We are short $HSY . High Levels of Banned PFAS Detected in Hershey's (NYSE: $HSY ) Packaging. Independent Tests Reveal Widespread Presence of Cancer-Linked “Forever Chemicals” in its Biggest Brands. Read our new report here: grizzlyreports.com/hsy/ $HSY is a multi-brand iconic U.S. confectionery maker with a $37 billion market cap. Its most famous brands include Hershey's, Reese's, Almond Joy, and Mounds, which rank among the top products in consumer trust and appreciation. In 2023, HSY generated 81% of net sales and 91% of income from its North American confectionery segment.

We Believe Pinterest, Inc. (NYSE: $PINS) is in a Death Spiral but Misleadingly Doctors its Terrible Performance Statistics. Read Our New Report Here: grizzlyreports.com/we-believe-pin…
Currently, $PINS barely earns money, but projects a rosy future promoting an advertising-focused “growth” strategy, with its new CEO appointed in 2022 who has failed to deliver on these promises.

We believe GigaCloud Technology Inc $GCT is another China Hustle Inflating Key Metrics Using Undisclosed Related Party Shell Companies. Read our new report here: grizzlyreports.com/gigacloud-tech… $GCT is a Chinese e-commerce company whose stock has tripled in recent months on excitement of the B2B marketplace, GigaB2B, which we believe is misunderstood.

SenseTime ($0020.HK) describes itself as “a leading AI software company,” however, we believe that in this case AI stands for Artificially Inflated revenue. Our research exposes SenseTime for what appears to be a pattern of falsifying revenue. Read our new report here: grizzlyreports.com/we-believe-sen… Two court cases describe revenue fabrication and round-tripping schemes in which SenseTime either directly or through intermediaries provides funds to customers that in turn are used to purchase goods from SenseTime that might never have been delivered.

We believe $PDD is a Dying Fraudulent Company and its Shopping App TEMU is Cleverly Hidden Spyware that Poses an Urgent Security Threat to U.S. National Interests. Read our new report here: grizzlyreports.com/we-believe-pdd…


TEMU app software has the full array of characteristics of the most aggressive forms of malware /spyware.

Archer Aviation $ACHR is an eVTOL company. Brought public through a SPAC, we believe the company has made a series of misrepresentations the latest of which being a contract award from the DoD which led a 40% run up in the stock. Read our new report here: grizzlyreports.com/we-believe-arc… The DoD contracts $ACHR received is a noncompetitive award with indefinite quantity and indefinite delivery, meaning the revenue could also be minimal and is also capped at $1.3m total revenue in 2023.

We are Short Sigma Lithium Corp $SGML : Bogus Feasibility Studies & Production Delays Will Leave Investors Praying for a Buyout. Read our New Report Here: grizzlyreports.com/sigma-lithium-… $SGML is a development-stage lithium mining company focused on advancing its Brazilian Mining project to production. $SGML has coasted a boom in lithium prices to a >26x return over the last 3 years, with the stock surging 200% over last 12 months on speculation of a buyout.

$ZTO Express Inc. (NYSE: $ZTO HK: 2057): China’s “Best-in-Class” Logistics Company is Really “Best in Show”; We Believe Financials are Fake and Insiders are Stealing from the Company. Read our new report here: grizzlyreports.com/zto-express-in… $ZTO is one of the leading players in the intensely competitive Chinese logistics market. Despite standardization across the industry, $ZTO boasts margins >2x the average of its peers.

We believe $NIO Plays Valeant-esque Accounting Games to Inflate Revenue and Boost Net Income Margins to Meet Targets. Read our new critical report here: grizzlyreports.com/we-believe-nio… Today, we reveal what we consider an audacious scheme by NYSE-listed $NIO. Reminiscent of the Philidor-Valeant relationship, $NIO is likely using an unconsolidated related party to exaggerate revenue and profitability.

$MP Materials Corp came public on the NYSE in November 2020 through a SPAC reverse merger backed by “SPAC King” Chamath Palihapitiya. But we believe its another low-quality deal that will cost investors dearly. Read our new critical report here: grizzlyreports.com/mp-materials-c… $MP was able to sell itself to investors touting the fact that MP is the largest rare earth producer in the western world, and the only feasible competitor to Chinese producers. In reality, we believe that this is nothing more than a smoke and mirrors show.

