848 documents showing 241–300

BlackRock, Inc. BLK

Bluebell demands BlackRock separate the combined Chair/CEO role via a binding bylaw amendment at the 2024 AGM, offering to withdraw only if the Board irrevocably commits to an independent Chair from 2025.

WSP Global Inc. WSP

WSP Global is a $27bn engineering roll-up masking financial stress with accounting tricks, scandalous leadership, and tax-evasion allegations — Spruce Point sees 25-50% downside to C$110-$165.

Solvay SA SOLB BB

Post-spin Solvay — a #1 essential-chemicals business — trades at ~7x trough 2024 EPS with ~10% dividend yield; normalized 2028 earnings support roughly doubling the stock.

The Walt Disney Company DIS

Disney has underperformed its peers across every recent time period under the incumbent board; elect Trian's Peltz and Rasulo to restore focus, accountability, and shareholder alignment.

Norfolk Southern NSC

Norfolk Southern is the worst-performing Class I railroad under CEO Alan Shaw's failed 'resilience railroading'; elect Ancora's slate to install Jim Barber as CEO, adopt true PSR, and unlock ~60% upside.

Enfusion, Inc. ENFN

Enfusion is a no-moat SaaS with tainted leadership, deteriorating unit economics, and revenue-reporting anomalies; Spruce Point sees 40-60% downside to $3.70-$5.60.

Zillow Group, Inc. Z

Zillow's Premier Agent core is saturated, NAR lawsuits will compress commissions, Flex/Super App cannot replace it, and aggressive revenue recognition masks decline — shares worth $23-$35 vs $57.

The Walt Disney Company DIS

Disney's world-class IP is being squandered by a complacent Board: elect Peltz and Rasulo to fix succession, restore Netflix-like DTC margins, and close a 401% TSR peer gap.

B. Riley Financial RILY

B. Riley is a web of self-dealing related-party loans to alleged Ponzi co-conspirator Brian Kahn; expect qualified audit, unfiled 10-K, fire sales, and Chapter 7 bankruptcy.

The Walt Disney Company DIS

Disney should lean into its 21%-ROIC Parks business and escape the streaming wars via bigger bundles and cross-studio collaboration — applying the Microsoft, NYT, and Spotify playbook ValueAct knows.

The Walt Disney Company DIS

Disney's decade of underperformance stems from a board lacking focus and accountability; electing Peltz and Rasulo brings ownership mentality to fix succession, streaming economics and capital allocation.

The Walt Disney Company DIS

Disney lost its way under a distracted, unaccountable board; replacing two directors with Peltz and Rasulo restores focus on DTC margins, CEO succession, and capital discipline.

Carvana Co. CVNA

Carvana at $70 is priced as a tech disruptor, but it's 'just a dealership' with CarMax-like unit economics and a levered balance sheet — fair value is $16, -77%.

Innodata, Inc. INOD

Wolfpack is short INOD: its 'AI platform' is 4,000 offshore data-entry workers in disguise, insiders dumped $13m timed to AI press releases, and a dilutive raise will send shares back below $3.

Fairfax Financial Holdings Ltd. FFH

Muddy Waters poses five forensic questions to Fairfax management that, if answered honestly, would expose return-of-capital dividends, off-balance-sheet debt via NCIs, and fair-value gain engineering.

Kenvue Inc. KVUE

Kenvue is an iconic consumer-health portfolio underperforming its potential — fixing margins and Skin Health & Beauty execution can close a wide valuation gap to Haleon and staples peers.

Pershing Square Holdings PSH

PSH delivered 26.7% NAV / 36.0% TSR in 2023; 31.2% 5-yr CAGR

Fairfax Financial Holdings Ltd. FFH

Muddy Waters is short Fairfax Financial, arguing it is 'the GE of Canada' — a serial accounting manipulator whose book value is overstated by ~$4.5bn (~18%) through value-destructive transactions.

Norfolk Southern Corporation NSC

Norfolk Southern's safety and operating failures — epitomized by the preventable East Palestine derailment — require replacing CEO Alan Shaw and reconstituting the Board with independent nominees.

Elanco Animal Health ELAN

Elanco has destroyed billions under CEO Simmons and an insular classified board; replacing four directors at the 2024 AGM installs accountability and unlocks the animal-health turnaround.

The Walt Disney Company DIS

Disney squandered a winning hand through a weak, unfocused Board; electing Peltz and Rasulo brings the shareholder mindset needed to reverse years of TSR underperformance.

