554 documents showing 361–420
SandRidge Energy SD
SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.
N4
V3
C3
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Assured Guaranty AGO
Assured Guaranty is a melting-ice-cube bond insurer aggressively returning capital it hasn't earned; Puerto Rico losses alone (2-4x reserves) will force a capital raise or strip the AA rating it needs to write new business.
N5
V2
C2
⌂
”
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Xerox Corporation XRX
Xerox's CEO is handing 50.1% control to Fuji 'without spending a penny' for ~$28/share; vote down the deal and replace the board to unlock $54-$64 standalone.
N5
V3
C3
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Newell Brands Inc. NWL
Newell's board destroyed $10bn and handed control to Icahn; elect Starboard's four independent nominees to execute a credible divestiture plan and restore accountability.
N4
V2
C2
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Monotype Imaging Holdings Inc. TYPE
Monotype's three-year acquisition spree (Olapic, Swyft) destroyed $500M+ of value and halved EBITDA margins; Starboard demands four new directors to refocus on the core font franchise.
N4
V3
C3
”
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Newell Brands Inc. NWL
Starboard, backed by Jarden's founders, seeks to replace Newell's board after CEO Michael Polk destroyed $11bn of value following the 2016 Jarden merger.
N4
V2
C2
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Mellanox Technologies, Ltd. MLNX
Mellanox insiders have sold $130M of stock across 373 trades vs. one purchase since IPO — evidence the Board lacks confidence in its own plan and must be reconstituted.
N4
V3
C3
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”
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Deckers Outdoor Corporation DECK
Deckers' board missed every margin target and wasted $600m on retail bloat and Sanuk; replacing them enables UGG focus, non-core divestitures and a doubling to $135-158.
N4
V3
C3
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The Procter & Gamble Company PG
P&G's long-tenured Board has rewarded a decade of market-share loss and bottom-quartile EPS growth; electing Nelson Peltz adds the shareholder voice needed to fix innovation, productivity, M&A and governance.
N5
V4
C4
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”
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Automatic Data Processing (ADP) ADP
ADP has delivered 203% TSR under CEO Rodriguez; Pershing Square owns just 2% of common stock and its nominees lack the HCM and technology experience to improve on this trajectory.
N4
V3
C3
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Core Laboratories CLB
Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.
N5
V3
C3
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Arconic Inc. ARNC
Arconic CEO Kleinfeld's veiled-extortion letter to Paul Singer forces his ouster; Elliott demands independent investigation, removal of complicit directors, and protection from whatever scheme Kleinfeld set in motion.
N4
V1
C1
”
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Buffalo Wild Wings BWLD
Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.
N5
V4
C4
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”
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Marathon Petroleum Corporation MPC
Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).
N4
V4
C4
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”
Bob Evans Farms, Inc. BOBE
Bob Evans trades at $37 while its packaged-foods segment alone is worth $1.2-1.6bn; spinning off Restaurants leaves a pure-play BEF Foods parent worth $57-79 per share.
N4
V3
C2
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Date
Fund
Target
Thesis
Scores
Jul 19, 2018
Spruce Point Capital
2U, Inc.
TWOU
2U's one-size-fits-all OPM model is being disrupted by lower-take-rate fee-for-service rivals; FOIA-documented program failures imply 30-50% downside to $47-$65/share.
N4
V3
Jul 02, 2018
Muddy Waters
TAL Education Group
TAL
TAL inflated Firstleap's acquired deferred revenue by 90-175%, pumping $21-29M of fake profit through FY2017 via an above-the-line accounting lever obscured by an overlooked small acquisition.
N4
V2
Jun 27, 2018
Spruce Point Capital
Momo, Inc.
MOMO
Momo's 'blowout' live-video numbers hide a SAIC fraud charge, 123 undisclosed VIE subs, an illegal gambling site, and a fading KOL base — 30-50% downside to $23-$32.
N4
V3
Jun 13, 2018
Muddy Waters
TAL Education Group
TAL
TAL is a real business with fake financials: two asset-parking transactions inflated FY2016-FY2018 pre-tax profits by $153M (28.4%) while Deloitte China was starved of audit hours.
N5
V2
Jun 07, 2018
Spruce Point Capital
Healthcare Trust of America, Inc.
HTA
HTA's suspiciously flat Same-Property NOI growth mirrors Brixmor's pre-restatement pattern; Spruce Point sees 20-40% downside to $15-$20 once the accounting unravels.
N5
V3
May 24, 2018
Carl Icahn
SandRidge Energy
SD
SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.
N4
V3
May 17, 2018
Spruce Point Capital
U.S. Concrete Inc
USCR
USCR's 21% gross margins and Adj EBITDA growth are engineered via capital leases and overcapitalized truck costs; CEO Sandbrook should resign and shares face 60-90% downside to $6-$25.
