93 documents showing 1–60
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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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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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
C3
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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
C3
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Dell Technologies (Class V / DVMT tracking stock) DVMT
Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.
N4
V3
C3
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SandRidge Energy SD
SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.
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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Date
Fund
Target
Thesis
Scores
Mar 19, 2026
Grizzly Research
Accor SA
AC
Accor markets itself as an anti-trafficking leader, yet 80% of its hotels accepted Grizzly's red-flagged bookings for underage girls and CEO Bazin allegedly sits in Epstein's orbit.
N4
V3
Dec 11, 2025
Grizzly Research
Ceres Power Holdings plc
CWR
Ceres Power's decade of hyped SOFC partnerships (Bosch, Nissan, Honda, Doosan) has produced only negligible royalties; the market-cap surge from partnership announcements will fade as revenue reality emerges.
N4
V3
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
Jan 29, 2025
Kerrisdale Capital
ACM Research, Inc.
ACMR
ACMR trades at 1.1x revenue while its 82%-owned Shanghai subsidiary ACMS trades at 6x — a sum-of-parts gap that implies a 10-bagger as China's WFE self-sufficiency drive accelerates.
N4
V2
Nov 07, 2024
White Diamond Research
AGBA Group
AGBA
The AGBA/Triller $4B merger is a sham to pump AGBA's stock — both firms are near-bankrupt, the valuation is fiction, and regulators will reject the deal.
N3
V2
Mar 05, 2024
Spruce Point Capital
Zillow Group, Inc.
Z
Zillow's Premier Agent core is saturated, NAR lawsuits will compress commissions, Flex/Super App cannot replace it, and aggressive revenue recognition masks decline — shares worth $23-$35 vs $57.
N4
V3
May 11, 2023
Elliott Management
The Goodyear Tire & Rubber Company
GT
Goodyear's industry-low 5% margin and under-monetized 715-store retail platform create $32/share of value vs $11 today — via board refresh, retail sale, and operational review.
N5
V4
Feb 22, 2023
Soroban
Union Pacific Corporation
UNP
UNP owns the best Class I rail franchise but ranks worst on every metric under CEO Lance Fritz; bringing back operator Jim Vena could double the stock to ~$400 by 2025.
N5
V4
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
Aug 31, 2021
TCI Fund
Canadian National Railway
CNI
CN, once the best-run Class I railroad, is now the worst under CEO Ruest; abandon the KCS deal and install Jim Vena to restore operational excellence.
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
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 28, 2020
TCI Fund
Wirecard AG
WDI
KPMG's failed audit of Wirecard's EUR 1bn trustee cash and TPA revenues creates a legal duty for the supervisory board to remove the CEO immediately.
N5
V2
Feb 05, 2020
Pershing Square
Pershing Square Holdings (fund-level portfolio update)
PSH
Pershing Square's 2019 return to its concentrated activist playbook drove a 58.1% NAV year; two new positions (Agilent, Berkshire) and a 28.9% NAV discount extend the compounding runway.
N2
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 19, 2019
Spruce Point Capital
Plug Power Inc.
PLUG
Plug Power's $1.5B valuation rests on a fake 'inflection to profitability' manufactured by ASC 842 lease accounting; strip the add-backs, face 80% dilution, and the stock trends to $0.
N5
V3
Sep 24, 2019
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon Petroleum's conglomerate structure traps $22–$40bn of value; separating Refining, Midstream and Retail into three focused companies unlocks 60%+ upside now and over 100% long-term.
N5
V4
Sep 05, 2019
Spruce Point Capital
Church & Dwight Co., Inc.
CHD
CHD trades at an all-time-high premium as a trade-war safe haven, but CEO Farrell's financial-engineering roll-up is cracking; 35-50% downside to $40-$52/share.
N5
V4
Jul 24, 2019
Spruce Point Capital
Mettler-Toledo International, Inc.
MTD
Mettler-Toledo's flawless EPS record masks aggressive capitalization, an empty Shanghai office, and PwC auditor conflicts — implying 30-50% downside to $410-$574 per share.
N5
V3
Jun 27, 2019
Grizzly Research
New Age Beverage Corp.
NBEV
NBEV paid $85m for Morinda, an MLM with inflated China financials and missing licenses in 60% of provinces — stock faces 60% immediate downside.
N4
V2
Jun 27, 2019
Grizzly Research
New Age Beverage Corp.
NBEV
NBEV overpaid $85m for Morinda, an MLM with inflated China revenues and illegal operations; the stock faces 60% immediate downside and likely insolvency.
