Grizzly Research
Activist short‑selling
Dec 04, 2025
The “Trustpilot Mafia” – How the Extortion Model Destroys Trustpilot’s Value Proposition
Thesis P&L N/A
Stock Return N/A
Total Reports 9
| Symbol | Last day | Company & title | Short seller | Release date | Thesis P&L | Stock return |
|---|---|---|---|---|---|---|
| TRST.L | N/A |
The “Trustpilot Mafia” – How the Extortion Model Destroys Trustpilot’s Value Proposition
|
Grizzly Research | 2025-12-04 | N/A | N/A |
| AZ | -3.6% |
pelicanway-research on A2Z Cust2Mate
|
Pelican Way Research | 2025-12-02 | +7.8% | -7.8% |
| NUTX | +2.7% |
Problems at Nutex, Part One: Booted From Over a Dozen ERs As Founder/CEO Accused of Fraud, Embezzlement, and Self-Dealing
|
Capybara Research | 2025-11-25 | -17.3% | +17.3% |
| PRAX | +30.5% |
Praxis Precision Medicines Inc. (PRAX): Mined the Gap – How PRAX Twisted Dropouts into a Phase 3 “Win” with Make-Believe Data and Half-Baked Analysis
|
Culper Research | 2025-11-20 | -31.0% | +31.0% |
| IRM | -0.8% |
The Dark Side of Iron Mountain: from a Melting Ice Cube, to a House on Fire
|
Gotham City Research | 2025-11-19 | +5.6% | -5.6% |
| CRML | +1.6% |
Critical Metals Corp. (NASDAQ: CRML): Proven Insurmountable Barriers, Amateurish Economic Projections, and Unsustainable Promotional Hype
|
Ningi Research | 2025-11-18 | -21.7% | +21.7% |
| PRDO | -1.0% |
Perdoceo Education Corp (PRDO): Going Ghost
|
Bleecker Street Research | 2025-11-17 | +9.3% | -9.3% |
| HOVR | -1.1% |
pelicanway-research on New Horizon Aircraft
|
Pelican Way Research | 2025-11-13 | +11.1% | -11.1% |
| IPX | +1.4% |
sprucepointcap on IperionX Ltd.
|
Spruce Point Capital Management | 2025-11-12 | +9.4% | -9.4% |
| HFG | N/A |
HelloFresh SE’s (FSE: HFG) Last Supper: Executives Carve Up Value Before the Collapse
|
Grizzly Research | 2025-11-07 | N/A | N/A |
| AAON | +0.8% |
Jehoshaphat Research is Short AAON INC. (AAON)
|
Jehoshaphat Research | 2025-11-03 | +11.0% | -11.0% |
| DVLT | -8.6% |
DVLT: A Joke Brought To You By A Promoter Sanctioned By The SEC Who Has Co-Authored Patents With A Convicted Felon Charged In An Elaborate Pump-And-Dump.
|
Wolfpack Research | 2025-10-31 | +32.5% | -32.5% |
| EOSE | -3.8% |
Eos Energy (EOSE): Former Execs Say Eos Defrauded the DOE + Is Hiding a Deadly Gas Problem
|
Fuzzy Panda Research | 2025-10-30 | -4.3% | +4.3% |
| DCO | -0.7% |
BAD TIMES DUCOMMUN
|
GlassHouse Research | 2025-10-28 | +3.9% | -3.9% |
| METC | -3.1% |
We Believe METC’s Brook Mine Is a Hoax and Management Has Pumped the Stock with a Potemkin Mine and a Fantasy Economic Assessment
|
Wolfpack Research | 2025-10-23 | +55.7% | -55.7% |
| DASH | +1.7% |
DoorDash: Unauthorized Dasher “Backdooring” Scheme Props Up Delivery Operations, Undermines Safety, and Unravels as Immigration Enforcement Widens
|
Culper Research | 2025-10-23 | +10.8% | -10.8% |
| CCC | -1.2% |
CCC S.A. (WSE: CCC): How Channel Stuffing, Related Party Schemes, and Accounting Games Engineered a False Retail Comeback
|
Ningi Research | 2025-10-16 | N/A | N/A |
| TYO: 3905 | N/A |
Our INVESTIGATION Indicates Japanese Firm Datasection (TYO: 3905) Is Illegally Providing NIVIDA GPUs to BLACKLISTED Chinese Firm Tencent
|
Wolfpack Research | 2025-10-08 | N/A | N/A |
| BMNR | -6.2% |
DAT Ain't No Strategy
|
Kerrisdale Capital | 2025-10-08 | +42.5% | -42.5% |
| DKNG | -3.4% |
sprucepointcap on DraftKings Inc.
