April 1, 2026​​
Aviat Networks | AVNW
Aviat Networks is recognizing revenue before billing, not collecting cash, and funding operations by delaying payments to suppliers. We believe this has inflated earnings and masked a declining core business, setting up a violent reversal.

March 9, 2026
​Exchange Income Corporation | TSX:EIF
Exchange Income markets itself as a stable dividend compounder, but our analysis shows operating cash flow hasn’t funded capital expenditures, acquisitions, and dividends simultaneously in most years — meaning the payout has effectively depended on continued access to external financing.​
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October 28, 2025
Ducommun Incorporated | DCO

Ducommun sells a growth story built on contract assets, bloated inventory, and ASC 606 accounting levers rather than real demand.

February 7, 2024
Soho House & Co, Inc. | SHCO

​A broken business model, terrible accounting, mounting debt and poor internal controls will leave Soho House in shambles.

​​September 27, 2023
Granite Construction Inc. | GVA

​Granite Construction, a company marked with recent accounting failures, faces substantial revenue and earnings headwinds, accompanied by an elevated risk of restatements.

​​December 8, 2022
Catalent, Inc. | CTLT

Catalent, Inc's accounting red flags litter its financials as revenue wanes post-COVID. Executive turnover, low insider ownership and SEC letters all corroborate our thesis.

July 26, 2022
Mercury Systems | MRCY

Roll-up Mercury Systems is set to unravel as prior acquisitions have underperformed coinciding with suspect accounting.

​October 22, 2020
Columbia Sportswear | COLM

Columbia Sportswear has one of the worst inventory positions in retail, with a stuffed inventory channel, accounting irregularities and an inflated valuation. 

April 2, 2020
​Cubic Corporation | CUB

Cubic Corporation reports percentage-of-competion accounting nightmare.

July 11, 2019
​Omnicell Inc. | OMCL

Major revenue and earnings declines await Omnicell after financially engineering recent performance by prematurely recognizing revenue in past periods and failing to write-off legacy inventory.

February 6, 2019
Natus Medical Inc. | NTUS

Lowered guidance, impairments, write-offs, restatements and fines from the SEC are all on the table. Natus will need to deal with these major accounting concerns in 2019.

December 12, 2018
J2 Global Inc. | JCOM

Serial acquirer J2 Global uses a myriad of acquisitions to conceal non-reported organic revenue declines and stagnant earnings.

July 19, 2018
Aeroject Rocketdyne | AJRD

Management took significant advantage of its percentage-of-completion accounting and recognized revenue prematurely with their respective long-term contracts.

September 19, 2017
NuVasive Inc. | NUVA

Accounting red flags at NuVasive coupled with recent C-Suite jumping ship should make investors highly cautious of future performance.

April 11, 2017
Varian Medical Systems | VAR

A potential sale gives Varian management financial motive to cosmetically enhance earnings over the past twelve trailing months.

October 13, 2016
Electronics for Imaging, Inc. | EFII

The terminally ill roll-up Electronics for Imaging uses every accounting gimmick in the book to mask true economic earnings at the company.

September 19, 2016
Tutor Perini Corporation | TPC

One of the worst companies we have ever encountered in terms of accounting and operations. With mounting claims/litigations from former clients, we predict calamity in TPC's future.