554 documents showing 301–360
AECOM ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
N4
V3
C3
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Sony Corporation 6758.T
Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.
N5
V4
C4
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Bristol-Myers Squibb BMY
BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.
N5
V3
C3
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Bristol-Myers Squibb Company BMY
Starboard urges BMY shareholders to reject the $91B Celgene acquisition — it imports a massive REVLIMID patent cliff and was rushed through without exploring standalone turnaround or a sale of Bristol-Myers.
N4
V3
C3
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Magellan Health, Inc. MGLN
Magellan destroyed $700M of value through failed acquisitions and three 2018 guidance cuts; Starboard's six-director slate will overhaul the board and run a parallel sale process at peer multiples.
N4
V2
C2
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Dollar Tree, Inc. DLTR
Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.
N4
V2
C2
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Dell Technologies (Class V / DVMT tracking stock) DVMT
Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.
N4
V3
C3
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PPG Industries, Inc. PPG
PPG has underperformed peers by 3,500 bps under CEO McGarry; Trian wants Chuck Bunch reinstalled, the balance sheet levered, and the portfolio split into Architectural and Industrial to unlock ~40% upside.
N4
V3
C3
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Date
Fund
Target
Thesis
Scores
Dec 05, 2019
Spruce Point Capital
Canadian Tire Corporation
CTC.A
Canadian Tire is an over-levered legacy retailer masking decline with aggressive accounting and risky credit card lending; looming downgrade forces asset sales and 35-50% downside to C$77-100.
N5
V4
Dec 01, 2019
Grizzly Research
Trulieve Cannabis Corp
TRUL
Trulieve's premium-grower story is a fraud: cultivation is mostly cheap hoop houses, profits rely on biological-asset mark-ups, and the CEO's husband sits at the center of an FBI corruption probe.
N4
V2
Nov 13, 2019
Spruce Point Capital
Cintas Corp.
CTAS
Cintas's fastest-growing fire inspection business is committing fraud while G&K integration masks financial strain — a sum-of-parts at peer M&A multiples implies 60-75% downside to $69-$107/sh.
N5
V4
Nov 07, 2019
Muddy Waters
PeptiDream, Inc.
4587 JP
PeptiDream's 19 pharma 'partnerships' are largely dormant and 13 years of R&D have produced zero Phase 2 drugs — analyst 2027 revenue forecasts will miss by over 60%.
N4
V2
Oct 29, 2019
Spruce Point Capital
Hill-Rom Holdings, Inc.
HRC
Hill-Rom is a low-quality medical roll-up whose plateauing new products, exhausted margin expansion and aggressive accounting point to a 25-55% drop to $45-$75 per share.
N5
V4
Oct 09, 2019
Elliott Management
Unizo Holdings Company
3258.T
Unizo's board is dressing an insider-friendly employee buyout as a takeover defense; Elliott demands disclosure and conflict-of-interest safeguards under METI's Fair M&A Guidelines.
N3
V2
Oct 09, 2019
Spruce Point Capital
Monolithic Power Systems
MPWR
MPWR's Chinese tax filings show $262m missing revenue and near-zero inventory despite 90% production in China — accounting red flags point to 75-85% downside.
N5
V4
Sep 25, 2019
Wolfpack Research
SMART Global Holdings, Inc.
SGH
SMART Global Holdings' 62%-of-revenue Brazil business depended on a PPB tax subsidy the WTO struck down; without it margins collapse, and self-dealing M&A signals management already knows.
N4
V2
Sep 25, 2019
Spruce Point Capital
Premier, Inc.
PINC
Premier's earnings are artificially inflated by expiring pre-IPO shareback contracts; as member hospitals renegotiate at market rates, EBITDA halves and shares fall 55-75% to $8-$15.
N5
V3
Sep 24, 2019
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon Petroleum's conglomerate structure traps $22–$40bn of value; separating Refining, Midstream and Retail into three focused companies unlocks 60%+ upside now and over 100% long-term.
N5
V4
Sep 16, 2019
White Diamond Research
Accelerate Diagnostics
AXDX
AXDX is a one-product company whose Pheno system is a flawed niche diagnostic — missed reagent targets, a looming Mayo-UCLA study failure, and cash burn point to 70% downside to a $6 price target.
