“JR” of Jehoshaphat Research is back to present a completely different short thesis on Techtronic Industries (669 HK). Based on subsequent interviews and extensive boots-on-the-ground research, JR believes that Techtronic is systematically defrauding Home Depot, its largest customer. At the heart of its thesis, Jehoshaphat Research has found a pattern of mislabeling products that allows the company to take advantage of a loophole in its exclusivity agreement with Home Depot.
Carson Block of Muddy Waters Capital makes the short case on Chinook Therapeutics (KDNY). Muddy Waters argues that, upon further examination of trial data, its primary candidate for kidney disease, atrasentan, not only is inefficacious, but also shows an alarming rate of patient heart failure.
Soren Aandahl of Blue Orca Capital makes the short case on Shift4 (FOUR). Blue Orca argues that the Company’s gross profit, EBITDA, and cash flow are inflated by a series of hyper-aggressive maneuvers undertaken just as the decline in FOUR’s share price created the threat of a margin call on its CEO’s equity-backed loan.
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