This is the report:
After conducting a forensic financial review of e.l.f. Beauty (NYSE: ELF), one of the most richly valued stocks in the cosmetics and beauty industry, Spruce Point questions why e.l.f. partnered With Movers+Shakers, an advertising agency co-founded by former members of the NXIVM cult. We find evidence that suggests Movers+Shakers has messaging, branding and continued connections to the teachings of imprisoned cult leader Keith Raniere and his loyalists. The report reveals evidence that e.l.f. has used marketing messages that appear similar to those frequently used within the cult and urges retail partners including Target, Walmart and Ulta Beauty to reevaluate their connections with e.l.f. Based on our investigation, we estimate a 45% to 65% downside risk, or $34.35-$54.00 per share.