73 documents showing 1–60
Phillips 66 PSX
Phillips 66's conglomerate structure masks value; electing Elliott's four nominees to execute the Streamline 66 plan and fix governance lifts shares from $103 to $180+ (75% upside).
N4
V4
C4
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Phillips 66 PSX
Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.
N5
V4
C4
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Phillips 66 PSX
Phillips 66's dilutive midstream pivot has destroyed TSR versus refining peers; a midstream spin and refreshed governance — as at Marathon and Suncor — can unlock the buried value.
N4
V4
C4
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Phillips 66 PSX
Phillips 66's conglomerate discount and lagging refining execution have cost shareholders 450% vs peers; spinning midstream, divesting CPChem, and refreshing the board unlock ~75% upside to $183.
N5
V4
C4
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Phillips 66 PSX
Phillips 66's conglomerate structure has trapped value and lagged peers by 97% over 5 years; spinning midstream, fixing refining and refreshing the board unlocks ~75% upside to $183/share.
N5
V4
C4
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Nestlé S.A. NESN
Nestlé has been too slow to adapt to a changing consumer industry; adopting a #NestléNOW mindset — sharper strategy, bolder portfolio divestitures including the L'Oréal stake, and a three-division split — can double EPS by 2022.
N5
V4
C4
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Monotype Imaging Holdings Inc. TYPE
Monotype's three-year acquisition spree (Olapic, Swyft) destroyed $500M+ of value and halved EBITDA margins; Starboard demands four new directors to refocus on the core font franchise.
N4
V3
C3
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Epiq Systems, Inc. EPIQ
Epiq's board has insulated management through chronic guidance misses, a failed Iris acquisition and governance entrenchment; electing Villere's alternate slate is the unique opportunity to unlock value.
N4
V3
C3
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Yahoo! Inc. YHOO
Three years of failed turnaround have collapsed Yahoo's Core Business; Starboard demands a competitive sale process and leadership change, or it will launch an election contest.
N4
V2
C2
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Yahoo! Inc. YHOO
Yahoo's Core Business is collapsing because of $550M of self-inflicted cost bloat; cutting costs and replacing the Microsoft search deal can restore profitability without touching Alibaba.
N4
V2
C3
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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
C3
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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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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.
N5
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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Date
Fund
Target
Thesis
Scores
May 15, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's conglomerate structure masks value; electing Elliott's four nominees to execute the Streamline 66 plan and fix governance lifts shares from $103 to $180+ (75% upside).
N4
V4
May 12, 2025
Carl Icahn
Phillips 66
PSX
Phillips 66's refining-plus-midstream conglomerate trades at a 6.1x discount to an 8.1x SOTP; breaking it up and replacing complacent directors unlocks ~75% upside to $183.
N5
V4
May 06, 2025
Carl Icahn
Phillips 66
PSX
Phillips 66 has underperformed Marathon by 511% under a complacent board; electing Elliott's four nominees and spinning Midstream/CPChem/JET unlocks ~75% upside ($103 → $183).
N5
V4
May 06, 2025
Elliott Management
Phillips 66
PSX
Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.
N5
V4
May 01, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's dilutive midstream pivot has destroyed TSR versus refining peers; a midstream spin and refreshed governance — as at Marathon and Suncor — can unlock the buried value.
N4
V4
Apr 28, 2025
Carl Icahn
Phillips 66
PSX
Phillips 66's refining/midstream conglomerate has trailed peers 450% since spin; spinning midstream, refocusing refining, and seating four new directors targets 75% upside to $183.
N5
V4
Apr 28, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's conglomerate discount and lagging refining execution have cost shareholders 450% vs peers; spinning midstream, divesting CPChem, and refreshing the board unlock ~75% upside to $183.
N5
V4
Apr 28, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's conglomerate structure has trapped value and lagged peers by 97% over 5 years; spinning midstream, fixing refining and refreshing the board unlocks ~75% upside to $183/share.
N5
V4
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
Jan 16, 2025
Pershing Square
Fannie Mae and Freddie Mac
FNMA/FMCC
Fannie and Freddie have already repaid Treasury at an 11.6% IRR; releasing them from conservatorship via modest IPOs unlocks ~$300bn of warrant value for taxpayers within two years.
N5
V4
Apr 03, 2023
Scorpion Capital
Harmony Biosciences
HRMY
Scorpion petitions the FDA to pull Wakix (pitolisant), arguing the H3-receptor drug is inherently cardiotoxic, clinically inferior to $10 modafinil, and approved on fraud-tainted Russian trials.
N4
V1
May 01, 2022
Carl Icahn
McDonald's Corporation
MCD
McDonald's board broke a 10-year promise to end gestation crates; replace Penrose and Lenny with two ESG experts to fix systemic governance and sustainability failures.
N4
V3
Apr 26, 2022
Sachem Head
US Foods Holding Corp.
USFD
Sachem Head owns 8.7% of US Foods and is running a proxy fight to install five directors who can close the Sysco margin gap and deliver ~100% upside.
