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Includes direct quotes from franchise sources and specific financial terms (RMB 600k-1M license fees, RMB 80k training fees, RMB 100k deposit).New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Alleged FraudLoop · Pattern Hunter1 hit
15
The slide presents a forensic accounting argument regarding potential misrepresentation of franchise consolidation and tax exemptions in SEC filings.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Alleged FraudLoop · Pattern Hunter1 hit
16
This page is part of a research note investigating potential financial irregularities at EDU, specifically focusing on franchise reporting and subsidiary revenue discrepancies.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Alleged Fraud1 hit
18
The slide uses two line charts to demonstrate that online user growth is flat despite massive growth in the underlying market and in-person enrollments.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Alleged Fraud1 hit
21
The slide uses specific examples of obstruction and financial reporting to build a case for fraud, referencing Muddy Waters' research.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the TruthLoop · Cost Of Inaction1 hit
27
The slide uses a narrative-heavy format to expose corporate governance risks and fraud in Chinese companies, specifically targeting EDU's VIE structure.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the TruthLoop · Cost Of Inaction1 hit
28
The slide uses a diagram to illustrate the structural difference between a standard company and a VIE, and uses a quote from a BIDU prospectus to contrast with EDU's lack of control.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the TruthLoop · Cost Of Inaction1 hit
33
Includes specific allegations against AMBO and CAST management; table compares gross margins across five companies from 2007-2011.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the Truth1 hit
36
The transcript highlights the potential franchisee's lack of direct experience in education and their background in real estate/project development.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the Truth1 hit
37
The slide contains a raw transcript of a business inquiry call.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the Truth1 hit
38
The text is a Q&A style transcript detailing operational and financial aspects of a franchise agreement.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the Truth1 hit
39
This is a raw transcript page from a research note or case study document.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the Truth1 hit
40
This appears to be a transcript of a phone call or interaction, likely part of a customer journey or sales process documentation.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the Truth1 hit
43
This appears to be a page from a legal contract or partnership agreement.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller 1 hit
44
The text contains specific contractual clauses (1.2.2.2 to 1.2.3) regarding brand usage, territory authorization, and penalties for non-compliance.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller 1 hit
45
This appears to be a page from a legal contract or franchise agreement.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller 1 hit
46
This is a page from a legal agreement or contract, specifically outlining operational training obligations and financial responsibilities for personnel.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller 1 hit
78
Page 77 of a legal document or research note.Focus Media Holding Ltd. (FMCN) · Carson C. Block
Research note Short seller Beat · The Victory1 hit
06
The slide uses a series of numbered arguments (VI, VII, VIII) to systematically dismantle corporate defenses.Focus Media Holding Ltd. (FMCN) · Muddy Waters
Research note Short seller 1 hit
09
The slide provides primary source evidence for network sizing metrics.Focus Media Holding Ltd. (FMCN) · Muddy Waters
Research note Short seller Beat · Appendix Data1 hit
10
The slide is a verbatim transcript formatted as a dialogue table.Focus Media Holding Ltd. (FMCN) · Muddy Waters
Research note Short seller 1 hit
11
The slide presents a dialogue confirming that the data (93,000 locations, 110,000 screens) is current as of two weeks prior.Focus Media Holding Ltd. (FMCN) · Muddy Waters
Research note Short seller 1 hit
01
Slide 1
Short position disclosure included at the top.Focus Media Holding Ltd. (FMCN) · Muddy Waters
Research note Short seller 1 hit
06
The text uses a sarcastic tone to dismantle management's 'revisionist' explanation of their theater count methodology.Focus Media Holding Ltd. (FMCN) · Muddy Waters
Research note Short seller 1 hit
07
This is a research note page focusing on forensic accounting and skepticism of management disclosures.Focus Media Holding Ltd. (FMCN) · Muddy Waters
Research note Short seller 1 hit
01
Slide 1
This is a short-seller research report by Muddy Waters LLC. It uses the Olympus scandal as a precedent for corporate fraud.Focus Media Holding Ltd. (FMCN) · Carson Block
Research note Short seller Beat · The Call1 hit
01
Slide 1
The slide uses a provocative, satirical tone to frame the credibility of third-party auditors in China.Focus Media Holding Ltd. (FMCN) · Muddy Waters, LLC
Research note Short seller Beat · Problem (Identify pain)Loop · Cost Of Inaction1 hit
04
The slide is part of a critical research note questioning the reliability of data provided by companies commissioned by FMCN.Focus Media Holding Ltd. (FMCN) · Muddy Waters, LLC
Research note Short seller Beat · Agitate (Make it worse)Loop · Pattern Hunter1 hit
04
The slide uses a narrative of 'exposing' management's claims by contrasting them with external market data and government policy changes.Olam International (OLAM) · Muddy Waters
Research note Short seller Beat · Expose ContradictionLoop · Zoom In1 hit
08
This slide functions as a rebuttal to management's public statements, using a 'he-said-she-said' framing to highlight potential governance risks.Olam International (OLAM) · Muddy Waters
Research note Short seller Beat · Preempt Rebuttal1 hit