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@NingiResearch "Exhibit B: $MRX valued an asset at $14.9M. Weeks later they sold it to Robinhood for just $2.5M. The loss on the sale Never reported. An XX% discount with no impairment charge raises serious questions about their asset valuation"
X Link @NingiResearch 2025-08-05T14:28Z 8391 followers, 5700 engagements

"Now for the most absurd claim: Marexs Market Making division is supposedly 70x more profitable than established player Virtu Financial. $MRX supposedly make $XX net profit per trade in its 'Financials' segment. Virtu makes $XXXX. This is simply implausible"
X Link @NingiResearch 2025-08-05T14:28Z 8391 followers, 7875 engagements

"The $CCC.WA numbers are staggering. CCCs short-term receivables have skyrocketed XXX% YoY. Our analysis discovered that over PLN 330M receivables are linked to MKRI with at least PLN 130M already past due and considered in default per CCC's own credit risk criteria. (4/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8391 followers, 8224 engagements

"This scheme massively inflated CCC's reported profits. We estimate the channel stuffing contributed PLN 267M to EBITDA since Nov 2024 (20.4% of CCCs reported EBITDA). Without this artificial boost $CCC.WA would have missed investor expectations for the last X quarters. (5/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8391 followers, 8562 engagements

"At the heart of the deception is a channel stuffing scheme. $CCC.WA is fabricating growth by "selling" hundreds of millions in unwanted inventory to a captive insolvent franchisee called MKRI. The clearest footprint of this scheme is CCCs exploding trade receivables. (2/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8393 followers, 11K engagements

"This is NOT an arm's-length transaction. The seller of MKRI a shell company called Arca REO PSA is secretly controlled by CCC's own Chairman of the Supervisory Board Wieslaw Oles. In our opinion this is a related-party scheme that boosts $CCC.WA revenue and EBITDA. (7/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8393 followers, 7685 engagements

"We are short CCC S.A. (WSE: CCC). Read our full report on $CCC.WA here: (15/15)"
X Link @NingiResearch 2025-10-16T07:40Z 8393 followers, 7364 engagements

"Yesterday $CCC.WA held a press conference for selected investors and journalists which was uploaded to YouTube today We highly recommend watching it because while the company resorts to profanity and boilerplate denials they end up inadvertently confessing and confirming many of our findings. Key takeaways include: - Store expansion delays: #CCC admitted it is significantly behind on its store expansion targets lowering its guidance from 350000 sq m to 325000 sq m. In Q3 alone it will achieve only 66000 sq m out of the planned 100000 sq m. - Margin contradictions: The company now claims that"
X Link @NingiResearch 2025-10-17T13:09Z 8393 followers, 15.2K engagements

"You can't make this up. $ODD touts itself as an AI and biotech company that is revolutionizing the cosmetics industry. However the self-proclaimed 'consumer tech platform' #OddityTech opened a new Il Makiage beauty school in Ashdod in June (Q2 2024)"
X Link @NingiResearch 2024-08-22T14:27Z 8389 followers, 3333 engagements

"$MRX is a broker not a magical "financial." If you read the CF statement you would see equity fixed income and treasury are for that brokerage. $SNEX and $BGC do the same but only $MRX includes their own debt issuance as "increase" in OCF. It's that easy"
X Link @NingiResearch 2025-08-06T19:21Z 8376 followers, 8612 engagements

"Since 2024 MKRI has been undergoing a PZU restructuring. Despite sales falling by XX% MKRI increased its inventory massively (+138% YoY) and funded it through short-term credit (+232% YoY). MKRI even tripled warehouse space due to $CCC.WA inventory dump. (3/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8391 followers, 9127 engagements

"Why the desperation CCC's bet on the Reebok brand is failing. Consumer interest in other ABG brands is in a clear measurable decline yet $CCC.WA has piled up a massive debt-funded inventory of over PLN 618M in licensed goods alone forcing them to dump it somewhere. (9/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8392 followers, 6136 engagements

