The non-profit that took on Valeant has a new investigation on another hedge fund darling
Markets Insider
The Southern Investigative Reporting Project's Roddy Boyd published an investigation of the railway company. Here is SIRF on its findings:
- "For over 15 years Canadian National earned hundreds of millions of dollars in profit by marking up rail construction costs up more than 900 percent to a public-sector client."
- "Canadian National regularly engaged in questionable business practices like charging internal capital maintenance and expansion projects to the same taxpayer-funded client and billing millions of dollars for work that was never done."
- "A just-released auditor general investigation suggested a series of reforms that will reduce these profits."
- "For years, train yard personnel, under intense pressure from management, have intentionally misreported on-time performance, helping it boost revenues by hundreds of millions of dollars."
The stock was down about 2% in the hours after the report was published. Hedge funds that have held the stock include Point72 Asset Management, D.E. Shaw, Citadel, Two Sigma, AQR and Renaissance Technologies, according to regulatory filings analyzed by Bloomberg. Pensions like CalPERS have also been investors.
SIRF is a journalism non-profit focused on financial investigations and runs on donations. The group previously broke news on embattled pharmaceutical company Valeant's relationship with Philidor.
You can read the full SIRF report on Canadian National Railway here.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market