571 documents showing 481–540
Darden Restaurants, Inc. DRI
Darden's Board destroyed value by selling Red Lobster for ~1x EBITDA against shareholder will; replacing 12 directors unlocks a real estate spin, cost-cut turnaround, and peer-catchup upside.
N4
V2
C2
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athenahealth ATHN
athenahealth is the poster child of the cloud 'bubble basket' — strip Morgan Stanley's fantasy margin and revenue-per-doctor assumptions and the stock falls 80%+ toward a $50 adjusted DCF.
N5
V2
C2
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Sotheby's BID
Sotheby's sits on $1bn+ of excess capital while insiders own 0.8%; Third Point's slate brings aligned ownership to drive capital return, cost discipline, and higher ROE.
N4
V3
C3
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Sotheby's BID
Sotheby's Board has presided over a 42% EPS collapse despite global wealth tailwinds; electing Third Point's three nominees can restore owner perspective and more than double pro-forma EPS.
N4
V3
C3
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Darden Restaurants, Inc. DRI
Darden's rushed Red Lobster spin is the wrong deal at the wrong time — it traps ~$850M of real estate value and blocks a $1-2B REIT unlock; shareholders must call a Special Meeting to stop it.
N5
V3
C3
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PepsiCo, Inc. PEP
PepsiCo has chronically underperformed because its 'Power of One' holding-company structure suffocates Frito-Lay and Pepsi; separate them into two focused companies and the combined value will re-rate materially higher.
N5
V3
C2
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Bob Evans Farms, Inc. BOBE
Bob Evans trades at a conglomerate discount; spinning BEF Foods, monetizing 482 owned restaurants via sale-leaseback, and tendering at $58 unlocks ~$78.50/share.
N4
V3
C3
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Health Management Associates HMA
HMA's incumbent board destroyed 25% of independent value before rushing a sale to Community Health Systems; Glenview's Fresh Alternative board protects the deal and recovers upside.
N4
V2
C2
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Health Management Associates HMA
HMA's insular 17-year-tenure board drove a Lost Decade of <1% TSR; replace all directors with Glenview's blue-chip slate to fix governance, compensation, and capital allocation.
N5
V3
C3
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Spectra Energy Corp SE
Spectra Energy's conglomerate structure masks a premier energy infrastructure franchise; a three-step breakup — drop-down to SEP, WE IPO, DCP separation — unlocks $41-$48/share (32-55% upside).
N4
V3
C3
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Agrium AGU
Agrium rebuts JANA's break-up case: the sum-of-parts math is contrived, Retail already trades at ~9x within Agrium, and no analyst endorses JANA's methodology.
N4
V3
C3
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Agrium Inc. AGU
Agrium's board has no retail-distribution expertise to manage a business that's half its value; JANA's 5 nominees can unlock cost, capital and conglomerate-discount value worth hundreds of millions.
N4
V3
C3
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Date
Fund
Target
Thesis
Scores
Jan 29, 2015
Pershing Square
Pershing Square Portfolio (multi-position annual update)
Pershing Square delivered 40.4% net in 2014 — Allergan's sale to Actavis, Herbalife's 50% drop and Seifi Ghasemi's Air Products turnaround — and IPO'd PSH for permanent capital.
N3
V3
Nov 20, 2014
Muddy Waters
Superb Summit International Group Limited
1228.HK
Superb Summit's HK$773m of reported revenue belongs to a coal company it never owned, and its HK$1.5bn JFT acquisition is a sham valuation routed through a mystery intermediary.
N4
V2
Nov 06, 2014
Pershing Square
Herbalife Ltd.
HLF
Pershing urges Herbalife's first-ever Chief Compliance Officer to build a genuinely independent program, because a 4-million-distributor pyramid cannot survive real enforcement of its own rules.
N4
V2
Sep 11, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden trades at $48 because a corporate-heavy Board has buried a great restaurant company; the Brinker playbook — cost cuts, real estate separation, SRG spin, franchising — unlocks $67-$86 per share.
N5
V3
Sep 11, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden's brands and real estate are worth $67-$86/share vs. $48 today — replace the entire board to execute the Brinker playbook: operational turnaround, real-estate separation, SRG spin-off.
N5
V3
Sep 01, 2014
Starboard Value
Darden Restaurants
DRI
Darden's Board rebuts Starboard's REIT, Specialty Restaurants spin, and refranchising proposals as financial engineering built on inflated multiples and ignored friction costs that would jeopardize the dividend and credit profile.
N3
V3
Jul 06, 2014
Muddy Waters
NQ Mobile
NQ
NQ's July 3 disclosures vindicate the fraud thesis: the audit chair resigned, PwC will never sign off, and insiders front-ran the news by dumping stock.
