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  "documentTitle": "Eurofins Scientific SE (ERF)",
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      "text": "Muddy Waters is short Eurofins Scientific SE because the confusion and contradictions inherent in its financials and operations cause us to believe that it is optimized for malfeasance, rather than for conventional business.",
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      "text": "As Eurofins grows larger, it makes smaller acquisitions, with 2019 acquisitions averaging $5.0 million of annual revenue, which declined by 2023 to $3.1 million.",
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      "text": "Eurofins’ 2019 AR p. 6 states 26 acquisitions totaling €130 million of annual revenue; 2023 AR p. 41 states 40 acquisitions totaling €122 million.",
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