Iceberg Research Targets Hyzon Motors Inc (NASDAQ:HYZN)
Iceberg Research has released reports that highlight large-scale misrepresentations in financial statements and accounting irregularities. The firm targets companies whose regulatory filings are lacking and financial statements are not available. Iceberg’s latest report targets Hyzon Motors Inc. The company’s stock has declined nearly 30% since the report was released in early October. The report cites a pattern of lies and hype by management and a possible relationship with a parent company.
The company has become increasingly known for publishing reports that uncover accounting frauds and financial manipulation. Iceberg Research publishes its reports anonymously, which is a departure from many of its competitors. Founded by an entrepreneur, the firm has no way to tell its clients who wrote the reports. The firm has a reputation for publishing negative reports about other companies.
The company has published reports on Diginex ($EQOS) and EOS energy. However, its reports have not been well-publicized and have not received much media coverage. This may be because the company doesn’t have a US registration number and hasn’t filed any SEC filings. The owner of the firm may be trying to get media attention. This could explain why the reports of the firm have not received as much attention as those on Noble.
Muddy Waters reported on Olam International in 2013, causing the company’s share price to plunge on the Singapore Exchange. Although Muddy Waters’ public persona is Carson Block, the company’s website indicates that it may short companies it covers. Richard Noble, the CEO of Muddy Waters, denied the allegations and welcomed the referral by the Monetary Authority of Singapore.
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