Based on the near total faking of users, we assume that the fraudulent portion of GSX’s revenue is at least equal to the percentage of fraudulent users, although it would not surprise us if the ASP on the real portion of GSX’s business is fraudulently inflated too. We refer to Muddy Waters Research and Muddy Waters Capital collectively as “Muddy Waters” and individually these entities are referred to as a “Muddy Waters Entity”. Neither Muddy Waters Research nor Muddy Waters Capital will update any report or information on its website to reflect changes in positions that may be held by a Muddy Waters Related Person. With respect to their respective research reports, Muddy Waters Research and Muddy Waters Capital makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. Reports are based on generally available information, field research, inferences and deductions through the applicable Muddy Waters Entity’s due diligence and analytical process. GSX Refutes Muddy Waters Research's Follow Up Report GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in … However, after analyzing the report, the Company believes that Muddy Waters lacks a basic understanding of GSX's operations. Muddy Water's report details its allegations and explains how it found unusual patterns among droves of GSX … By analyzing the available data, Muddy Waters … “Given the infamy of short sellers and unchanging methods, a … Muddy Waters’ report came weeks after Citron Research called GSX “ the most blatant Chinese stock fraud since 2011.” Citron accused … Muddy Waters' Carson Block on his latest short, GSX Techedu May 18, 2020 Muddy Waters Capital Founder & CIO Carson Block joined Yahoo Finance's Jen Rogers, Myles Udland, and Dan … We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. GSX, the online education firm that Muddy Waters called out in May, soared more than 200% through August before paring some of its gains. However, such information is presented “as is,” without warranty of any kind, whether express or implied. Read More Latest Reports Joyy Inc. MW is Short Joyy … On May 18th, we published our research on GSX in which we concluded that at least 70% of GSX’s purported users are fraudulent, and quite likely the real percentage of fake users is over 80%. TAL Education has almost doubled since … Our conclusions are based on GSX’s own user and attendance data files (i.e., this is n… more. You agree that each Muddy Waters Related Person is a third-party beneficiary to these Terms of Use. Sign up for free newsletters and get more CNBC delivered to your inbox … Muddy Waters Research is an online research publication that produces due diligence-based reports on publicly traded securities, and Muddy Waters Capital LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Sign up for our mailing list and receive research reports and other related news and updates from Muddy Waters Research. Muddy Waters Research is an online research publication that produces due diligence-based reports on publicly traded securities, and Muddy Waters Capital LLC is an investment adviser … Sorry, your blog cannot share posts by email. TAL Education called the report erroneous and deceptive. To the best of the applicable Muddy Waters Entity’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that the applicable Muddy Waters Entity believe to be accurate and reliable, and who are not insiders or connected persons of the Covered Issuers or who may otherwise owe a fiduciary duty, duty of confidentiality or any other duty to the Covered Issuer (directly or indirectly). You further agree to do your own research and due diligence before making any investment decision with respect to securities of the issuers covered herein (each, a “Covered Issuer”) or any other financial instruments that reference the Covered Issuer or any securities issued by the Covered Issuer. So what On May 18, Muddy Waters said it was short GSX Techedu stock because the company was "a near-total fraud." GSX Refutes Muddy Waters Research's Follow Up Report News provided by GSX Techedu Inc. May 29, 2020, 06:49 ET Share this article BEIJING, May 29, 2020 /PRNewswire/ -- GSX Techedu … Muddy Waters Research LLC is an American privately held due diligence based investment firm that conducts investigative research on public companies while also taking investment positions that … On May 18, research firm Muddy Waters told the world it was short GSX Techedu stock. You accept all risks in relying on the information on this website. We also conclude that GSX greatly understates expenses. However, investors should still hear them out to decide whether GSX … The opinions, information and reports set forth herein are solely attributable to the applicable Muddy Waters Entity and are not attributable to any Muddy Waters Related Person (defined below) (other than the applicable Muddy Waters Entity). As follows these Terms of Use on its website, you agree Use. From more than 200 paid K-12 classes covering 54,065 unique users beneficiary to these Terms Use... Any security and explained various details of GSX ’ s data from more than happy to report a case., the Company believes that Muddy Waters related muddy waters gsx is a third-party beneficiary to these Terms of.... Sufficient investment sophistication to critically assess the information, analysis and opinion our analysis, explained. Waters Capital because we conclude that GSX is a massive loss-making business and reports presented this... 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