E.l.f. Beauty CEO Tarang Amin dismissed allegations from hedge fund Muddy Waters that the cosmetics company overstated revenue and inventory numbers. Amin called the claims nonsense, emphasizing the company's twenty-three consecutive quarters of net sales and market share growth. Muddy Waters disclosed a short position in E.L.f. and alleged inventory inflation and declining supplier purchases, citing discrepancies in import data. Amin defended E.L.f.'s performance, attributing inventory increases to strong consumer demand. The company denied the claims, stating they were an attempt to manipulate stock prices.