59 documents showing 1–59

Feb 20, 2026

Spruce Point Capital

Nova Minerals Limited NVA

Nova Minerals' 'Qualified Person' geologist can't be verified to have graduated, management ties to market-manipulation figures, and shares trade at 48.7x resources vs 18.8x peer median — 45-60% downside, up to 100%.

N4 V3

Nov 12, 2025

Spruce Point Capital

IperionX Ltd. IPX

Spruce Point shorts IperionX: its 'revolutionary' HAMR titanium process is unlikely to displace 70-year Kroll, customers are absent, and the $1.2bn market cap implies 70-95% downside risk.

N4 V3

Feb 19, 2025

Ancora

United States Steel Corporation X

U.S. Steel has lagged peers by 227 points under Burritt; with the Nippon deal dead, Ancora's slate would install Stelco-turnaround CEO Kestenbaum to fix the company as a standalone public co.

N4 V4

Dec 10, 2024

Ancora

Amcor plc (pro forma Amcor-Berry Global combination) AMCR

The Amcor-Berry merger creates a $36B packaging leader; executing $650M of conservatively-estimated synergies and a re-rate from 8x to 11x EBITDA delivers ~$16/share, a 50-70% upside.

N3 V3

Dec 01, 2024

Palliser Capital

Rio Tinto RIO

Rio Tinto's 29-year-old dual-listed structure has destroyed ~US$50bn of value; unifying into a single Ltd-led entity unlocks +27% near-term upside and restores scrip-M&A firepower.

N5 V4

Apr 03, 2024

Greenlight Capital

Solvay SA SOLB BB

Post-spin Solvay — a #1 essential-chemicals business — trades at ~7x trough 2024 EPS with ~10% dividend yield; normalized 2028 earnings support roughly doubling the stock.

N4 V3

Dec 11, 2023

Wolfpack Research

Ramaco Resources, Inc. METC

Wolfpack is short METC: Brook Mine's REE concentration sits below crustal average, processing economics imply an $88bn loss, and insiders have dumped $96M into WSJ-fueled hype.

N4 V2

Apr 12, 2023

Bluebell Capital

Glencore Plc GLEN

Glencore's unsolicited Teck bid is structurally flawed; Glencore should first demerge thermal coal, Oil Marketing and Viterra, then merge with Teck to unlock a world-class transition-metals leader.

N4 V1

Feb 06, 2023

Starboard Value

Rogers Corporation ROG

Starboard's 6.5% stake in Rogers Corporation backs a board slate of specialty-materials veterans, arguing undervalued shares warrant fresh director expertise after the failed DuPont sale.

N2 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 10, 2022

Starboard Value

Huntsman Corporation HUN

Huntsman has chronically underperformed chemicals peers and missed three straight Investor Day targets; Starboard (8.6%) seeks four new directors to restore accountability and unlock value.

N4 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

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

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 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 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

May 12, 2021

Greenlight Capital

Teck Resources TECK

Teck is the overlooked pick-axes play on the EV/green-electrification copper boom — QB2 doubles its copper mix and at forward-curve copper the stock is worth ~C$59, nearly double.

N4 V2

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

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

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

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

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

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 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

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

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

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

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

May 31, 2017

Muddy Waters

Asanko Gold Inc. AKG

Muddy Waters is short AKG: flawed geology, a collapsing Nkran pit, and a 2018 liquidity crunch make the Ghana gold miner highly likely to end up a zero.

N4 V2

May 16, 2017

Elliott Management

BHP Billiton BHP

BHP's chronic underperformance stems from value-destructive petroleum bets and an obsolete DLC structure; demerging US petroleum, unifying the DLC and returning capital unlocks c.US$46bn.

N5 V4

Apr 10, 2017

Elliott Management

BHP Billiton BHP

BHP's DLC structure, stranded US petroleum, and undisciplined capital allocation depress value; unifying, demerging, and running 14% discounted buybacks unlocks ~49% upside and US$46bn.

N5 V3

Apr 22, 2015

Trian Partners

E. I. du Pont de Nemours and Company DD

DuPont is a chronically underperforming conglomerate; electing Trian's four nominees forces structural review, cost cuts, and governance reform to unlock $120+/share by 2017 — a 21% IRR.

N5 V4

Apr 21, 2015

Trian Partners

E.I. du Pont de Nemours and Company DD

DuPont is bottom-quartile under Ellen Kullman; electing Trian's four nominees unlocks $120/share by 2017 by cutting $2-4bn of excess corporate costs and ending 'crony' compensation.

