jehoshaphatresearch
Jehoshaphat Research is short shares of Progyny (NASDAQ:PGNY), a company they believe is deceiving the investor community via its financial reporting practices. These practices rely on complex accounting that PGNY appears to have been exploiting for years. We believe that PGNY recently has taken its aggression to a brazen level by secretively changing important accounting policies that materially inflate profits. We calculate that PGNY is actually unprofitable, but masks this problem with accounting games. Q3 2022 hedge fund letters, conferences and more We believe the following accounting tri...
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Jehoshaphat’s Short Thesis On Hannon Armstrong (HASI) – Executive SummaryIn recent weeks, HASI investors have been presented with a short thesis from Muddy Waters that details the company’s aggressive accounting. We’ve been analyzing this company ourselves for months, and we found Muddy Waters’ claims to be valid…so valid, in fact, that we have nothing else to say about them. Q2 2022 hedge fund letters, conferences and more Jehoshaphat Research is short HASI today for an entirely different reason: HASI’s impressive gains on sale are going away this year. Gains on sale are ~50% of the company’s...
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Jehoshaphat Research is short BWX Technologies Inc (NYSE:BWXT). Q4 2021 hedge fund letters, conferences and more With this report we are uncovering the results of a years-long investigation of BWX Technologies (BWXT). The decision to go public with these findings now rests mainly on two beliefs: A. BWXT’s CFO and Chairman both gave notice of resignation unexpectedly in Q421. These two were also in senior roles at the inception of the disaster now known as Babcock & Wilcox (BW, spun off from BWXT in 2015). BW’s stock today is about 90% lower than at spinoff, thanks to projects that conveniently...
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Jehoshaphat Research is short MaxLinear, Inc. (NYSE:MXL). Q3 2021 hedge fund letters, conferences and more MaxLinear: A $4Bn Roll-Up That's About To Roll-OverMaxLinear (MXL) is a semiconductor company whose shareholders and analysts believe that it is growing. In reality, MXL’s organic growth today is zero. Management has successfully covered up MXL’s long-term spiral with increasingly large and desperate acquisitions of other declining assets. This culminated in a huge 2020 deal that created a brief honeymoon period, which investors have mistaken for sustainable growth. Consensus has unwittin...
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The most important question for View Inc (NASDAQ:VIEW) now is: Will they survive without raising capital long enough to make it to the end of an accounting restatement? Q2 2021 hedge fund letters, conferences and more VIEW's 10-Q Filing DelayedVIEW just filed notice with the SEC that it would not be able to file its 10-Q by the required deadline, due to an internal investigation into its accounting practices. Specifically, its policy for warranty accrual is being looked at by its board's audit committee. While this may result in a restatement for the company, VIEW is deeply unprofitable to beg...
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Jehoshaphat Research’s short report update on Adapthealth Corp (NASDAQ:AHCO). Q2 2021 hedge fund letters, conferences and more Executive Summary:We are short AHCO and believe that its downside is again around 50%, in large part due to its negative organic growth. However, we no longer have to argue our case with complex arithmetic and assumptions. There is now nothing more to debate – organic growth in both Q1 and Q2 2021 was indeed negative, more than 1,000 basis points below management’s claims. A new SEC filing disclosure confirms it. This disclosure is brand new, provided for the first tim...
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What’s New In ActivismBill Ackman was forced to rejig his deal to buy 10% of Vivendi’s Universal Music Group. The activist had struck a deal earlier in the year with Vivendi, worth $4 billion, that would have used up the majority of Ackman’s Pershing Square Tontine Holdings special purpose acquisition company (SPAC). Q2 2021 hedge fund letters, conferences and more Ackman’s investment in Universal Music will now go through his main hedge fund rather than the SPAC, after U.S. regulators questioned whether the deal with Vivendi adheres to New York Stock Exchange rules. In an open letter to share...
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Jehoshaphat Research is short Adapthealth Corp (NASDAQ:AHCO). Q2 2021 hedge fund letters, conferences and more We believe that AdaptHealth (NASDAQ:AHCO), a roll-up of roll-ups with excessive debt, is deceiving the investor community via its financial reporting practices. While management claims (and consensus estimates reflect) an organic growth trajectory of 8-10%, AHCO is in fact experiencing double-digit organic decline. It is also, in our opinion, taking steps to obscure that decline which are expressly forbidden by the SEC.i This may explain the recent departures of the CFO, CSO, CTO and ...
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What’s New In ActivismElliott Management has built a large stake in cloud storage company Dropbox (NASDAQ:DBX), according to a report by the Wall Street Journal. Q1 2021 hedge fund letters, conferences and more Elliott informed the company that it is the largest shareholder after CEO Drew Houston, suggesting it controls more than 10% of the shares. Elliott and the company have been holding discussions since earlier this year, the Journal said. Houston controls 71.6% of the votes via a dual-class share structure, which makes Dropbox an unusual target for Elliott, or any activist. This could sho...
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Jehoshaphat Research is short Amdocs Limited (NASDAQ:DOX). Q4 2020 hedge fund letters, conferences and more Today, we reveal the results of a months-long investigation into what we believe is a massive financial deception taking place at Amdocs (DOX). The information we are revealing has never before been seen by investors. We have gathered extensive evidence from the national corporate registry filings of dozens of subsidiaries from around the globe, which we then compared to DOX’s public filings. We found wildly overstated profit margins, a balance sheet that is far from the cash-rich fortre...
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