|
Spruce Point Capital Management | 2025-10-03 | +2.6% | -2.6% |
| SLDE | +0.7% |
Slide Insurance: A House of Cards In Hurricane Alley
|
Manatee Research | 2025-09-30 | -8.8% | +8.8% |
| RR | -2.8% |
Richtech Robotics: A China Hustle Selling Rebranded Chinese Robots, Plus Insider Embezzlement, Fake Partnerships, Fake Deals, Fabricated WalMart Hype, Undisclosed Related Party Transactions, and Links to China Scam Stocks
|
Capybara Research | 2025-09-30 | -8.8% | +8.8% |
| RZLV | -4.8% |
Rezolve AI (RZLV): Faking ARR by Acquiring Failing AI Start-ups w/ Declining Revenue; Promotional CEO’s History of False Statements
|
Fuzzy Panda Research | 2025-09-29 | +53.1% | -53.1% |
| BCUCY | +3.1% |
From Moscow To TJ Maxx — How Brunello Cucinelli Continues To Lie About Its Russian Business While Aggressive Discounting Damages Its Exclusive Positioning
|
Morpheus Research | 2025-09-25 | +8.5% | -8.5% |
| AYA | N/A |
Blue Orca is Short Aya Gold & Silver Inc.
|
Blue Orca Capital | 2025-09-25 | N/A | N/A |
| GSY CN | N/A |
Jehoshaphat Research is Short goeasy ltd (GSY CN)
|
Jehoshaphat Research | 2025-09-22 | N/A | N/A |
| UEC | -3.0% |
sprucepointcap on Uranium Energy Corporation
|
Spruce Point Capital Management | 2025-09-18 | -12.4% | +12.4% |
| LSE:TRST | N/A |
A Brazenly Deceitful Business
|
Hithawk Research | 2025-09-17 | N/A | N/A |
| CRWV | +3.0% |
Artificial Returns
|
Kerrisdale Capital | 2025-09-15 | +21.1% | -21.1% |
| FFAI | -5.8% |
FFAI: This House of Cards Is Falling Apart as YT Jia’s Latest Pump Is Built on Fake Orders and a Tsunami of Lies
|
Wolfpack Research | 2025-09-11 | +32.3% | -32.3% |
| GRND | -1.0% |
Grindr Inc. (NYSE: GRND): Undisclosed SEC Investigation, Revolting User Base, Vanishing Moat, Inflated Metrics, and Selling Insiders Highlight Deep Risks
|
Ningi Research | 2025-09-09 | +14.0% | -14.0% |
| SUPX | +6.4% |
pelicanway-research on Super X AI Technology Ltd
|
Pelican Way Research | 2025-09-08 | +60.2% | -60.2% |
| NN | +2.6% |
NextNav: Desperate FCC Petition is a Lose-Lose for Shareholders. 100% Downside
|
Night Market Research | 2025-09-04 | +2.7% | -2.7% |
| PSTG | -2.5% |
A Flash in the Pan
|
Kerrisdale Capital | 2025-09-04 | +9.6% | -9.6% |
| ACHR | -3.9% |
Archer Aviation, the Nikola of the Skies
|
