We are short CCC S.A. (WSE: CCC). Our investigation has uncovered evidence that CCC’s celebrated turnaround is an illusion, engineered through a classic channel stuffing scheme, brazen self-dealing by insiders, and accounting games to hide a rotting core. A thread on $CCC.WA 1/x At the heart of the deception is a channel stuffing scheme. $CCC.WA is fabricating growth by "selling" hundreds of millions in unwanted inventory to a captive, insolvent franchisee called MKRI. The clearest footprint of this scheme is CCC’s exploding trade receivables. (2/x)

The $GRND Buyout Bid Is One of the Messiest We’ve Ever Seen.

One of the supposed buyers — who also happens to be the current board chairman — is being margin called on his pledged $GRND shares.
1/x That $GRND margin call should’ve been disclosed in a Form 4.
Form 4 requires a two-day filing deadline for reporting changes in a company insider's beneficial ownership.

But the filing for the Oct 10 sale? Delayed. Conveniently. 2/x

We are short Marex Group $MRX. Our research concludes it's a financial house of cards built on a multi-year scheme of accounting manipulation, intercompany transactions, and fake profits. This thread breaks down our findings. The scheme starts with an opaque fund structure in Luxembourg. In 2020, we believe $MRX bailed out a failing volatility fund (VPF) to conceal a ~$27M loss. This crucial decision was never approved by the board's acquisition committee—a major governance failure.

We are short Vita Coco (NASDAQ: COCO), with Structural Issues Amid Stalling Sales and Costco Contract Loss.

In our opinion, $COCO is nothing more than a one-trick pony grazing in a niche TAM.

See our report here: ningiresearch.com/?p=711 $COCO's supply chain, touted as a competitive advantage, is a mess. Inventory shortages have upset retailers, with Walmart downgrading shelf placement & reducing SKUs, leading to double-digit sales declines.

We are short Merchants Bancorp, $MBIN, because, our investigation uncovered that MBIN has been aggressively expanding its loan book by lending money to bad actors that have a history of:
fraud,
housing code violations, and
running properties into the ground.

(1/n)ningiresearch.com The most significant expansion has taken place in $MBIN's multifamily and healthcare loan book, growing from $529 million in 2017 to $6.6bn in Mid-2024.

Multiplying its bridge loan portfolio by a factor of eleven in less than seven years.

(2/n)

What happened since we published?

Example: Il Makiage's reviews highlighted in Chapter 6

$ODD claimed "thousands of 4 and 5-star reviews on independent platforms."

Yet 37,000 new negative reviews appeared on its website. Within a period of 13 days. How?

A thread 🧵1/x 2/x On Friday, we checked Il Makiage's review section again, and more than 37,000 new low-star reviews were posted on the monitored products.

In our opinion, either momentum on Il Makiage's products has took a nosedive or $ODD suppressed tens of thousands of negative reviews.

We are short ODDITY TECH, $ODD, is hyped as an AI-powered online-only company selling cosmetics. In a 3-month investigation, we uncovered that it misled investors about every critical aspect of its business, Some highlights below. Find the detailed report: ningiresearch.com/?p=650 $ODD's competitive strengths were described as a: “differentiated online-only strategy powered by AI-optimized product personalization.”
We discovered that ODDITY Tech's true business is the exact opposite: simple one-size-fits-all quizzes and brick-and-mortar stores.

We are short $WMT and $SYM. $WMTcontracted $SYM to retrofit its supply chain. It's a cornerstone of $WMT's omnichannel strategy. But $SYM outsourced its duties to third-party contractors. We see significant downside for both stocks, read our report: https://t.co/rRHneloDsvningiresearch.com
$WMT relies on Symbotic’s automation systems to achieve its strategic goals. But all products are still in prototype status, $SYM’s management acknowledged that. $SYM products lack innovation, while competitors introduced similar solutions decades ago.

We are short Arbor Realty Trust ($ABR), a Mortgage REIT focused on real estate bridge financing. We believe $ABR hid debt off-balance, faked revenue and hundreds of millions of dollars are missing. We think the stock is downside up to 67%, read our report: ningiresearch.com $ABR owns a toxic and worthless portfolio of mobile homes called Lexford/Empirian, loaded with $582m of debt. Arbor secretly invested millions into wholly-owned Lexford but shareholders only received 4.1% of total profits. More than $159m is missing.

#NorthernData published several press releases since the BOY, but omitted most of the relevant information.
The company missed its already lowered guidance, is sued by $RIOT for $114m and auditors issued a going concern warning $NB2 guided 100k ASIC miners for 2022, 200m to 250m revenue and adj EBITDA (excl. trading losses) of up to 75m. They missed all of them. Only the mined BTC were slightly above the lower end of the guidance

We are short $PVBC, a small #bank with massive crypto loan exposure. The loans are already #defaulting and share price is #rapidly declining. We think it’s a zero. Read our report: bit.ly/3OisAKH $PVBC expanded its #crypto lending business to $138m within 18 months and yesterday impaired more than half of it. A 200yr old #bank went tits-up in a matter of months. Read our report: bit.ly/3OisAKH

Our comment on the #Sinch call 1/n As soon as the second last analyst nailed it right on the head, #Sinch dodged, and stopped answering. They will discuss this hot topic only in private? 2/n

We are short $Sinch, a swedish telecommunications company. In our opinion, the company misstated its financial statements by billions, read the full report:
ningiresearch.com/2022/07/11/res… As a tech company #Sinch expensed ZERO R&D costs in 2021. All while #Twilio expensed 28% of revenue in the same time, #Sinch self proclaims being profitable for years while growing its business, read the full report: ningiresearch.com/2022/07/11/res…