670 documents showing 361–420
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.
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.
CareDx, Inc. CDNA
CareDx is a $1.7bn story built on AllSure, a cfDNA kidney-rejection test that misses 40% of rejections and faces 70% annual patient attrition, competition and Medicare reset — ~70% downside.
AECOM ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
Sony Corporation 6758.T
Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.
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.
FleetCor Technologies FLT
FleetCor's Clean Advantage carbon-offset program is a $100M+ green fraud — 97% of fees stay with FLT, demanding CEO Clarke's resignation and implying ~57% downside.
Casino Guichard-Perrachon CO
Rallye, Finatis, Euris and Foncière Euris entering procédure de sauvegarde vindicates MW's 2015 warnings
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.
Legg Mason LM
Trian owns ~4.5% and returns as a significant shareholder
Bristol-Myers Squibb BMY
BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.
Bristol-Myers Squibb BMY
BMY's $91B Celgene deal bets the company on a REVLIMID patent cliff and pipeline requiring 10 blockbusters in 8 years — shareholders should vote no and pursue a standalone Amgen-style transformation.
Telecom Italia TIT.MI
Vivendi's control of TIM destroyed 54% of shareholder value
Bristol-Myers Squibb Company BMY
Bristol-Myers' $91bn Celgene acquisition buys pharma's largest patent cliff; Starboard urges shareholders to vote it down and replace directors to pursue a standalone plan or sale.
Bristol-Myers Squibb Company BMY
Starboard urges BMY shareholders to reject the $91B Celgene acquisition — it imports a massive REVLIMID patent cliff and was rushed through without exploring standalone turnaround or a sale of Bristol-Myers.
Inogen INGN
INGN's growth narrative rests on an inflated $3-4B TAM that Medicare data contradicts; under a realistic 1.3M-user market, peak unit sales arrive this year or next.
Magellan Health, Inc. MGLN
Magellan destroyed $700M of value through failed acquisitions and three 2018 guidance cuts; Starboard's six-director slate will overhaul the board and run a parallel sale process at peer multiples.
Inogen INGN
Inogen's growth is built on a reseller network that lies to elderly customers about Medicare coverage to force cash sales — competition and oversight will collapse margins to a $46 stock.
Pershing Square Holdings, Ltd. (annual portfolio update; covers CMG, ADP, QSR, LOW, SBUX, HLT, UTX, HHC, FNMA/FMCC) PSH
PSH trades at 27% discount to NAV despite 13.8% net CAGR since 2004 vs 8.4% for S&P 500
Inogen, Inc. INGN
Inogen's growth story rests on a fabricated TAM sourced from a plagiarism-riddled WinterGreen report; real market is shrinking, peak sales arrive 2019-2020, target $46 (-67%).
Dollar Tree, Inc. DLTR
Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.
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.
Cars.com Inc. CARS
Starboard, a ~10% holder, warns Cars.com's board that serial guide-downs must end with credible 2019-2021 targets, a third independent director, and — absent improvement — management change or a sale.
Mitek Systems, Inc. MITK
Mitek's board is entrenching against ASG's $10 cash bid (51% premium) despite a declining core business, departed leadership, and a chairman dumping his own stock below the offer price.
Dell Technologies (Class V / DVMT tracking stock) DVMT
Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.
Tesla, Inc. TSLA
After five years short, Citron reverses on Tesla: Model 3 is dominating luxury and EV segments, Munro confirms 30% margins, and worst-case math yields $599/share.
PPG Industries, Inc. PPG
PPG has underperformed peers by 3,500 bps under CEO McGarry; Trian wants Chuck Bunch reinstalled, the balance sheet levered, and the portfolio split into Architectural and Industrial to unlock ~40% upside.
Starbucks SBUX
Dominant global coffee brand trading at 22x forward P/E vs. 26x historical average
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.
