Latest Reports

PEN: The Blind Eyes


We believe that Penumbra’s defective Jet 7 Xtra Flex catheter, which caused at least 18 patient deaths before the FDA announced an urgent recall on December 15th, is not just a matter of “bad luck” but instead symptomatic of more pervasive rot.  This report reveals, for example, how Penumbra has repeatedly engaged a small Tennessee entity as the “independent” core lab used to adjudicate many of Penumbra’s clinical studies since at least 2013 even though it is registered to the wife of a Penumbra scientific author and site investigator, a former school vaccine coordinator.  We believe Penumbra’s clinical trials are contaminated by the involvement of other actors accused of accepting large bribes and participating in sham clinical trials orchestrated by EV3, a company that pled guilty in 2018 to a federal criminal charge related to selling defective medical devices that harmed patients.  Lead investigators and authors for Penumbra trials have previously been accused of receiving kickbacks through bogus consulting agreements with EV3 or working as investigators for sham clinical trials in the past. Read More

BFYT: Southwell’s Zebra


Last week attorneys general from seven states filed suit against health insurance telemarketers who allegedly made at least 1 billion illegal robocalls using fake numbers that included messages falsely claiming to be affiliated with large insurance companies. FCC documents lead us to conclude that a significant portion of these robocalls were used to generate “leads” for brokers within BFYT’s network to sell policies to unsuspecting consumers. Read More

INMD: Don’t Get Your Face Burned Off


We are short InMode (NASDAQ: INMD). We believe the company’s promotional narrative is premised on falsehoods and that management has simply not been honest with investors or patients about the safety of its purportedly revolutionary aesthetic machines. Read More

Canaan Fodder


We view CAN as the latest US-listed Chinese company to have deceived investors about its business. Our investigation of this bitcoin mining machine maker reveals undisclosed related party transactions, irregularities involving many customers and distributors, as well as a business model that we view as broken.  Read More

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