670 documents showing 241–300

Vivion Investments

Muddy Waters stays short Vivion bonds: the December 2022 rebuttal is misleading, asset values are inflated, rent24 exposure is hidden, and shareholder loans are being cashed out with bondholder money.

Cellnex Telecom, S.A. CLNX

Cellnex is a great asset hobbled by a board that botched CEO succession; TCI will move at the AGM to remove Kan, Shore and Reich and seat its own director.

Parkland Corporation PKI

Parkland's conglomerate mix of retail, refinery and distribution trades at a 3-turn discount to Couche-Tard; spin the non-core assets and refresh the stale board to unlock ~$45/share, roughly 55% upside.

Union Pacific Corporation UNP

UNP owns the best Class I rail franchise but ranks worst on every metric under CEO Lance Fritz; bringing back operator Jim Vena could double the stock to ~$400 by 2025.

Airbus SE AIR

TCI urges Airbus to abandon the 29.9% Evidian stake — a value-destructive, politically-motivated bailout of Atos that distracts management from fixing aircraft delivery shortfalls.

Pershing Square Holdings (fund-level annual update) PSH

PSH outperformed S&P 500 by 930bps in 2022 thanks to interest-rate hedge

Ritchie Bros. Auctioneers RBA

Back the amended RBA-IAA merger: $350-900M of synergies, a Starboard/Ancora-refreshed board, and Luxor's anti-deal case is flawed — RBA should re-rate from $62 to ~$130.

Rogers Corporation ROG

Starboard's 6.5% stake in Rogers Corporation backs a board slate of specialty-materials veterans, arguing undervalued shares warrant fresh director expertise after the failed DuPont sale.

Alphabet GOOGL

Alphabet's January layoffs are a start but insufficient; management must cut headcount ~20% to 150,000 and slash excessive pay, including stock-based comp.

The Walt Disney Company DIS

Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.

The Walt Disney Company DIS

Disney is in a self-inflicted crisis of governance, strategy and capital allocation; electing Nelson Peltz to the board will restore discipline, profitability and the dividend by FY 2025.

Digital Garage, Inc. 4819 JT

Digital Garage's fintech payments arm is starved by a distracted conglomerate; spinning off FinTech and dumping the Kakaku.com stake unlocks ~100% upside amid Japan's cashless boom.

Digital Garage Inc. 4819 JT

Digital Garage is missing Japan's cashless-payments wave; spinning off DG Financial Technology, divesting Kakaku, and refocusing management would nearly double the stock and lift profit before tax from JPY4.5bn to JPY11.4bn.

Capricorn Energy PLC CNE

Capricorn's board is destroying value by forcing a low-ball NewMed sale; replacing seven directors unlocks up to 400p per share via Palliser's Value Optimisation Plan.

Vivion Investments S.à.r.l.

Vivion's €1.44bn bond issuer is a multi-billion euro shell game — fabricated shareholder loans, inflated occupancy and fair value gains, and related-party rents enriching controlling shareholder Amir Dayan.

dLocal DLO

DLO's refusal to reconcile 2020 cash flows in writing, while verbally denying misuse on broker calls, confirms Muddy Waters' view that client funds financed the pre-IPO special dividend.

Six Flags Entertainment Corp. SIX

Six Flags' owned real estate is worth more than its entire equity value; spinning it to a REIT buyer like VICI plus fixing the botched 2022 repositioning can double the stock.

DLocal Ltd. DLO

Muddy Waters is short DLO: contradictory TPV disclosures, implausibly high FX-driven take rates, governance failures and ~$1bn of insider selling point to likely fraud at the Uruguay-based payments processor.

Alphabet GOOGL

Alphabet's cost base is bloated — headcount up 20% CAGR since 2017, pay 67% above Microsoft, Other Bets bleeding $20bn; cut costs, target a 40% Google Services margin, and buy back stock aggressively.

Capricorn Energy CNE

NewMed's all-share bid for Capricorn hands shareholders a 42% discount and a self-serving board deal; a cash-return plus Egypt-focused optimisation path unlocks 400p/share instead.

Multiple (Wix, Salesforce, Splunk, Vertiv) WIX / CRM / SPLK / VRT

Four high-quality TMT names (Wix, Salesforce, Splunk, Vertiv) trade at multi-year-low valuations; closing the margin gap to peers as the market shifts from growth to profitability unlocks substantial FCF/share upside.

AST SpaceMobile, Inc. ASTS

AST SpaceMobile is a $1.8bn 2021-SPAC promoting a physically implausible direct-to-handset satellite broadband dream; the technology won't work as hyped, timelines keep slipping, and SpaceX/Apple competition eliminates any lead.

Hannon Armstrong Sustainable Infrastructure Capital HASI

HASI is 'dumb money' in renewables JVs — sponsors cash out while HASI books non-cash HLBV income on investments unlikely to ever pay out, inflating reported earnings over real economics.

The Walt Disney Company DIS

Disney's DTC pivot is working, but spinning ESPN, fully owning Hulu, cutting costs, and refreshing the board will unlock the next leg of value.

Capricorn Energy PLC CNE

Capricorn's board must withdraw its Tullow merger recommendation — a nil-premium takeover that hands Capricorn's cash to junk-rated creditors while standalone value of 330p offers 67% upside.

Sunrun RUN

Muddy Waters rebuts Sunrun's response: the 90% PPA-renewal assumption on 20-year-old panels is fantasy, the $668M panel-removal liability is real, and RUN hides its tax basis.

Sunrun Inc. RUN

Sunrun's equity story rests on three shaky pillars — inflated subscriber values, abusive IRS tax-basis gaming, and fragile ABS — that together imply an 85% haircut to Net Earning Assets.

