MW is Short St. Jude Medical (STJ:US)

Muddy Waters Capital is short St. Jude Medical, Inc. (STJ US). STJ近一半的收入极有可能在大约两年内消失. 在bg视讯真人看来,STJ的起搏器、icd和crt可能——也应该——被召回和修复. (These devices collectively were 46% of STJ’s 2015 revenue.) Based on conversations with industry experts, we estimate remediation would take at least two years. Even lacking a recall, bg视讯真人在这份报告中提出的产品安全问题提供了不必要的健康风险,应该得到医院的严重重视, physicians and cardiac patients.

We have seen demonstrations of two types of cyber attacks against STJ implantable cardiac devices (“Cardiac Devices”): a “crash” attack that causes Cardiac Devices to malfunction – including by apparently pacing at a potentially dangerous rate; and, 对依赖设备的用户特别有害的电池耗尽攻击. Despite having no background in cybersecurity, 浑水能够复制公司内部的关键漏洞,帮助实现这些攻击.

bg视讯真人发现STJ心脏设备的漏洞比过去公开讨论的医疗设备黑客更令人担忧. These attacks take less skill, 能随机指向半径50英尺内的STJ心脏装置吗, theoretically can be executed on a very large scale, and most gallingly, 都是因为STJ公司分发了成千上万不合格的家庭监控设备. The STJ ecosystem, which consists of Cardiac Devices, STJ’s network, physician office programmers, and home monitoring devices, has significant vulnerabilities. 这些漏洞极有可能被用于许多其他类型的攻击.

To download the full report (file size: 4.3mb),点击“下载报告”按钮,并同意本服务条款,即可获得报告.

使用bg视讯报告受其网站上的使用条款限制, which are as follows. 本使用条款适用于bg视讯公司发布的当前报告,并取代bg视讯公司旧报告的任何先前使用条款, which you may download from the Muddy Waters Research’s website.

Terms of Use

The reports on this website have been prepared by either Muddy Waters, 有限责任公司(“bg视讯”)或浑水资本有限责任公司(“浑水资本”). bg视讯真人将bg视讯公司和浑水资本合称“浑水”,这些实体单独称为“浑水实体”。. Each report specifies the publisher and owner of that report. All reports are for informational purposes only. 在任何情况下,这些报告或任何信息都不应被解释为投资建议, 或作为出售要约或购买任何证券或其他金融工具要约的招揽.

bg视讯(Muddy Waters Research)是一家在线研究刊物,针对公开交易证券发布基于尽职调查的报告, 浑水资本有限责任公司是在美国注册的投资顾问公司.S. Securities and Exchange Commission. 该报告是发布该报告的适用bg视讯真人实体的财产. This website is owned by Muddy Waters Research. The opinions, 本协议中所列的信息和报告仅由适用的浑水实体负责,不应由任何浑水相关人士(定义如下)负责(适用的浑水实体除外)。.

从本网站下载或浏览资料,即表示您同意以下使用条款. You agree that use of the research on this website is at your own risk. 您(或您代理的任何人)同意保护bg视讯公司不受伤害, Muddy Waters Capital and its affiliates and related parties, including, but not limited to any principals, officers, directors, employees, members, clients, investors, consultants and agents (collectively, “浑水相关人士”)赔偿任何直接或间接的损失(包括交易损失),这些损失可归因于本网站或研究报告的任何信息. 您进一步同意在就本协议所涵盖的发行人的证券作出任何投资决定之前,自己进行研究和尽职调查, “被覆盖发行人”)或引用被覆盖发行人或由被覆盖发行人发行的任何证券的任何其他金融工具. 你代表你有足够的投资经验来批判性地评估信息, analysis and opinion on this website. 您进一步同意,您不会将本网站的报告和其他材料的内容传达给任何其他人,除非该人同意受本使用条款的约束. If you access this website, 请以您的名义下载或接收本网站的报告或其他材料的内容, you agree to and shall be bound by these Terms of Use. If you access this website, 作为任何其他人的代理下载或接收本网站的报告或其他材料的内容, you are binding your principal to these same Terms of Use.

You should assume that, as of the publication date of a Muddy Waters report, bg视讯真人相关人员(可能与其成员一起或通过其成员), partners, affiliates, employees, and/or consultants), 浑水相关人员客户和/或投资者和/或其客户和/或投资者持有覆盖发行人(和/或期权)的一种或多种证券的头寸(多头或空头), swaps, and other derivatives related to one or more of these securities), 因此,在担保发行人的股票或债务证券价格下跌或升值的情况下,bg视讯真人将获得重大收益. Muddy Waters Research, 浑水资本和/或浑水相关人员打算在收到有关被覆盖人员的初步报告后,无限期地继续交易被覆盖发行人的证券, and such person may be long, short, 无论其在bg视讯或浑水资本发布的研究报告中所述的初始立场和观点如何,在此后的任何时候均保持中立. bg视讯公司和浑水资本都不会在其网站上更新任何报告或信息,以反映浑水相关人士可能持有的头寸的变化.

