Friday, we released Method Media Intelligence's Criteo report. Tomorrow we will release our first report on $CRTO . Stay tuned.

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@GothamResearch

Gotham City Research

@GothamResearch

6 years

Don’t trust us: BAFIN’s counterpart in the USA, the SEC itself, has expressed regret over past short selling bans. In fact, the head of the SEC in 2008 outright stated it would not impose short selling bans again, as the costs outweighed the benefits:

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@GothamResearch

Gotham City Research

@GothamResearch

7 years

Aurelius changes its website to remove a claim that its chief executive received a Ph.D. from Harvard University:

Aurelius Changes Website After Short-Seller Questions CEO’s Harvard Credentials

Gotham City’s latest criticism comes soon after Aurelius’s profitable sale of Secop GmbH.

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@GothamResearch

Gotham City Research

@GothamResearch

10 years

For the record, we wrote in April of this year: "Quindell’s shares are worth NO MORE THAN 3p/share." (3p = 45p before reverse-split).

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@GothamResearch

Gotham City Research

@GothamResearch

9 years

We are short Myriad Group, (MYRN) , and believe shares are worth less than <$1.00 per share (80%+ downside)

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@GothamResearch

Gotham City Research

@GothamResearch

6 years

BAFIN & other regulators worldwide have a difficult, often thankless job. We are sympathetic to the difficulties they face. But a short selling ban is not the answer; we believe there are more effective means of achieving the desired objectives. Disclosure: no position in WDI

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@GothamResearch

Gotham City Research

@GothamResearch

26 days

5. Given these and other observations we have regarding Mutares, we leave you with a question: Are Mutares' existing investors paid with funds collected from new investors?

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@GothamResearch

Gotham City Research

@GothamResearch

4 years

Clearly we have been in the wrong business for the last 10 years, and should’ve been long only investors since inception.

@GothamResearch

Gotham City Research

@GothamResearch

5 years

We are long Criteo $CRTO . We hope shares decline so we can buy more. Short and sweet writeup explaining why:

Tweet media one

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