$TSP is the latest hot China-based IPO of an ambitious autonomous driving technology company, but we believe the company has systematically lied and misrepresented key information. Brought to you by the people behind $NKLA. Read our new report here: grizzlyreports.com/trusimple-hold… Did you know that $TSP and $NKLA have a lot more in common than it may appear. For example: Both companies are financed by the same bad actors – namely VectoIQ, aka Stephen Girsky. The existence of this investor was conveniently removed from $TSP investor presentations.

New report is out! We believe Well Health Technologies $WELL.CA is a toxic roll-up. Read our new research report here: grizzlyreports.com/we-believe-wel…
We presented the idea this morning @BreakoutPoint @PodContrarian @valuewalk $WELL.CA stock has increased ~500% in 10 months on the back of multiple digital-first acquisitions. Management are enjoying the ride, but we’re concerned retail will be holding the bag as digital progress is overstated and acquisitions have been at best overpaid for.

Alpine 4 Holdings Inc $ALPP has been a high-flying stock recently, but we believe it is a scam. Read our new report here: grizzlyreports.com/alpp-a-failed-… $ALPP recent claim to fame circles around the prospect of fl¬ying high alongside the hyped drone industry. $ALPP stock has skyrocketed on glorious claims combined with a record-setting press release machine plus promotional activity on social media.

We Still Call a Spade a Spade: Why We Believe National Beverage Corp $FIZZ Might be a Better Short Than Ever. Read our new critical report here: grizzlyreports.com/we-still-call-… The recent frenzy in high short interest stocks, most notably $GME and $AMC, has lifted several other stocks and created an attractive short opportunity in $FIZZ. @breakoutpoint @valuewalk @natbaker @zer0estv @FD

Today CCTV exposed $DOYU for the Online gambling activities. A risk that we outlined in our recent report. Reporters and whistleblower stated that $DOYU not only knew about this but willingly guided and taught streamers to conduct such activities while bypassing regulations. Here are the highlights of the CCTV report: The No.1 Streamer on $DOYU, Changsha Xiangcun Gansidui, is suspected to be operating online gambling. One user in the live streaming room lost 200,000 RMB in little over 10 minutes. This room’s annual GMV was 177.18 million RMB in 2020.

New report out: grizzlyreports.com/doyu-massive-r… We believe $DOYU has been involved with illegal online gambling on their platform. Our research indicates that not only is $DOYU hosting these illegal activities, but they are actively encouraging their users to gamble on their platform. Recent policy announcements indicate a more stringent regulatory environment that is cracking down on online gambling, order brushing and faking operating numbers. We believe the full scale of the policy reform will be massive. @breakoutpoint @valuewalk @natbaker @zer0estv @FD

$CELH has seen its stock skyrocket in 2020 on the back of sudden and unexpected revenue growth. We believe the company is not nearly as good as it looks and potentially fraudulent. Read our new report here: grizzlyreports.com/celsius-holdin… Our analysis shows Europe, a substantial portion of $CELH business, is not nearly as good as it looks, with far lower and potentially negative sequential growth across Q3-2019 to Q2-2020. @BreakoutPoint @valuewalk @natbaker @WillauerProsky @ActivistInsight @ActivistShorts

We believe $HEBT is the quintessential example why we need tighter disclosure and auditing regulations for US-listed Chinese companies. We presented this idea this morning @PodContrarian
Read the full report here: grizzlyreports.com/we-believe-heb…
@breakoutpoint @valuewalk @natbaker $HEBT stock price has skyrocketed on the back of recent private placements and acquisitions. Problem is: All significant transactions in the last year are undisclosed related party transactions. @ActivistInsight @ActivistShorts @quintessentialcm

Here is our follow up report on $GSX that you don’t want to miss: grizzlyreports.com/gsx-update-6-2… We have been busy obtaining smoking gun evidence, including access to $GSX INTERNAL database and records from third parties that sold massive amounts of fake IDs to $GSX. We gained access to $GSX internal Gaotu database. The conclusion: Real student count is only about 11% of what $GSX reports to US investors. @muddywatersre analysis came very close to the real numbers; Well done @muddywatersre !