这不是一个出售的要约或要约购买任何证券的招揽. bg视讯公司和任何浑水相关人士(包括浑水资本)均不提供报价, 通过本网站或本网站的报告向或从任何人出售或购买任何证券. Muddy Waters Research is affiliated with Muddy Waters Capital. Muddy Waters Capital is an investment adviser with the U.S. 并未在任何其他司法管辖区注册为投资顾问. 浑水资本不会向任何人提供投资建议,除非它与该人有书面证明的投资顾问-客户关系. 您理解并同意,浑水资本与您没有任何投资顾问关系,也不对您承担受托责任. Giving investment advice requires knowledge of your financial situation, investment objectives, and risk tolerance, and Muddy Waters Capital has no such knowledge about you.

If you are in the United Kingdom, you confirm that you are accessing research and materials as or on behalf of: (a) an investment professional falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or (b) high net worth entity falling within Article 49 of the FPO (each a “Permitted Recipient”). In relation to the United Kingdom, the research and materials on this website are being issued only to, and are directed only at, persons who are Permitted Recipients and, 在不损害本使用条款中所列的任何其他限制或警告的情况下, 非许可收件人的人不得根据本网站的任何研究或材料所载的信息行事或依赖.

本网站上的研究和报告仅代表bg视讯真人相关实体的意见. Reports are based on generally available information, field research, 通过适用的浑水实体的尽职调查和分析过程进行推论和推断. To the best of the applicable Muddy Waters Entity’s ability and belief, all information contained herein is accurate and reliable, 并已从公共来源获得,适用的浑水实体认为是准确和可靠的, 并不是受担保发行人的内部人士或关联人,或可能在其他方面负有受托责任的人, 对承保发行人的保密义务或任何其他义务(直接或间接). However, such information is presented “as is,” without warranty of any kind, whether express or implied. With respect to their respective research reports, Muddy Waters Research and Muddy Waters Capital makes no representation, express or implied, as to the accuracy, timeliness, 或任何此类信息的完整性,或使用该信息将获得的结果. 此外,这个网站上的任何报告都包含了大量的分析和意见. All expressions of opinion are subject to change without notice, bg视讯和浑水资本均不承诺更新或补充任何报告或任何信息, analysis and opinion contained in them.

In no event shall Muddy Waters Research, 浑水资本或任何浑水相关人士对任何索赔负责, losses, costs or damages of any kind, including direct, indirect, punitive, exemplary, incidental, special or, consequential damages, 因本网站的任何资料而产生或以任何方式与本网站的任何资料有关. 无论bg视讯公司的任何过失或重大过失,此责任限制均适用, Muddy Waters Capital or any Muddy Waters Related Persons. You accept all risks in relying on the information on this website.

You agree that the information on this website is copyrighted, 因此,您同意不发布此信息(无论下载的文件, copies / images / reproductions, 或这些文件的链接)提供以下链接以外的任何方式: 如果您以除从该链接下载以外的任何方式获得bg视讯或浑水资本发表的研究报告, 如果你没有进入那个链接并同意使用条款,你就不能阅读这样的研究. 您进一步同意,您与bg视讯及其附属公司之间因本报告和/或bg视讯网站或查看本报告中的材料而产生的或与之相关的任何争议应受加利福尼亚州法律管辖, without regard to any conflict of law provisions. 您在知情的情况下,独立同意接受位于旧金山的州法院和联邦法院的个人和专属管辖权, 并放弃对任何其他司法管辖区或适用法律的权利, 鉴于bg视讯公司及其附属公司的总部都在旧金山, California. bg视讯或浑水资本未能行使或执行本使用条款中的任何权利或规定不构成对该权利或规定的放弃. 您同意每个浑水相关人士都是本使用条款的第三方受益人. 如果有管辖权的法院裁定本使用条款的任何条款无效, 尽管如此,双方同意法院应努力实现双方在条款中反映的意图,并裁定本使用条款的其他条款仍然完全有效, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, 任何由本网站或本网站上的材料引起的或与之相关的索赔或诉因,必须在导致此类索赔或诉因的所谓损害发生后一(1)年内提出, or such claim or cause of action be forever barred.