227 documents showing 121–180
Corteva, Inc. CTVA
Corteva's spin-off potential is squandered by CEO Jim Collins and a complacent Board; Starboard nominates eight directors to force leadership change and unlock operating value.
N3
V2
C1
⚑
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
⌂
”
⚑
Mellanox Technologies, Ltd. MLNX
Mellanox's long-tenured board has presided over chronic underperformance and heavy insider selling; Starboard's 10.6% stake is launching a proxy fight to replace a majority of directors.
N3
V2
C1
Newell Brands Inc. NWL
Newell's Board is dysfunctional — four directors have quit and margins have cratered to 9.1%; elect Starboard's slate at the 2018 Annual Meeting to drive an operational turnaround.
N3
V2
C1
⚑
Date
Fund
Target
Thesis
Scores
Jan 21, 2021
Starboard Value
Corteva, Inc.
CTVA
Corteva's spin-off potential is squandered by CEO Jim Collins and a complacent Board; Starboard nominates eight directors to force leadership change and unlock operating value.
N3
V2
Nov 05, 2020
Trian Partners
Invesco Ltd.
IVZ
Trian is now Invesco's second-largest shareholder with ~9.9% of common stock
N2
V2
Sep 22, 2020
Muddy Waters
Nano-X Imaging Ltd.
NNOX
Nanox's $1.3B medical-imaging story is a stock promotion: the ARC device appears to be a prop, distribution partnerships are shams, and a convicted felon engineered the IPO.
N5
V2
May 28, 2020
Muddy Waters
GSX Techedu
GSX
GSX's rebuttals to our fraud report are evasive techno-drivel; meanwhile GSX openly recruits engineers to run cell-phone bot farms, confirming it is a nearly empty box.
N4
V2
May 18, 2020
Muddy Waters
GSX Techedu Inc.
GSX
GSX Techedu is a near-total fraud: at least 73% — likely 80%+ — of paid K-12 users are bots, and Chairman Chen's $319M pledged stock heightens crash risk.
N4
V2
Apr 28, 2020
TCI Fund
Wirecard AG
WDI
KPMG's failed audit of Wirecard's EUR 1bn trustee cash and TPA revenues creates a legal duty for the supervisory board to remove the CEO immediately.
N5
V2
Apr 14, 2020
Citron Research
GSX Techedu
GSX
Citron argues GSX Techedu is a near-total fraud — the vast majority of claimed K-12 students are bots, revenues are fabricated, and the stock is a zero.
N4
V2
Apr 07, 2020
Wolfpack Research
iQIYI, Inc.
IQ
Wolfpack alleges iQIYI has been committing accounting fraud since before its 2018 IPO — inflating revenue 27-44% and DAUs 42-60% via dual memberships, sham acquisitions, and barter deals.
N4
V2
Feb 10, 2020
Muddy Waters
NMC Health plc
NMC
Newly disclosed NMC share pledges corroborate Muddy Waters' hidden-debt thesis: likely Enron-style off-balance-sheet financing or subsidies from undisclosed Shetty-family related parties inflating margins.
N4
V1
Feb 10, 2020
Muddy Waters
Burford Capital
BUR
Burford's dismal H2 2019 — 85% YoY collapse in realized gains, Petersen sold to its own fund, vanishing cash, and a lost Perry Ellis ruling — validates Muddy Waters' short thesis on aggressive marks and a flawed model.
N4
V1
Jan 17, 2020
Wolfpack Research
Qutoutiao, Inc.
QTT
QTT's rebuttal is non-responsive: revenue, cash, interest income, customer advances, and related-party transactions still don't reconcile between its SEC filings and Chinese filings — the fraud case stands.
N4
V2
Nov 30, 2019
TCI Fund
Ferrovial
FER
TCI, a ~1% shareholder, commends Ferrovial's CDP 'A' grade but presses for stronger SBTI-aligned targets, RE100 membership, and leadership in de-carbonising aviation and road transport.
N2
V2
Nov 30, 2019
TCI Fund
S&P Global
SPGI
TCI, a ~1% holder, urges S&P Global to lead on climate disclosure: report fully to CDP, adopt a Paris-aligned transition plan, and push mandatory GHG disclosure across the companies it rates.
N3
V2
Nov 30, 2019
TCI Fund
Canadian Pacific Railway
CP
TCI, owner of ~8% of Canadian Pacific, demands the railroad close its CDP climate-disclosure gap versus peers CN and UNP and adopt a credible science-based transition plan.
N3
V2
Nov 30, 2019
TCI Fund
Airbus
AIR
TCI, a 1.5% Airbus shareholder since 2012, demands stronger climate disclosure, an A-grade CDP score, and Airbus leadership in mandating low-carbon synthetic aviation fuels — or TCI will vote against directors.
N2
V1
Nov 30, 2019
TCI Fund
Alphabet Inc.
GOOGL
TCI, a 0.6% Alphabet holder, commends Alphabet's A-grade CDP disclosure and codifies its stewardship stance: full CDP reporting, Paris-aligned transition plans, or votes against directors and auditors.