Grizzly Research | 2025-08-27 | +7.2% | -7.2% |
| TGLS | -0.0% |
Tecnoglass (TGLS): From Barranquilla to Sinaloa
|
Culper Research | 2025-08-21 | +26.7% | -26.7% |
| USAR | -1.5% |
USA Rare Earth: “Mine to Magnet” Is A Pipe Dream. Round Top Is A Dead-End, Low-Grade Mine. Magnet Manufacturing Hasn’t Progressed in 5+ Years. 75% Downside
|
Night Market Research | 2025-08-19 | -9.7% | +9.7% |
| AUR | -2.4% |
A Dead End
|
Kerrisdale Capital | 2025-08-19 | +30.7% | -30.7% |
| HGRAF | +0.0% |
Beware HydroGraph Clean Tech ($HG.CN / $HGRAF)
|
Fuzzy Panda Research | 2025-08-19 | -19.6% | +19.6% |
| HGRAF | +0.0% |
HydroGraph: A $1Bn Graphene 'Science Project' Propped up by Paid Stock Promotion with No Path to Commercialization, Misrepresented Regulatory Approval, Unscalable Tech, and Failed Partnerships
|
Capybara Research | 2025-08-19 | -19.6% | +19.6% |
| IRTC | -1.6% |
sprucepointcap on iRhythm Technologies, Inc.
|
Spruce Point Capital Management | 2025-08-18 | -11.1% | +11.1% |
| SLNO | -2.5% |
Soleno Therapeutics (NASDAQ: SLNO)
|
Scorpion Capital | 2025-08-15 | +33.6% | -33.6% |
| RCAT | -3.6% |
Red Cat (RCAT): Short This Stock Promote Now That It’s Time to Deliver – Hand-Assembled Drones, Formers Revealed High Failure Rate
|
Fuzzy Panda Research | 2025-08-15 | +14.4% | -14.4% |
| CNL | -0.7% |
Collective Mining: How To Build A Billion Dollar Company By Illegally Drilling On Untitled Land
|
Morpheus Research | 2025-08-06 | -20.6% | +20.6% |
| MRX | -0.2% |
Marex Group PLC (NASDAQ: MRX): A Financial House of Cards
|
Ningi Research | 2025-08-05 | +0.5% | -0.5% |
| FIP | -7.3% |
snowcapresearch on FTAI Infrastructure
|
Snowcap Research | 2025-07-30 | +24.9% | -24.9% |
| UTHR | +1.1% |
United Therapeutics (UTHR) and Liquidia (LQDA): Trading Places
|
Bleecker Street Research | 2025-07-29 | -64.1% | +64.1% |
| TPL | +0.6% |
The Truth about TPL, Horizon, and the Asset/Liability Mismatch
|
Gotham City Research | 2025-07-24 | +0.7% | -0.7% |
| LB | +0.4% |
Landbridge Holdings ("LB"): A Related Party Dance, with a Circular Shuffle
|
Gotham City Research | 2025-07-24 | -12.9% | +12.9% |
| LMB | -1.9% |
sprucepointcap on Limbach Holdings, Inc.
|
Spruce Point Capital Management | 2025-07-22 | +40.5% | -40.5% |
| NUTX | +2.7% |
Blue Orca is Short Nutex Health Inc.