"The core business is decaying. CCC's much-hyped 2025 retail expansion is a disaster. After XXX months the company has achieved only XX% of its promised annual goal. $CCC.WA has XXX months left to deliver the rest. Hitting the full-year target is now highly improbable. (10/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8391 followers, 5441 engagements

"This web of deceit exposes CCC to regulatory catastrophe. By secretly controlling MKRI months before seeking approval $CCC.WA has jumped the gun. This risks a fine of up to XX% of annual revenue from Poland's regulator (UOKIK)potentially over PLN X billion. (12/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8392 followers, 5189 engagements

"Worse the gun jumping gives regulators a clear reason to block the MKRI acquisition outright. Such a move would vaporize CCC's entire 2030 growth strategy which hinges on the Worldbox rollout of 1200 through MKRI leaving the $CCC.WA future dead on arrival. (13/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8392 followers, 5131 engagements

"CCCs narrative is a mirage. In our opinion $CCC.WA has fabricated earnings engaged in a self-dealing transaction to cover its tracks is presiding over a failing retail strategy and has exposed itself to catastrophic regulatory risk. (14/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8391 followers, 7671 engagements

"A new lawsuit against $MRX claims a massive crude oil contamination caused over $30M in damages wrecking a refinery and spoiling hundreds of thousands of barrels of clean oil. Plaintiffs $DK Trading (Delek US) are suing BTX Energy and Marex Group. Heres the breakdown. 1/x"
X Link @NingiResearch 2025-10-03T13:43Z 8390 followers, 4310 engagements

"Here's how the deal worked: $DK Trading bought crude oil from $MRX's subsidiary Pinnacle Fuel. The oil was stored at a terminal facility in Winnie TX owned by defendant BTX Energy. 2/x"
X Link @NingiResearch 2025-10-03T13:43Z 8391 followers, XXX engagements

"When the plaintiffs asked to test the crude oil source directly at the BTX terminal the lawsuit alleges that BTX Energy and $MRX's subsidiary Pinnacle refused to allow inspectors into the terminal to take samples. 5/x"
X Link @NingiResearch 2025-10-03T13:43Z 8391 followers, XXX engagements

"The fallout was massive. In the $MRX lawsuit the "Contaminated Crude" allegedly: - Cross-contaminated over 300000 barrels of clean crude oil in the pipeline system - Caused "significant physical damage" to the Lion Oil refinery. 6/x"
X Link @NingiResearch 2025-10-03T13:43Z 8391 followers, 1684 engagements

"$DK is suing BTX Energy for negligence and $MRX to enforce the contractual guaranty since Marex guaranteed the seller's obligations and the seller (Marex's subsidiary Pinnacle) allegedly provided contaminated product. 7/7"
X Link @NingiResearch 2025-10-03T13:43Z 8391 followers, 1616 engagements

"$MRX's CEO lying about appointed auditors and OTC trades in off-balance Luxembourg entities on Marex Q2 earnings call:"
X Link @NingiResearch 2025-10-08T12:54Z 8391 followers, XXX engagements

"A $MRX trader threatening a counterparty and asking "Where are you based I'll come and see you now""
X Link @NingiResearch 2025-10-08T12:54Z 8391 followers, XXX engagements

"One lawsuit in the UK against $MRX is alleging insider trading from breaching its Chinese Wall:"
X Link @NingiResearch 2025-10-08T12:54Z 8391 followers, XXX engagements

"And another lawsuit against Marex in Texas is alleging that $MRX's subsidiary sold them tainted crude"
X Link @NingiResearch 2025-10-08T12:54Z 8390 followers, 2545 engagements

"In our opinion $MRX's governance and culture issues continue to weigh on investor confidence. That's it. But one question from us: How much of the acquisition spend was moved to corporate overhead to inflate Capital Markets performance this quarter"
X Link @NingiResearch 2025-10-08T12:54Z 8391 followers, 1695 engagements

