Muddy Waters Research has released a report accusing E.l.f. Beauty, Inc. (ELF, Financial) of significantly overstating its revenue and inventory figures. According to the report, E.l.f. may have inflated its revenue by $135 million to $190 million over the past three quarters. These allegations are based on import data analysis and discussions with the company's global shipping partners, suggesting discrepancies between reported sales and actual product availability.
The timing of this report adds to its impact. E.l.f. Beauty had recently reported strong Q3 earnings in early November, delivering a beat-and-raise that boosted investor confidence and regained momentum for the stock. However, the release of the short-seller report has erased all recent gains, with shares dropping over 10% as investors reassess the company's financial integrity and outlook.
As of now, e.l.f. Beauty has not issued a formal response to the allegations.
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