N4
V2
Jun 06, 2019
Wolfpack Research
GTT Communications, Inc.
GTT
GTT Communications is a fundamentally broken telecom rollup using non-GAAP metrics and aggressive accounting to hide negative organic growth, unsustainable leverage, and an inevitable dilutive equity raise.
N4
V2
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
Nov 15, 2018
Carl Icahn
Dell Technologies (Class V / DVMT tracking stock)
DVMT
Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.
N4
V3
Aug 21, 2018
Citron Research
NVIDIA Corporation
NVDA
NVDA, up 600% since 2016, faces in-house silicon from every mega-customer, collapsing crypto and autonomous narratives, and a benchmark-less Turing launch — shares revert to $200.
N4
V2
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
May 31, 2018
Citron Research
Snap Inc.
SNAP
SNAP is the cheapest social stock at 3x sales with 21% short interest, dominant teen mindshare and Tencent backing — upside to $17 as shorts cover.
N4
V2
May 24, 2018
Carl Icahn
SandRidge Energy
SD
SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.
N4
V3
Apr 23, 2018
Elliott Management
Hyundai Motor Group
HMG's Mobis-Glovis spinoff is suboptimal; a true holding-company structure plus KRW 6tn buybacks, a 40-50% payout, and independent boards close peer discounts and deliver 15%+ upside.
N5
V4
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
Jan 31, 2018
Muddy Waters
OSI Systems
OSIS
OSIS's rebuttal fails: S2 Albania's financials prove ICMS contributed no capital, making its 49% concession stake an unjustified conduit for corruption and confirming management's lost credibility.
N4
V1
Jan 25, 2018
Spruce Point Capital
Ballard Power Systems
BLDP
Ballard's 167% 2017 rally rests on a fragile China fuel-cell story with weak partners and zero insider skin; expect a repeat of the Azure failure and 35-70% downside to $1.15-$2.50.
N4
V3
Dec 20, 2017
Muddy Waters
China Internet Nationwide Financial Services Inc.
CIFS
CIFS is an old-style China reverse-merger fraud dressed up as a Reg A+ IPO; SAIC filings show 5x revenue overstatement, every disclosed borrower is a sham, and the equity is worthless.
N4
V2
Jun 29, 2017
Muddy Waters
Prothena Corp PLC
PRTA
Short PRTA: publicly-available NEOD001 data does not show efficacy — organ responses are likely driven by prior PCD chemo, not the drug, and $1.5B peak sales are unrealistic.
N4
V2
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
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 26, 2017
Pershing Square
Pershing Square Holdings Portfolio (multi-position)
PSH
After a -13.5% 2016 driven by Valeant, Pershing recaps a concentrated portfolio (Mondelez, Air Products, Restaurant Brands, Chipotle) where margin and turnaround catalysts should restore long-term outperformance versus the S&P.
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
Dec 19, 2016
Muddy Waters
China Huishan Dairy Holdings
6863.HK
Huishan's revenue is fabricated: tax-bureau data, cow-farm photos, and e-commerce scrapes all show the reported top line is dramatically overstated — the stock is a zero.
N4
V2
Dec 13, 2016
Muddy Waters
Nidec Corp.
6594 JP
Nidec is a gigantic stock promotion: zero organic growth and aggressive accounting hide behind a Facebook-like multiple — fair value JPY 4,764, ~52% downside.
N5
V2
Nov 28, 2016
Elliott Management
Cognizant Technology Solutions
CTSH
Cognizant's two-decade-old 19-20% margin policy and absent capital return have cratered its multiple; lifting margins to 23% plus a $2.5bn buyback and 75% FCF payout unlocks $80-$90/share, 50-69% upside.
N4
V3
Oct 26, 2016
Land & Buildings
Taubman Centers, Inc.
TCO
Taubman's sudden reversal on Board size is reactive and disingenuous; any new director must be vetted by shareholders and be truly independent of the Taubman family.
N2
V2
Oct 06, 2016
Land & Buildings
MGM Resorts International
MGM
MGM's discredited CEO Murren was just handed a pay-for-showing-up contract; replacing him and unlocking real-estate value via MGM China, CityCenter and Bellagio sales delivers 35%+ upside.
N3
V1
Oct 05, 2016
Elliott Management
Samsung Electronics Co., Ltd.
005930.KS
Samsung Electronics trades 34-68% below tech peers; demerging into Holdco/Opco, paying a KRW30tn special dividend and listing Opco on NASDAQ closes the gap while keeping Lee family control.
N4
V3