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  "documentTitle": "Eurofins Scientific SE (ERF)",
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  "notes": "The slide uses a comparative analysis of interest rates to cast doubt on the veracity of Eurofins' financial reporting, drawing a parallel to the Muddy Waters research on NMC Health.",
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      "text": "When we exposed NMC Health PLC in 2019 as a potential fraud, one of the indicia on which we focused was NMC’s materially lower than expected interest income on its reported cash balances.",
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      "text": "As shown in the table below, it is hard to understand how the rates Cerep cited could generate interest income of only €7.9 million on an average balance of €556 million.",
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      "text": "1 See https://muddywatersresearch.com/wp-content/uploads/2019/12/MW_NMC_12172019-1.pdf p. 14. 2 https://cdnmedia.eurofins.com/european-west/media/nespbsw5/agoa-23-05-2024_réponses-aux-questions-écrites.pdf 3 Eurofins 2023 Annual Report, note 2.5.",
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      "text": "Table comparing quarterly interest rates, balances, and expected vs reported interest income.",
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      "kind": "title",
      "text": "More Questions about Eurofins' Cash and How to Resolve Them",
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