N4
V3
May 10, 2018
Land & Buildings
Taubman Centers, Inc.
TCO
Taubman's persistent peer underperformance stems from a family-entrenched board and dual-class structure; electing Litt and collapsing Series B shares unlocks value common shareholders have been denied.
N4
V3
Apr 23, 2018
Greenlight Capital
Assured Guaranty
AGO
Assured Guaranty is a melting-ice-cube bond insurer aggressively returning capital it hasn't earned; Puerto Rico losses alone (2-4x reserves) will force a capital raise or strip the AA rating it needs to write new business.
N5
V2
Apr 17, 2018
Carl Icahn
Xerox Corporation
XRX
Xerox's CEO is handing 50.1% control to Fuji 'without spending a penny' for ~$28/share; vote down the deal and replace the board to unlock $54-$64 standalone.
N5
V3
Apr 16, 2018
Land & Buildings
QTS Realty Trust
QTS
QTS's CEO Chad Williams runs a culture of self-enrichment with no accountability; shareholders should withhold votes from him and the comp chair at the May 3 annual meeting.
N3
V2
Apr 11, 2018
Starboard Value
Newell Brands Inc.
NWL
Newell's board destroyed $10bn and handed control to Icahn; elect Starboard's four independent nominees to execute a credible divestiture plan and restore accountability.
N4
V2
Apr 05, 2018
Elliott Management
Telecom Italia SpA (TIM)
TIT.MI
TIM's operating turnaround is real, but Vivendi-controlled governance has tripled the peer discount; independent directors plus NetCo separation could double the stock to €1.6.
N5
V4
Apr 04, 2018
Spruce Point Capital
Globant SA
GLOB
Globant is a poorly organized digital-IT roll-up using accounting games and Luxembourg disclosure loopholes to mask decelerating organic growth; shares warrant 40-50% downside to $24.50-$29.50.
N4
V3
Apr 02, 2018
Carl Icahn
Commvault Systems, Inc.
CVLT
Commvault is a product-great but company-broken data management software leader; Elliott (10.3%) demands an operational review, four new directors, and a capital-return program to close a deep valuation discount.
N4
V2
Apr 02, 2018
Elliott Management
Commvault Systems, Inc.
CVLT
Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; a board refresh, operational review and capital return will close the gap.
N4
V2
Apr 01, 2018
Kerrisdale Capital
The St. Joe Company
JOE
St. Joe's Florida Panhandle land bank is worth a fraction of what bulls claim; absent the promised population boom, the stock is materially overvalued and a short.
N4
V3
Mar 16, 2018
Spruce Point Capital
Kratos Defense & Security Solutions
KTOS
Kratos is an overhyped drone play run by executives tied to the Titan FCPA scandal; with the weakest margins in defense and a recent Director fraud indictment, we see 40%-70% downside.
N4
V3
Feb 13, 2018
Starboard Value
Monotype Imaging Holdings Inc.
TYPE
Monotype's three-year acquisition spree (Olapic, Swyft) destroyed $500M+ of value and halved EBITDA margins; Starboard demands four new directors to refocus on the core font franchise.
N4
V3
Feb 12, 2018
Starboard Value
Newell Brands Inc.
NWL
Starboard, backed by Jarden's founders, seeks to replace Newell's board after CEO Michael Polk destroyed $11bn of value following the 2016 Jarden merger.
N4
V2
Feb 08, 2018
Muddy Waters
IQE plc
IQE
Muddy Waters is short IQE: the compound-semi maker inflated 2015/2016 net income by 58.5%/25.4% via transactions with its Cardiff University JV — an alter ego, not an arm's-length partner.
N4
V2
Feb 05, 2018
Starboard Value
Mellanox Technologies, Ltd.
MLNX
Mellanox insiders have sold $130M of stock across 373 trades vs. one purchase since IPO — evidence the Board lacks confidence in its own plan and must be reconstituted.
N4
V3
Jan 31, 2018
Muddy Waters
OSI Systems
OSIS
OSIS's rebuttal fails: S2 Albania's financials prove ICMS contributed no capital, making its 49% concession stake an unjustified conduit for corruption and confirming management's lost credibility.
N4
V1
Jan 25, 2018
Spruce Point Capital
Ballard Power Systems
BLDP
Ballard's 167% 2017 rally rests on a fragile China fuel-cell story with weak partners and zero insider skin; expect a repeat of the Azure failure and 35-70% downside to $1.15-$2.50.
N4
V3
Dec 06, 2017
Muddy Waters
OSI Systems, Inc.
