Japanese biopharmaceutical company PeptiDream listed on the Tokyo Stock Exchange in August 2013. It was attacked by short-seller Muddy Waters in November 2019 alleging that the company was over-valued. Investors appeared to expect the company to have 8-15 drugs commercialised by 2027 whereas Muddy Waters thought it closer to one. There were no allegations of improper accounting. In the two and a half years since Muddy Waters' report, PeptiDream's share price has fallen by 71%. As such, the allegations appear to have been validated, so far. 

Last updated May 2022.

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