79 documents showing 1–60
Box, Inc. BOX
Box has chronically lagged peers and entrenched itself via an unnecessary $500M KKR preferred financing; electing Starboard's minority slate restores stockholder accountability and unlocks long-term value.
N4
V2
C1
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Box, Inc. BOX
Box is a best-of-breed cloud content platform that has missed every revenue target since IPO; a reconstituted board can fix go-to-market execution and close a massive valuation gap to peers.
N4
V3
C3
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Box, Inc. BOX
Box's board issued $500m of KKR preferred to lock up >10% of the vote and entrench itself ahead of Starboard's proxy contest — Starboard demands the books and four new directors.
N3
V1
C1
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AECOM ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
N4
V3
C3
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Dollar Tree, Inc. DLTR
Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.
N4
V2
C2
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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
C3
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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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Newell Brands Inc. NWL
Starboard, backed by Jarden's founders, seeks to replace Newell's board after CEO Michael Polk destroyed $11bn of value following the 2016 Jarden merger.
N4
V2
C2
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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
C3
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Buffalo Wild Wings BWLD
Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.
N5
V4
C4
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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.
N4
V4
C4
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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
⌂
⚑
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 should scrap the Aabaco spin-off and instead sell the Core Business outright, returning cash to shareholders and keeping Alibaba and Yahoo Japan stakes in the remaining entity.
N4
V2
C2
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CONSOL Energy CNX
Market prices CONSOL as a dying coal miner, but its Marcellus/Utica shale gas acreage plus disciplined management make it worth $35.81/share versus $7.40 today.
N5
V3
C3
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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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Pioneer Natural Resources PXD
Pioneer and the shale 'frackers' burn cash and destroy value on every BOE developed; their $27B market cap rests on proved reserves worth $3-8B — buy oil, not PXD.
N5
V3
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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Date
Fund
Target
Thesis
Scores
Jul 23, 2024
Muddy Waters
Eurofins Scientific SE
ERF
Eurofins' €556m 'excess cash' earned just 1.42% vs banks' quoted ~2.88%, echoing the NMC Health fraud tell; only radical disclosure on cash, entities, and Dr. Martin's real estate can clear it.
N4
V2
Dec 01, 2022
Land & Buildings
Six Flags Entertainment Corp.
SIX
Six Flags' owned real estate is worth more than its entire equity value; spinning it to a REIT buyer like VICI plus fixing the botched 2022 repositioning can double the stock.
N4
V4
Jul 19, 2022
Spruce Point Capital
Skechers U.S.A., Inc.
SKX
Skechers is a governance-rotten, family-run 'fast follower' whose China growth is collapsing and inventory is bloating — 30%-50% downside to $18.60-$26.00.
N4
V3
Aug 16, 2021
Starboard Value
Box, Inc.
BOX
Box has chronically lagged peers and entrenched itself via an unnecessary $500M KKR preferred financing; electing Starboard's minority slate restores stockholder accountability and unlocks long-term value.
N4
V2
Aug 06, 2021
Starboard Value
Box, Inc.
BOX
Box is a best-of-breed cloud content platform that has missed every revenue target since IPO; a reconstituted board can fix go-to-market execution and close a massive valuation gap to peers.
N4
V3
Jul 27, 2021
Wolfpack Research
Moxian, Inc.
MOXC
MOXC is a Nevada shell whose Chinese 'operating' subsidiaries lack valid licenses, working phones, and a real GM, while related-party debt swaps fueled a 2,400% stock pump.
N4
V2
May 20, 2021
Starboard Value
Box, Inc.
BOX
Box's board issued $500m of KKR preferred to lock up >10% of the vote and entrench itself ahead of Starboard's proxy contest — Starboard demands the books and four new directors.
N3
V1
Apr 29, 2020
Grizzly Research
58.com Inc.
WUBA
WUBA's sudden $55 go-private offer from underfunded Ocean Link — announced the day after Luckin's fraud burst — is a sham price-support PR maneuver masking accounting fraud and COVID collapse.
N4
V3
Feb 01, 2020
Grizzly Research
58.com Inc.
WUBA
58.com is an accounting house of cards: inflated SEC revenues, a $2.6bn Ganji goodwill that collapsed 95% post-acquisition, and serial insider spin-offs enriching the CEO and former co-chairman.
