BearCaution

EBIX The Truth About Ebix, Robin Raina, and the Robin Raina Foundation

• Ebix will restate historical results – likely signi ficantly – as a result of the issues covered in this report & elsew here. • Ebix stock should be halted until the financial sta tements are reliable, accurate, and complete. • Cherry Bekaert Holland should not sign off on Ebix’ s 2012 financials, without Ebix Singapore’s 2011 and 2012 filings. • Ebix’s stated tax strategy is supported by sham in fact and/or sham in substance transactions. • Ebix shares are worth no more than $5.00/share, & approach $0.00 as the IRS, debt, & other risks unfo ld.

TTSH The Tile Shop: Like Crazy Eddie's, but with an Undisclosed Related Party & a Chinese Twist

Tile Shop’s 2013 LTM earnings are overstated by over 200%. TTS’s actual 2013 LTM EPS is closer to $ 0.18/share . TTS will restate several years’ historical results as a result of the issues covered in this report. The company has used its China - based undisclosed related party and improper accounting to overstate profits. Gross margins will continue to decline through 2014, as TTS must reverse p rior years’ accounting overstatements. Tile Shop’s shares ar e worth no more than $1.54 - $3.34 /share, implying 84% - 93% downside. TTS’s creditors will likely restrict additional indebtedness & capital expenditures until TTS’s accounting is corrected.

BCOR Blucora ( i.e. Infospace) : Worse Than Blinkx plc & Babylon Ltd

+60% of BCOR’s revenue will evaporate in coming quarters, as Google realizes it is better off without BCOR. Google and Yahoo c an w alk a way from Blucora any time. At least 50% of BCOR’s traffic is derived from malware, click fraud, illicit traffic (e.g. child pornography), and otherwise suspect traffic. Blucora and its partners’ practices will receive scrutiny from Google, advertisers, FTC, DOJ, FBI, IRS, &/or the SEC. BCOR shares are worth no more than $5.00/share, and <$1.00/share if BCOR compensates affected parties.

QPP Quindell: A Country Club Built On Quicksand

42% - 80% of Quindell’s profits are suspect, as we are unable to reconcile the whole with the sum of the parts. Quindell was little more than a country club until 2008/2009, yet QPP somehow began reporting Microsoft/Google - esque profit margins in 2010/2011 . 26% - 43% of Quindell ’s 2009 and 2010 revenues came from Clickus4.com, a subsidiary owned by CEO Robert Terry. 41% of Quindell’s 2011 revenues came from an undisclosed related party (controlled by a QPP executive). 10+ acquisitions lack economic substance. Several of the acqu ired companies are little more than paper companies.

GOW Let's Gowex: La Charada Pescanova (a Pescanovan Charade)

Gowex shares are worth €0.00 per share. Over 90% of Gowex’s reported revenues do not exist. We estimate GOW’s actual revenues to be <€10 million. The shares will be suspended, just as Pescanova’s s hares were suspended.

EIGU Endurance International Group: A Web of Deceit

EIGI shares will go to $0 .00 per share, as the company will struggle to service its debt. Normalized EBITDA margins do not cover interest expense . Recent years’ reported EBITDA benefited from attracting Blinkx - like revenue (spam/malware, terrorism, etc . ). EIG profits at the expen se of its customers (service outages, poor customer service, etc. )

MDCA MDC Partners: Like Valeant Pharmaceuticals, But with Understated Debts

MDCA shares are worthless than $1.00 per share, implying 96%+ downside. MDCA will restate several years’ historical results as a result of the issues covered in this report and elsewhere. The on-going SEC investigation will lead to new revelations of wrong-doing.

AR4.DE Aurelius: The Next Arques AG or the next Philip Green?

Aurelius’ shares are worth no more than €8.56 per share, implying at least -88% downside to its current share price. Aurelius may face similar scrutiny as Philip Green did in the UK, who was accused of systematically plundering BHS

2018 Why are AAC's reported profit margins higher AND smoother than Apple's? Part I (Preview)

GOTHAM CITY RESEARCH HAS REASON TO BELIEVE THAT: AAC has used 20+ undisclosed related parties & dubious accounting to overstate & smoothen profits since 2014. At least 20 undisclosed related party suppliers are owned or managed by AAC CEO’s family members or employees. These undisclosed related party suppliers are not listed in Apple’s supplier list, despite some claiming otherwise.  Some of the undisclosed related entities supply the same products as AAC does, are based in the same locations as AAC is, & hire employees under AAC’s name. AAC has used these hidden entities to evade Apple’s labor standards specified in the Apple Supplier Code of Conduct. Apple (and other parties) will conduct independent investigations, & validate our findings. As a result, AAC’s profit margins will decline, converging to its peers’ levels. AAC is in violation of Hong Kong listing rules, Apple’s supplier code of conduct, and its own representations.

CRTO Is Criteo Malware? And Why Does Criteo Refuse to Reveal to its Clients Where Their Ads Are Placed? Part I

Over 50% of Criteo's revenues originate from suspect sources (e.g. clickbots, fake/low quality websites, etc). Criteo takes credit for clients' sales it did not contribute to, and in some cases, that never actually occured. Clients will leave or demand reimbursements from Criteo, due to brand safety & revenue misattribution concerns. Sales& profits will decline because of Criteo's behavior, leading to a 67%-77% decline in its share price.

MED Medifast (NASDAQ: MED): LikeLumber Liquidators, But With Undisclosed Toxic Metals, and A Supply Chain Twist

21% to 74% of Optavia products contain contaminants. Optavia prices will decline, as prices are 2x 4x more expensive than peers’ products & programs. Nearly all Optavia products are not manufactured by the company, contradicting claims otherwise. MED will be required to add warning labels to its products. MED’s Optavia products (its “Fuelings”) will require recalls and/or third-party testing. Shares will decline 62%-86% the current prices