Muddy Waters Research

Muddy Waters Research LLC is an American privately held due diligence based investment firm founded by Carson Block that conducts investigative research on public companies while also taking investment positions that reflect their research. It has exposed accounting problems and fraud at several companies, primarily in China but also in other countries in Asia, Europe and North America.

It is best known for spotting fraud at Sino-Forest Corp, a Canadian-listed Chinese company whose stock fell 74% before it eventually filed for bankruptcy protection in March 2012.