Muddy Waters has taken a short position in cosmetics company Elf Beauty, the hedge fund's chief executive Carson Block said at the Sohn conference in London on Wednesday. Shares in Elf were down 10% on the day after Block alleged at the event that Elf had overstated its revenue over the past three years,

At the Sohn Conference in London, the short-seller Muddy Waters revealed its latest target: ELF Beauty.

Short seller Carson Block said he’s shorting the shares of cosmetics brand Elf Beauty Inc. Speaking at the Sohn conference in London on Wednesday, the chief executive officer of Muddy Waters Capital said he is shorting the stock because he has concerns linked to the Oakland, California-based firm’s revenue.