Differentiated. Fundamental. Forensic.

ShadowFall seeks truths hidden by aggressive corporate accounting, flawed business models and unethical practices within companies listed in the UK and major European Equity Markets; identifying situations where the market value exceeds intrinsic value.

LATEST PUBLIC RESEARCH

CIVITAS SOCIAL HOUSING PLC (CSH LN)

ShadowFall has published an open letter to the board of Civitas on the day of the company’s AGM for the interest of shareholders. The letter questions and seeks answers around 1) transparency regarding Civitas’ acquisitions, disposals and leases; 2) the overall viability of Civitas’ business model; and 3) concentration of risk among its tenancy base, where we see common director overlap between tenants and property developers, unreliable accounts of some tenants and inconsistencies regarding Civitas’ disclosures and some of its tenants.

Editorial: The Daily Telegraph

10 February 2021

Regulators and retail investors demonise short-sellers at their own peril

By Matthew Earl | Managing Partner

In his article for the UK’s Daily Telegraph Matthew Earl discusses how activist short-sellers were among the few who raised the alarm about Wirecard, Germany’s largest accounting scandal and as such.

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