N4
V2
Sep 05, 2019
Spruce Point Capital
Church & Dwight Co., Inc.
CHD
CHD trades at an all-time-high premium as a trade-war safe haven, but CEO Farrell's financial-engineering roll-up is cracking; 35-50% downside to $40-$52/share.
N5
V4
Aug 27, 2019
Muddy Waters
Burford Capital
BUR
Burford's rebuttal on Napo is a dodge: a 2013 Glenmark arbitration MW surfaces proves Napo was a failed investment BUR disguised as a winner.
N3
V2
Aug 16, 2019
Muddy Waters
Burford Capital Ltd.
BUR
Muddy Waters hires ex-CIA behavioral analysts Qverity to show Burford management's rebuttal is riddled with evasion, aggression and persuasion — corroborating the original fraud thesis.
N4
V1
Aug 13, 2019
Muddy Waters
Burford Capital
BUR
Burford's rebuttal confirms it: aggressive mark-to-model fair-value gains, manipulated ROIC/IRR, and a CEO-CFO marriage make BUR an Enron-style stock promotion the FCA should investigate.
N4
V2
Aug 07, 2019
Muddy Waters
Burford Capital Ltd.
BUR LN
Burford is a poor litigation-finance business masquerading as a great one through Enron-like fair value accounting, four-case concentration, and a CEO-wife CFO — and is arguably insolvent.
N5
V2
Jul 24, 2019
Spruce Point Capital
Mettler-Toledo International, Inc.
MTD
Mettler-Toledo's flawless EPS record masks aggressive capitalization, an empty Shanghai office, and PwC auditor conflicts — implying 30-50% downside to $410-$574 per share.
N5
V3
Jul 22, 2019
Muddy Waters
ANTA Sports Products
2020.HK
ANTA's largest 'third-party' supplier and its 'self-operated' online stores are secretly controlled by an ANTA employee, so reported margins and Fila's numbers cannot be trusted.
N4
V2
Jul 15, 2019
Muddy Waters
ANTA Sports Products
2020.HK
Muddy Waters Part 4 rebuts ANTA's responses — management has lied about owning all Fila stores, the Shanghai Fengxian disposal, and distributor independence, confirming the underlying fraud.
N4
V1
Jul 10, 2019
Muddy Waters
ANTA Sports Products
2020.HK
ANTA's 'self-operated' Fila franchise is a fiction: 46 Beijing Fila stores are owned by an insider proxy, exposing fabricated Fila financials and rendering all ANTA numbers unreliable.
N4
V2
Jul 09, 2019
Muddy Waters
ANTA Sports Products Limited
2020.HK
ANTA used IPO proceeds to grow Shanghai Fengxian, then stripped it to insider proxies via a straw buyer in 2008 — proof of fraudulent intent toward minority shareholders.
N4
V2
Jul 08, 2019
Muddy Waters
ANTA Sports Products Ltd.
2020.HK
ANTA secretly controls at least 27 — and likely over 40 — of its 46 Tier 1 distributors via proxy owners, fraudulently inflating the margins behind its peer-leading financials.
N4
V2
Jul 01, 2019
Kerrisdale Capital
CareDx, Inc.
CDNA
CareDx is a $1.7bn story built on AllSure, a cfDNA kidney-rejection test that misses 40% of rejections and faces 70% annual patient attrition, competition and Medicare reset — ~70% downside.
N4
V2
Jun 27, 2019
Grizzly Research
New Age Beverage Corp.
NBEV
NBEV paid $85m for Morinda, an MLM with inflated China financials and missing licenses in 60% of provinces — stock faces 60% immediate downside.
N4
V2
Jun 27, 2019
Grizzly Research
New Age Beverage Corp.
NBEV
NBEV overpaid $85m for Morinda, an MLM with inflated China revenues and illegal operations; the stock faces 60% immediate downside and likely insolvency.
N4
V2
Jun 20, 2019
Starboard Value
AECOM
ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
N4
V3
Jun 19, 2019
Spruce Point Capital
Axon Enterprise (formerly TASER)
AAXN
Axon is a mature Taser maker masquerading as a SaaS cloud story; aggressive accounting, China-tariff margin pressure, and TAM inflation justify a $27.50-$40 target — 40-60% downside.
N4
V3
Jun 13, 2019
Third Point
Sony Corporation
6758.T
Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.
