Wolfpack Research

What Wolfpack Research does

Wolfpack Research is a New York-based, privately held financial research and due diligence firm founded in 2019 by activist short-seller and whistleblower Dan David. The firm specializes in investigative short-seller research, publishing detailed reports on companies it alleges are engaged in fraud, misrepresentation, or other financial misconduct, with targets spanning U.S., China, Japan, and Malaysia markets. Its core product is a series of downloadable PDF research reports hosted on its website, supplemented by a long-running podcast ('The Wolf Den', 55+ episodes) featuring interviews with whistleblowers, fraud investigators, and industry insiders, as well as email alerts for new publications and an anonymous idea-submission portal for sourcing investigative leads. The firm also leverages Dan David's involvement in the 2017 documentary 'The China Hustle' as a brand and credibility asset.

Wolfpack Research distributes its research free of charge to the public via wolfpackresearch.com, with additional reach generated through founder appearances on CNBC, Fox Business, and CSIS debates. The firm operates without a disclosed subscription model, API, or paid product offering, and its pricing and revenue mechanics are not publicly disclosed. Its core technology is investigative financial research, conducted by a small team of analysts and on-the-ground investigators (headcount stated as 1–10), and the firm operates as a single LLC with no disclosed subsidiaries, parent company, or institutional shareholders.

The firm's go-to-market is media-led: it monetizes reputation and reach through public short-seller reports, podcast content, and founder media presence rather than through a traditional enterprise SaaS or paid-research subscription. As an independently founder-owned entity with no disclosed funding rounds, capital structure, or revenue, Wolfpack Research's financial scale remains opaque to external observers.

Name

Wolfpack Research

Legal name

Wolfpack Research LLC

Website

https://wolfpackresearch.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Wolfpack Research is a New York-based activist short-seller firm founded in 2019 by Dan David that publishes free investigative research reports on companies suspected of fraud, distributes content via its website, podcast, and email alerts, and serves global retail and institutional investors.

Ownership category

akta.pro rank

Product category

Financial Research & Due Diligence

NAICS

Other Scientific and Technical Consulting Services (54169)

SIC

Investment Advice (6282)

akta.pro primary industry

Financial Crime Investigations & Intelligence (link analysis, network analytics) (FSAGAFAH)

akta.pro secondary industries

Fraud Investigations & Claims Support (Insurance/Financial) (BPAKAEAD), Credit Research (FSACAGAB)

Keywords

• Activist short selling
• Forensic financial research
• Investor due diligence
• Fraud investigation research
• Short seller reports

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Distribution channels2 records

Marketing channels4 records

Core offering

Wolfpack Research publishes independent, investigative short-seller research reports on publicly traded companies suspected of fraud, misrepresentation, or financial misconduct, supported by a podcast (The Wolf Den) and a feature documentary (The China Hustle). The research is distributed for free via the company website, with content designed to expose corporate fraud and inform investor decision-making.

Product overview

Wolfpack Research is a global financial research and due diligence firm specializing in investigative short-selling research. The company operates a unified platform consisting of four interconnected offerings: (1) Research Reports - detailed investigative reports on companies suspected of fraud or misrepresentation, (2) The Wolf Den Podcast - interviews with fraud investigators and whistleblowers, (3) The China Hustle Documentary - a feature film about China-based investment fraud, and (4) Email Alerts - a notification service for new research publications. The company was founded in 2019 by Dan David, who was featured in the 2017 documentary film The China Hustle. Wolfpack Research has published numerous reports on companies including York Space Systems (YSS), Datavault AI (DVLT), SES AI, Ramaco Resources (METC), IONQ, Babcock & Wilcox (BW), POET Technologies, XMAX, and others, with reports typically published as downloadable PDF documents on their website.

Differentiator

Problem solved

Functional benefit

Products and services

• Investigative Short-Seller Research Reports Detailed investigative research reports published by Wolfpack Research covering companies they believe are engaged in fraud, misrepresentation, or other financial misconduct. Reports include analysis of alleged schemes, financial discrepancies, and market manipulation. They are produced for investors seeking independent, alpha-generating due diligence on publicly traded equities.
• The Wolf Den Podcast Wolfpack Research's branded podcast featuring interviews with whistleblowers, fraud investigators, financial experts, and industry insiders discussing topics related to corporate fraud, market manipulation, and financial investigations. Distributed publicly via the website and podcast platforms.
• The China Hustle Documentary A feature documentary film associated with founder Dan David about fraudulent China-based companies that allegedly stole billions from U.S. investors and retirees, depicting how investors were lured into the schemes and the work to uncover the fraud.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves5 records

Expansion highlights3 records

Direct peers

• Iceberg Research: Activist short-seller publishing forensic reports, with particular focus on European and Chinese-listed companies. Closely comparable format and fraud-investigation mandate; regional overlap with Wolfpack's China coverage.
• Hindenburg Research: Short-selling research firm that published detailed forensic reports on alleged corporate fraud before winding down in early 2025. Highly comparable business model, report format, and target universe to Wolfpack.
• Bonitas Research: Forensic short-selling research firm publishing public reports alleging fraud, accounting manipulation, and governance failures. Same investigative mandate and short-seller business model as Wolfpack.
• Kerrisdale Capital: Activist investment manager that publishes long and short thesis reports on under-followed or allegedly fraudulent companies. Comparable to Wolfpack in scope (single-name research with public distribution) and orientation toward information asymmetry.
• Citron Research: Long-running activist short-seller founded by Andrew Left publishing public reports challenging corporate narratives. Same customer (institutional and retail investors), same delivery format (public reports), and same investigative posture as Wolfpack.
• Grizzly Research: Activist short-seller publishing in-depth reports on alleged corporate fraud and accounting irregularities. Direct comparable in product offering and target audience to Wolfpack Research.
• Muddy Waters Capital: Activist short-seller founded by Carson Block that publishes investigative research reports on companies suspected of fraud or misrepresentation. Closest direct peer to Wolfpack - in fact, Dan David and Carson Block appeared together on CNBC at Wolfpack's launch.
• Blue Orca Capital: Activist short-seller founded by Soren Aandahl that publishes short reports alleging corporate fraud, particularly in Asia-Pacific listings. Direct competitor in the public forensic-short space.
• Spruce Point Capital Management: Forensic short-seller that publishes detailed reports challenging corporate claims and financial statements. Directly comparable in product (public investigative reports) and target audience to Wolfpack.
• Culper Research: Activist short-seller publishing concise forensic reports on companies alleged to be engaged in fraud or misrepresentation. Same product format and investor audience as Wolfpack.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/WolfpackReports
• YouTubeyoutube.com/@wolfpackresearch
• Facebookfacebook.com/WolfpackResearch
• LinkedInlinkedin.com/company/wolfpack-research

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wolfpack Research