OSIS
OSIS is rotten to the core: the Albania concession was obtained via an apparent bribe, the Mexico turnkey is egregiously priced and up for renewal, and FCPA liability could erase a large chunk of the $1.6bn market cap.
N5
V2
Nov 13, 2017
Land & Buildings
Taubman Centers
TCO
Taubman's dominant Class A malls are still bustling and growing, yet TCO is down 25% YTD — management, not 'dead malls,' is the problem, with 50%+ upside if the board acts.
N4
V3
Nov 01, 2017
Marcato
Deckers Outdoor Corporation
DECK
Deckers' board missed every margin target and wasted $600m on retail bloat and Sanuk; replacing them enables UGG focus, non-core divestitures and a doubling to $135-158.
N4
V3
Sep 21, 2017
Trian Partners
The Procter & Gamble Company
PG
P&G's rebuttal deck is riddled with 50+ data errors designed to discredit Peltz; the real issue is ongoing market-share losses and bottom-quartile TSR that only a board seat can fix.
N4
V3
Sep 06, 2017
Trian Partners
The Procter & Gamble Company
PG
P&G's insular board and suffocating matrix have driven a decade of share loss; adding Nelson Peltz as one of 11 directors — Heinz/Mondelez/Wendy's tested — would revitalize the $65bn giant.
N4
V3
Sep 06, 2017
Trian Partners
The Procter & Gamble Company
PG
P&G's long-tenured Board has rewarded a decade of market-share loss and bottom-quartile EPS growth; electing Nelson Peltz adds the shareholder voice needed to fix innovation, productivity, M&A and governance.
N5
V4
Sep 01, 2017
Trian Partners
Automatic Data Processing (ADP)
ADP
ADP has delivered 203% TSR under CEO Rodriguez; Pershing Square owns just 2% of common stock and its nominees lack the HCM and technology experience to improve on this trajectory.
N4
V3
Aug 17, 2017
Pershing Square
Automatic Data Processing, Inc.
ADP
ADP is a sleeping giant earning 19% Employer Services margins versus peers' 35-40% potential; electing Pershing's nominees catalyzes a transformation worth 100%+ in under four years.
N5
V4
Jun 29, 2017
Muddy Waters
Prothena Corp PLC
PRTA
Short PRTA: publicly-available NEOD001 data does not show efficacy — organ responses are likely driven by prior PCD chemo, not the drug, and $1.5B peak sales are unrealistic.
N4
V2
Jun 16, 2017
Muddy Waters
Man Wah Holdings
1999.HK
Man Wah's response fails to address Muddy Waters' core fraud allegations: suspicious Macau profit-shifting, export revenue gaps vs. Panjiva data, tax inconsistencies, and undisclosed debt all remain unexplained.
N4
V2
Jun 15, 2017
Viceroy Research
Caesarstone Ltd.
CSTE
CSTE's bull case has disappeared: the touted Lowe's Transform deal is absent from shelves, sales agents are phantoms, and financials look overstated versus Cosentino.
N4
V2
Jun 05, 2017
Muddy Waters
Asanko Gold Inc.
AKG
Asanko's reassurances on Nkran are 'puppies and rainbows': fresh drone images show wall failures, reserve accounting is non-compliant, and insider share counts don't reconcile with management's 'never sold' claim.
N4
V3
May 31, 2017
Muddy Waters
Asanko Gold Inc.
AKG
Muddy Waters is short AKG: flawed geology, a collapsing Nkran pit, and a 2018 liquidity crunch make the Ghana gold miner highly likely to end up a zero.
N4
V2
May 16, 2017
Elliott Management
BHP Billiton
BHP
BHP's chronic underperformance stems from value-destructive petroleum bets and an obsolete DLC structure; demerging US petroleum, unifying the DLC and returning capital unlocks c.US$46bn.
N5
V4
May 11, 2017
Pershing Square
Herbalife
HLF
Post-2012-short results confirm Herbalife's pyramid thesis: individual markets pop-and-drop, Q1'17 China growth is a pull-forward illusion, and questionable EPS add-backs mask structural decline.
N4
V3
May 08, 2017
Greenlight Capital
Core Laboratories
CLB
Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.
N5
V3
Apr 20, 2017
Carl Icahn
Arconic Inc.
ARNC
Arconic CEO Kleinfeld's veiled-extortion letter to Paul Singer forces his ouster; Elliott demands independent investigation, removal of complicit directors, and protection from whatever scheme Kleinfeld set in motion.
N4
V1
Apr 20, 2017
Marcato
Buffalo Wild Wings
BWLD
Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.
N5
V4
Apr 11, 2017
Elliott Management
Arconic Inc.
