Contrarian Corpus

204 documents showing 1–60

Muddy Waters 2026-03-30

SoFi Technologies SOFI

SOFI booked a $312M JPMorgan borrowing as a loan sale, inflating ~$1B of EBITDA and enriching management while shareholders absorb ~15% annual dilution.

N4 V3 C2
Muddy Waters 2026-03-22

SoFi Technologies SOFI

SOFI's silence on 11 specific accounting questions confirms Muddy Waters' view that 2025 Adjusted EBITDA is inflated ~90% via mislabeled financings, hidden debt, and misstated risk retention.

N4 V2 C2
Engine Capital 2025-11-25

UniFirst Corporation UNF

UniFirst is stagnating under Croatti trustee stewardship that rejected a premium Cintas bid; Engine demands a sale, board refresh, and fair proxy process to unlock value.

N4 V1 C1
Starboard Value 2025-09-08

BILL Holdings, Inc. BILL

Starboard, owning 8.5% of BILL Holdings, is launching a proxy fight to install four fintech-experienced directors on the Board at the 2025 Annual Meeting.

N2 V1 C1
Land & Buildings 2025-06-01

US REIT sector (15 underperforming large-cap REITs)

15 large-cap REITs persistently underperformed their proxy peers over 1-, 3- and 5-year periods yet kept paying CEOs the same — shareholders should vote against comp committees and say-on-pay.

N3 V3 C3
Elliott Management 2025-05-20

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate; vote Elliott's GOLD card for four independent directors to streamline operations and unlock long-term shareholder value.

N2 V3 C3
Elliott Management 2025-05-19

Phillips 66 PSX

Phillips 66 shareholders should vote the GOLD card for Elliott's four board nominees by May 21 to replace the failing status quo and unlock 75%+ stock upside.

N2 V3 C3
Elliott Management 2025-05-16

Phillips 66 PSX

Phillips 66 has trailed Valero and Marathon by 138-188% over a decade while paying its CEOs $140M; Elliott's four nominees will simplify the conglomerate and unlock 75%+ upside.

N4 V4 C4
Elliott Management 2025-05-14

Phillips 66 PSX

Both top proxy advisors (ISS and Glass Lewis) back Elliott's Streamline 66 campaign, endorsing all four dissident nominees to fix Phillips 66's CEO-driven underperformance by the May 21 vote.

N2 V3 C3
Elliott Management 2025-05-13

Phillips 66 PSX

Phillips 66 is underperforming under a board that obfuscates results; elect Elliott's four nominees on the GOLD card to replicate the Marathon playbook and unlock value.

N2 V3 C3
Engine Capital 2025-05-09

Lyft, Inc. LYFT

Board has committed to significant share repurchases

N1 V1 C1
Muddy Waters 2025-05-07

AppLovin Corporation APP

Muddy Waters is short AppLovin; the CEO and CTO's March 2025 denials of persistent identifiers are demonstrably false, exposing APP to deplatforming, regulatory, and margin-compression risks.

N4 V3 C3
Elliott Management 2025-05-05

Phillips 66 PSX

Elliott urges Phillips 66 holders to vote the GOLD card for four new directors and board declassification to unlock value via midstream spinoff and refining focus.

N2 V4 C4
Elliott Management 2025-05-01

Phillips 66 PSX

Phillips 66's board has been captured by CEO-Chairman Mark Lashier; electing Elliott's four Gold Card nominees will restore independence and unlock value at this peer-lagging refiner.

N4 V3 C2
Elliott Management 2025-04-29

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate; adding Elliott's four operator-nominees to the board and simplifying the portfolio will reverse years of peer-lagging returns.

N2 V2 C3
Elliott Management 2025-04-25

Phillips 66 PSX

Phillips 66 is a wonderful company with fantastic assets trapped inside a complex structure; electing Elliott's nominees and simplifying the portfolio unlocks long-term shareholder value.

