Notes via Muddy Waters Research on the Luckin Coffee earnings fraud and restatement. This one is old school - plain old fraud.
Their google drive link to their notes.
MW is short $LK. We received unattributed 89-page report alleging $LK is a fraud: "number of items per store per day was inflated by at least 69% in 2019 3Q and 88% in 2019 4Q, supported by 11,260 hours of store traffic video" We view the work as credible.
2 mos ago: posted publicly via friend Carson Block @muddywatersre
Pay attention to smart short-sellers.
With markets biased to go up over time, they have MUCH more to lose by being wrong, and much less to make if right.
Ultimate incentive skin in game to see + say: "FRAUD".
MuddyWatersResearch @muddywatersre