Muddy Waters CEO Carson Block Says He’s Shorting Elf Beauty

Muddy Waters’ Carson Block says he’s shorting Elf Beauty Inc. as he thinks the cosmetics brand has overstated revenue in recent quarters and that a build up in the beauty company’s inventory was due to lackluster sales. Elf Beauty’s shares fell 16% after the announcement. Block has a history of successful short selling, with many of his targets experiencing significant declines in value.
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