In March 2026, Muddy Waters Research released reports accusing SoFi Technologies, Inc. of misrepresenting key financial data, most notably by allegedly misclassifying a $312 million borrowing as a sale and significantly overstating adjusted EBITDA. Other concerns raised include higher implied personal loan charge-off rates and insider equity monetization transactions. SoFi has strongly denied these allegations as misleading and has suggested possible legal action, raising important questions about the company’s disclosure practices, investor confidence, and regulatory compliance.