571 documents showing 241–300
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.
N4
V2
C1
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⚑
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.
N4
V3
C3
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◫
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⇌
⚑
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.
N3
V1
C1
⚑
Box, Inc. BOX
Box has underperformed cloud peers for years despite engagement, and the Board just cut a dilutive financing to 'buy the vote' — Starboard nominates four directors to force real transformation.
N3
V1
C1
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Date
Fund
Target
Thesis
Scores
Mar 22, 2022
Engine Capital
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.
N4
V3
Mar 22, 2022
Engine Capital
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.
N3
V1
Mar 08, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has misled shareholders for 15 years — missed EBITDA targets, destroyed Textile Effects, fire-sold Venator — while a legacy board shielded management; elect Starboard's nominees.
N4
V3
Mar 03, 2022
Starboard Value
Huntsman Corporation
HUN
Starboard is running a proxy fight for four Huntsman board seats, arguing a CEO-beholden board allowed 337% S&P underperformance and three missed Investor Day promises.
N5
V3
Mar 02, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has serially missed its own Investor Day promises while an entrenched board shields management; elect Starboard's four independent chemical-industry nominees to restore accountability.
N4
V3
Feb 28, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman, led by the founding family for its entire history, has missed three consecutive investor-day targets and lags peer EBITDA margins by ~900bps; Starboard's four nominees can unlock ~600bps of margin expansion.
N5
V4
Feb 16, 2022
Spruce Point Capital
C3.ai, Inc.
AI
C3.ai is a serially rebranded, money-losing AI story-stock propped up by an unraveling Baker Hughes JV and aggressive accounting; Spruce Point sees 40-50% downside to $12.85-$15.40.
N5
V3
Feb 10, 2022
Starboard Value
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.
N3
V2
Feb 03, 2022
Grizzly Research
Playtika Holding Corp.
PLTK
PLTK is a Chinese-insider piggy bank dumped on US public investors — debt-financed pre-IPO cash-out, addictive gambling-akin games facing regulators, and hidden share pledges imply ~45% downside.
N4
V3
Jan 20, 2022
Spruce Point Capital
TaskUs, Inc.
TASK
TaskUs is a Blackstone-promoted BPO with embellished disclosures, Satyam-linked accounting tics, and eroding Facebook unit economics; fair value is 25-50% below spot, or $18-$27.
N4
V3
Jan 12, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has missed every Investor Day target since 2014 and underperformed chemical peers by 330% since IPO; Starboard nominates four directors to force execution.
N4
V2
Jan 12, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman's decade of missed EBITDA targets and defensive governance demand Board change; Starboard nominates four directors to restore accountability and close the chronic peer-valuation discount.
N4
V2
Dec 09, 2021
Spruce Point Capital
Nuvei Corp
NVEI
Nuvei is a thrice-rebranded payments roll-up run by executives tied to Ponzi schemes, fraud and adult-industry operators; peer-multiple re-rating implies 40-60% downside to $39-$58.
N5
V4
Dec 01, 2021
Kerrisdale Capital
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.
N4
V3
Oct 26, 2021
Oasis Management
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.
N3
V1
Oct 25, 2021
Spruce Point Capital
Heska Corporation
HSKA
Heska is a low-growth animal-health distributor — not the innovator management claims — masquerading at a 9x-sales SaaS multiple; Spruce Point sees 50-60% downside to $90-$115.
N4
V3
Oct 06, 2021
Scorpion Capital
Ginkgo Bioworks
DNA
Ginkgo Bioworks is a $23B SPAC fraud whose foundry 'customers' are related-party shells that round-trip cash back as phantom revenue — a US 'China Hustle' headed for a Zymergen-style collapse.
N4
V2
Oct 06, 2021
Bonitas Research
TMC the metals company Inc.
TMC
TMC is a recycled Nautilus Minerals fraud: $43M siphoned to insiders for worthless seabed licenses, inflated expenses, and a TOML permit at risk of ISA termination.
N4
V2
Sep 29, 2021
Spruce Point Capital
Lightspeed Commerce, Inc.
LSPD
Lightspeed is a cash-burning POS roll-up that inflated its pre-IPO customer count by 85%, hides organic decline behind acquisitions, and should re-rate 60–80% lower to $22.50–$47 as Shopify, Square, Adobe and Amazon crowd it out.
