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PennyMac Financial Services: Dubious Accounting Games Won’t Solve Its Crisis
(Please see the article’s bottom for an important disclosure about revenue-sharing with a balance sheet partner.) By all rights, 2022 should be the worst year of PennyMac Financial Services’ young...
View ArticlePennyMac Financial Services: The Next Mortgage Crisis Is Underway
The Long and Short of It 1. PennyMac Financial Services is a NYSE-traded mortgage lender with a $2.3 billion market capitalization. A force in the...
View ArticleFreedom Holding: The Red Flag Factory in Belize
Freedom Holding Corp. has some explaining to do. The financial services firm has quite improbably become one of the fastest growing companies on the planet. It lists its shares on the Nasdaq, is...
View ArticleDanny Guy, Derrick Snowdy and the Strange Wars of Confused Men
Derrick Snowdy is probably as close to a celebrity as Canada’s private investigator community has. Starting in 2010, Snowdy burst into view as a prime mover in the political controversy colloquially...
View ArticleFor Jazz Pharmaceuticals, Failure Is the New Winning
In late June, Jazz Pharmaceuticals began to market a drug aimed at treating people whose metastatic small cell lung cancer has not responded to an initial round of chemotherapy. The drug,...
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Freedom Holding: After ‘Borat,’ the Silliest Kazakh Import of the Century
If one word could describe the U.S. stock market of 2020, it would be “improbable.” The S&P 500, for example, has risen about 14.14 percent this year despite a pandemic that is deadly to both...
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Penumbra Inc.’s Catheter Fail: Broken Tips and Lost Lives
Few things vex a publicly traded company’s managers more than the prospect of admitting a mistake. To acknowledge an error risks a stock selloff, bad publicity and possible litigation, as well as...
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The U5 Loophole
Illustration: Edel Rodriguez Achieving success on Wall Street requires a wide mixture of skills: mastering technical subjects, such as math, economics and finance; earning and keeping the respect of...
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#MeToo on Wall Street: An Intern’s Battle With Barclays
Edel RodriguezIllustration: Edel Rodriguez In June 2018 when Todd Richter left Barclays Capital in New York City, his new employer, Guggenheim Securities, wasted little time before issuing a press...
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Amy Walker’s War on Credit Suisse and a System of Entitled Indifference
Edel RodriguezIllustration: Edel Rodriguez For more than a decade Amy Walker, a research analyst in London, has been waging a ceaseless battle for justice in connection with what she alleges was a...
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Fundamental Global Investors Seeds the Field for Parasitic Investing
Illustration: Edel Rodriguez Running a hedge fund requires a starkly different skill set from what’s required to manage a publicly traded company. Yet hedge fund managers Kyle Cerminara and Lewis...
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Q3 I LP: The Cryptic Doctors of Persuasion
Until late last year Dr. Quan Tran, a St. Petersburg, Florida, surgeon had an unusual side hustle. He served as one of three general partners of Q3 I LP, a cryptocurrency hedge fund that he helped...
View ArticleFraser Perring: Chronicles of Deceit, Part One
A high-profile research analyst who identifies and bets on troubled companies has acquired an unusual and perhaps unwarranted amount of influence in the brief period of time he’s been in this line of...
View ArticleA Short Foray Into Social Service
After the Lincolnshire County Council hired Fraser Perring to work as a social worker, in January 2011 he began an assignment on the East Lindsey family support and assessment team. His nearly 19-month...
View ArticleEditor’s Note About Fraser Perring
It is unusual for an investigative reporter to reveal his sources, but to set the record straight I am acknowledging that Fraser Perring was a source in some of my previous Wirecard AG reporting....
View ArticleThe Pity of Wirecard, Part Two: Bezzle Never Sleeps
If questions about the integrity of Wirecard AG’s accounting in its crucial Asian operations are ever to be resolved, Singapore regulators will need to step back and take a long, hard look at James...
View ArticleThe Pity of Wirecard, Part One: Oliver’s Army
Singapore — Few companies can explain their meteoric growth as alluringly as Wirecard AG. In one preferred narrative, Wirecard presents as Europe’s leading financial technology innovator, a...
View ArticleWirecard AG: Something is Terribly Wrong Here
After the Financial Times published a pair of whistleblower-driven exposes that suggested some of Wirecard’s parabolic growth in the Asia-Pacific region was the result of a purported multi-year revenue...
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Corcept Therapeutics: The Company That Perfectly Explains the Health Care Crisis
If someone wanted to use a Venn diagram to illustrate what is wrong with the U.S. health care system, picking the different sets would be easy: Price gouging, abuse of loopholes, hidden risks to...
View ArticleMyriad Genetics: This Company Has Great Difficulties Telling the Truth
In early May several hundred investors, doctors and brokerage research analysts attended a dinner presentation after cocktails offered by the leadership of Myriad Genetics in Manhattan’s midtown. Salt...
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