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Muddy Waters Research
Muddy Waters Research LLC is an American investment research firm known for activist short selling. It was founded in 2010 by investor Carson Block. The firm publishes due‑diligence reports on publicly traded companies and, through its affiliated investment adviser Muddy Waters Capital LLC, often takes positions consistent with its research.
It has exposed accounting problems and fraud at several companies, primarily in China but also in other countries in Asia, Europe and North America.
Muddy Waters Research was founded in 2010 by Carson Block. In January 2016, Block launched Muddy Waters Capital LLC, an SEC‑registered investment adviser, to manage capital alongside the firm’s research activities.
The company is named after the Chinese proverb "muddy waters makes it easy to catch fish" (渾水摸魚). In January 2015, the firm raised an initial $100 million for its investment strategy.
As of 2025, SEC filings list the firm’s principal office in Austin, Texas.
Muddy Waters gained notability in 2011 following the release of a negative research report on Sino-Forest Corp, in which Muddy Waters alleged that the company was fraudulently inflating its assets and earnings hence, making the company's shares worthless. Muddy Waters declared that the Sino-Forest was a "multi-billion dollar ponzi scheme". As a result, shares of Sino-Forest fell by 82% following Muddy Waters report, forcing prominent investor John Paulson to sell his entire stake at a $US720 million loss. Sino-Forest dismissed Muddy Waters allegations of fraud and launched an independent investigation for PricewaterhouseCoopers to oversee. On March 30, 2012, Sino-Forest filed for bankruptcy protection in Canada under the Companies' Creditors Arrangement Act.[citation needed]
In 24 October 2013, Muddy Waters released a report on NQ Mobile, a Chinese-based cybersecurity and mobile application company. Muddy Waters's research report claimed 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.
Block has also released reports on companies including American Tower Corp., Noble Group, Focus Media, Olam International, Groupo Casino, Orient Paper, China Media Express, Bank of the Ozarks, Rino International, Bolloré, and TeliaSonera.
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Muddy Waters Research
Muddy Waters Research LLC is an American investment research firm known for activist short selling. It was founded in 2010 by investor Carson Block. The firm publishes due‑diligence reports on publicly traded companies and, through its affiliated investment adviser Muddy Waters Capital LLC, often takes positions consistent with its research.
It has exposed accounting problems and fraud at several companies, primarily in China but also in other countries in Asia, Europe and North America.
Muddy Waters Research was founded in 2010 by Carson Block. In January 2016, Block launched Muddy Waters Capital LLC, an SEC‑registered investment adviser, to manage capital alongside the firm’s research activities.
The company is named after the Chinese proverb "muddy waters makes it easy to catch fish" (渾水摸魚). In January 2015, the firm raised an initial $100 million for its investment strategy.
As of 2025, SEC filings list the firm’s principal office in Austin, Texas.
Muddy Waters gained notability in 2011 following the release of a negative research report on Sino-Forest Corp, in which Muddy Waters alleged that the company was fraudulently inflating its assets and earnings hence, making the company's shares worthless. Muddy Waters declared that the Sino-Forest was a "multi-billion dollar ponzi scheme". As a result, shares of Sino-Forest fell by 82% following Muddy Waters report, forcing prominent investor John Paulson to sell his entire stake at a $US720 million loss. Sino-Forest dismissed Muddy Waters allegations of fraud and launched an independent investigation for PricewaterhouseCoopers to oversee. On March 30, 2012, Sino-Forest filed for bankruptcy protection in Canada under the Companies' Creditors Arrangement Act.[citation needed]
In 24 October 2013, Muddy Waters released a report on NQ Mobile, a Chinese-based cybersecurity and mobile application company. Muddy Waters's research report claimed 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.
Block has also released reports on companies including American Tower Corp., Noble Group, Focus Media, Olam International, Groupo Casino, Orient Paper, China Media Express, Bank of the Ozarks, Rino International, Bolloré, and TeliaSonera.