N4
V3
Sep 15, 2021
Scorpion Capital
Berkeley Lights
BLI
Berkeley Lights' $2M Beacon is a flow-cytometer knockoff customers call a clunker; with flat sales, fleeing insiders, and 50x-cheaper rivals, Scorpion pegs BLI at $0.
N5
V3
Sep 15, 2021
Muddy Waters
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.
N4
V2
Aug 31, 2021
TCI Fund
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.
N4
V3
Aug 16, 2021
Starboard Value
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.
N4
V2
Aug 06, 2021
Starboard 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.
N4
V3
Aug 05, 2021
Spruce Point Capital
Genius Sports Limited
GENI
Genius Sports is a low-moat data middleman overpaying for league rights and inflating growth via barter revenue; 55m shares of overhang unlock imminently — 60-80% downside to $3.25-$6.50.
N4
V3
Jul 27, 2021
Wolfpack Research
Moxian, Inc.
MOXC
MOXC is a Nevada shell whose Chinese 'operating' subsidiaries lack valid licenses, working phones, and a real GM, while related-party debt swaps fueled a 2,400% stock pump.
N4
V2
Jul 14, 2021
Spruce Point Capital
Oatly Group AB
OTLY
Oatly is an over-hyped oat-milk fad with accounting overstatements, hidden management scandals and a $12bn valuation pricing in 57% market share — 30-70% downside.
N5
V3
May 24, 2021
Muddy Waters
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.
N4
V1
May 20, 2021
Starboard Value
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.
N3
V1
May 13, 2021
Muddy Waters
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.
N4
V1
May 10, 2021
Starboard Value
Box, Inc.
BOX
Box has underperformed cloud peers for years despite engagement, and the Board just cut a dilutive financing to 'buy the vote' — Starboard nominates four directors to force real transformation.
N3
V1
May 01, 2021
Land & Buildings
Hilton Grand Vacations
HGV
HGV is overpaying 10x EBITDA for Diamond and handing Apollo effective control with no premium; standalone HGV is worth $55 — shareholders should vote AGAINST.
N4
V3
Apr 22, 2021
Spruce Point Capital
Danimer Scientific, Inc.
DNMR
Danimer is an over-hyped SPAC bioplastics story whose governance-tainted management, irreconcilable facility claims, failed-PHA precedent, and 138x EBITDA valuation imply 65-100% downside to ~$8.75/share.
N4
V3
Apr 15, 2021
Scorpion Capital
QuantumScape
QS
QuantumScape is a $15B SPAC whose solid-state battery breakthrough is a Theranos-grade mirage; 15 experts say the science is not there and the April 24 lockup expiry will trigger an insider dump.
N5
V2
Apr 08, 2021
Spruce Point Capital
Porch Group Inc
PRCH
Porch is 'Active Network 2.0' run by the same CEO — a money-losing lead-gen business dressed as SaaS, with barter accounting and hidden debt implying 50%-70% downside to $5-$8.
N4
V3
Mar 10, 2021
Spruce Point Capital
American Battery Metals Corporation / Comstock Mining Inc.
ABML / LODE
ABML and LODE are hype-driven EV battery-recycling penny stocks with fraud-tied management, fabricated permit claims, and a nonsensical LiNiCo deal — up to 90% downside.
N5
V3
Mar 08, 2021
Wolfpack Research
Skillz, Inc.
SKLZ
Skillz's SPAC-era growth story is collapsing — its top three games (88% of revenue) are in freefall while management touts fake NFL and Buck Hunter 'partnerships' to mask the miss.
N4
V2
Mar 03, 2021
Muddy Waters
XL Fleet Corp
XL
XL Fleet is SPAC trash: salespeople were paid to fabricate pipeline, most touted customers are inactive, ROI is actually negative, and the stock is worth a fraction of its billion-dollar SPAC valuation.
N5
V3
Feb 16, 2021
Wolfpack Research
EHang Holdings, Ltd.
EH
EHang is an elaborate stock promotion built on sham sales contracts with a pre-IPO investor masquerading as its main customer, with hobby-grade hardware and a court-frozen China entity that could leave ADRs worthless.
N4
V2
Feb 16, 2021
Spruce Point Capital
Leidos Holdings, Inc.
LDOS
Leidos is concealing defective explosive-detection products from its impaired $1bn L3Harris SD&A deal while inflating cash flow 67-78%; sell with 35-60% downside to $43-$70.
N4
V3
Feb 16, 2021
Ancora
Forward Air Corporation
FWRD
Forward Air's acquisition-led growth strategy has decimated its core LTL margins; Ancora's nominees will restore operating discipline and unlock ~50% upside to $130-$135/share.
