Elf Beauty Hits Back: Short-Seller Allegations Dismissed Amid Cosmetics Market Triumphs

GuruFocus.com11-21 23:46

elf beauty (NYSE:ELF) refuted allegations made by short-seller Muddy Waters "without merit" in a Thursday statement Under Carson Block's direction, Muddy Waters claimed that the corporation overstated...

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Notwithstanding this setback, Elf shares are still strong; their value has almost doubled since 2023, and late last year they hit a record high. \nDenying the assertions, Elf claimed, \"Muddy Waters's report is a deliberate attempt by a known short-seller to manipulate Elf Beauty's share price for personal benefit at the expense of other shareholders.\" Raising its annual sales and profit projections earlier this month, Elf distinguished itself in a demanding cosmetics market. Two corporations, Estee Lauder and L'Oreal, have battled declining demand, therefore highlighting Elf's achievement. \nThe company also addressed import data disparities, claiming that since February 2024 it has registered for secrecy with U.S. customs and border protection, therefore hiding much of its import activity from public view. 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