N2
V2
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
Sep 24, 2019
Muddy Waters
Burford Capital
BUR
Burford cherry-picks which investments count as 'concluded' to avoid truing up marks; the 110% vs 19% gap between unconcluded and concluded returns exposes systematic fair-value manipulation.
N3
V1
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 05, 2019
Pershing Square
United Technologies; ADP
UTX; ADP
press release
N1
V1
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
Jun 06, 2019
Oasis Management
N/A (Japanese M&A regulatory guidelines; Alps Alpine cited as precedent)
Dealreporter coverage of Japan's new METI M&A guidelines that strengthen special committees and independent directors in MBOs, with Oasis Management endorsing the reforms as minority-shareholder protection.
N2
V1
May 30, 2019
Grizzly Research
Intelligent Systems Corp
INS
Grizzly argues INS's sudden 2018 revenue surge is a round-trip scheme via undisclosed related-party shells in India run by employees; fair value is ~$5, 85% below $34.
N4
V2
May 24, 2019
Muddy Waters
Casino Guichard-Perrachon
CO
Rallye, Finatis, Euris and Foncière Euris entering procédure de sauvegarde vindicates MW's 2015 warnings
N3
V1
May 24, 2019
Muddy Waters
Casino Guichard-Perrachon
CO
Rallye's safeguard filing vindicates Muddy Waters' 2015 warning that Casino was being hollowed out to sustain Jean-Charles Naouri's parasitic, debt-laden holding structure.
N3
V1
May 20, 2019
Trian Partners
Legg Mason
LM
Trian owns ~4.5% and returns as a significant shareholder
N1
V2
Jan 07, 2019
Elliott Management
QEP Resources, Inc.
QEP
QEP's core-of-the-core Permian assets are stranded in a broken public-company wrapper; Elliott offers $8.75/share cash — a 44% premium — to deliver certain value through sale.
N3
V1
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
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
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
Jul 23, 2018
Muddy Waters
TAL Education Group
TAL
TAL's own Peiyou Q3 disclosures, common-sized, mathematically imply offline enrollment declined YoY — contradicting the growth narrative and signaling fabricated results.
N4
V2
May 14, 2018
Elliott Management
athenahealth, Inc.
ATHN
Elliott's $160 cash offer for athenahealth is being stonewalled by a disengaged board; immediate engagement on a take-private transaction is the value-maximizing path for shareholders.
N3
V2
May 07, 2018
Elliott Management
athenahealth, Inc.
ATHN
Elliott offers $160/share cash for athenahealth — a 27% premium valuing the company at ~$6.9bn — arguing chronic execution failures make going private the only path to realizing its HCIT potential.
N4
V2
Apr 24, 2018
Elliott Management
Telecom Italia
TIT.MI
Vivendi's 18% economic stake has captured TIM's board at the expense of minorities; electing Elliott's 10 Independent Nominees on May 4th restores governance while backing CEO Genish's plan.
N4
V4
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
Mar 07, 2018
Starboard Value
Mellanox Technologies, Ltd.
MLNX
Mellanox's long-tenured board has presided over chronic underperformance and heavy insider selling; Starboard's 10.6% stake is launching a proxy fight to replace a majority of directors.
N3
V2
Mar 05, 2018
Starboard Value
Newell Brands Inc.
NWL
Newell's Board is dysfunctional — four directors have quit and margins have cratered to 9.1%; elect Starboard's slate at the 2018 Annual Meeting to drive an operational turnaround.
N3
V2
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 18, 2018
Carl Icahn
Xerox Corporation
XRX
Xerox is languishing under CEO Jacobson and old-guard directors; Icahn is nominating four new directors and demands CEO replacement plus renegotiation of the opaque Fuji joint venture.
N4
V2
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 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
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
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
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
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
Jul 15, 2016
Pershing Square
Herbalife Ltd.
HLF
FTC findings satisfy the Koscot/Omnitrition/Vemma legal test for a pyramid scheme
N2
V1
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 25, 2016
Pershing Square
Valeant Pharmaceuticals International, Inc.
VRX
press release
N1
V1
Mar 24, 2016
Starboard 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.
N3
V2
Jan 13, 2016
Muddy Waters
Groupe Casino
CO
Casino is a highly-levered, deteriorating French retailer being hollowed out by controlling shareholder Naouri and using property-sale gains to inflate EBITDA; equity worth ~€7 per share.
N4
V2
Oct 21, 2015
Citron Research
Valeant Pharmaceuticals
VRX
Valeant is channel-stuffing through a web of captive specialty pharmacies (Philidor, R&O, plus cloned shells) to fabricate invoices and book phantom revenue — a potential Pharmaceutical Enron; price target $50.
N5
V3
Aug 01, 2015
Pershing Square
Herbalife Ltd.
HLF
Herbalife's fastest-growing segment — China, ~10% of sales — operates as an illegal pyramid scheme, with royalties disguised in SEC filings as 'China Sales Employees' SG&A to hide identical multi-level compensation.
N5
V2