Multiple (firm-level overview)

GoDaddy Inc. GDDY

GoDaddy is a high-quality infrastructure business trading at a wide FCF-multiple discount; committing to 40% growth-plus-profitability and buying back stock unlocks $170-$200+ per share.

CPI Property Group S.A. CPIPGR

CPI PG's Italian landbank and St. Tropez villa deals show ~€100M in unexplained cash and receivables gaps, suggesting controlling shareholder Vitek is using bondholder money to strip assets and launder cash.

CPI Property Group S.A. CPIPGR

Muddy Waters is short CPI Property Group's credit: its €19.2B portfolio appears inflated via implausible Berlin gains, cherry-picked Bubny landbank comps, and occupancy rates realtor listings show are overstated by ~2x.

Parkland Corporation PKI

Parkland's entrenched board has driven a decade of peer underperformance and a sector-low 6.9x multiple; a shareholder-led board refreshment is needed to close the valuation gap.

The Walt Disney Company DIS

Disney's board has failed shareholders — TSR lags peers by 401% over ten years — so Trian is nominating Peltz and former CFO Rasulo to restore governance, accountability, and 'the magic.'

MSCI Inc. MSCI

Spruce Point rates MSCI a Strong Sell: accounting red flags, nepotism-like M&A, eroding ESG lead and a CAO resignation expose 55-65% ($190-$244) downside to MSCI's premium multiple.

TransMedics TMDX

Scorpion petitions the FDA to suspend TransMedics' OCS Liver approval, citing pervasive off-label use, necrotic-organ device failures, and an alleged systematic cover-up of safety issues from regulators.

Ramaco Resources, Inc. METC

Wolfpack is short METC: Brook Mine's REE concentration sits below crustal average, processing economics imply an $88bn loss, and insiders have dumped $96M into WSJ-fueled hype.

Blackstone Mortgage Trust, Inc. BXMT

BXMT's borrowers only stay current because of expiring rate swaps; as ~$16B of swaps terminate in 2024, dividend cuts of 33-85% and $2.5-4.5B of loan losses could wipe out the $4B market cap.

Samsung C&T Corporation 028260 KS

Samsung C&T trades at a 63% discount to its $40.4bn NAV; fixing capital allocation, governance and the opaque group structure closes a $25bn value gap worth ~170% upside.

CPI Property Group CPIPGR

Follow-up to Muddy Waters' Part 1 report: a list of pointed questions challenging CPI Property Group to explain self-dealing transactions through which controlling shareholder Radovan Vitek is allegedly asset-stripping the company.

Phillips 66 PSX

Phillips 66 has lost investor trust by taking its eye off refining; adding two refining-experienced directors — and Marathon's 2019 playbook if targets slip — unlocks ~75% upside to $205+.

CPI Property Group S.A. CPIPGR

Muddy Waters is short CPI PG's credit: controlling shareholder Radovan Vitek is brazenly looting the company via undisclosed related-party deals — ~50% of €1.2bn examined transactions appear suspect.

e.l.f. Beauty, Inc. ELF

ELF Beauty's premium valuation relies on viral Gen-Z marketing led by Movers+Shakers, an agency whose founders have NXIVM-cult ties — reputational backlash points to 45%-65% downside.

Apellis Pharmaceuticals APLS

Citron shorts Apellis, arguing its new Geographic Atrophy drug Syfovre faces an imminent FDA warning as AAO ophthalmologists reject it 83%-17% and vasculitis cases mount.

Sunrun RUN

Sunrun's Subscriber metric is fabricated — inflated ~20% above EIA filings — letting it overclaim ~$205M in IRS tax credits and prop up a fictitious valuation; Muddy Waters remains short.

Sunrun Inc. RUN

Sunrun's non-GAAP Subscriber count exceeds mandatory EIA filings by ~20%, implying phantom customers, ~$1.5B of overstated Net Earning Assets (62.5% of market cap), and possible ITC tax fraud.

GoDaddy Inc. GDDY

GoDaddy is a scale-leading infrastructure business trading at 11x FCF; replaying Starboard's Splunk/Wix/Salesforce margin-expansion playbook can close a 37% peer gap and re-rate the stock.

Keisei Electric Railway 9009 JT

Keisei's 22% stake in Oriental Land hides $4.5bn of value; right-sizing it below 15% and adopting a capital allocation framework unlocks 76% upside for shareholders.

