554 documents showing 61–120

Apr 15, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's three-business conglomerate is the root cause of peer underperformance; electing Elliott's four nominees and fully separating midstream from refining unlocks substantial value.

N4 V3

Apr 10, 2025

Elliott Management

Phillips 66 PSX

Elliott's Streamline 66 proxy fight argues Phillips 66 refining is underperforming its potential and that replacing directors with operators like Brian Coffman will unlock value.

N2 V3

Apr 08, 2025

Spruce Point Capital

Monster Beverage Corp. MNST

Monster's Coke-like 23x EBITDA multiple masks accounting red flags, eroding US share to Celsius/Alani/BUD, and decaying governance — implying 25%-40% downside to $36-$44.

N4 V3

Apr 08, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's world-class refining assets are underperforming Valero and Marathon because leadership has lost operating focus; Elliott's GOLD-card nominees can restore peer-leading excellence.

N3 V3

Apr 03, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's inefficient conglomerate structure hides $40B+ midstream value; spinning it off, refocusing on refining, and refreshing the Board could lift shares from ~$120 to $200+.

N5 V4

Mar 27, 2025

Muddy Waters

AppLovin APP

AppLovin's e-commerce ad boom is built on fingerprinting that violates Meta/Google/Apple TOS; only 25-35% of sales are incremental and Q1 churn is already 23%.

N4 V3

Mar 26, 2025

Starboard Value

Autodesk, Inc. ADSK

Autodesk's long-term share price and margin underperformance reflects a board incapable of holding management accountable; electing Starboard's three nominees installs oversight needed to drive non-GAAP operating margins to 41-42% by FY2028.

N4 V2

Mar 18, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure masks world-class midstream and chemicals assets; separating them, fixing refining, and refreshing the board closes a decade-long 188% TSR gap versus peers.

N3 V4

Mar 11, 2025

Spruce Point Capital

Remitly Global, Inc. RELY

Remitly sells 'trust' but relies on stock-photo testimonials and doctored reviews; forensic review reveals margin compression and governance red flags implying 40-55% downside to ~$10.

N4 V3

Mar 06, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's refining kit rivals Valero's, but weak commercial execution and bloated corporate leave a multi-dollar EBITDA-per-barrel gap that Streamline66 — portfolio fixes and a refreshed board — closes.

N4 V4

Feb 26, 2025

Oasis Management

Kao Corporation 4452.JP

Kao is Japan's underperforming FMCG giant; adding five expert directors with FMCG, cosmetics and digital expertise plus performance-aligned pay can close the peer gap and revive growth.

N5 V4

Feb 26, 2025

Oasis Management

Kao Corporation 4452 JT

Kao's world-class beauty brands are squandered by an insular Japanese board; adding five global FMCG outside directors and performance-linked pay can close the gap to L'Oreal and Beiersdorf.

N4 V2

Feb 19, 2025

Spruce Point Capital

Dycom Industries, Inc. DY

Dycom's premium multiple masks a forensic minefield — undisclosed Frontier related-party revenue, accounting officers with restatement histories, and unexplained DSO expansion — implying 35–55% downside to $79–$119.

N4 V3

Feb 19, 2025

Ancora

United States Steel Corporation X

U.S. Steel has lagged peers by 227 points under Burritt; with the Nippon deal dead, Ancora's slate would install Stelco-turnaround CEO Kestenbaum to fix the company as a standalone public co.

N4 V4

Feb 11, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure traps value; spinning Midstream, selling the CPChem JV, and fixing refining lifts the stock from $120 to ~$200, with Marathon-style execution reaching $300+.

N5 V4

Feb 11, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure buries a world-class refiner and >$40bn midstream inside a low-multiple wrapper; spinning midstream, fixing refining and Marathon-style buybacks unlock $200-$300+ per share.

N5 V4

Feb 11, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate hides world-class midstream worth $40bn+; spinning midstream, closing the $3.75/bbl refining gap to Valero, and refreshing the board can lift PSX from $120 to $200+.

