In May 2020, famed short seller research firm Muddy Waters did a full report on the company that would defy their research and keep rising while the … Nano-X Imaging Ltd shares tumbled in pre-market trading Tuesday after noted short seller Carson Block indicated he is betting against the Israel-based start-up medical imaging group. They then sell borrowed stock in the target companies — known as “selling short” — expecting share values to fall when they publish their findings. One of the key takeaways from this story: don’t ever take lightly an extensive Muddy Waters research report. When Inovio stock was just $5, Andrew Left and Citron came out and bashed the stock. Latest Reports. Nothing illegal about opening positions that align with their published research. The board of NMC removed Chief Executive Officer Prasanth Manghat with immediate effect, it said in a statement on Wednesday, while Chief Financial Officer Prashanth Shenoy was granted extended sick leave. Short-seller Muddy Waters targeted Burford Capital Ltd., driving the litigation-finance company’s stock down as much as 66% and piling pressure on fund manager Neil Woodford, a … But Clermont Group doesn’t see itself at odds with Muddy Waters. Block, who runs Muddy Waters Research, said the group had "no product to sell other than its stock" and accused it of 'faking' a demonstration video that highlight the innovation of its Nanox Arc, a portable bed the company says is intended to make the patient feel more at ease during radiology and lower costs for hospitals using its semiconductor-based technology. Clermont Group said it has a “formidable track record” of investing in and building businesses in emerging markets over 30 years, and has long advocated for good corporate governance. Read More . Block also cited comparisons to electric truck maker Nikola Corp.  (NKLA) - Get Report, which lost billions in market value -- as well as its executive chairman and founder Trevor Milton -- following allegations of fraud from Hindenburg Research that triggered an investigation from the U.S. Securities and Exchange Commission. "The ARC appears to be little more than a futuristic movie prop. Joyy Inc. MW is Short Joyy Inc. (YY US) While trawling the sewers of the world’s capital markets over the past 10 years, irony has never been in short supply. Block has a vested interest in talking down companies he’s bet against, Clermont Group said. Richard Chandler’s Clermont Group is snapping up shares of hospital operator NMC Health Plc, betting that the second time the secretive billionaire has publicly taken the opposite side of a trade from short seller Muddy Waters Capital LLC will work out better than the first. Chandler’s previous bet against Muddy Waters founder Carson Block didn’t pay off. Have a confidential tip for our reporters? NMC Health should slow its growth until it can reduce its debt load, Clermont Group said. In January 2015, the firm raised an initial $100 million for its investment strategy. Trudeau Ready to Open Spending Taps for Coronavirus and Beyo... Chandler’s firm calls short seller’s role in NMC valuable, Clermont Group has built a 3.18% interest in NMC Health. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. Clermont Group, which has investments in health care, finance and aviation, has been buying more, and now owns the equivalent of 6.64 million NMC Health shares, or 3.18% of the company, according to the latest filing. Company profile page for Muddy Waters LLC including stock price, company news, press releases, executives, board members, and contact information scathing report from Muddy Waters that has slashed the stock’s value by about two thirds. Not a single one expressed credulity of Nano-X. “We hope that, if these concerns are addressed thoroughly by the board, NMC will be a stronger company in the future.”. They’re the worst performers in the U.K.’s benchmark FTSE 100 Index this year, putting them at risk of being removed from the gauge at the next rebalance. Shares in NMC rose 6.6% in London on Wednesday. "If Nano-X claims are achievable, it seemingly will come as a shock to most of the radiology profession," Block wrote. ", "Four of the radiologists – without any prompting – compared Nano-X to Theranos," Block added. “Muddy Waters has played a valuable role in highlighting several corporate governance concerns at NMC,” a spokesperson for Clermont Group said in an email on Wednesday. Rival research company Citron Research immediately poo-pooed its rival’s research … Four board members, including Bavaguthu Raghuram Shetty and Khalifa Bin Butti, have resigned since Muddy Waters alleged the company manipulated its balance sheet and inflated the prices of assets it purchased. Clermont Group disclosed a 1.06% interest in NMC Health in a Feb. 19 filing, two months after a scathing report from Muddy Waters that has slashed the stock’s value by about two thirds. The billionaire eventually went on to become the biggest shareholder in Sino-Forest before it filed for bankruptcy in 2012. In fact, an Israeli company that designed a pickup truck used in the movie Jurassic World claims credit for its design.". You can read our defense of Inovio Pharmaceuticals here. The company also has received preliminary expressions of interest about a takeover. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Block has been described by Bloomberg News and others as "one of the most successful bears" in the market today. The board of NMC Health removed CEO Prasanth Manghat with immediate effect, it said in a statement on Wednesday. Chandler bought shares in Sino-Forest Corp. in 2011 after the short seller issued a report alleging that the Chinese timber company was overstating the value of its assets. OPEC Faces Seismic Demand Split as Cartel Plots Next Move, Zappos Founder Tony Hsieh Dies at 46; Bezos Mourns Untimely Loss, Hong Kong Suspends Classes; South Korea Measures: Virus Update, Tesla FOMO Fires Up Wall Street’s $300 Billion Custom-Index Boom, Trump Nominates a Top Bank Regulator as Biden Starts Transition. Tuesday's move would trim the stock's six-month gain to around 10%. NMC has said Muddy Waters’ allegations are false, and that a committee of independent directors plans to publish findings of a review it commissioned. 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