Advising Muddy Waters LLC in relation to its short sale strategies and activist campaigns against Solutions 30 and Casino


From 2019 to 2021, we advised Muddy Waters LLC on its short sale and activist campaign against Solutions 30, whose management was suspected of engaging in illegal activities. We then provided ongoing legal advice to MWC regarding Solutions 30’s operations and MWC’s strategy. In 2018-2020, we also advised several short sellers, including MWC, on their strategy vis-à-vis Casino.


We advised our clients on all relevant legal risks associated with their communication and strategy as well as the threats of litigation made by target companies.
These cases have had a significant influence on the way activist short-selling practices are apprehended by the French authorities and courts. They have raised awareness of the essential role played by short sellers in the functioning of financial markets and the transparency of listed companies.