848 documents showing 421–480
The Walt Disney Company DIS
Disney should kill its $3bn dividend and plow every dollar into Disney+ content; subscriber LTV math and Adobe/Microsoft precedents show the re-rating dwarfs any dividend yield.
N4
V2
C2
⌂
GCP Applied Technologies GCP
Starboard rebuts GCP: stock has lagged peers on every milestone since the 2016 spin-off, and Starboard's superior director slate can finally drive the turnaround management hasn't delivered.
N4
V3
C3
⌂
”
⚑
GCP Applied Technologies GCP
Four years post-spinoff, GCP has lagged peers on growth, margins, and stock price under an insular, interconnected Board; replace nine directors and unlock ~600 bps of EBIT margin expansion.
N4
V3
C3
⌂
◫
”
⇌
⚑
Date
Fund
Target
Thesis
Scores
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
Dec 01, 2020
Land & Buildings
Multiple REIT subsectors (urban office, retail, business hotels, movie theaters)
Post-vaccine pent-up demand will mask permanent secular damage in urban office, retail, business hotels, and movie theaters — investors should sell the mirage, not buy it.
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 13, 2020
Citron Research
NIO Inc.
NIO
NIO trades at 17-18x NTM EV/Sales — double Tesla's multiple — as a Made-in-China Model Y near $41K threatens the ES6/EC6; Citron closes its 2018 long at a $25 price target.
N3
V2
Nov 12, 2020
Bonitas Research
China Harmony New Energy Auto Holding
3836.HK
research note
N1
V2
Nov 11, 2020
Elliott Management
Sampo Oyj
SAMPO
Sampo's crown-jewel IF P&C is mispriced because the Nordea bank stake and PE holdings have contaminated the equity story; separating them unlocks EUR 7bn+ / 35%+ upside.
N4
V4
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
Nov 05, 2020
Trian Partners
Invesco Ltd.
IVZ
Trian is now Invesco's second-largest shareholder with ~9.9% of common stock
N2
V2
Oct 07, 2020
Third Point
The Walt Disney Company
DIS
Disney should kill its $3bn dividend and plow every dollar into Disney+ content; subscriber LTV math and Adobe/Microsoft precedents show the re-rating dwarfs any dividend yield.
N4
V2
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
Sep 01, 2020
Kerrisdale Capital
AtriCure, Inc.
ATRC
AtriCure's 7.5x revenue valuation assumes stand-alone Convergent succeeds, but electrophysiologists won't refer, and PFA plus real-time mapping will obsolete surgical ablation.
N4
V3
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 19, 2020
Land & Buildings
D.R. Horton and Invitation Homes
DHI/INVH
COVID-19 has supercharged the suburban single-family thesis; entry-level homebuilder D.R. Horton and single-family rental REIT Invitation Homes trade 20%+ below highs despite accelerating demand.
N3
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
Bonitas Research
Pets at Home Group plc
LSE:PETS
research note
N1
V1
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
May 11, 2020
Starboard Value
GCP Applied Technologies
GCP
Starboard rebuts GCP: stock has lagged peers on every milestone since the 2016 spin-off, and Starboard's superior director slate can finally drive the turnaround management hasn't delivered.
N4
V3
May 06, 2020
Land & Buildings
Empire State Realty Trust
ESRT
Empire State Realty Trust is uniquely exposed to NYC's 'existential hurricane' — COVID, WFH, SALT cap, and WeWork's collapse crush demand while observation-deck revenue vanishes, driving shares substantially lower.
N3
V2
Apr 30, 2020
Starboard Value
GCP Applied Technologies
GCP
Four years post-spinoff, GCP has lagged peers on growth, margins, and stock price under an insular, interconnected Board; replace nine directors and unlock ~600 bps of EBIT margin expansion.
N4
V3
Apr 29, 2020
Grizzly Research
58.com Inc.
WUBA
WUBA's sudden $55 go-private offer from underfunded Ocean Link — announced the day after Luckin's fraud burst — is a sham price-support PR maneuver masking accounting fraud and COVID collapse.
N4
V3
Apr 28, 2020
TCI Fund
Wirecard AG
WDI
KPMG's failed audit of Wirecard's EUR 1bn trustee cash and TPA revenues creates a legal duty for the supervisory board to remove the CEO immediately.