|
Blue Orca Capital | 2025-07-22 | -44.8% | +44.8% |
| ENOV | -3.4% |
Jehoshaphat Research is Short Enovis Corporation (ENOV)
|
Jehoshaphat Research | 2025-07-17 | +11.5% | -11.5% |
| PONY | -2.7% |
Falsifying Data Can’t Save You From Severe Competition: Why We Believe Pony AI Inc. is the Worst of the Robotaxi Hype
|
Grizzly Research | 2025-07-10 | -17.0% | +17.0% |
| VEDL | N/A |
Vedanta – Limited Resources
|
Viceroy Research | 2025-07-09 | N/A | N/A |
| PA:ETL | N/A |
Europe’s Billion-Euro Attempt at Satellite Independence
|
Hithawk Research | 2025-07-03 | N/A | N/A |
| CTO | +0.3% |
CTO: THE B. RILEY OF REITS
|
Wolfpack Research | 2025-06-25 | +0.4% | -0.4% |
| MVST | +0.8% |
MVST’s House of Lies: The German Factory Stands Idle, the Chinese One Runs at Half Capacity, and the CCP Owns the Shop
|
Grizzly Research | 2025-06-25 | +4.1% | -4.1% |
| THC | -1.0% |
Tenet Healthcare – The “Notorious” THC – History of Fraud & Fines – The CMS Data Shows They Did It Again
|
Fuzzy Panda Research | 2025-06-11 | -34.1% | +34.1% |
| XETR:DOU | N/A |
Douglas’ Hidden History
|
Hithawk Research | 2025-06-10 | N/A | N/A |
| GRPN | -4.2% |
Groupon Has Become a GLP-1 Affiliate Marketing and Bootleg Microsoft Office Racket
|
The Captain's Log | 2025-06-09 | +46.1% | -46.1% |
| GRAL | -3.6% |
GRAIL (NASDAQ: GRAL): Why Galleri Will Fail the Real Test: Regulatory Approval and Widespread Commercialization All But Impossible
|
Ningi Research | 2025-06-09 | -163.2% | +163.2% |
| ABL | -0.7% |
Abacus Global Management: This $740 Million SPAC Is Yet Another Life Settlements Accounting Scheme Manufacturing Fake Revenue By Systematically Underestimating When People Will Die
|
Morpheus Research | 2025-06-04 | +9.8% | -9.8% |
| YALA | +0.8% |
pelicanway-research on yalla Group
|
Pelican Way Research | 2025-06-02 | -3.6% | +3.6% |
| TEM | +0.4% |
sprucepointcap on Tempus AI, Inc.
|
Spruce Point Capital Management | 2025-05-28 | -16.4% | +16.4% |
| TMC | -2.7% |
The Metals Company ($TMC): a Remake of the Nautilus Fiasco
|
Iceberg Research | 2025-05-27 | -64.3% | +64.3% |
| ACHR | -3.9% |
Archer Aviation (ACHR): When You Can’t Earn Airtime in the Sky, Buy it on Late Night Television
|
Culper Research | 2025-05-20 | +24.5% | -24.5% |
| MAIN | +1.3% |
Jehoshaphat Research is Short Main Street Capital (MAIN)
|
Jehoshaphat Research | 2025-05-14 | -12.5% | +12.5% |
| AUR | -2.4% |
Aurora Innovation (AUR): Highway Robbery
|
Bleecker Street Research | 2025-05-14 | +39.1% | -39.1% |
| MFH | +2.6% |
Mercurity Fintech: This Blatant Scam Run By Repeat Bad Actors Has Skyrocketed 400% On A Ridiculous AI & Fintech Facade
|
Morpheus Research | 2025-05-08 | -81.0% | +81.0% |
| PLSE | +0.0% |
An Industry Expert’s Analysis of Pulse Biosciences Suggests That Its Pivot Into Benign Thyroid Ablation Will Be Another Dead End
|
White Diamond Research | 2025-05-06 | +20.0% | -20.0% |
| UFPT | +0.4% |
UFPT’s Growth Story In Shambles As Largest Customer Responsible for 96.5% Of Growth Slashes Orders
|
Wolfpack Research | 2025-05-05 | -7.4% | +7.4% |
| KVYO | -1.6% |
Klaviyo (NYSE: KVYO): A Tunnel Painting on a Rock
|
The Captain's Log | 2025-05-05 | +10.2% | -10.2% |
| YOU | +1.6% |
sprucepointcap on Clear Secure, Inc.