N5 V4

Apr 21, 2015

Trian Partners

E.I. du Pont de Nemours and Company (DuPont) DD

DuPont is a chronically underperforming conglomerate bloated with $2-4bn of excess costs; putting Trian on the board unlocks a $120+/share, 21% IRR path by 2017.

N5 V3

Apr 17, 2015

Trian Partners

E.I. du Pont de Nemours and Company (DuPont) DD

DuPont is a chronic underperformer under CEO Kullman; electing Nelson Peltz and three nominees unlocks $2-4bn of excess costs and drives DuPont stock to $120 by 2017 (21% IRR).

N4 V3

Apr 16, 2015

Trian Partners

E. I. du Pont de Nemours and Company DD

DuPont's consolidated structure masks ~86% upside; separating GrowthCo, Performance Chemicals, and CyclicalCo/CashCo plus peer-level margins delivers an implied $122 target value by end-2017.

N3 V3

Apr 13, 2015

Trian Partners

E.I. du Pont de Nemours and Company DD

DuPont is a bloated conglomerate hiding $2-4bn of excess corporate costs and crony compensation; Trian's board nominees can unlock $120/share by 2017 — a 21% IRR.

N4 V3

Feb 17, 2015

Trian Partners

E.I. du Pont de Nemours and Company (DuPont) DD

DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.

N5 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

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

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

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

Dec 01, 2011

Sandell

Tronox Incorporated TROX

Post-Exxaro Tronox is the lowest-cost, fully-integrated TiO2 producer; levering up for a $24-$43/share special dividend plus relisting unlocks $183-$194/share, 56-66% upside.

N3 V2

Oct 01, 2011

Sandell

Rubicon Limited RBC

Rubicon's NZ-listed holdco structure hides two world-class US assets — ArborGen and Tenon — that a Tenon auction, ArborGen NASDAQ relisting, and three new shareholder directors can unlock for 200-300%+ upside.

N4 V3

Jun 20, 2011

Muddy Waters

Sino-Forest Corporation TRE

Sino-Forest claims Huaihua Yuda is unrelated, but Muddy Waters shows Sonic Jita was once owned by TRE executives and still shares a key executive — undisclosed related-party transactions contradicting CEO Allen Chan's guarantees.

N4 V1

Jun 13, 2011

Muddy Waters

Sino-Forest Corporation TRE

TRE management's evasive Q1 call answers — unfinished E&Y review, undisclosed related parties, an unnecessary AI model, and dropped analyst questions — reinforce Muddy Waters' fraud thesis on Sino-Forest.

N3 V1

Jun 02, 2011

Muddy Waters

Sino-Forest Corporation TRE

Sino-Forest is a fraud: its Authorized Intermediary structure fabricates timber revenue, its Yunnan holdings are overstated by ~$900M, and equity is worth less than $1 vs. $18.21.

N5 V2

Jul 22, 2010

Muddy Waters

Orient Paper, Inc. ONP

AMEX-listed Orient Paper is a Chinese reverse-merger fraud: tax records, shell-company suppliers, and customer interviews show revenues and profits are fabricated by orders of magnitude.

N4 V1

Jul 13, 2010

Muddy Waters

Orient Paper, Inc. ONP

ONP secretly swapped its paper-machine order from corrugating medium to kraft board to salvage a technically impossible 360,000-ton output claim, while overpaying the vendor $13-14 million.

N3 V1

Jul 06, 2010

Muddy Waters

Orient Paper, Inc. ONP

ONP claimed to own its China operating company HBOP for 16 months when it didn't, and replaced 80% of its top 10 customers while growing sales 56.5% — both flag fraud.

N4 V1

Jul 02, 2010

Muddy Waters

Orient Paper Inc. ONP

Muddy Waters stands by its ONP fraud thesis: the Baoding factory is incapable of producing reported output, and the 'rejected $300K research fee' vendetta narrative is fabricated.

N4 V1

Jul 01, 2010

Muddy Waters

Orient Paper, Inc. ONP

Muddy Waters reaffirms ONP is a fraud: SAIC-filed PRC financials, impossible equipment claims, and bogus acquisitions contradict ONP's SEC filings; Strong Sell.

N4 V1

Jun 28, 2010

Muddy Waters

Orient Paper Inc. ONP

Orient Paper is a fraud — revenues overstated 27x in 2008 and ~40x in 2009, assets inflated 10x, ~$30M of investor raises misappropriated; fair value under $1 vs. $8.43.

N5 V2

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Viceroy Research

Quintis Limited QIN

Quintis is a Ponzi-like Australian sandalwood MIS where bogus sales channels, CEO cash-skimming via Arwon Finance, and conflicted experts mask fraud — equity worth $0.00.

N4 V2