N5
V2
Apr 22, 2020
Wolfpack Research
Inspire Medical Systems, Inc.
INSP
Inspire's surgical sleep-apnea implant is too invasive to ever scale — VA sales prove patients refuse it for free, while insiders have dumped $340M cashing out a fictional $10bn TAM story.
N4
V2
Apr 20, 2020
Hindenburg Research
New Pacific Metals
NUAG
Bolivia-focused silver developer New Pacific trades 17x peers on concessions likely acquired illegally under a now-ousted regime; Hindenburg targets C$0.37, 90%+ downside.
N5
V4
Apr 14, 2020
Citron Research
GSX Techedu
GSX
Citron argues GSX Techedu is a near-total fraud — the vast majority of claimed K-12 students are bots, revenues are fabricated, and the stock is a zero.
N4
V2
Apr 09, 2020
Grizzly Research
Innovative Industrial Properties
IIPR
Property-by-property forensic appendix shows IIPR overpaid for cannabis-grow real estate while tenants sit on empty or unbuilt sites, implying inflated rents and looming defaults.
N3
V2
Apr 09, 2020
Grizzly Research
Innovative Industrial Properties, Inc.
IIPR
IIPR is a cannabis REIT propped up by overpriced sale-leasebacks to insolvent tenants and sham markups; fair value is $22.29 versus a $69 share price.
N4
V2
Apr 09, 2020
Spruce Point Capital
Align Technology, Inc.
ALGN
Align's Invisalign moat is eroding as FDA-approved third-party 3D-printing labs and 3M Clarity undercut prices by 50-65%, driving 40-55% downside to $80-$115.
N4
V3
Apr 08, 2020
Muddy Waters
eHealth Inc.
EHTH
eHealth books three years of Medicare Advantage commissions upfront while true churn has spiked to 47%; corrected, every MA enrollee loses $135-$402 — a cash-incinerating stock promotion.
N5
V2
Apr 07, 2020
Wolfpack Research
iQIYI, Inc.
IQ
Wolfpack alleges iQIYI has been committing accounting fraud since before its 2018 IPO — inflating revenue 27-44% and DAUs 42-60% via dual memberships, sham acquisitions, and barter deals.
N4
V2
Apr 02, 2020
Spruce Point Capital
WD-40 Company
WDFC
WD-40 is a promotional, no-moat lubricant company hiding a balance-sheet hole and bloated inventory behind a 28x EBITDA multiple — Spruce Point sees 55-60% downside to $75-$85.
N5
V4
Mar 10, 2020
Spruce Point Capital
Amcor plc
AMCR
Amcor is a packaging roll-up masking 3-4% organic declines, obscured tobacco dependence, liquidity strain, and accounting red flags — including a CAO with a revoked CPA — with 40-60% downside to $3.60-$5.40.
N5
V4
Mar 04, 2020
Bonitas Research
JinkoSolar Holding Co., Ltd.
JKS
research note
N1
V1
Feb 25, 2020
Grizzly Research
GSX Techedu Inc.
GSX
GSX Techedu's too-good-to-be-true 70%+ margins and triple-digit growth are propped up by inflated profits, brushed student enrollments, alter-ego related parties, and suspected CAPEX fraud — it is a fraud worth zero.
N4
V2
Feb 10, 2020
Muddy Waters
NMC Health plc
NMC
Newly disclosed NMC share pledges corroborate Muddy Waters' hidden-debt thesis: likely Enron-style off-balance-sheet financing or subsidies from undisclosed Shetty-family related parties inflating margins.
N4
V1
Feb 10, 2020
Muddy Waters
Burford Capital
BUR
Burford's dismal H2 2019 — 85% YoY collapse in realized gains, Petersen sold to its own fund, vanishing cash, and a lost Perry Ellis ruling — validates Muddy Waters' short thesis on aggressive marks and a flawed model.
N4
V1
Feb 06, 2020
Spruce Point Capital
Dropbox, Inc.
DBX
Dropbox is a decelerating, commoditized storage business whose reported FCF is overstated ~2x; fair value is $6.60-$13, implying 25-60% downside from $17.60.