N5
V4
Jun 06, 2019
Wolfpack Research
GTT Communications, Inc.
GTT
GTT Communications is a fundamentally broken telecom rollup using non-GAAP metrics and aggressive accounting to hide negative organic growth, unsustainable leverage, and an inevitable dilutive equity raise.
N4
V2
Jun 01, 2019
Citron Research
FleetCor Technologies
FLT
FleetCor's Clean Advantage carbon-offset program is a $100M+ green fraud — 97% of fees stay with FLT, demanding CEO Clarke's resignation and implying ~57% downside.
N4
V3
May 23, 2019
Spruce Point Capital
Verint Systems, Inc.
VRNT
Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25.
N4
V3
May 16, 2019
Spruce Point Capital
A.O. Smith Corporation
AOS
A.O. Smith's China growth is cracking while revenue-recognition red flags, unsustainable 40%+ margins and vanishing insider ownership point to 45-65% downside to $17.75-$27.30.
N4
V3
May 07, 2019
Spruce Point Capital
Kornit Digital Ltd.
KRNT
Kornit's 2018 boom was an Amazon warrant-and-rebate illusion — 105% of cash flow came from one customer, a scandal-tainted CFO is covering it, leaving 75-85% downside to $4.50-$9.30.
N5
V3
Apr 30, 2019
Spruce Point Capital
PetIQ, Inc.
PETQ
PetIQ's grey-market vet-drug margins and rebate-dependent earnings are unsustainable as Merial goes direct-to-retail, while a $200M wellness-center cash burn and the CEO's Petters/Fleming ties imply 75-90% downside.
N5
V3
Apr 09, 2019
Spruce Point Capital
Aerojet Rocketdyne Holdings, Inc.
AJRD
AJRD's rocket franchise is eroding as Blue Origin and SpaceX displace it; aggressive accounting and ~$900M ignored liabilities mask 5x leverage and 40-60% downside to $13-$20.
N4
V3
Mar 21, 2019
Spruce Point Capital
Dexcom, Inc.
DXCM
Dexcom's blow-out growth is a sugar high — driven by hidden price hikes and sensor stockpiling — and Abbott's cheap Libre 2 will commoditize CGMs, taking DXCM down 45-60% to $65-$85.
N4
V3
Mar 18, 2019
Starboard Value
Bristol-Myers Squibb
BMY
BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.
N5
V3
Mar 01, 2019
Starboard Value
Bristol-Myers Squibb
BMY
BMY's $91B Celgene deal bets the company on a REVLIMID patent cliff and pipeline requiring 10 blockbusters in 8 years — shareholders should vote no and pursue a standalone Amgen-style transformation.
N5
V3
Mar 01, 2019
Elliott Management
Telecom Italia
TIT.MI
Vivendi destroyed value at TIM during its control; shareholders must reject Bolloré's nominees at the March 29 AGM and keep the independent board.
N5
V4
Mar 01, 2019
Spruce Point Capital
Carvana Co.
CVNA
Carvana is a CCC+-rated subprime used-car dealer masquerading as a tech disruptor; Spruce Point sees 56-83% downside to $7.50-$19.60, with a credible path to zero.
N4
V3
Feb 28, 2019
Starboard Value
Bristol-Myers Squibb Company
BMY
Bristol-Myers' $91bn Celgene acquisition buys pharma's largest patent cliff; Starboard urges shareholders to vote it down and replace directors to pursue a standalone plan or sale.
N4
V3
Feb 28, 2019
Starboard Value
Bristol-Myers Squibb Company
BMY
Starboard urges BMY shareholders to reject the $91B Celgene acquisition — it imports a massive REVLIMID patent cliff and was rushed through without exploring standalone turnaround or a sale of Bristol-Myers.
N4
V3
Feb 25, 2019
Muddy Waters
Inogen
INGN
INGN's growth narrative rests on an inflated $3-4B TAM that Medicare data contradicts; under a realistic 1.3M-user market, peak unit sales arrive this year or next.
N4
V1
Feb 22, 2019
Starboard Value
Magellan Health, Inc.
MGLN
Magellan destroyed $700M of value through failed acquisitions and three 2018 guidance cuts; Starboard's six-director slate will overhaul the board and run a parallel sale process at peer multiples.