Forward Air Corporation FWRD

Forward Air's $3.2B Omni Logistics deal destroys shareholder value; block the deal, replace CEO Tom Schmitt and the Board, and shares rerate to $140-$145.

GoDaddy GDDY

GoDaddy missed its 2022 Investor Day commitments as Tech & Development costs ballooned; cutting costs to hit 33%+ EBITDA margins re-rates FCF/share to $10+ and closes the peer-multiple gap.

GoDaddy, News Corp, Fortrea

Starboard pitches three ideas: News Corp should separate Digital Real Estate to unlock ~50% upside, GoDaddy should expand margins to 33%+, and Fortrea can hit 18% peer margins under Tom Pike.

Multiple (GoDaddy, News Corp, Fortrea) GDDY, NWSA, FTRE

Starboard pitches three activist ideas at the 2023 13D Monitor Summit — GoDaddy margin expansion, News Corp digital-real-estate separation, and Fortrea CRO profitability fix — each with 50%+ upside.

Rollins Inc. ROL

Rollins is the 'Cockroach' of activism: SEC settlement, auditor swap, family insider sales, and a 27x EBITDA multiple set up 30-40% downside as Rentokil/Terminix and PE roll-ups erode the moat.

BP plc BP

BP trades at a 44% discount to US majors because Looney's pivot away from oil & gas destroys value; reverse the strategy, return capital, and unlock 50%+ upside.

News Corporation NWSA

News Corp's REA stake alone is worth $8B of its $12B EV — separating Digital Real Estate would expose Dow Jones and surface ~50% upside to ~$33/share.

Bloomin' Brands BLMN

Bloomin' Brands trades at 5.0x EBITDA vs Darden's 9.5x because of operational execution failures at Outback; Starboard's Darden playbook can narrow the gap and unlock shareholder value.

Fortrea Holdings Inc. FTRE

Fortrea, LabCorp's spun-out CRO, earns 9% EBITDA margins versus 18% peers; CEO Tom Pike's IQVIA playbook implies $47-$72 per share, 60-144% upside at normalized margins.

Samsara Inc. IOT

Samsara is a commodity-hardware vehicle-telematics company masquerading as a premium SaaS growth story; aggressive accounting inflates margins and a 16x revenue multiple implies 45%-75% downside to $6.30-$13.90.

GoDaddy Inc. GDDY

GoDaddy has missed its 2022 Investor Day targets as Tech & Dev expenses ballooned; cutting costs to a 40% growth+profitability exit rate and adding a Starboard director unlocks a ~40% valuation re-rating.

Xylem Inc. XYL

Xylem overpaid in stock for SEC-fraud-charged Evoqua, just published two contradictory cash-flow statements, and faces 30-45% downside as multiples compress toward water-industrial peers.

Vivion Investments

Vivion's proposed bond exchange rests on inflated UK hotel valuations — illustrated by Crowne Plaza Heathrow, marked at EUR94.6m versus CBRE's EUR72.9m — serving insiders, not bondholders.

Hims & Hers Health, Inc. HIMS

HIMS is an overvalued, commoditized ED/hair-loss e-commerce business masquerading as healthcare, with CPoM regulatory risk and new OTC Eroxon competition driving 25-40% downside to $5.20-$6.50.

Algonquin Power & Utilities Corp. AQN

Starboard, now AQN's largest holder at 7.5%, says selling the unregulated renewables fixes leverage and the payout ratio, leaving a greener regulated utility worth a peer-premium re-rating.

Carvana Co. CVNA

Carvana is a poorly-run subprime used-car retailer buried under $6.5bn of debt; the recent 165% rally is a loan-sale mirage and the equity is worth zero.

Chinook Therapeutics KDNY

Chinook manipulated 2021-2022 revenues via its Chinese JV SanReno; strip out the accounting tricks and reported revenue collapses by 95% and 68% respectively, reinforcing our short.

Alexandria Real Estate Equities, Inc. ARE

Alexandria's life-science office portfolio is being hit by the same WFH hurricane as traditional offices, and shares face 30-40% downside if re-rated to coastal office REIT peers.

Perion Network Ltd. PERI

PERI's Apple-tier revenue per employee, opaque revenue recognition, Lumenis-tainted CEO and impaired Microsoft Bing deal point to a forensic short with 25-40% downside.