N3 V4 C4
Elliott Management 2025-04-24

Phillips 66 PSX

Phillips 66 lags refining peers under an ineffective CEO and legacy integrated structure; Elliott's GOLD card nominees and annual-election proposal are the vehicle to unlock trapped value.

N2 V3 C3
Elliott Management 2025-04-23

Phillips 66 PSX

Phillips 66 keeps its staggered board despite 99% of voting shareholders wanting it gone — an entrenchment structure used by only 10% of S&P 500 firms.

N2 V2 C1
Elliott Management 2025-04-21

Phillips 66 PSX

Elliott-commissioned investor survey ranks Phillips 66 last among refining peers on execution and capital allocation, reinforcing the Streamline 66 case for boardroom change.

N2 V2 C3
Elliott Management 2025-04-17

Phillips 66 PSX

Phillips 66's conglomerate structure masks refining underperformance; spinning midstream, monetizing the chemicals JV, refreshing the board and destaggering elections will unlock Marathon-style peer-gap upside.

N4 V2 C2
Starboard Value 2025-04-14

Qorvo, Inc. QRVO

N1 V1 C1
Elliott Management 2025-04-14

Phillips 66 PSX

Phillips 66's quality refining and midstream assets underperform under weak leadership; Elliott's four nominees plus annual board elections restore accountability and unlock value.

N2 V3 C3
Elliott Management 2025-04-11

Phillips 66 PSX

Phillips 66's quality refining and midstream assets are being wasted by entrenched leadership; vote the GOLD card to install four industry veterans and de-stagger the Board.

N2 V3 C3
Elliott Management 2025-04-10

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 C3
Elliott Management 2025-04-08

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 C3
Elliott Management 2025-04-04

Phillips 66 PSX

Phillips 66 has trailed Valero and Marathon by triple digits over a decade; an upgraded Board via Elliott's Gold Card slate is needed to end entrenchment and unlock value.

N3 V3 C3
Muddy Waters 2025-03-27

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 C2
Elliott Management 2025-03-04

Phillips 66 PSX

Phillips 66 has persistently underperformed peers, requiring new Board perspectives

N2 V1 C1
Muddy Waters 2025-03-03

FTAI Aviation, Ltd. FTAI

An FTAI Aviation Module Factory box appears in an Iranian MRO's LinkedIn posts, suggesting FTAI may have indirectly violated U.S. OFAC sanctions on Iran.

N3 V3 C3
Pershing Square 2025-01-16

Fannie Mae and Freddie Mac FNMA/FMCC

N1 V2 C1
Pershing Square 2025-01-13

Howard Hughes Holdings Inc. HHH

14-year total return of only 35% (2.2% CAGR) shows market refuses to recognize HHH's value

N4 V2 C2
Engine Capital 2024-12-17

Dye & Durham Limited DND

Engine Capital's six-member slate and OneMove's nominee will replace the entire Dye & Durham board after overwhelming shareholder support forced incumbent directors to resign.

N2 V1 C1
Oasis Management 2024-12-17

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 C1
Oasis Management 2024-12-11

Kao Corporation 4452

Kao's world-class FMCG brands are stalling under a passive Board; Oasis, now holding over 5%, will nominate five independent FMCG directors at the March 2025 AGM to unlock global growth.

N3 V2 C1
Engine Capital 2024-11-11

Dye & Durham Limited DND

Engine (7.1%) urges Dye & Durham shareholders to replace an entrenched board presiding over management exodus, regulatory investigations, and blocked deals with six independent nominees at the December 17 meeting.

N3 V1 C1
Elliott Management 2024-10-22

Southwest Airlines LUV

Southwest's board lacks the airline-operator experience needed to lead a turnaround

N2 V2 C3
Bluebell Capital 2024-10-21

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 C1
Elliott Management 2024-10-15

Southwest Airlines Co. LUV

Southwest is the most compelling airline turnaround opportunity in two decades

N2 V3 C3
Bluebell Capital 2024-10-07

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 C1
Elliott Management 2024-09-26

Southwest Airlines LUV

Southwest management has destroyed more value through inaction than anyone in the industry

N3 V4 C4
Engine Capital 2024-09-25

Dye & Durham Limited DND

Engine urges Dye & Durham's board to hold its 2024 AGM in December per TSX rules, or face board changes over entrenchment, delay tactics, and CEO Proud's destructive M&A.

