571 documents showing 361–420
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.
N4
V3
C3
⌂
”
⚑
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.
N4
V2
C2
⌂
”
⚑
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.
N4
V2
C2
⚑
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.
N4
V3
C3
⌂
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”
⚑
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.
N4
V3
C3
⌂
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”
⇌
⚑
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.
N5
V4
C4
⌂
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”
⚑
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.
N5
V4
C4
⌂
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⚑
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.
N4
V3
C3
⌂
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”
⚑
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.
N5
V2
C2
⌂
”
⚑
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.
N5
V3
C3
⌂
◫
”
⚑
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
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”
⚑
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
⚑
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.
N4
V3
C3
”
⇌
⚑
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.
N4
V2
C2
⌂
”
⚑
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.
N4
V3
C3
⌂
”
⚑
Mellanox Technologies, Ltd. MLNX
Mellanox has industry-leading 70%+ gross margins but dead-last operating margins among fabless semis; disciplined cost cuts can close a multi-year peer gap and rerate the stock.
N4
V3
C3
⌂
⚑
Deckers Outdoor Corporation DECK
Deckers' board missed every margin target and wasted $600m on retail bloat and Sanuk; replacing them enables UGG focus, non-core divestitures and a doubling to $135-158.
N4
V3
C3
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◫
”
⇌
⚑
The Procter & Gamble Company PG
P&G's long-tenured Board has rewarded a decade of market-share loss and bottom-quartile EPS growth; electing Nelson Peltz adds the shareholder voice needed to fix innovation, productivity, M&A and governance.
N5
V4
C4
⌂
”
⚑
Date
Fund
Target
Thesis
Scores
Mar 01, 2019
Spruce Point Capital
Carvana Co.
CVNA
Carvana is a CCC+-rated subprime used-car dealer masquerading as a tech disruptor; Spruce Point sees 56-83% downside to $7.50-$19.60, with a credible path to zero.
N4
V3
Feb 28, 2019
Starboard 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.
N4
V3
Feb 28, 2019
Starboard Value
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.
N4
V3
Feb 22, 2019
Starboard Value
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.
N4
V2
Feb 15, 2019
Citron Research
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.
N4
V2
Feb 08, 2019
Muddy Waters
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%).
N5
V2
Jan 23, 2019
Spruce Point Capital
Amdocs Limited
DOX
Spruce Point sees 25-50% downside in Amdocs (DOX): a Guernsey-domiciled telecom-IT vendor whose steady margins, opaque insider selling via Pines Quest, and dot-com-era accounting tricks signal $30-$45 per share.
N4
V3
Dec 13, 2018
Spruce Point Capital
XPO Logistics, Inc.
XPO
XPO is a United-Rentals-style roll-up masking financial strain with aggressive accounting and a felon-linked board; normalized EPS is 47% overstated, implying 40–60% downside.
N5
V3
Dec 10, 2018
Starboard Value
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.
N4
V2
Nov 20, 2018
Elliott Management
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.
N4
V1
Nov 15, 2018
Carl Icahn
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.
N4
V3
Oct 31, 2018
Spruce Point Capital
Dollarama Inc.
DOL
Dollarama trades 50% above peers as a 'dollar store' now selling $4 goods; reversing FX hedges, Dollar Tree's arrival and governance red flags imply ~40% downside to C$24.60.
N4
V3
Oct 17, 2018
Spruce Point Capital
Mercury Systems Inc.
MRCY
Mercury Systems faces 50-60% downside as Supermicro-hack exposure, missing cyber leadership, hidden A/R factoring, and the sector's richest multiple collide with rising DFARS compliance costs.
N4
V3
Oct 11, 2018
Trian Partners
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.
N4
V3
Oct 01, 2018
Third Point
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.
N5
V4
Sep 05, 2018
Spruce Point Capital
Weis Markets, Inc.
WMK
Weis Markets is the most expensive U.S. supermarket masking -1-2% organic decline with aggressive accounting and shrinking disclosures; Spruce Point sees 45-65% downside.
N4
V3
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
Aug 07, 2018
Spruce Point Capital
Maxar Technologies
MAXR
Maxar's MDA-DigitalGlobe merger masks a collapsing satellite cycle and the most aggressive accounting Spruce Point has ever seen, leaving 5.8x-levered MAXR with 100% downside risk.
N5
V3
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
Jul 19, 2018
Spruce Point Capital
2U, Inc.
TWOU
2U's one-size-fits-all OPM model is being disrupted by lower-take-rate fee-for-service rivals; FOIA-documented program failures imply 30-50% downside to $47-$65/share.
N4
V3
Jul 02, 2018
Muddy Waters
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.
N4
V2
Jul 01, 2018
Third Point
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.
N5
V4
Jun 27, 2018
Spruce Point Capital
Momo, Inc.
MOMO
Momo's 'blowout' live-video numbers hide a SAIC fraud charge, 123 undisclosed VIE subs, an illegal gambling site, and a fading KOL base — 30-50% downside to $23-$32.
N4
V3
Jun 13, 2018
Muddy Waters
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.
N5
V2
Jun 07, 2018
Spruce Point Capital
Healthcare Trust of America, Inc.
HTA
HTA's suspiciously flat Same-Property NOI growth mirrors Brixmor's pre-restatement pattern; Spruce Point sees 20-40% downside to $15-$20 once the accounting unravels.
N5
V3
May 24, 2018
Carl Icahn
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.