|
Spruce Point Capital Management | 2025-04-30 | -32.4% | +32.4% |
| NXST | -0.4% |
Nexstar Media Group, Inc. (Nasdaq: NXST) Is Failing With Its Digital Strategy and Will Face Its Kodak Moment Soon
|
Grizzly Research | 2025-04-30 | -25.8% | +25.8% |
| QBTS | -6.0% |
Past-Gen Computing
|
Kerrisdale Capital | 2025-04-29 | -266.4% | +266.4% |
| BLZE | +2.7% |
Backblaze: A Loss-Making Data Storage Business Mired in Lawsuits, Sham Accounting, and Brazen Insider Dumping
|
Morpheus Research | 2025-04-24 | -9.2% | +9.2% |
| BTDR | -6.6% |
BITDEER-RED FLAGS ON TOP OF A BLACK BOX
|
Callisto Research | 2025-04-16 | -64.0% | +64.0% |
| VVPR | -6.0% |
A Fake Acquisition to Prop up a Conman's Crumbling Empire
|
Capybara Research | 2025-04-11 | +24.9% | -24.9% |
| MNST | +0.7% |
sprucepointcap on Monster Beverage Corp.
|
Spruce Point Capital Management | 2025-04-08 | -29.1% | +29.1% |
| QBTS | -6.0% |
pelicanway-research on D-Wave Quantum
|
Pelican Way Research | 2025-04-07 | -325.9% | +325.9% |
| GRRR | -3.4% |
Gorilla Technology (GRRR): Fake Products, Fabricated Contracts, Fraudulent Partners
|
Culper Research | 2025-04-04 | +21.2% | -21.2% |
| KULR | -0.5% |
KULR: Exposing the Hype, Overpromises, Insider-Mistrust and Operational Chaos in an ‘Everything-Tech’ Mirage
|
Grizzly Research | 2025-04-03 | +61.6% | -61.6% |
| APP | +1.2% |
MW is Short AppLovin (APP US)
|
Muddy Waters Research | 2025-03-27 | -111.2% | +111.2% |
| KD | -0.3% |
Kyndryl – Like the old IBM*, except with an Undisclosed Cost Problem: Part I
|
Gotham City Research | 2025-03-27 | +23.1% | -23.1% |
| COCO | +1.4% |
Vita Coco (NASDAQ: COCO) – Structural Issues Amid Stalling Sales and Costco Contract Loss
|
Ningi Research | 2025-03-26 | -53.9% | +53.9% |
| DOCS | -10.5% |
Doximity (NYSE: DOCS): Growth is Malignant, Not Benign
|
The Captain's Log | 2025-03-24 | +27.1% | -27.1% |
| ZJK | -2.8% |
ZJK Industrial Is A Boring Nuts And Bolts Manufacturer – Evidence Suggests Their Claimed Collaboration With Nvidia Is A Lie
|
White Diamond Research | 2025-03-20 | +35.7% | -35.7% |
| APPN | +4.0% |
Appian (NASDAQ: APPN): 'Low Code' Compliance Software Enabling Russia's Regime
|
The Captain's Log | 2025-03-18 | -37.4% | +37.4% |
| HSAI | +0.6% |
Blue Orca is Short Hesai Group
|
Blue Orca Capital | 2025-03-18 | +9.9% | -9.9% |
| SEI | +0.4% |
Solaris Energy Infrastructure: How A Crumbling Texas Oilfield Services Company Gambled It All On A Convicted Felon And The World's Richest Man
|
Morpheus Research | 2025-03-17 | -124.9% | +124.9% |
| IONQ | -3.8% |
Valuation Doesn't Compute
|
Kerrisdale Capital | 2025-03-13 | -141.5% | +141.5% |
| OSIS | -1.8% |
OSI Systems, Inc. (OSIS): SEDENA Unwinds, DoJ Subpoenas Fly, Execs Wave Goodbye
|
Culper Research | 2025-03-13 | -46.4% | +46.4% |
| XP | -9.9% |
XP’s (Nasdaq: XP) Entire Profits Are Dependent on What Insiders Call a “Madoff-Like Ponzi Scheme”
|
Grizzly Research | 2025-03-12 | -19.5% | +19.5% |
| RELY | -0.1% |
sprucepointcap on Remitly Global, Inc.