N2 V1 C1
Citron Research 2024-09-24

Multiple (portfolio update)

AGL short worked: $5 PT set when stock was $25, fell to target on unprofitable model

N2 V2 C1
Elliott Management 2024-09-24

Southwest Airlines LUV

Worst-performing management team in airlines has destroyed more value than any peer

N3 V4 C4
Elliott Management 2024-09-24

Southwest Airlines Co. LUV

Management and Board are entrenching via poison pill and defensive maneuvers instead of accepting accountability

N3 V2 C2
Engine Capital 2024-09-19

Dye & Durham Limited DND

Court dismissal of OneMove litigation removes any remaining excuse to delay the Special Meeting

N2 V2 C1
Elliott Management 2024-09-10

Southwest Airlines LUV

Southwest is the most compelling airline turnaround opportunity in two decades

N4 V4 C4
Starboard Value 2024-09-09

News Corporation NWSA

News Corp's dual-class structure entrenches a fractious Murdoch family with 14% economics but 41% of the vote; collapsing it would remove a governance discount already rejected by 90% of unaffiliated holders.

N3 V2 C1
Starboard Value 2024-09-09

News Corporation NWSA

Starboard urges News Corp shareholders to vote to collapse the dual-class structure that gives the Murdoch family 41% voting power on only 14% economic ownership.

N3 V2 C1
Elliott Management 2024-08-26

Southwest Airlines Co. LUV

Shareholders lost more than 50% over three years under Kelly and Jordan

N4 V2 C2
Muddy Waters 2024-07-23

Eurofins Scientific SE ERF

Eurofins' €556m 'excess cash' earned just 1.42% vs banks' quoted ~2.88%, echoing the NMC Health fraud tell; only radical disclosure on cash, entities, and Dr. Martin's real estate can clear it.

N4 V2 C2
Elliott Management 2024-07-08

Southwest Airlines LUV

Eighth guidance cut in 18 months proves leadership cannot deliver

N4 V1 C1
Muddy Waters 2024-07-03

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 C2
Muddy Waters 2024-06-24

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 C2
Elliott Management 2024-06-10

Southwest Airlines LUV

Share price down >50% over 3 years; 2024 EBITDAR tracking ~50% below 2018 despite record industry revenues

N4 V2 C1
Muddy Waters 2024-05-29

CPI Property Group S.A. CPIPGR

CPI Property Group's luxury London transactions — same-day flips, offshore proxies, and uneconomic sales to PEPs — bear hallmarks of money laundering integration using bondholder funds.

N4 V3 C3
Bluebell Capital 2024-05-13

BP plc BP

Bluebell escalates to BP's Senior Independent Director, arguing that Dame Amanda Blanc's refusal to meet breaches her governance duty and undermines her independence.

N2 V2 C1
Engine Capital 2024-05-07

Parkland Corporation PKI

Parkland's independent directors refuse to buy meaningful amounts of their own stock despite insisting the strategy will deliver value — that credibility gap demands each personally purchase at least 5,000 shares.

N4 V1 C1
Carl Icahn 2024-05-06

Crown Castle Inc. CCI

N1 V1 C1
Bluebell Capital 2024-04-30

BlackRock BLK

BlackRock preaches stewardship to others while combining Chair and CEO under Larry Fink; shareholders should vote FOR Bluebell's Item 6 to require an independent Chair from 2025.

N4 V2 C1
Ancora 2024-04-27

Norfolk Southern NSC

Cleveland-Cliffs CEO publicly endorses Ancora's Norfolk Southern proxy fight, citing Cliffs' own 2014 board-overhaul win as proof that disciplined activism creates durable value.

N2 V2 C1