848 documents showing 601–660

Adamas Pharmaceuticals, Inc. ADMS

Kerrisdale is long ADMS: Gocovri, the only FDA-approved drug for levodopa-induced dyskinesia, plus an MS and Vimpat XR pipeline, is worth over $100/share versus ~$25 today.

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.

Alpine Electronics 6816

Alps Electric is buying out 40%-owned Alpine Electronics via a biased share-exchange at too low a price; minority holders should reject it and demand a tender offer near 2,400 yen.

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.

MiMedx Group MDXG

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.

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.

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.

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.

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.

Nestlé NESN

Nestlé's world-class brand portfolio masks decade-long underperformance; new CEO Schneider must adopt margin and leverage targets, reshape the portfolio, and monetize L'Oréal to drive EPS to CHF 5-6 by 2020.

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.

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.

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.

BlackBerry BBRY

Like NVDA's re-rating from graphics chips to AI, BlackBerry's QNX-led pivot to autonomous driving and IoT supports a $20 target — or a Mobileye-style buyout at a premium.

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.

Taubman Centers, Inc. TCO

Taubman's best-in-class malls are worth ~$106/share (~70% upside), but the family's dual-class 30% voting block blocks reform — elect Litt and governance expert Elson.

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.

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.

Howard Hughes Corporation HHC

HHC is the public-market way to invest alongside a Donald-Bren-style MPC compounder: irreplaceable master-planned communities with 37M SF of remaining entitlements, roughly 10x what's already built.

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.

Taubman Centers, Inc. TCO

Taubman Centers has chronically underperformed Class A mall peers by 57% over five years under entrenched family governance; electing L&B's nominees can unlock 65% NAV upside.

Pershing Square Holdings Portfolio (MDLZ, APD, CMG, HHC, NOMD, HLF short, FNMA/FMCC) PSH

Pershing Square's 2017 European investor meeting recaps a concentrated multi-position book (MDLZ, APD, CMG, HHC, NOMD, HLF short, GSEs) and asks investors to approve a London LSE listing and 5% buyback to close PSH's NAV discount.

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.

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.

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.

BHP Billiton BHP

BHP's DLC structure, stranded US petroleum, and undisciplined capital allocation depress value; unifying, demerging, and running 14% discounted buybacks unlocks ~49% upside and US$46bn.

Pershing Square Holdings Portfolio (multiple) PSH

2016 losses of -13.5% were driven overwhelmingly by Valeant; balance of portfolio performed well

Pershing Square Holdings Portfolio (multi-position) PSH

After a -13.5% 2016 driven by Valeant, Pershing recaps a concentrated portfolio (Mondelez, Air Products, Restaurant Brands, Chipotle) where margin and turnaround catalysts should restore long-term outperformance versus the S&P.

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.

MGP Ingredients, Inc. MGPI

MGPI's whiskey-premiumization rerating is an illusion: Diageo is going in-house, inventory is stranded, and insiders are selling — shares should collapse 60-70% to $16-$21.

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.

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.

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.

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.

Bayer AG BAYN

Bayer at €88/11x trades in no-man's land between Monsanto deal-sceptics and deal-believers; whether the merger closes or breaks, Bayer shareholders get cake.

Marathon Petroleum Corporation MPC

Marathon's integrated structure hides $14–19bn of value; dropping all MLP-qualifying assets to MPLX and spinning Speedway, refining, and midstream into three standalone companies would lift shares 60–80%+.

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).

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.

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.

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.

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.

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.

St. Jude Medical, Inc. STJ

St. Jude's $23B cardiac-device franchise rests on a Merlin ecosystem so insecure that hackers can crash pacemakers from 50 feet — a recall and two-year remediation imply 50%+ downside and likely covenant breach.

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.

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.

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.

Herbalife Ltd. HLF

FTC findings satisfy the Koscot/Omnitrition/Vemma legal test for a pyramid scheme

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.

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.

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

Multiple holdings (Pershing Square portfolio)

Fund-level recap after Q1 2016's -25.6% drawdown: Ackman defends the contrarian book — MDLZ margin upside, APD turnaround, CP execution — while reaffirming the Herbalife pyramid-scheme short.

Valeant Pharmaceuticals International, Inc. VRX

Ströer SE & Co. KGaA SAX

Ströer's digital-transformation narrative is hollow: organic growth is 10x overstated, EBITDA and FCF are inflated, and insider self-dealing rivals Chinese fraud cases — short.

Depomed, Inc. DEPO

Depomed's board is entrenching itself via a California-to-Delaware reincorporation and rejected Horizon's premium bid; Starboard seeks a special meeting to replace directors and explore a sale.

Epiq Systems, Inc. EPIQ

Epiq's board has insulated management through chronic guidance misses, a failed Iris acquisition and governance entrenchment; electing Villere's alternate slate is the unique opportunity to unlock value.

Yahoo! Inc. YHOO

Yahoo's board has failed for years on operations, capital allocation, and governance; replace it with Starboard's nine nominees to run a credible Core Business sale and unlock value.

Valeant Pharmaceuticals International, Inc. VRX

Valeant Pharmaceuticals International, Inc. VRX

Casino Guichard-Perrachon SA CO

Casino's claimed France recovery is fiction: Mercialys property gains inflate EBITDA, suppliers are being stretched, and the CFO's earnings-call language shows deception clusters.