N4
V2
Dec 10, 2019
Citron Research
Peloton Interactive
PTON
Peloton trades at 2,286% above peers on EV per subscriber; once a cannibalizing app, undifferentiated hardware, and a March lockup wave hit, the stock collapses to $5.
N4
V2
Jun 20, 2019
Starboard Value
AECOM
ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
N4
V3
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
May 24, 2019
Muddy Waters
Casino Guichard-Perrachon
CO
Rallye, Finatis, Euris and Foncière Euris entering procédure de sauvegarde vindicates MW's 2015 warnings
N3
V1
May 24, 2019
Muddy Waters
Casino Guichard-Perrachon
CO
Rallye's safeguard filing vindicates Muddy Waters' 2015 warning that Casino was being hollowed out to sustain Jean-Charles Naouri's parasitic, debt-laden holding structure.
N3
V1
Feb 28, 2019
Starboard Value
Bristol-Myers Squibb Company
BMY
Bristol-Myers' $91bn Celgene acquisition buys pharma's largest patent cliff; Starboard urges shareholders to vote it down and replace directors to pursue a standalone plan or sale.
N4
V3
Feb 13, 2019
Pershing Square
Pershing Square Holdings, Ltd.
PSH
PSH offers an activist portfolio compounding well above the S&P 500, available at a 27% discount to NAV, with a new dividend, buybacks, and insider buying narrowing the gap.
N3
V3
Jan 07, 2019
Starboard Value
Dollar Tree, Inc.
DLTR
Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.
N4
V2
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
Jul 25, 2018
Muddy Waters
TAL Education Group
TAL
TAL Education's core Peiyou business is shrinking, not 'healthy' as CFO Rong Luo claims; under every reasonable model TAL's FY2018 Q3-Q4 disclosures fail to reconcile.
N4
V1
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
Jul 02, 2018
Muddy Waters
TAL Education Group
TAL
TAL inflated Firstleap's acquired deferred revenue by 90-175%, pumping $21-29M of fake profit through FY2017 via an above-the-line accounting lever obscured by an overlooked small acquisition.
N4
V2
Jun 13, 2018
Muddy Waters
TAL Education Group
TAL
TAL is a real business with fake financials: two asset-parking transactions inflated FY2016-FY2018 pre-tax profits by $153M (28.4%) while Deloitte China was starved of audit hours.
N5
V2
Apr 05, 2018
Elliott Management
Telecom Italia SpA (TIM)
TIT.MI
TIM's operating turnaround is real, but Vivendi-controlled governance has tripled the peer discount; independent directors plus NetCo separation could double the stock to €1.6.
N5
V4
Apr 04, 2018
Spruce Point Capital
Globant SA
GLOB
Globant is a poorly organized digital-IT roll-up using accounting games and Luxembourg disclosure loopholes to mask decelerating organic growth; shares warrant 40-50% downside to $24.50-$29.50.
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
Feb 12, 2018
Starboard Value
Newell Brands Inc.
NWL
Starboard, backed by Jarden's founders, seeks to replace Newell's board after CEO Michael Polk destroyed $11bn of value following the 2016 Jarden merger.
N4
V2
Feb 08, 2018
Muddy Waters
IQE plc
IQE
Muddy Waters is short IQE: the compound-semi maker inflated 2015/2016 net income by 58.5%/25.4% via transactions with its Cardiff University JV — an alter ego, not an arm's-length partner.
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 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
Apr 20, 2017
Marcato
Buffalo Wild Wings
BWLD
Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.
N5
V4
Jan 26, 2017
Pershing Square
Pershing Square Holdings Portfolio (multiple)
PSH
2016 losses of -13.5% were driven overwhelmingly by Valeant; balance of portfolio performed well
N3
V3
Jan 24, 2017
Ancora
Edgewater Technology, Inc.
EDGW
Edgewater's entrenched legacy board has overpaid two underperforming executives for 14 years; replacing four directors with Ancora's slate unlocks a turnaround in this sub-scale IT consultant.
N4
V3
Sep 12, 2016
Starboard Value
Perrigo Company plc
PRGO
Perrigo lost half its value after rejecting Mylan's $205 bid; divesting Rx and Tysabri royalty, fixing BCH margins, and restoring credibility can re-rate the stock to consumer-staples peers.