|
Spruce Point Capital Management | 2025-03-11 | +33.1% | -33.1% |
| RUM | -7.8% |
pelicanway-research on Rumble inc
|
Pelican Way Research | 2025-03-03 | +23.6% | -23.6% |
| APP | +1.2% |
AppLovin (APP) – Formers Allege Ad Fraud; Is DTC Hype Actually ‘Stealing’ Meta’s Data; Illegal Tracking of Children & Serving Sex Ads to Kids
|
Fuzzy Panda Research | 2025-02-26 | -83.5% | +83.5% |
| APP | +1.2% |
AppLovin (APP): Force-Feeding Users with Silent Backdoor Installs and Copying Meta’s Homework
|
Culper Research | 2025-02-26 | -83.5% | +83.5% |
| RKLB | -0.6% |
Rocket Lab (RKLB): We Think It’s Gonna Be a Long, Long Time
|
Bleecker Street Research | 2025-02-25 | -118.1% | +118.1% |
| DY | -0.7% |
sprucepointcap on Dycom Industries, Inc.
|
Spruce Point Capital Management | 2025-02-19 | -101.4% | +101.4% |
| TDOC | -2.4% |
Blue Orca is Short Teladoc Health, Inc.
|
Blue Orca Capital | 2025-02-19 | +42.1% | -42.1% |
| PGY | -0.2% |
Pagaya: Using Other People’s Money to Hide Massive Losses
|
Iceberg Research | 2025-02-11 | -90.9% | +90.9% |
| WGS | -1.8% |
Insiders Attest That GeneDx (Nasdaq: WGS) Is Actively Committing Widespread Fraud
|
Grizzly Research | 2025-02-05 | -120.7% | +120.7% |
| AAOI | +1.3% |
Applied Optoelectronics (AAOI): Another Optical Illusion
|
Culper Research | 2025-02-04 | -2.9% | +2.9% |
| MCY | -0.2% |
California Wildfire Events a Gamechanger for Mercury (MCY) As We Estimate More Than $2 Billion in Losses Using Zip Code Data
|
Wolfpack Research | 2025-01-29 | -80.1% | +80.1% |
| FTAI | +0.7% |
snowcapresearch on FTAI Aviation
|
Snowcap Research | 2025-01-29 | -77.0% | +77.0% |
| ROAD | -2.2% |
sprucepointcap on Construction Partners, Inc.
|
Spruce Point Capital Management | 2025-01-23 | -11.1% | +11.1% |
| PRCT | +1.2% |
sprucepointcap on PROCEPT BioRobotics Corp.
|
Spruce Point Capital Management | 2025-01-16 | +54.2% | -54.2% |
| RCAT | -3.6% |
Flying Blind
|
Kerrisdale Capital | 2025-01-16 | +26.5% | -26.5% |
| QUBT | -5.4% |
Quantum Deception: A $2 Billion fraud built on fake products, fake revenue, and fake partnerships
|
Capybara Research | 2025-01-16 | -11.2% | +11.2% |
| FTAI | +0.7% |
MW is Short FTAI Aviation Ltd. (FTAI US)
|
Muddy Waters Research | 2025-01-15 | -15.5% | +15.5% |
| TMDX | -1.5% |
TRANSMEDICS GROUP INC (NASDAQ: TMDX)
|
Scorpion Capital | 2025-01-10 | -88.2% | +88.2% |
| APP | +1.2% |
AppLovin (NASDAQ: APP) is a Round Tripping Hellhole
|
The Captain's Log | 2025-01-08 | -109.7% | +109.7% |
| PINC | +0.3% |
Jehoshaphat Research is Short Premier Inc. (PINC)
|
Jehoshaphat Research | 2025-01-08 | -34.0% | +34.0% |
| CVNA | +0.2% |
Carvana: A Father-Son Accounting Grift For The Ages
|
Hindenburg Research | 2025-01-02 | -96.6% | +96.6% |
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