N4
V2
May 22, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden's Board destroyed value by selling Red Lobster for ~1x EBITDA against shareholder will; replacing 12 directors unlocks a real estate spin, cost-cut turnaround, and peer-catchup upside.
N4
V2
May 20, 2014
Spruce Point Capital
iRobot Corp
IRBT
IRBT is a narrow consumer-vacuum company riding a robotics bubble; aggressive accounting, insider selling and a decaying moat point to $20-$25, or 25-40% downside.
N4
V3
May 05, 2014
Greenlight Capital
athenahealth
ATHN
athenahealth is the poster child of the cloud 'bubble basket' — strip Morgan Stanley's fantasy margin and revenue-per-doctor assumptions and the stock falls 80%+ toward a $50 adjusted DCF.
N5
V2
Apr 22, 2014
Marcato
Sotheby's
BID
Sotheby's sits on $1bn+ of excess capital while insiders own 0.8%; Third Point's slate brings aligned ownership to drive capital return, cost discipline, and higher ROE.
N4
V3
Apr 13, 2014
Muddy Waters
NQ Mobile
NQ
NQ Mobile's surprise Q4 loss and negative cash flow under PwC's tougher audit confirm Muddy Waters' fraud thesis: revenue, acquisitions, and cash balances are all fabricated.
N4
V2
Apr 01, 2014
Carl Icahn
eBay
EBAY
13D Monitor backs Icahn's eBay campaign: the board's Silicon-Valley-insulated directors can't even recognize their conflicts, so Icahn needs two seats and a PayPal spin to fix it.
N3
V2
Apr 01, 2014
Third Point
Sotheby's
BID
Sotheby's Board has presided over a 42% EPS collapse despite global wealth tailwinds; electing Third Point's three nominees can restore owner perspective and more than double pro-forma EPS.
N4
V3
Mar 31, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden's rushed Red Lobster spin-off traps ~$850m of real estate value at a trough multiple; shareholders must force a Special Meeting to halt this irreversible mistake.
N4
V3
Mar 31, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden's rushed Red Lobster spin is the wrong deal at the wrong time — it traps ~$850M of real estate value and blocks a $1-2B REIT unlock; shareholders must call a Special Meeting to stop it.
N5
V3
Feb 19, 2014
Trian Partners
PepsiCo, Inc.
PEP
PepsiCo has chronically underperformed because its 'Power of One' holding-company structure suffocates Frito-Lay and Pepsi; separate them into two focused companies and the combined value will re-rate materially higher.
N5
V3
Dec 19, 2013
Muddy Waters
NQ Mobile, Inc.
NQ
NQ Mobile's independent-committee fraud probe is structurally compromised; Muddy Waters offers to fund Plante & Moran to audit the auditors and protect investors from another China-fraud whitewash.
N4
V2
Nov 12, 2013
Muddy Waters
NQ Mobile
NQ
NQ Mobile's credible-looking US management is a veneer hiding a $1.1bn fraud — Mathison conceals JCAP ties, Co-CEO Khan knows nothing, and pre-IPO partners include a convicted racketeer.
N4
V1
Nov 06, 2013
Muddy Waters
NQ Mobile
NQ
NQ Mobile's largest purported revenue source, Yidatong, is a controlled shell whose offices, tax filings, and carrier records all contradict NQ's story — we maintain a <$1 target.
N4
V2
Nov 01, 2013
Muddy Waters
NQ Mobile (NetQin)
NQ
Muddy Waters maintains its sub-$1 price target on NQ Mobile after Chinese media reporting confirms that ZTE, Huawei, Lenovo and Coolpad never had the pre-installation partnerships NQ claims.
N3
V1
Oct 29, 2013
Muddy Waters
NQ Mobile
NQ
NQ Mobile's Oct 25 rebuttal of Muddy Waters' fraud report contained ten provable lies — Yidatong is NQ, revenue and market share are fabricated; reiterating price target under $1.
N4
V2
Oct 24, 2013
Muddy Waters
NQ Mobile Inc.
NQ
NQ Mobile is a 'China Fraud 2.0': 72%+ of China revenue is fictitious, real market share is 1.4% not 55%, and the $127.9M cash balance is likely forged — target price under $1.
N4
V2
Sep 02, 2013
Muddy Waters
Olam International
OLAM
Ten months after our initial short, Olam's FY13 results confirm the thesis: 1.8% ROA, S$800m cash burn, ossified board, no acknowledgement of the over-leverage problem.
N3
V1
Sep 01, 2013
Sandell
Bob Evans Farms, Inc.
BOBE
Bob Evans trades at a conglomerate discount; spinning BEF Foods, monetizing 482 owned restaurants via sale-leaseback, and tendering at $58 unlocks ~$78.50/share.