"So a press release for the CEOs negligible stock purchase made the cut but not one disclosing at least two new class-action lawsuits against $MRX and its CEO last week Those are on top of the lawsuits over Pinnacle Fuels tainted crude and alleged Chinese Wall breaches"
X Link @NingiResearch 2025-10-13T12:37Z 8391 followers, 1791 engagements

"The proof of control is damning. In February 2025 CCCs employees received Power of Attorney for MKRI and in June 2025 signed off on MKRIs financials acting as the legal representatives for both $CCC.WA and the MKRI's "independent" majority owner Arca REO. (8/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8391 followers, 6461 engagements

"The decay is confirmed by plunging same-store sales which fell -XXX% in Q1 2025. The supposed growth engine HalfPrice saw sales collapse by -6.3%. Following these disastrous results $CCC.WA conveniently stopped reporting this critical metric in Q2 2025. (11/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8391 followers, 5595 engagements

"Here is our response to CCC S.A.'s conference call yesterday. #CCC #CCCSA $CCC.WA"
X Link @NingiResearch 2025-10-17T13:15Z 8391 followers, 2129 engagements

"$MRX issued two press releases today with redundant infoan attempt to control the narrative around a recent S&P note. Investors already know Marex has been lying to them (see pics X & X below). If S&P wants to take management at their word thats on them. But Investors wont"
X Link @NingiResearch 2025-09-23T14:53Z 8391 followers, 18.7K engagements

"Two $MRX executives are selling around $2M in stock these days. If youve read our Marex report youll recognize their namesboth were directors of the off-balance Luxembourg entity Marex lied about on its last earnings call"
X Link @NingiResearch 2025-10-07T11:31Z 8391 followers, 3861 engagements

"$MRX just released preliminary results claiming thats what investors wanted to see. Investors are probably more focused on why: The CEO lied to investors on the Q2 earnings call Traders threatening counterparties Lawsuits alleging insider trading and negligence"
X Link @NingiResearch 2025-10-08T12:54Z 8391 followers, 2695 engagements

"$MRX put out a one-line press release saying the CEO bought 32465 shares a XXXX% boost in his stake (or just XXX% net for the year after his June sale). Feels more like stock promotion than substance. This from the same CEO who lied to investors on the Q2 2025 earnings call"
X Link @NingiResearch 2025-10-13T12:37Z 8391 followers, 2436 engagements

"The $GRND Buyout Bid Is One of the Messiest Weve Ever Seen. One of the supposed buyers who also happens to be the current board chairman is being margin called on his pledged $GRND shares. 1/x"
X Link @NingiResearch 2025-10-15T12:38Z 8393 followers, 9688 engagements

"We are short CCC S.A. (WSE: CCC). Our investigation has uncovered evidence that CCCs celebrated turnaround is an illusion engineered through a classic channel stuffing scheme brazen self-dealing by insiders and accounting games to hide a rotting core. A thread on $CCC.WA 1/x"
X Link @NingiResearch 2025-10-16T07:40Z 8393 followers, 153.8K engagements

"We believe: to hide the scheme $CCC.WA is trying a brazen cover-up: acquiring its insolvent franchisee. This isn't a strategic move; it's an accounting trick. Through consolidation the uncollectible PLN 330M receivable will simply vanish from CCC's balance sheet. (6/x)"
X Link @NingiResearch 2025-10-16T07:40Z 8391 followers, 6589 engagements

"We initially overlooked this but its a striking confession from $CCC.WA's CEO: We hold control over them through Oles law firm. See image below. We believe this statement indicates violations of IFRS XX IFRS XX and IAS XX core accounting standards for a public company"
X Link @NingiResearch 2025-10-19T12:22Z 8393 followers, 3496 engagements

"We initially overlooked this but its a striking confession from #CCC's CEO: We hold control over them through Oles law firm. See image below. We believe this statement indicates violations of IFRS XX IFRS XX and IAS XX core accounting standards for a public company"
X Link @NingiResearch 2025-10-19T12:24Z 8393 followers, 2408 engagements