Free Thinking. Fundamental. Forensic.

 European short selling specialists.

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.


Network International Holdings PLC (NETW)

NETW conducts its M&A with some, how should we put it, questionable characters. Ahead of IPO, NETW disposed of TimesOfMoney (ToM) to Finablr. NETW’s version of events appears to us to differ from what Finablr reports. True, it’s difficult to believe Finablr, but then local filings for ToM also seem to contradict NETW. Recently, NETW is to buy DPO, which was not only birthed by the “back-room boys” to Wirecard, but also audited by the former colleague of a convicted fraudster and money launderer. Incidentally the hold co to ToM was registered to the same Singaporean address as Wirecard Asia and DPO is registered to the same Ireland address as Wirecard UK & Ireland. How strange.

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.