N4
V3
Aug 10, 2016
Muddy Waters
Ströer SE & Co. KGaA
SAX
Muddy Waters publishes the translated transcript of Ströer's June 2016 AGM, where CEO Udo Müller defends the company against MW's short attack amid sharp shareholder questions.
N3
V1
Jun 13, 2016
Marcato
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.
N4
V4
Apr 28, 2016
Muddy Waters
Stroer SE & Co. KGaA
SAX
Stroer's defense fails to rebut Muddy Waters' core allegations of overstated organic growth, misleading cash-flow netting and freeXmedia self-dealing, with a CIA polygrapher flagging Muller's response as deceptive.
N4
V1
Apr 21, 2016
Muddy Waters
Ströer SE & Co. KGaA
SAX
Ströer's digital-transformation narrative is hollow: organic growth is 10x overstated, EBITDA and FCF are inflated, and insider self-dealing rivals Chinese fraud cases — short.
N4
V2
Apr 08, 2016
Starboard Value
Depomed, Inc.
DEPO
Depomed's board is entrenching itself via a California-to-Delaware reincorporation and rejected Horizon's premium bid; Starboard seeks a special meeting to replace directors and explore a sale.
N3
V2
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
Mar 08, 2016
Muddy Waters
Casino Guichard-Perrachon SA
CO
Casino's claimed France recovery is fiction: Mercialys property gains inflate EBITDA, suppliers are being stretched, and the CFO's earnings-call language shows deception clusters.
N5
V1
Jan 28, 2016
Pershing Square
Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)
After a -20.5% 2015, Pershing concedes mistakes on Valeant/Platform/CP but argues its portfolio holdings trade at a substantial discount to intrinsic value and that permanent capital lets it wait for convergence.
N4
V3
Jan 13, 2016
Muddy Waters
Groupe Casino
CO
Casino is a highly-levered, deteriorating French retailer being hollowed out by controlling shareholder Naouri and using property-sale gains to inflate EBITDA; equity worth ~€7 per share.
N4
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
Nov 19, 2015
Starboard Value
Yahoo! Inc.
YHOO
Yahoo should scrap the Aabaco spin-off and instead sell the Core Business outright, returning cash to shareholders and keeping Alibaba and Yahoo Japan stakes in the remaining entity.
N4
V2
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
Nov 16, 2015
Greenlight Capital
CONSOL Energy
CNX
Market prices CONSOL as a dying coal miner, but its Marcellus/Utica shale gas acreage plus disciplined management make it worth $35.81/share versus $7.40 today.
N5
V3
Oct 30, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Citron's 'next Enron' attack on Valeant is a 1963 AmEx Salad Oil rerun — Philidor is ~7% of sales, the franchise is intact, and VRX at 7x cash EPS offers 60-215% upside.
N5
V3
Oct 30, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Citron's 'next Enron' attack on Valeant overstates the risk: Philidor is only ~6% of sales, and even written off, VRX trades at ~8x 2016 cash EPS with 135%+ long-term upside.
N4
V3
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
Carl Icahn
Icahn Enterprises L.P. (self)
IEP
IEP is Carl Icahn's public activist vehicle — a diversified holding company that has compounded at 19.2% since 2000 by buying undervalued businesses and forcing change as a controlling owner.
N2
V3
Jul 01, 2015
Oasis Management
Japanese listed companies (market-level)
Japan's twin Corporate Governance and Stewardship Codes, paired with strong Companies Act shareholder rights, will drive an ROE revolution making Japan one of the best long-term equity markets.
N3
V3
May 04, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Valeant is mis-valued on a traditional earnings multiple; crediting its Pearson-led Platform Value — like Jarden or Danaher — unlocks $330+/share, ~48% upside from $223.
N5
V4
May 04, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Valeant is a platform compounder that traditional P/E undervalues; SOTP plus credit for ongoing M&A implies $330+/share vs $223 today, with up to $618 by 2020.
N5
V3
May 04, 2015
Greenlight Capital
Pioneer Natural Resources
PXD
Pioneer and the shale 'frackers' burn cash and destroy value on every BOE developed; their $27B market cap rests on proved reserves worth $3-8B — buy oil, not PXD.
N5
V3
Apr 28, 2015
Pershing Square
Pershing Square Portfolio (multiple positions)
Pershing Square's 2015 portfolio recap: 9 positions led by the Allergan win, new Valeant stake, ongoing CP/APD transformations, and the Herbalife pyramid-scheme short.
N3
V3
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