N5 V4

Jan 29, 2025

Wolfpack Research

Mercury General Corporation MCY

Mercury General faces >$2bn in LA wildfire losses uncovered by its $1.3bn reinsurance tower, eroding subsidiary capital and risking dividend cuts, capital raises, and regulatory review.

N4 V3

Jan 23, 2025

Spruce Point Capital

Construction Partners, Inc. ROAD

ROAD is a levered Sunbelt asphalt roll-up whose Florida DOT engine is quietly stalling — FOIA shows -22% award decline — and its $1bn Lone Star deal masks the gap; we see 35-50% downside.

N4 V3

Jan 17, 2025

Engine Capital

Smiths Group plc SMIN

Smiths' four-segment conglomerate structure masks a ~50-60% SOTP discount; the Board should launch a strategic review to sell the company or spin John Crane into a U.S. listing.

N4 V2

Jan 16, 2025

Spruce Point Capital

PROCEPT BioRobotics Corporation PRCT

Procept trades at 14x revenue on a false 'all-prostates' TAM; Spruce Point sees channel-stuffing via DSOs at 130 days, no procedure growth, and 30-60% downside to $29-$54.

N4 V3

Jan 15, 2025

Muddy Waters

FTAI Aviation Ltd. FTAI

FTAI is a dressed-up engine-leasing business posing as a high-margin MRO — whole-engine sales counted as three modules and intra-segment depreciation transfers fabricate the aerospace-aftermarket story.

N5 V3

Jan 10, 2025

Scorpion Capital

TransMedics Group Inc TMDX

TransMedics is a Medicare billing-fraud and kickback racket whose top transplant-center customers are fleeing as cheaper alternatives arrive — Scorpion sets a $0 target.

N5 V3

Jan 09, 2025

Kerrisdale Capital

Red Cat Holdings, Inc. RCAT

Red Cat's $1bn valuation rests on inflating a $23M/year Army drone contract into a $350M sole-source bonanza, with a factory that can't scale and insiders heading for the exits.

N4 V2

Jan 08, 2025

Trian Partners

Solventum Corporation SOLV

Solventum's post-spin performance collapse is nearly worst-in-class; restoring 3M-era 3-4% growth and 26% margins plus simplifying the portfolio can double shares to $140 by 2027.

N4 V3

Dec 17, 2024

Oasis Management

Kao Corporation 4452

Kao's Nomination Committee rushed its 2025 AGM director slate two months early to bypass Oasis's five independent candidates — poor governance demanding a reopened, transparent process.

N3 V2

Dec 16, 2024

Spruce Point Capital

Aegon Ltd. AEG

Aegon's distribution engine WFG is an aggressive MLM run amok with IUL churn, ex-WFG competitor GFI poaching top producers, and sum-of-parts pointing to 25-50% downside.

N5 V4

Dec 05, 2024

Oasis Management

Kao Corporation 4452

Kao is a sleeping FMCG giant whose under-ambition, inefficiency, and lack of focus have destroyed EVA; adding five independent directors with FMCG operating experience can unlock peer-level returns.

N4 V4

Dec 01, 2024

Engine Capital

Dye & Durham Limited DND

Dye & Durham's Board and CEO Matt Proud destroyed value chasing a $1bn EBITDA target through reckless M&A; Engine's six-director slate and new CEO can triple the share price to $46 in three years.

N5 V4

Dec 01, 2024

Palliser Capital

Rio Tinto RIO

Rio Tinto's 29-year-old dual-listed structure has destroyed ~US$50bn of value; unifying into a single Ltd-led entity unlocks +27% near-term upside and restores scrip-M&A firepower.

N5 V4

Nov 20, 2024

Muddy Waters

e.l.f. Beauty, Inc. ELF

ELF's imports collapsed while inventory and revenue kept soaring; reconciling the two suggests $138-188mm of overstated sales and a likely fraud.