ARNC
Arconic's CEO Kleinfeld is the worst-performing continuously tenured S&P 500 CEO; removing him and the board closes the PCC margin gap and re-rates the stock.
N5
V4
Jan 24, 2017
Ancora
Edgewater Technology, Inc.
EDGW
Edgewater's entrenched legacy board has overpaid two underperforming executives for 14 years; replacing four directors with Ancora's slate unlocks a turnaround in this sub-scale IT consultant.
N4
V3
Dec 19, 2016
Muddy Waters
China Huishan Dairy Holdings
6863.HK
Huishan's revenue is fabricated: tax-bureau data, cow-farm photos, and e-commerce scrapes all show the reported top line is dramatically overstated — the stock is a zero.
N4
V2
Dec 16, 2016
Muddy Waters
China Huishan Dairy Holdings
6863 HK
Huishan is a fraud worth close to zero — fabricated alfalfa self-sufficiency inflates margins, RMB 1.6bn of CapEx is fictitious, and Chairman Yang has siphoned farms to a related party.
N5
V2
Dec 13, 2016
Muddy Waters
Nidec Corp.
6594 JP
Nidec is a gigantic stock promotion: zero organic growth and aggressive accounting hide behind a Facebook-like multiple — fair value JPY 4,764, ~52% downside.
N5
V2
Nov 28, 2016
Elliott Management
Cognizant Technology Solutions
CTSH
Cognizant's two-decade-old 19-20% margin policy and absent capital return have cratered its multiple; lifting margins to 23% plus a $2.5bn buyback and 75% FCF payout unlocks $80-$90/share, 50-69% upside.
N4
V3
Nov 01, 2016
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).
N4
V4
Oct 26, 2016
Land & Buildings
Taubman Centers, Inc.
TCO
Taubman's sudden reversal on Board size is reactive and disingenuous; any new director must be vetted by shareholders and be truly independent of the Taubman family.
N2
V2
Oct 06, 2016
Land & Buildings
MGM Resorts International
MGM
MGM's discredited CEO Murren was just handed a pay-for-showing-up contract; replacing him and unlocking real-estate value via MGM China, CityCenter and Bellagio sales delivers 35%+ upside.
N3
V1
Oct 05, 2016
Elliott Management
Samsung Electronics Co., Ltd.
005930.KS
Samsung Electronics trades 34-68% below tech peers; demerging into Holdco/Opco, paying a KRW30tn special dividend and listing Opco on NASDAQ closes the gap while keeping Lee family control.
N4
V3
Sep 12, 2016
Starboard Value
Perrigo Company plc
PRGO
Perrigo lost half its value after rejecting Mylan's $205 bid; divesting Rx and Tysabri royalty, fixing BCH margins, and restoring credibility can re-rate the stock to consumer-staples peers.
N4
V3
Aug 29, 2016
Muddy Waters
St. Jude Medical
STJ
STJ's rebuttal to Muddy Waters' cybersecurity short report is 80% fluff and 20% substance, with admissions and deception cues that confirm its cardiac devices remain unsafe and need recall.
N4
V1
Aug 22, 2016
Sandell
Bob Evans Farms, Inc.
BOBE
Bob Evans trades at $37 while its packaged-foods segment alone is worth $1.2-1.6bn; spinning off Restaurants leaves a pure-play BEF Foods parent worth $57-79 per share.
N4
V3
Aug 10, 2016
Muddy Waters
Ströer SE & Co. KGaA
SAX
Muddy Waters publishes the translated transcript of Ströer's June 2016 AGM, where CEO Udo Müller defends the company against MW's short attack amid sharp shareholder questions.
N3
V1
Jul 20, 2016
Pershing Square
Herbalife
HLF
The FTC's July 2016 Herbalife complaint and forced restructuring vindicate Pershing's pyramid-scheme short thesis; normalized EPS collapses to $1.42–$2.22, far below the ~$65 share price.
N5
V3
Jun 13, 2016
Marcato
Buffalo Wild Wings
BWLD
Buffalo Wild Wings should reverse course on low-return franchisee buy-ins, refranchise to 90% by 2020, recapitalize, and fix incentives — unlocking ~180% upside to ~$402.
N4
V4
Apr 28, 2016
Muddy Waters
Stroer SE & Co. KGaA
SAX
Stroer's defense fails to rebut Muddy Waters' core allegations of overstated organic growth, misleading cash-flow netting and freeXmedia self-dealing, with a CIA polygrapher flagging Muller's response as deceptive.
N4
V1
Apr 26, 2016
Pershing Square
Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)
Mondelez 13% EBIT margin vs 17-26% peers implies +600-700 bps optimized EBIT upside under 3G playbook
N3
V3