N4
V3
May 17, 2018
Spruce Point Capital
U.S. Concrete Inc
USCR
USCR's 21% gross margins and Adj EBITDA growth are engineered via capital leases and overcapitalized truck costs; CEO Sandbrook should resign and shares face 60-90% downside to $6-$25.
N4
V3
May 10, 2018
Land & Buildings
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.
N4
V3
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 23, 2018
Greenlight Capital
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.
N5
V2
Apr 17, 2018
Carl Icahn
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.
N5
V3
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
Apr 05, 2018
Elliott Management
Telecom Italia SpA (TIM)
TIT.MI
TIM's operating turnaround is real, but Vivendi-controlled governance has tripled the peer discount; independent directors plus NetCo separation could double the stock to €1.6.
N5
V4
Apr 04, 2018
Spruce Point Capital
Globant SA
GLOB
Globant is a poorly organized digital-IT roll-up using accounting games and Luxembourg disclosure loopholes to mask decelerating organic growth; shares warrant 40-50% downside to $24.50-$29.50.
N4
V3
Apr 01, 2018
Kerrisdale Capital
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.
N4
V3
Mar 16, 2018
Spruce Point Capital
Kratos Defense & Security Solutions
KTOS
Kratos is an overhyped drone play run by executives tied to the Titan FCPA scandal; with the weakest margins in defense and a recent Director fraud indictment, we see 40%-70% downside.
N4
V3
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
Feb 13, 2018
Starboard Value
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.
N4
V3
Feb 12, 2018
Starboard Value
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.
N4
V2
Feb 08, 2018
Muddy Waters
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.
N4
V2
Feb 07, 2018
Spruce Point Capital
Realty Income Corp
O
Realty Income's 'magic dividend' flywheel is broken — true same-store rents are -0.8% (not +1.2%), and as rates rise and tenants disintermediate the stock re-rates 30-45% lower to $28-$35.
N4
V3
Feb 05, 2018
Starboard Value
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.
N4
V3
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 25, 2018
Spruce Point Capital
Ballard Power Systems
BLDP
Ballard's 167% 2017 rally rests on a fragile China fuel-cell story with weak partners and zero insider skin; expect a repeat of the Azure failure and 35-70% downside to $1.15-$2.50.
N4
V3
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
Jan 08, 2018
Starboard Value
Mellanox Technologies, Ltd.
MLNX
Mellanox has industry-leading 70%+ gross margins but dead-last operating margins among fabless semis; disciplined cost cuts can close a multi-year peer gap and rerate the stock.
N4
V3
Dec 20, 2017
Muddy Waters
China Internet Nationwide Financial Services Inc.
CIFS
CIFS is an old-style China reverse-merger fraud dressed up as a Reg A+ IPO; SAIC filings show 5x revenue overstatement, every disclosed borrower is a sham, and the equity is worthless.
N4
V2
Dec 06, 2017
Muddy Waters
OSI Systems, Inc.
OSIS
OSIS is rotten to the core: the Albania concession was obtained via an apparent bribe, the Mexico turnkey is egregiously priced and up for renewal, and FCPA liability could erase a large chunk of the $1.6bn market cap.
N5
V2
Nov 13, 2017
Land & Buildings
Taubman Centers
TCO
Taubman's dominant Class A malls are still bustling and growing, yet TCO is down 25% YTD — management, not 'dead malls,' is the problem, with 50%+ upside if the board acts.
N4
V3
Nov 01, 2017
Marcato
Deckers Outdoor Corporation
DECK
Deckers' board missed every margin target and wasted $600m on retail bloat and Sanuk; replacing them enables UGG focus, non-core divestitures and a doubling to $135-158.
N4
V3
Sep 21, 2017
Trian Partners
The Procter & Gamble Company
PG
P&G's rebuttal deck is riddled with 50+ data errors designed to discredit Peltz; the real issue is ongoing market-share losses and bottom-quartile TSR that only a board seat can fix.
N4
V3
Sep 06, 2017
Trian Partners
The Procter & Gamble Company
PG
P&G's insular board and suffocating matrix have driven a decade of share loss; adding Nelson Peltz as one of 11 directors — Heinz/Mondelez/Wendy's tested — would revitalize the $65bn giant.
N4
V3
Sep 06, 2017
Trian Partners
The Procter & Gamble Company
PG
P&G's long-tenured Board has rewarded a decade of market-share loss and bottom-quartile EPS growth; electing Nelson Peltz adds the shareholder voice needed to fix innovation, productivity, M&A and governance.
N5
V4
Sep 01, 2017
Trian Partners
Automatic Data Processing (ADP)
ADP
ADP has delivered 203% TSR under CEO Rodriguez; Pershing Square owns just 2% of common stock and its nominees lack the HCM and technology experience to improve on this trajectory.
N4
V3
Aug 17, 2017
Pershing Square
Automatic Data Processing, Inc.
ADP
ADP is a sleeping giant earning 19% Employer Services margins versus peers' 35-40% potential; electing Pershing's nominees catalyzes a transformation worth 100%+ in under four years.
N5
V4
Jun 16, 2017
Muddy Waters
Man Wah Holdings
1999.HK
Man Wah's response fails to address Muddy Waters' core fraud allegations: suspicious Macau profit-shifting, export revenue gaps vs. Panjiva data, tax inconsistencies, and undisclosed debt all remain unexplained.
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