N4
V2
Feb 15, 2019
Citron Research
Inogen
INGN
Inogen's growth is built on a reseller network that lies to elderly customers about Medicare coverage to force cash sales — competition and oversight will collapse margins to a $46 stock.
N4
V2
Feb 08, 2019
Muddy Waters
Inogen, Inc.
INGN
Inogen's growth story rests on a fabricated TAM sourced from a plagiarism-riddled WinterGreen report; real market is shrinking, peak sales arrive 2019-2020, target $46 (-67%).
N5
V2
Jan 23, 2019
Spruce Point Capital
Amdocs Limited
DOX
Spruce Point sees 25-50% downside in Amdocs (DOX): a Guernsey-domiciled telecom-IT vendor whose steady margins, opaque insider selling via Pines Quest, and dot-com-era accounting tricks signal $30-$45 per share.
N4
V3
Jan 07, 2019
Starboard Value
Dollar Tree, Inc.
DLTR
Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.
N4
V2
Dec 13, 2018
Spruce Point Capital
XPO Logistics, Inc.
XPO
XPO is a United-Rentals-style roll-up masking financial strain with aggressive accounting and a felon-linked board; normalized EPS is 47% overstated, implying 40–60% downside.
N5
V3
Nov 20, 2018
Elliott Management
Mitek Systems, Inc.
MITK
Mitek's board is entrenching against ASG's $10 cash bid (51% premium) despite a declining core business, departed leadership, and a chairman dumping his own stock below the offer price.
N4
V1
Nov 15, 2018
Carl Icahn
Dell Technologies (Class V / DVMT tracking stock)
DVMT
Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.
N4
V3
Oct 31, 2018
Spruce Point Capital
Dollarama Inc.
DOL
Dollarama trades 50% above peers as a 'dollar store' now selling $4 goods; reversing FX hedges, Dollar Tree's arrival and governance red flags imply ~40% downside to C$24.60.
N4
V3
Oct 17, 2018
Spruce Point Capital
Mercury Systems Inc.
MRCY
Mercury Systems faces 50-60% downside as Supermicro-hack exposure, missing cyber leadership, hidden A/R factoring, and the sector's richest multiple collide with rising DFARS compliance costs.
N4
V3
Oct 11, 2018
Trian Partners
PPG Industries, Inc.
PPG
PPG has underperformed peers by 3,500 bps under CEO McGarry; Trian wants Chuck Bunch reinstalled, the balance sheet levered, and the portfolio split into Architectural and Industrial to unlock ~40% upside.
N4
V3
Oct 04, 2018
Muddy Waters
Manulife Financial Corporation
MFC
Muddy Waters is short Manulife because a Saskatchewan verdict due by year-end could force MFC to accept unlimited deposits at a guaranteed 4%+ rate — an unhedgeable bleed its own expert admits could cause insolvency.
N4
V2
Oct 01, 2018
Third Point
Campbell Soup Company
CPB
Campbell's incumbent board delivered 19% TSR vs 306% S&P over 20 years; replace the entire board with Third Point's Independent Slate to unlock $52-58/share via turnaround, breakup, or sale.
N5
V4
Sep 05, 2018
Spruce Point Capital
Weis Markets, Inc.
WMK
Weis Markets is the most expensive U.S. supermarket masking -1-2% organic decline with aggressive accounting and shrinking disclosures; Spruce Point sees 45-65% downside.
N4
V3
Aug 21, 2018
Citron Research
NVIDIA Corporation
NVDA
NVDA, up 600% since 2016, faces in-house silicon from every mega-customer, collapsing crypto and autonomous narratives, and a benchmark-less Turing launch — shares revert to $200.
N4
V2
Aug 07, 2018
Spruce Point Capital
Maxar Technologies
MAXR
Maxar's MDA-DigitalGlobe merger masks a collapsing satellite cycle and the most aggressive accounting Spruce Point has ever seen, leaving 5.8x-levered MAXR with 100% downside risk.
N5
V3
Jul 25, 2018
Muddy Waters
TAL Education Group
TAL
TAL Education's core Peiyou business is shrinking, not 'healthy' as CFO Rong Luo claims; under every reasonable model TAL's FY2018 Q3-Q4 disclosures fail to reconcile.
N4
V1