Campbell Soup Company CPB
Campbell's incumbent board delivered 19% TSR vs 306% S&P over 20 years; replace the entire board with Third Point's Independent Slate to unlock $52-58/share via turnaround, breakup, or sale.
Wayfair W
Wayfair's unit economics are deteriorating — loss per new customer nearly doubled to $19 — while the stock defies gravity; Citron is re-shorting with a first stop at $100.
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.
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.
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.
TAL Education Group TAL
TAL inflated Firstleap's acquired deferred revenue by 90-175%, pumping $21-29M of fake profit through FY2017 via an above-the-line accounting lever obscured by an overlooked small acquisition.
Nestlé S.A. NESN
Nestlé has been too slow to adapt to a changing consumer industry; adopting a #NestléNOW mindset — sharper strategy, bolder portfolio divestitures including the L'Oréal stake, and a three-division split — can double EPS by 2022.
TAL Education Group TAL
TAL is a real business with fake financials: two asset-parking transactions inflated FY2016-FY2018 pre-tax profits by $153M (28.4%) while Deloitte China was starved of audit hours.
Snap Inc. SNAP
SNAP trades at largest-ever discount to FB/TWTR despite fastest revenue growth
SandRidge Energy SD
SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.
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.
Taubman Centers, Inc. TCO
Taubman's persistent peer underperformance stems from a family-entrenched board and dual-class structure; electing Litt and collapsing Series B shares unlocks value common shareholders have been denied.
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.
Telecom Italia (TIM) TIT.MI
Vivendi holds only 18% economic stake yet controls TIM to its own benefit
Assured Guaranty AGO
Assured Guaranty is a melting-ice-cube bond insurer aggressively returning capital it hasn't earned; Puerto Rico losses alone (2-4x reserves) will force a capital raise or strip the AA rating it needs to write new business.
Hyundai Motor Group (Hyundai Mobis, Hyundai Motor Company, Kia Motors) 012330.KS / 005380.KS / 000270.KS
Mobis, HMC and Kia trade at 57%, 26% and 73% EV/EBITDA discounts to global peers — peers re-rate if structure is fixed
Xerox Corporation XRX
Xerox's CEO is handing 50.1% control to Fuji 'without spending a penny' for ~$28/share; vote down the deal and replace the board to unlock $54-$64 standalone.
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.
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.
Telecom Italia SpA (TIM) TIT.MI
Vivendi controls TIM with just 24% voting stake, running it as a subsidiary while minorities suffer
Commvault Systems, Inc. CVLT
Commvault is a product-great but company-broken data management software leader; Elliott (10.3%) demands an operational review, four new directors, and a capital-return program to close a deep valuation discount.
Commvault Systems, Inc. CVLT
Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; a board refresh, operational review and capital return will close the gap.
The St. Joe Company JOE
St. Joe's Florida Panhandle land bank is worth a fraction of what bulls claim; absent the promised population boom, the stock is materially overvalued and a short.
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.
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.
Monotype Imaging Holdings Inc. TYPE
Monotype's three-year acquisition spree (Olapic, Swyft) destroyed $500M+ of value and halved EBITDA margins; Starboard demands four new directors to refocus on the core font franchise.
Newell Brands Inc. NWL
Starboard, backed by Jarden's founders, seeks to replace Newell's board after CEO Michael Polk destroyed $11bn of value following the 2016 Jarden merger.
IQE plc IQE
Muddy Waters is short IQE: the compound-semi maker inflated 2015/2016 net income by 58.5%/25.4% via transactions with its Cardiff University JV — an alter ego, not an arm's-length partner.
Mellanox Technologies, Ltd. MLNX
Mellanox insiders have sold $130M of stock across 373 trades vs. one purchase since IPO — evidence the Board lacks confidence in its own plan and must be reconstituted.
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.
Pershing Square Holdings (PSH) — portfolio review PSH
Returning to roots: smaller investment-centric team, reaffirmed core principles, growth from returns not AUM