MW's “Left Disclosure” (via MW's webpage):
"As of the time and date of this report, Muddy Waters (defined below) is short the securities of, or derivatives linked to The Ensign Group, Inc. (ENSG) (the “Covered Issuer”). Upon publication, we intend to begin covering a substantial majority – possibly all – of our short positions. As we elaborate below, our risk reduction is not a reflection of a lack of conviction in our opinions or the facts presented; rather, it has to do with managing risk in a manner that is prudent for a fiduciary of our investors’ money."
MW is short
$ENSG. We believe Ensign rents Administrator licenses at est. ~20% of its SNFs to deceive CMS & the states. We estimate compliance alone cuts 2027 EBIT ~35% vs consensus & slows growth from ~11% to ~2%. FCA exposure possibly in Billions of $. Report link follows