N5 V3

Nov 07, 2024

White Diamond Research

AGBA Group AGBA

The AGBA/Triller $4B merger is a sham to pump AGBA's stock — both firms are near-bankrupt, the valuation is fiction, and regulators will reject the deal.

N3 V2

Nov 01, 2024

Kerrisdale Capital

Oklo Inc. OKLO

Oklo is a $3bn pre-revenue SPAC nuclear story whose 5x-lowballed fuel costs, unrealistic 2027 NRC timeline, and inexperienced 'Nuclear Bros' management mean shares should collapse as reality intrudes.

N4 V3

Oct 23, 2024

Greenlight Capital

Peloton Interactive PTON

Peloton's overlooked subscription business — 68% gross margins, 1.5% churn — can deliver $400-500M EBITDA once costs are right-sized, implying a $7.50-$31.50 share price versus $5.48 today.

N5 V4

Oct 21, 2024

Bluebell Capital

BP Plc BP

Bluebell publishes ten pointed questions BP must answer at the 29 Oct 2024 Q3 call, demanding transparency on abandoned EBITDA, production and energy-transition targets and faulting Board oversight.

N3 V2

Oct 18, 2024

Spruce Point Capital

Erie Indemnity Company ERIE

ERIE's 25% management fee on its sole client — the loss-making Erie Insurance Exchange — looks unsustainable; a 2003-style cut plus peer-level multiple would drive 35-55% downside to $211-$317.

N4 V3

Oct 07, 2024

Bluebell Capital

BP Plc BP

BP's ideologically driven 2023 strategy has failed; the Chair and Lead Independent Director must go, and the leaked U-turn on oil output breaches listing rules.

N3 V2

Oct 01, 2024

Starboard Value

Pfizer Inc. PFE

Pfizer destroyed $20-60bn of value since 2019 despite a $40bn COVID windfall; Starboard wants the board to hold Bourla accountable for peer-median R&D/M&A returns.

N5 V4

Oct 01, 2024

Starboard Value

Pfizer Inc. PFE

Pfizer squandered its $40bn COVID windfall on overpriced M&A while delivering almost none of the 15 promised blockbusters; the Board must hold management accountable.

N5 V4

Sep 25, 2024

Bluebell Capital

BP Plc BP

BP's 2020 energy-transition strategy is collapsing in serial U-turns and missed targets; removing Chairman Helge Lund and Lead Independent Director Amanda Blanc is essential to restore accountability.

N4 V2

Sep 20, 2024

Spruce Point Capital

Intuit Inc. INTU

Intuit is an opaque, consumer-unfriendly SMB software company whose $20bn Credit Karma/Mailchimp blunders and 11x revenue multiple imply 40%-80% downside under CEO Sasan Goodarzi.

N5 V3

Sep 13, 2024

Engine Capital

Upwork Inc. UPWK

Engine argues Upwork is undervalued at ~6.5x EBITDA and that a refreshed board plus fixing the marketplace, focusing Enterprise, cutting bloat and aggressive buybacks unlocks substantial upside.

N4 V2

Sep 11, 2024

Engine Capital

Dye & Durham Limited DND

Dye & Durham's board broke its no-M&A pledge, re-levered to 5.3x, and lost six executives; shareholders need a Special Meeting and board change to close the peer valuation gap.

N4 V2

Aug 26, 2024

Elliott Management

Southwest Airlines Co. LUV

Southwest has destroyed 50%+ of shareholder value under Kelly and Jordan; replacing them and seating Elliott's 10 independent nominees plus a new board committee is required to restore best-in-class performance.

N4 V2

Aug 15, 2024

Kerrisdale Capital

Lumen Technologies LUMN

Lumen's 400% AI-fueled rally is an optical illusion: $5bn in PCF deals is construction-contractor funding worth ~$1/share, masking an insolvent, secularly declining telco with $19bn debt.

N4 V3

Aug 08, 2024

Spruce Point Capital

Zebra Technologies Corp. ZBRA

Zebra's hardware growth is stalling, its accounting and governance are riddled with red flags, and a sum-of-parts valuation implies 65-80% downside to $63-$110 per share.