N4
V3
Aug 12, 2013
Muddy Waters
American Tower Corporation
AMT
AMT's $811M purchase of 4,456 NIHD towers at 21x EBITDA is a de facto loan to a near-bankrupt counterparty, masking weak growth and compounding accounting red flags from the prior Site Sharing deal.
N4
V1
Aug 02, 2013
Starboard Value
Office Depot, Inc.
ODP
Office Depot's entrenched board has destroyed value for years; replace four incumbents with Starboard's retail-experienced nominees to lift operating margins from 0.9% to 7.3% — standalone or merged with OfficeMax.
N4
V3
Aug 01, 2013
Muddy Waters
American Tower
AMT
AMT's international growth is a de facto lending / FX carry trade masking deteriorating economics, and ~$250M appears to have vanished from its Site Sharing acquisition.
N4
V1
Aug 01, 2013
Glenview
Health Management Associates
HMA
HMA's incumbent board destroyed 25% of independent value before rushing a sale to Community Health Systems; Glenview's Fresh Alternative board protects the deal and recovers upside.
N4
V2
Jul 17, 2013
Muddy Waters
American Tower Corp
AMT
AMT is a Strong Sell at $44.57 (40% downside): a $250M Brazil accounting discrepancy hints at fraud, international growth is a disguised lending/carry trade, and Wi-Fi will erode tower economics.
N4
V2
Jul 01, 2013
Glenview
Health Management Associates
HMA
HMA's insular 17-year-tenure board drove a Lost Decade of <1% TSR; replace all directors with Glenview's blue-chip slate to fix governance, compensation, and capital allocation.
N5
V3
Jun 01, 2013
Sandell
Spectra Energy Corp
SE
Spectra Energy's conglomerate structure masks a premier energy infrastructure franchise; a three-step breakup — drop-down to SEP, WE IPO, DCP separation — unlocks $41-$48/share (32-55% upside).
N4
V3
May 13, 2013
Starboard Value
DSP Group, Inc.
DSPG
DSP has burned $557M on failed new products while its profitable cordless-telephony core erodes; new independent directors can right-size costs and unlock SiTel-level margins.
N4
V3
May 08, 2013
Pershing Square
Procter & Gamble
PG
P&G is a world-class franchise vastly under-earning under a distracted CEO McDonald; restoring 5% growth and 24% EBIT margins lifts EPS to $6 and shares 60% to $125.
N4
V3
Apr 30, 2013
Starboard Value
Tessera Technologies Inc.
TSRA
Tessera has squandered $517M on the failing Digital Optics business while its core patent-licensing franchise shrinks; Starboard's six-director slate and IP-focused plan can unlock best-in-class 60-70% EBITDA margins.
N4
V3
Apr 15, 2013
Elliott Management
Hess Corporation
HES
Hess's world-class assets are squandered by 17 years of John Hess's undisciplined, unaccountable leadership; electing Elliott's five nominees unlocks $96-128 per share of intrinsic value.
N5
V4
Apr 09, 2013
Pershing Square
Herbalife, Ltd.
HLF
Herbalife is an illegal pyramid scheme: ~92% of distributor income comes from recruiting rather than retail, and the top 1% extracts 88% of rewards.
N4
V2
Mar 01, 2013
Elliott Management
Hess Corporation
HES
Hess underperformed peers by 460% over 17 years of restructurings; splitting the conglomerate into a Bakken pure-play and an international E&P unlocks $128/share.
N5
V4
Mar 01, 2013
Relational Investors
The Timken Company
TKR
Timken's bearings-plus-steel conglomerate masks value; separating the two pure-plays unlocks 29% upside to $68 and ends Timken-family board capture entrenching the status quo.
N4
V3
Feb 19, 2013
JANA Partners
Agrium
AGU
Agrium rebuts JANA's break-up case: the sum-of-parts math is contrived, Retail already trades at ~9x within Agrium, and no analyst endorses JANA's methodology.
N4
V3
Feb 08, 2013
Muddy Waters
Olam International Ltd.
OLAM
Olam's Q2 2013 results confirm Muddy Waters' Strong Sell thesis: debt is spiraling (9.5x EBITDA), cash is burning, and management's acquisitions and Gabon project reveal haphazard planning.
N3
V1
Jan 29, 2013
Elliott Management
Hess Corporation
HES
Hess trades at a steep discount because its unfocused portfolio and poor execution mask premier Bakken acreage; spin the resource co., replace the board, and unlock ~150% upside to $126.
N5
V4
Jan 24, 2013
Muddy Waters
Focus Media Holding Ltd.
