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Viceroy Research LLC are an investigative financial research group registered in Delaware, USA.

Our research reports have been prepared for educational purposes only and expresses our opinions. Our reports and any statements made in connection with them are the authors' opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. All expressions of opinion are subject to change without notice, and we do not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them. We believe that the publication of our opinions about public companies that we research is in the public interest. We are entitled to our opinions and to the right to express such opinions in a public forum. You can access any information or evidence cited in this report or that we relied on to write this report from information in the public domain.

To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stocks covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. We have a good-faith belief in everything we write; however, all such information is presented "as is," without warranty of any kind – whether express or implied.

In no event will we be liable for any direct or indirect trading losses caused by any information available on this report. Think critically about our opinions and do your own research and analysis before making any investment decisions. We are not registered as an investment advisor in any jurisdiction. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You should seek the advice of a security professional regarding your stock transactions.

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Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.

You should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.

The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.

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About Viceroy Research

We are a group of individuals that see the world differently.

Who We Are

Viceroy Research is an independent investigative research group.

Since 2016, we’ve published in-depth reports on companies around the world, identifying signs of financial misrepresentation, mismanagement, and corporate misconduct.

Our research has contributed to executive resignations, regulatory investigations, media exposés, and billions in market value corrections.

Viceroy operates globally, but independently – we are not aligned with any financial institution, political group, or regulatory agency. Our mission is to expose truth, inform markets, and push for accountability at the highest levels of corporate governance.

What We Do

Our team conducts deep forensic research into public and private companies – reviewing financial statements, ownership structures, undisclosed risks, regulatory filings, and market behaviour.

When we believe the market is being misled – through overstated earnings, concealed liabilities, misleading narratives, or ethical breaches — we publish.

Every report is grounded in data and documented analysis. We aim to raise red flags before others do.

How We Work

Transparency

Our reports are independent and self-directed. We often publish on companies in which we hold short positions.

This is disclosed clearly in every report. We stand behind our findings and welcome scrutiny of our methods.

Research Process

Our approach blends accounting expertise, financial modelling, regulatory review, and open-source intelligence. We prioritise primary data and verifiable sources.

Ethical Position

We do not sensationalise or publish based on rumour. Our focus is on uncovering material risk to investors, markets, and the public. Our intent is to expose, not manipulate, and our record reflects that.