N4 V3

Aug 06, 2024

Starboard Value

Autodesk, Inc. ADSK

Autodesk's premier 93%-gross-margin software franchise is squandered under CEO Anagnost; Starboard demands cost cuts, compensation overhaul, buybacks and CEO re-evaluation to reach 45%+ margins and ~$15.50 FCF/share by FY2027.

N4 V3

Aug 01, 2024

Starboard Value

Autodesk, Inc. ADSK

Autodesk's premier software franchise is squandered under CEO Anagnost — peer-lagging margins, missed Investor Day targets and manipulated billings demand a Board-led overhaul to unlock 45% operating margins.

N4 V3

Jul 23, 2024

Bluebell Capital

BP Plc BP

BP's Board greenlit an unlawful solar-planning strategy and a value-destroying green pivot; replace the Chair, Senior Independent Director and CEO, or halt the renewables burn.

N4 V2

Jul 08, 2024

Elliott Management

Southwest Airlines Co. LUV

Southwest's board entrenched itself with a poison pill instead of fixing chronic underperformance; Elliott demands CEO Bob Jordan out, the board reconstituted, and an external-led turnaround.

N3 V2

Jul 03, 2024

Muddy Waters

Eurofins Scientific SE ERF

Eurofins' 800+ immaterial subsidiaries and 18 auditors enable sham sales and cash double-counting; new evidence, including a factoring denial contradicted by a former BU head, argues the financials cannot be trusted.

N4 V2

Jul 01, 2024

Spruce Point Capital

Floor & Decor Holdings, Inc. FND

Spruce Point argues Floor & Decor's leadership mirrors Linens 'N Things before bankruptcy, hiding $618M debt and misstating sales — shares face 40–60% downside to $40–60.

N4 V3

Jun 25, 2024

Starboard Value

Autodesk, Inc. ADSK

Autodesk's Board tolerated years of underperformance and misleading billings disclosures; accountability, transparency, and a 1,000+ bps margin improvement can restore a best-in-class software franchise.

N4 V3

Jun 25, 2024

Starboard Value

Autodesk, Inc. ADSK

Autodesk is a high-quality monopoly hobbled by board complacency and misleading billings disclosures; transparency, accountability, and a 1,000 bps margin fix unlock material upside.

N4 V3

Jun 24, 2024

Muddy Waters

Eurofins Scientific SE ERF

Muddy Waters is short Eurofins: controlling shareholder Dr. Gilles Martin has siphoned capital via above-market real-estate leasebacks for 20 years, and the financials appear engineered to overstate revenue, profits, and cash.

N4 V2

Jun 17, 2024

Starboard Value

Autodesk, Inc. ADSK

Autodesk's Board misled shareholders on free cash flow and ran out the nomination clock; reopen the vote, refresh directors, and fix margins to close the peer gap.

N4 V2

Jun 10, 2024

Elliott Management

Southwest Airlines LUV

Southwest's market cap has halved as a 36-year-insider CEO refuses to evolve; replacing the Board and CEO and modernizing the commercial model targets $49 — 77% upside.

N5 V4

Jun 10, 2024

Elliott Management

Southwest Airlines LUV

Southwest, once a profit leader, now posts the worst margins of any major U.S. airline under entrenched insiders Kelly and Jordan; new leadership, a refreshed board and a strategic review unlock 77% upside to $49.

N5 V4

Jun 10, 2024

Elliott Management

Southwest Airlines LUV

Southwest's 47-year profit streak has collapsed into worst-in-class margins under entrenched leadership; refreshing the board and hiring an external CEO unlocks 77% upside to $49.

N5 V4

Jun 10, 2024

Elliott Management

Southwest Airlines LUV

Elliott's $1.9bn, 11% stake argues Southwest's 50% decline reflects an insular 1971-era leadership culture; replacing the Chairman/CEO and refreshing the board can drive shares to $49 (+77%).

N4 V2