V E R M E I L L E & C O

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Advisory to Muddy Waters LLC in its short-selling strategy and activist campaign against Solutions 30 and Casino

Advice to Muddy Waters LLC on its short-selling strategy and activist campaigns targeting Solutions 30 and Casino (2018-2021), covering the full range of legal risks and litigation threats.

Background

From 2019 to July 2021, we advised Muddy Waters LLC in its short-selling and activist campaign against Solutions 30, whose management is suspected of engaging in illegal activities. We subsequently provided ongoing legal counsel to MWC regarding Solutions 30's activities and MWC's strategy while the fund maintained its short position. In 2018-2020, we also advised several short-selling funds, including MWC, in their strategy vis-à-vis Casino.

Experience

We advised our clients on the full range of legal risks associated with their communications and strategy, as well as the litigation threats made by the companies.

These cases had a significant influence on how activist short-selling practices are perceived by French authorities and courts. They triggered important awareness about the essential role played by short sellers in the functioning of financial markets and the transparency of listed companies.