Citron Research on TransDigm below. Also another source notes:

Not sure if you’re following the TDG story. Citron put out a report today leaving a lot of questions hanging up in the air about one of the CEO’s side businesses.

Just moments ago – someone posted this article, which appears to be the smoking gun that the CEO of TDG is engaged in self-dealing with his own side company. Could be a monstrous story. Doesn’t appear anyone in news has picked this up yet.

Well worth a read and looks to be devastating for TDG.

The article is here: https://www.volmanac.com/research/transdigm-bratenahl-capital-transactions/#.WMH5os1drlc.twitter

Citron below

TransDigm

TransDigm

Citron predicts that after this report makes its rounds, TransDigm’s (NYSE:TDG) days of exploiting and deceiving the Federal Government are numbered.

Valeant Pharmaceuticals has recently hit prices that some never thought imaginable. As Citron observes today, at $12 per share, that stock is down over 95% from its highs just months prior to Citron’s reporting on Philidor. The questions then turn to:

“How did so many ‘smart’ people get it so wrong?”

and

“When could this possibly happen again?”

When the CEO starts being evasive, covering up instead of coming clean, and smoke starts appearing …
GET THE F*** OUT!!!
All points in the above checklist apply directly to TransDigm. Today Citron exposes the “game changer” – one of the many TransDigm secrets that CEO Nick Howley does not want Wall Street to know.
Citron strongly advises that investors not rely on analysts to inform them when the game is over. It was a Jefferies analyst who insisted Valeant was a buy with a $172 target after the entire Philador mess was revealed. Nobody told them the game was over.
Now look what they’re saying about TransDigm.

…………….

First, we must give credit to The Capitol Forum; in particular, their excellent work exposing the tactics TransDigm used to circumvent the fair bidding process of the US Government. As an answer to why twelve subsidiaries submitted incorrect ownership information that is required to be updated yearly, the company just tried to float the excuse that it was merely … A CLERICAL ERROR.
How stupid does TransDigm think you are?
Below is the exact form the company is required to file — It couldn’t be simpler. It does not take a professional gumshoe to understand that TransDigm is hiding its ownership of subsidiaries to artificially inflate gross margins while avoiding price scrutiny from the Federal Government. The role of the OIG and TransDigm will be addressed in future reports. This form is required to be filed under penalty of perjury as part of the Government’s bidding qualification process.

…………..

This is very similar to a company we know who tried to buy Allergan. When the takeover was rebuffed because Allergan called Valeant a “house of cards”, Valeant “responded” … with a $2 billion share repurchase program.
Needless to say…
Valeant’s stock is down 85% from the day it announced its Buyback. Can history repeat itself? We think it can and will.
The Stark Conclusion
The answers to our above questions are crucially important to the investing public. Why?
AT BEST: Citron believes the company needs to inform its auditors of any and all relationships that could exist between Brantenahl, TransDigm, its distributors, subsidiaries and all other related party entities to TransDigm and Bratenahl. The company needs to perform a full internal investigation.
The company’s auditors should immediately put everything on hold until these questions are answered satisfactorily.
AT WORST: Well, we know what happens. We’ve seen the story before.
Cautious Investing to All!

See full PDF below

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