Hannon Armstrong Sustainable Infrastructure Capital HASI

HASI is a short: its GAAP and non-GAAP 'Distributable Earnings' are inflated by three non-cash accounting tricks and roundtripped SunStrong loans, masking a cash-losing, capital-raise-dependent business.

LivePerson, Inc. LPSN

Founder-CEO Rob LoCascio's unchecked power has produced repeated missed commitments and a 70% stock decline from peak

LivePerson, Inc. LPSN

Founder-CEO LoCascio has lowest Glassdoor approval among peers; toxic culture rewards loyalty over performance

McDonald's Corporation MCD

McDonald's board broke a 10-year promise to end gestation crates; replace Penrose and Lenny with two ESG experts to fix systemic governance and sustainability failures.

US Foods Holding Corp. USFD

Sachem Head owns 8.7% of US Foods and is running a proxy fight to install five directors who can close the Sysco margin gap and deliver ~100% upside.

Netflix NFLX

Ad-tier pivot makes subscriber growth, margins, and capital intensity unpredictable

Digital World Acquisition Corp DWAC

DWAC's $8bn pro-forma SPAC merger with Trump's TMTG will never close because the SEC is actively investigating it and can kill the deal via a stop order — fair value is the $10 trust cash (-80%).

Houghton Mifflin Harcourt HMHC

Veritas's $21/share buyout of Houghton Mifflin steals the company for 7.6x 2024 UFCF; reject it and execute a standalone Dutch tender recap to reach ~$42 by 2024.

Houghton Mifflin Harcourt HMHC

Veritas' $21 tender for Houghton Mifflin Harcourt steals value at 7.6x UFCF; a self-funded Dutch tender and standalone plan could deliver roughly $42 per share by 2024.

Huntsman Corporation HUN

Huntsman failed all 2016 and 2018 Investor Day EBITDA and share-price promises

Huntsman Corporation HUN

Huntsman underperformed the S&P 500 by 337% from IPO to Starboard's involvement

Huntsman Corporation HUN

Huntsman has broken every major Investor Day commitment since 2014 — fooled shareholders three times

Huntsman Corporation HUN

Huntsman returned just 80% since its 2005 IPO vs. 642-822% for peers, a ~562% deficit under CEO Peter Huntsman

Pershing Square Holdings (fund-level annual update; covers portfolio including Lowe's, Universal Music Group, Hilton, Chipotle, Restaurant Brands, Howard Hughes, Domino's, Netflix, PSTH) PSH

PSH delivered 26.9% NAV return in 2021 and 50.1% 3-yr CAGR, outperforming activist and equity hedge indices

Huntsman Corporation HUN

Huntsman has underperformed peers by 575% since IPO and missed three straight Investor Day targets; elect four Starboard nominees on the BLUE card to restore board accountability.

Huntsman Corporation HUN

Huntsman has underperformed proxy peers by 575% since its IPO

Netflix, Inc. NFLX

Market overreacted to weak subscriber guidance, creating an attractive entry point

Mercury Systems, Inc. MRCY

Rights Plan is not in the best interests of Mercury Systems shareholders

Huntsman Corporation HUN

A decade of missed EBITDA targets: 2014, 2016 and 2018 Investor Day aspirations all unmet

Huntsman Corporation HUN

Three consecutive Investor Days (2014, 2016, 2018) missed EBITDA targets by hundreds of millions

KE Holdings BEKE

BEKE is systemic fraud: platform scraping and field work show new-home GTV inflated ~126%, revenues inflated 77-96%, with ghost stores, clone stores, and a sham acquisition masking the deception.

Astra Space, Inc. ASTR

Astra is a SPAC-bubble rocket company with no revenue, an undersized non-reusable vehicle, and fantastical 300-launch-a-year forecasts; shares should tumble back to the ground.

REIT sector (thematic)

REITs hedge inflation, but only short-lease high-margin sectors — residential, self-storage, warehouses — work; office and net lease are bond-like losers in a 6%+ CPI world.

Hokuetsu Corporation 3865

Hokuetsu's 13-year CEO resists change as its paper business declines; selling Daio Paper cross-holdings and pivoting to biomass power can quadruple market cap to ¥533.9bn.

Danimer Scientific DNMR

DNMR is a post-SPAC bioplastics story whose 'sold-out' demand, $200M take-or-pay contracts, and $1 trillion TAM are misrepresentations — actual utilization is ~28% and Novomer is a Hail Mary.

N/A (asset-class advocacy)

Publicly traded REITs have outperformed private real estate by 165–590bps annually for 20 years, offer better liquidity, cheaper valuations vs. bonds, and superior inflation-era returns.

Canadian National Railway CNI

CN, once the best-run Class I railroad, is now the worst under CEO Ruest; abandon the KCS deal and install Jim Vena to restore operational excellence.

Box, Inc. BOX

Box has chronically lagged peers and entrenched itself via an unnecessary $500M KKR preferred financing; electing Starboard's minority slate restores stockholder accountability and unlocks long-term value.

Box, Inc. BOX

Box is a best-of-breed cloud content platform that has missed every revenue target since IPO; a reconstituted board can fix go-to-market execution and close a massive valuation gap to peers.

Acutus Medical Inc. AFIB

Solutions 30 S30

EY's refusal to sign Solutions 30's 2020 audit — after S30 blocked access to information on suspect transactions — confirms Muddy Waters' two-year-old fraud and money-laundering thesis.

Box, Inc. BOX

Box's board issued $500m of KKR preferred to lock up >10% of the vote and entrench itself ahead of Starboard's proxy contest — Starboard demands the books and four new directors.

Lemonade, Inc. LMND

Muddy Waters is short Lemonade after discovering a critical session-fixation flaw that exposed customer PII to Google's index — a negligence that shatters Lemonade's 'trustworthy' digital-native brand.