N4
V3
Feb 11, 2022
Pershing Square
Pershing Square Holdings (fund portfolio)
PSH
PSH delivered 26.9% NAV return in 2021 and 50.1% 3-year CAGR, beating most major indices
N2
V3
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
Apr 08, 2021
Spruce Point Capital
Porch Group Inc
PRCH
Porch is 'Active Network 2.0' run by the same CEO — a money-losing lead-gen business dressed as SaaS, with barter accounting and hidden debt implying 50%-70% downside to $5-$8.
N4
V3
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
Aug 07, 2019
Muddy Waters
Burford Capital Ltd.
BUR LN
Burford is a poor litigation-finance business masquerading as a great one through Enron-like fair value accounting, four-case concentration, and a CEO-wife CFO — and is arguably insolvent.
N5
V2
Aug 07, 2018
Spruce Point Capital
Maxar Technologies
MAXR
Maxar's MDA-DigitalGlobe merger masks a collapsing satellite cycle and the most aggressive accounting Spruce Point has ever seen, leaving 5.8x-levered MAXR with 100% downside risk.
N5
V3
Jul 01, 2018
Third Point
Nestlé S.A.
NESN
Nestlé has been too slow to adapt to a changing consumer industry; adopting a #NestléNOW mindset — sharper strategy, bolder portfolio divestitures including the L'Oréal stake, and a three-division split — can double EPS by 2022.
N5
V4
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
Mar 16, 2018
Spruce Point Capital
Kratos Defense & Security Solutions
KTOS
Kratos is an overhyped drone play run by executives tied to the Titan FCPA scandal; with the weakest margins in defense and a recent Director fraud indictment, we see 40%-70% downside.
N4
V3
Feb 13, 2018
Starboard Value
Monotype Imaging Holdings Inc.
TYPE
Monotype's three-year acquisition spree (Olapic, Swyft) destroyed $500M+ of value and halved EBITDA margins; Starboard demands four new directors to refocus on the core font franchise.
N4
V3
May 11, 2017
Pershing Square
Herbalife
HLF
Post-2012-short results confirm Herbalife's pyramid thesis: individual markets pop-and-drop, Q1'17 China growth is a pull-forward illusion, and questionable EPS add-backs mask structural decline.
N4
V3
Jul 20, 2016
Pershing Square
Herbalife
HLF
The FTC's July 2016 Herbalife complaint and forced restructuring vindicate Pershing's pyramid-scheme short thesis; normalized EPS collapses to $1.42–$2.22, far below the ~$65 share price.
N5
V3
Apr 06, 2016
Marcato
Epiq Systems, Inc.
EPIQ
Epiq's board has insulated management through chronic guidance misses, a failed Iris acquisition and governance entrenchment; electing Villere's alternate slate is the unique opportunity to unlock value.
N4
V3
Mar 24, 2016
Starboard Value
Yahoo! Inc.
YHOO
Yahoo's board has failed for years on operations, capital allocation, and governance; replace it with Starboard's nine nominees to run a credible Core Business sale and unlock value.
N3
V2
Jan 06, 2016
Starboard Value
Yahoo! Inc.
YHOO
Three years of failed turnaround have collapsed Yahoo's Core Business; Starboard demands a competitive sale process and leadership change, or it will launch an election contest.
N4
V2
Aug 10, 2015
Starboard Value
Yahoo! Inc.
YHOO
Yahoo's Core Business is collapsing because of $550M of self-inflicted cost bloat; cutting costs and replacing the Microsoft search deal can restore profitability without touching Alibaba.
N4
V2
Aug 01, 2015
Pershing Square
Herbalife Ltd.
HLF
Herbalife's fastest-growing segment — China, ~10% of sales — operates as an illegal pyramid scheme, with royalties disguised in SEC filings as 'China Sales Employees' SG&A to hide identical multi-level compensation.
N5
V2
Jun 26, 2015
Pershing Square
Herbalife Ltd.
HLF
A leaked 71-minute video shows Herbalife CEO Michael Johnson admitting the business is a 'lottery ticket' with 'pyramiding' — Pershing demands he release the tape and the distributor failure data.
N3
V1
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
Feb 26, 2015
Pershing Square
Herbalife
HLF
Herbalife is a pyramid scheme built on recruitment, not retail: former distributors describe losing thousands while 88% of participants earn no commission.
N4
V1
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
Apr 22, 2014
Pershing Square
Allergan, Inc.
AGN
Allergan shareholders should accept Valeant's bid: Valeant is an 'Outsider'-style acquirer (25x TSR under Pearson) whose lean R&D and platform M&A will compound Val-gan's value far beyond Allergan standalone.
N5
V3
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
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
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
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
Jul 01, 2013
Trian Partners
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.
N5
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
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
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
Nov 07, 2012
Trian Partners
Danone
BN.PA
Danone is a world-class health-focused food company trading at trough multiples and a 1.5x P/E discount to Nestle; rerating to historic levels implies ~€78 vs €48, +62% upside by 2014.
N3
V3
Oct 24, 2012
Corvex
ADT Corporation
ADT
ADT is drastically under-levered post-Tyco spin; levering to 3.0x EBITDA and repurchasing ~30% of the float delivers ~44% upside to a $55 target.
N4
V3