Image source: Getty Images Rupert Hargreaves owns no share mentioned. The Motley Fool UK owns shares of and has recommended NMC Health. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. However, Muddy Waters has claimed that NMC’s written rebuttal is “misleading, and outright false in certain portions,” and that independent reviews are usually exercises in “whitewashing that provide little to no transparency and accountability.” A similar pathMuddy Waters’ attack on NMC has followed a similar path to the hedge fund’s attack on Burford Capital earlier in 2019.In that case, the fund also issued a short dossier and then proceeded to accuse managers of misleading investors further when Burford published a rebuttal. But after creating a great deal of fuss at the time, the hedge fund’s attack has petered out over the past few weeks. Will the same happen with NMC? At this point, it is difficult to tell. However, what we do know is that after recent declines, shares in NMC look cheap compared to its projected growth.Growth at a reasonable priceThe stock is trading at a forward P/E of 14.9 compared to its five-year average of 25+. City analysts are forecasting earnings growth of 26% for 2019 and 28% for 2020, which puts the stock on a PEG ratio of 0.5, suggesting that shares in NMC offer growth at a reasonable price. That being said, while NMC looks cheap compared to its history, I don’t think the valuation is low enough to make up for the uncertainty here.In my opinion, one of the reasons why the stock dropped so much after Muddy Waters’ attack was its valuation. Before the attack, the shares were dealing at a forward P/E of nearly 30, a multiple that did not leave much room for error. The stock’s current forward P/E of 14.9 is more in line with the UK healthcare industry average of around 15.The bottom lineSo overall, at this point, I think it is difficult to tell if Muddy Waters’ accusations against the firm are correct or without merit.Nevertheless, on valuation alone, I’m not a buyer of the NMC share price at current levels because even after the stock’s recent declines, I do not think it looks cheap enough to make up for the risks of investing here.In other words, I think there are better places to invest your money in the current market that come with less risk and have more upside potential. At the end of December, shares in NMC Health (LSE: NMC) crumbled after the well-known short-selling hedge fund Muddy Waters published a short dossier on the company.Muddy Waters claims that NMC has been misleading investors on several fronts, including potential overpayments for acquisitions, inflated margins and understated debt.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…The hedge fund is also worried about the company’s corporate governance, or lack of it. A small group of UAE-based billionaires controls NMC.For its part, the healthcare company has refuted all of the accusations levied against it. The group issued a long rebuttal to the assertions shortly after Muddy Waters published its document. Management has also commissioned an independent review to reassure investors. See all posts by Rupert Hargreaves Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Enter Your Email Address Rupert Hargreaves | Saturday, 4th January, 2020 | More on: NMC Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. 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