24 documents showing 1–24
BP plc BP
BP under Lund and Looney's failed energy-transition strategy has produced sector-worst TSR, a record valuation discount, and governance failures — the board must engage with dissenting shareholders.
LivePerson, Inc. LPSN
LivePerson's Founder-CEO LoCascio has destroyed value and ignored governance; Starboard is launching a 2023 proxy fight to force a CEO change or sale of the company.
LivePerson, Inc. LPSN
Founder-CEO Rob LoCascio's unchecked power has produced repeated missed commitments and a 70% stock decline from peak
LivePerson, Inc. LPSN
Founder-CEO LoCascio has lowest Glassdoor approval among peers; toxic culture rewards loyalty over performance
Huntsman Corporation HUN
Huntsman failed all 2016 and 2018 Investor Day EBITDA and share-price promises
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.
Forward Air Corporation FWRD
Forward Air's acquisition-led growth strategy has decimated its core LTL margins; Ancora's nominees will restore operating discipline and unlock ~50% upside to $130-$135/share.
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.
Arconic Inc. ARNC
Arconic CEO Kleinfeld's veiled-extortion letter to Paul Singer forces his ouster; Elliott demands independent investigation, removal of complicit directors, and protection from whatever scheme Kleinfeld set in motion.
Buffalo Wild Wings BWLD
Buffalo Wild Wings should reverse course on low-return franchisee buy-ins, refranchise to 90% by 2020, recapitalize, and fix incentives — unlocking ~180% upside to ~$402.
Viacom VIAB
Viacom's absent chair Redstone and overpaid CEO Dauman have driven a lost decade; replacing leadership, cutting $400M SG&A and launching OTT unlocks up to 135% upside to $95.90.
H.J. Heinz Company HNZ
Retrospective of Trian's 2006 Heinz campaign: a 13D white paper and proxy-won board seats drove brand reinvestment and cost discipline, delivering 178% TSR versus 40% for the S&P 500.
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.
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.
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.
PepsiCo, Inc. PEP
PepsiCo's snacks and beverages are structurally incompatible — Trian demands a Mondelez merger plus beverage spin (or a clean snacks/beverages separation), unlocking up to $175/share by 2015 vs. $85 today.
Nintendo Co., Ltd. 7974.T
Nintendo trades at 0.9x book with 67% of market cap in net cash; publishing Mario and Pokémon on iOS/Android unlocks freemium upside of 97-240%.
Hess Corporation HES
Hess intrinsic value is over $126/share — 94-153% upside to the current price
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.
State Street Corporation STT
State Street subsidized growth at the expense of profitability; committing to 35% EBT margins, capital return, and a possible SSgA spin can lift shares from $34 to ~$99 by 2014.
Wendy's International WEN
Wendy's is 93% a brand-royalty and real-estate business masquerading as a restaurant chain
Whole Foods Market, Inc. WFMI
Time Warner Inc. TWX
Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.
McDonald's Corporation MCD
McDonald's is fundamentally not a restaurant company — 78-86% of EBITDA comes from Brand McDonald's