N4
V3
Feb 05, 2020
Pershing Square
Pershing Square Holdings (fund-level portfolio update)
PSH
Pershing Square's 2019 return to its concentrated activist playbook drove a 58.1% NAV year; two new positions (Agilent, Berkshire) and a 28.9% NAV discount extend the compounding runway.
N2
V3
Feb 04, 2020
Starboard Value
eBay Inc.
EBAY
eBay is deeply undervalued; separating Classifieds at peer-level ~22x EBITDA multiples and enforcing a more aggressive Marketplace cost and revenue plan would unlock substantial upside versus today's 8.1x multiple.
N4
V2
Feb 01, 2020
Grizzly Research
58.com Inc.
WUBA
58.com is an accounting house of cards: inflated SEC revenues, a $2.6bn Ganji goodwill that collapsed 95% post-acquisition, and serial insider spin-offs enriching the CEO and former co-chairman.
N4
V2
Jan 17, 2020
Wolfpack Research
Qutoutiao, Inc.
QTT
QTT's rebuttal is non-responsive: revenue, cash, interest income, customer advances, and related-party transactions still don't reconcile between its SEC filings and Chinese filings — the fraud case stands.
N4
V2
Jan 15, 2020
Spruce Point Capital
LHC Group, Inc.
LHCG
LHCG's 20.6x EBITDA multiple rests on phantom organic growth — excluding the failing Almost Family acquisition inflates growth ~500 bps, masking sub-2% reality and 35-65% downside to $60-$90.
N4
V4
Dec 19, 2019
Spruce Point Capital
Plug Power Inc.
PLUG
Plug Power's $1.5B valuation rests on a fake 'inflection to profitability' manufactured by ASC 842 lease accounting; strip the add-backs, face 80% dilution, and the stock trends to $0.
N5
V3
Dec 17, 2019
Muddy Waters
NMC Health plc
NMC.LN
NMC Health's UAE hospital empire is built on inflated capex, overstated cash, hidden reverse factoring and related-party self-dealing — Muddy Waters is short and sees deep, possibly fraudulent rot.
N5
V1
Dec 10, 2019
Wolfpack Research
Qutoutiao, Inc.
QTT
Qutoutiao is a low-tech China Hustle: ~74% of revenue is fabricated through fake accruals via in-house ad-agent Dianguan, and CEO Eric Tan funnels ad traffic to his own undisclosed related parties.
N4
V3
Dec 10, 2019
Citron Research
Peloton Interactive
PTON
Peloton trades at 2,286% above peers on EV per subscriber; once a cannibalizing app, undifferentiated hardware, and a March lockup wave hit, the stock collapses to $5.
N4
V2
Dec 05, 2019
Spruce Point Capital
Canadian Tire Corporation
CTC.A
Canadian Tire is an over-levered legacy retailer masking decline with aggressive accounting and risky credit card lending; looming downgrade forces asset sales and 35-50% downside to C$77-100.
N5
V4
Dec 01, 2019
Grizzly Research
Trulieve Cannabis Corp
TRUL
Trulieve's premium-grower story is a fraud: cultivation is mostly cheap hoop houses, profits rely on biological-asset mark-ups, and the CEO's husband sits at the center of an FBI corruption probe.
N4
V2
Nov 30, 2019
TCI Fund
Ferrovial
FER
TCI, a ~1% shareholder, commends Ferrovial's CDP 'A' grade but presses for stronger SBTI-aligned targets, RE100 membership, and leadership in de-carbonising aviation and road transport.
N2
V2
Nov 30, 2019
TCI Fund
S&P Global
SPGI
TCI, a ~1% holder, urges S&P Global to lead on climate disclosure: report fully to CDP, adopt a Paris-aligned transition plan, and push mandatory GHG disclosure across the companies it rates.
N3
V2
Nov 30, 2019
TCI Fund
Canadian Pacific Railway
CP
TCI, owner of ~8% of Canadian Pacific, demands the railroad close its CDP climate-disclosure gap versus peers CN and UNP and adopt a credible science-based transition plan.
N3
V2
Nov 30, 2019
TCI Fund
Airbus
AIR
TCI, a 1.5% Airbus shareholder since 2012, demands stronger climate disclosure, an A-grade CDP score, and Airbus leadership in mandating low-carbon synthetic aviation fuels — or TCI will vote against directors.
N2
V1