個案總覽

Spreadsheet supplement for case 125035.

Spreadsheet supplement for case 124005.

This case accompanies "GameStop: Social Media Finds a Cheat Code (A)," no. 124-005. It provides an update on pertinent events from 2021 to 2023.

Spreadsheet supplement to 124024 and 124055.

GlassHouse Research identified accounting red flags at Catalent. Fiat Lux Partners countered most of GlassHouse's claims. Who was right? This update explores the aftermath of the short seller duel.

Spreadsheet supplement for case 124027.

Set in June 2023, the C case explores Plug Power's recovery from its financial restatements, how it benefited from government subsidies, and new strategic alliances.

This case covers the events leading up to the 2021 GameStop short squeeze. Using GameStop as an illustrative example, the case explores the rise in retail trading, increased financial information sharing on social media, and the gamification of investing enabled by trading applications (apps) such as Robinhood.

Fund manager Janet Curie asked for a recommendation about the pharmaceutical company Catalent. The company seemed like a solid investment. However, a pair of research reports issued over the previous two months complicated this narrative. GlassHouse Research, a short seller that profited when stocks declined in value, identified accounting red flags at Catalent. Fiat Lux Partners, on the other hand, released a report countering most of GlassHouse's claims, arguing that GlassHouse fed investors red herrings. Both GlassHouse and Fiat Lux had anonymous funders and employees-and long disclaimers explaining their financial interests. Curie was at a loss-who, if anyone, could she trust? Who had uncovered actual wrongdoing, and who was using accounting tricks to mask or exaggerate real-world factors?

In November 2022, Sam Bankman-Fried's multi-billion-dollar crypto exchange, FTX, collapsed, wiping out investors and throwing the crypto industry into disarray. As FTX's founder and CEO, Bankman-Fried developed a reputation for his unerring business sense and high-profile charitable giving. To many, it came as a shock when in the wake of FTX's collapse, the attorney responsible for restructuring the company professed he had never seen "such an utter failure of corporate controls at every level of an organization." How had Bankman-Fried managed to hide his malfeasance so well, and for so long? The investigation also raised questions about the people and organizations that enabled Bankman-Fried's wrongdoing. What should regulators have done differently? Were the VC funds that bankrolled FTX partly responsible?

The case is set in spring 2021, immediately after Plug Power made financial restatements dating back to 2018. The case describes the restatements, which revealed that Plug was reclassifying expense items to boost gross profits.

Set immediately after a December 2019 short-seller attack, the case explores Plug Power's long challenging history. It then focuses on two key issues raised in the short-seller report related to lease accounting and stock warrants that Plug purportedly used to boost profits.

Fama Technologies is an online screening company that uses AI to analyze job applicants' publicly available online content for signs of risk and culture fit. The case opens with Ben Mones, founder and CEO, looking to secure funding from venture firms. He is running into resistance: public opinion of the product, and social media screening in general, is mixed, and HR technology in general is a considered a tough sell to VCs. Could he prove the value of the tool on his next pitch?

Fama Technologies is an online screening company that uses AI to analyze job applicants' publicly available online content for signs of risk and culture fit. The case opens with Ben Mones, founder and CEO, looking to secure funding from venture firms. He is running into resistance: public opinion of the product, and social media screening in general, is mixed, and HR technology in general is considered a tough sell to VCs. Could he prove the value of the tool on his next pitch?

Spreadsheet supplement for case 123011.

Wedbush Securities analyst Michael Pachter said "hell freezing over" was more likely than him upgrading the "sell" rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber and share price growth. In 2022, however, Pachter raised his rating - twice. The case explores the sell-side equity analyst industry, Netflix from the perspective of an equity analyst, Pachter's "bear" thinking through the years, and his logic in becoming a "bull."

In January 2022, Microsoft announces its acquisition of the video game company Activision Blizzard, in a deal valued at $68.7 billion, which would make Microsoft the world's third largest video game company. The deal came as Activision Blizzard faced gender pay disparity and sexual harassment allegations.