48 documents showing 1–48

Mar 01, 2026

Citron Research

Credit Acceptance Corporation CACC

Citron reverses course on CACC: with CFPB/NYAG overhang resolved Feb 13 2026, 61% of float retired, and an Amazon-bred CEO, fair value is $714 (16x 2026E EPS of $44.62).

N4 V3

Jan 16, 2025

Pershing Square

Fannie Mae / Freddie Mac FNMA / FMCC

Release Fannie and Freddie from conservatorship at a 2.5% capital standard and IPO them at ~$30+/share; Treasury's warrants generate ~$300bn while shares re-rate 5-6x from ~$6 today.

N5 V4

Jun 05, 2024

Scorpion Capital

Lasertec Corporation 6920

Lasertec — Japan's most-traded stock at $23B — is inflating inventory to hide that its flagship ACTIS EUV mask-inspection tool is defective; a 65-70% writedown will erase 85% of retained earnings.

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

Jun 01, 2019

Citron Research

FleetCor Technologies FLT

FleetCor's Clean Advantage carbon-offset program is a $100M+ green fraud — 97% of fees stay with FLT, demanding CEO Clarke's resignation and implying ~57% downside.

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

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

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

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

May 08, 2017

Greenlight Capital

Core Laboratories CLB

Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.

N5 V3

Nov 01, 2016

Elliott Management

Marathon Petroleum Corporation MPC

Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).

N4 V4

Nov 16, 2015

Elliott Management

American Capital, Ltd. ACAS

American Capital trades at 71% of NAV under a long-tenured board; Elliott urges shareholders to reject management's self-entrenching spin-out and force a strategic review for 24-63% upside.

N5 V4

Apr 22, 2015

Engaged Capital

Rovi Corporation ROVI

Rovi's entrenched board destroyed a decade of shareholder value while promising 'double-digit growth next year' every year; Engaged's nominees Lockwood and Rau bring operating credibility the incumbents lack.

N4 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 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

Jun 04, 2014

Muddy Waters

NQ Mobile NQ

NQ's own investigation committee confirmed widespread data tampering — the same pattern that preceded Sino-Forest's collapse — so Muddy Waters maintains its fraud rating.

N3 V2

Mar 11, 2014

Elliott Management

Riverbed Technology, Inc. RVBD

Riverbed's core WAN market is stagnant and the OPNET deal has disappointed; Elliott's $21 all-cash offer prices above peer and precedent-deal multiples, so the board should engage.

N3 V3

Feb 26, 2014

Oasis Management

Nintendo Co., Ltd. 7974.T

Nintendo should port Mario, Zelda and Donkey Kong to iOS/Android and buy a free-to-play studio — the casual gamer has moved to mobile, where $100bn of attention value awaits.

N3 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

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

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

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 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

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

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

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

Oct 18, 2011

Pershing Square

Fortune Brands Home & Security FBHS

FBHS is an orphaned post-spin cyclical at trough housing demand; even with no recovery it's worth $14, and normalization delivers $18-$27/share — ~70% upside.

N3 V3

Oct 17, 2011

Greenlight Capital

Green Mountain Coffee Roasters GMCR

GMCR's $9 EPS bull case ignores a smaller TAM, falling K-cup attachment rates, a September 2012 patent cliff, and accounting shenanigans at fulfillment agent MBlock — realistic EPS is ~$3.50.

N5 V2

Oct 16, 2011

Trian Partners

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.

N4 V3

Sep 14, 2011

Pershing Square

Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) HKD

Hong Kong's USD peg forces the booming HKD to import US ultra-accommodative monetary policy, fueling inflation and property bubbles; a 30% revaluation to 6:1 offers ~44x upside via cheap call options.

N5 V3

Sep 14, 2011

Third Point

Yahoo! Inc. YHOO

Yahoo's Asian assets and cash alone cover its $14 price; with a new board and unlocked 40% Alibaba stake, intrinsic value is $20-32 per share — 40-122% upside.

N4 V3

Aug 22, 2011

JANA Partners

The McGraw-Hill Companies MHP

McGraw-Hill's conglomerate structure masks four independently attractive assets; separating MH Education, Information & Media and the S&P Index business plus an accelerated buyback unlocks ~60% upside to ~$65.

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

May 25, 2011

Pershing Square

Family Dollar Stores FDO

Family Dollar runs a 37% EBIT/sqft productivity gap to Dollar General post-KKR; closing it via ops, a leveraged buyback, or sale unlocks ~$90/share (70% upside).

N5 V3

Apr 04, 2011

Muddy Waters

Duoyuan Global Water Inc. DGW

DGW is a massive fraud overstating revenue by 100x; forged PRC audits, empty factory, and related-party tunneling to Chairman Guo imply the stock is worth under $1.

N5 V2

Mar 02, 2011

Muddy Waters

China MediaExpress Holdings CCME

CCME is a fraud: a recorded salesperson admits doubling the bus count for SEC filings, and Chairman Cheng's rebuttal cited fabricated license plates — fair value $3.54 vs $12.27.

N4 V2

Feb 03, 2011

Muddy Waters

China MediaExpress Holdings CCME

CCME is a pump-and-dump: reported revenue is overstated ~5x, its bus network is half the claimed size, and management is cashing out — fair value $5.28 vs $16.61.

N4 V2

Nov 09, 2006

Pershing Square

Borders Group, Inc. BGP

Borders' high-quality Superstores franchise is obscured by money-losing Mall and International segments; rationalizing those while remodeling stores and buying back stock unlocks $36 vs. $21 today.

N4 V3