N4
V2
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
Jan 07, 2021
Scorpion Capital
Nevro Corp.
NVRO
Nevro is a failed one-trick pony at 15x sales: the pivotal SENZA trial was rigged, HF10 is a phony premise, explant rates run 22-33%, and kickbacks prop up what remains of sales.
N5
V3
Jan 07, 2021
Spruce Point Capital
Magnite, Inc.
MGNI
Magnite is a hype-fueled ad-tech merger masking Telaria's deteriorating CTV business with dubious management and suspect accounting; 25%-50% downside to $14.75-$20.
N4
V4
Dec 01, 2020
White Diamond Research
GreenPower Motor Company
GP
GreenPower markets itself as an American EV bus manufacturer but is merely reselling re-logoed Chinese Weichai Eurise buses — not Buy America compliant and worth ~$1.50, implying 90% downside.
N4
V2
Nov 18, 2020
Muddy Waters
Joyy Inc.
YY
JOYY is a multibillion-dollar fraud: ~90% of YY Live and ~80% of Bigo revenue is fabricated via bots and gift roundtripping, and Baidu's pending $3.6bn acquisition is buying air.
N5
V2
Nov 11, 2020
Muddy Waters
MultiPlan Corp
MPLN
MultiPlan is a financially-engineered SPAC corpse losing its biggest customer UHC to UHC's own competitor Naviguard; expect 35% revenue loss and 8x+ leverage by 2022.
N4
V2
Nov 10, 2020
Spruce Point Capital
Avery Dennison Corporation
AVY
Avery Dennison masks structural decline with restructuring add-backs and inflated Adjusted EBITDA/FCF; normalized for accounting manipulation, AVY is worth $68-99/share — 35-55% downside.
N5
V4
Sep 29, 2020
Spruce Point Capital
Sunnova Energy International Inc.
NOVA
Sunnova is a misbranded 'solar' company that is actually an unprofitable specialty finance business with Enron-alum management and aggressive non-GAAP metrics — fair value $5-$8 vs. $27 today (70-80% downside).
N4
V3
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
Sep 22, 2020
Land & Buildings
Apartment Investment and Management Company
AIV
AIV's proposed taxable reverse spin-off won't close its 18% NAV discount and lets Considine duck 25 years of underperformance; demand a shareholder vote or explore a sale at $58 — 75% upside.
N3
V2
Aug 18, 2020
Spruce Point Capital
GFL Environmental Inc.
GFL
Spruce Point argues GFL Environmental is a 'terminal zero': a Canadian waste roll-up mimicking the Philip Services fraud playbook, with understated debt, CEO ties to organized crime, and 100% downside.
N5
V3
Jul 06, 2020
Elliott Management
Crown Castle International
CCI
Crown Castle's $16bn fiber bet earns just 3% ROI; imposing a 40% capex-ROI target, ROIC-linked pay, and a Board refresh unlocks a 46% dividend hike to $7.00.
N5
V4
Jun 30, 2020
Spruce Point Capital
Prestige Consumer Healthcare Inc.
PBH
Spruce Point is short Prestige Brands: a decaying OTC roll-up with no organic growth, CFO déjà-vu from Boulder Brands' collapse, and 40-60% downside to $14.80-$22.50.
N4
V3
Jun 02, 2020
Muddy Waters
eHealth, Inc.
EHTH
EHTH books Medicare Advantage revenue today that takes nine to twenty years to collect, masking a cash-incinerating, high-churn business reminiscent of Enron-style accounting.
N4
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
May 13, 2020
Spruce Point Capital
Forescout Technologies
FSCT
Advent overpaid $33/share for Forescout — management buried weaker forecasts and Q1 sales fell 24%; renegotiating 35-50% lower or paying the $112M break fee both beat closing.
N4
V3
May 12, 2020
Muddy Waters
Burford Capital
BUR
Burford's 2019 financials rely on reclassifications and definition changes to mask an -11.8% drop in cash receipts, -35.5% drop in deployments, and $20.6m of unexplained fair-value gains.
N4
V2
May 12, 2020
Elliott Management
Alexion Pharmaceuticals, Inc.
ALXN
Alexion's stand-alone strategy has failed — serial M&A missteps and a deep valuation discount mean the Board must pursue a sale now to unlock 40-50% upside for shareholders.
N5
V3