FMCN
New BVI registry evidence proves FMCN lied about its mobile-phone VIE acquisitions, reinforcing the long-running fraud thesis just as Carlyle's LBO consortium prepares to overpay.
N4
V1
Jan 18, 2013
TPG-Axon
SandRidge Energy
SD
CEO Tom Ward's family entities systematically flipped Mississippian Lime mineral rights to SandRidge and competed for adjacent acreage—evidence of self-dealing that warrants a board investigation and potential termination.
N4
V3
Jan 01, 2013
JANA Partners
Agrium Inc.
AGU
Agrium's board has no retail-distribution expertise to manage a business that's half its value; JANA's 5 nominees can unlock cost, capital and conglomerate-discount value worth hundreds of millions.
N4
V3
Dec 20, 2012
Pershing Square
Herbalife Ltd.
HLF
Herbalife is an illegal pyramid scheme masquerading as a nutrition company; its $4.8bn market cap rests on recruiting, not real retail demand, and the stock should go to zero.
N5
V3
Dec 20, 2012
Pershing Square
Herbalife Ltd.
HLF
Herbalife is an illegal pyramid scheme: distributors profit from recruiting not retail, the top 1% captures 88% of rewards, and the stock is ultimately worth zero.
N5
V4
Dec 04, 2012
Muddy Waters
Olam International
OLAM
Olam's surprise $750m Temasek-backed debt raise — at an effective cost over 10% — validates Muddy Waters' thesis that the company is days from collapse; Strong Sell maintained.
N3
V2
Nov 30, 2012
Muddy Waters
Olam International
OLAM
Olam's 45-page rebuttal ducks Muddy Waters' real points; we'll pay S&P to rate Olam's debt and prove the market underprices its accounting and acquisition risk.
N4
V2
Nov 27, 2012
Muddy Waters
Olam International Ltd.
SGX:O32
Olam is an Enron-style agri trader whose aggressive non-cash accounting, off-the-rails CapEx binge, and 9.3x leverage mask a failing trading business — equity likely worthless, bonds 14-33¢.
N5
V2
Oct 01, 2012
Sandell
TPC Group Inc.
TPCG
TPC Group's $40/share take-private by First Reserve/SK Capital is a self-dealt, low-balled sale; a proper auction plus MLP re-rating would deliver materially higher value to shareholders.
N4
V2
Jul 18, 2012
Muddy Waters
New Oriental Education & Technology Group
EDU
New Oriental is hiding an extensive franchising operation, filing fraudulent tax-exempt financials in Beijing and using a cosmetic VIE — expect a restatement and Deloitte to resign.
N5
V2
May 31, 2012
Elliott Management
BMC Software
BMC
BMC's strong assets are trapped under an unengaged board and CEO Beauchamp who keeps missing his own targets; electing Elliott's four tech nominees opens a sale and long-overdue value.
N5
V3
May 23, 2012
Starboard Value
AOL, Inc.
AOL
AOL's board lets management burn Access/Search cash on a Display strategy losing $500M+ a year; elect three Starboard nominees to enforce discipline and restructure or exit Patch.
N4
V3
May 16, 2012
Pershing Square
J.C. Penney Company, Inc.
JCP
JCP has been chronically mismanaged for 20 years; new CEO Ron Johnson (ex-Target, ex-Apple Retail) with a dream team and a mall-within-a-mall remake can take the stock from $26 to $77-$125 by 2014.
N5
V4
Feb 09, 2012
Muddy Waters
Focus Media Holding
FMCN
FMCN's 'independent' verification of its 185,174 LCD network counted 30,500 cardboard posters as LCDs, confirming Muddy Waters' fraud thesis and impugning all reported financials.
N5
V2
Feb 06, 2012
Pershing Square
Canadian Pacific Railway
CP
CP is the worst-performing Class I railroad under Fred Green; replacing him with Hunter Harrison — who transformed CN via Precision Scheduled Railroading — closes the peer gap and unlocks ~$140/share.
N5
V4
Jan 06, 2012
Muddy Waters
Focus Media Holding
FMCN
FMCN's bizarre acquisition of a tiny border-town ginseng plantation from its own employee is fresh evidence the 'Olympus of China' is using fake M&A to launder fake cash off its books.
N4
V1
Dec 09, 2011
Muddy Waters
Focus Media Holding
FMCN
FMCN's promise to have 'reputable' Chinese firms verify its LCD network is worthless — CTR, the firm most likely to be hired, previously rubber-stamped CCME's fabricated bus network.
N4
V2
Nov 29, 2011
Muddy Waters
Focus Media Holding
FMCN
FMCN's rebuttal concedes Muddy Waters' core claims — inflated LCD network, 1,758% theater market share, phantom VIE acquisitions, and brazen insider self-dealing make the shares un-investable.
N4
V2