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Grizzly Research Dec 11, 2025

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.

Scorpion Capital Aug 21, 2025

Soleno Therapeutics SLNO

Scorpion petitions FDA to recall Soleno's VYKAT XR after 7 hospitalizations for fluid overload/potential heart failure in children and alleged safety-data manipulation invalidate the drug's risk-benefit.

Muddy Waters May 29, 2024

CPI Property Group S.A. CPIPGR

CPI Property Group's luxury London transactions — same-day flips, offshore proxies, and uneconomic sales to PEPs — bear hallmarks of money laundering integration using bondholder funds.

Muddy Waters Feb 15, 2024

Fairfax Financial Holdings Ltd. FFH

Muddy Waters poses five forensic questions to Fairfax management that, if answered honestly, would expose return-of-capital dividends, off-balance-sheet debt via NCIs, and fair-value gain engineering.

Muddy Waters Feb 08, 2024

Fairfax Financial Holdings Ltd. FFH

Muddy Waters is short Fairfax Financial, arguing it is 'the GE of Canada' — a serial accounting manipulator whose book value is overstated by ~$4.5bn (~18%) through value-destructive transactions.

Muddy Waters Jan 22, 2024

CPI Property Group S.A. CPIPGR

Muddy Waters is short CPI Property Group's credit: its €19.2B portfolio appears inflated via implausible Berlin gains, cherry-picked Bubny landbank comps, and occupancy rates realtor listings show are overstated by ~2x.

Muddy Waters Nov 30, 2023

CPI Property Group CPIPGR

Follow-up to Muddy Waters' Part 1 report: a list of pointed questions challenging CPI Property Group to explain self-dealing transactions through which controlling shareholder Radovan Vitek is allegedly asset-stripping the company.

Spruce Point Capital May 23, 2023

Perion Network Ltd. PERI

PERI's Apple-tier revenue per employee, opaque revenue recognition, Lumenis-tainted CEO and impaired Microsoft Bing deal point to a forensic short with 25-40% downside.

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Trian Partners Jan 12, 2023

The Walt Disney Company DIS

Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.

TCI Fund Nov 15, 2022

Alphabet GOOGL

Alphabet's cost base is bloated — headcount up 20% CAGR since 2017, pay 67% above Microsoft, Other Bets bleeding $20bn; cut costs, target a 40% Google Services margin, and buy back stock aggressively.

Kerrisdale Capital Apr 01, 2022

Digital World Acquisition Corp DWAC

DWAC's $8bn pro-forma SPAC merger with Trump's TMTG will never close because the SEC is actively investigating it and can kill the deal via a stop order — fair value is the $10 trust cash (-80%).

Starboard Value Mar 08, 2022

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.

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Starboard Value Mar 02, 2022

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.

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Pershing Square Feb 11, 2022

Pershing Square Holdings (fund portfolio) PSH

PSH delivered 26.9% NAV return in 2021 and 50.1% 3-year CAGR, beating most major indices

Starboard Value Jan 12, 2022

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.

Spruce Point Capital Oct 25, 2021

Heska Corporation HSKA

Heska is a low-growth animal-health distributor — not the innovator management claims — masquerading at a 9x-sales SaaS multiple; Spruce Point sees 50-60% downside to $90-$115.

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Scorpion Capital Sep 15, 2021

Berkeley Lights BLI

Berkeley Lights' $2M Beacon is a flow-cytometer knockoff customers call a clunker; with flat sales, fleeing insiders, and 50x-cheaper rivals, Scorpion pegs BLI at $0.

Muddy Waters Mar 03, 2021

XL Fleet Corp XL

XL Fleet is SPAC trash: salespeople were paid to fabricate pipeline, most touted customers are inactive, ROI is actually negative, and the stock is worth a fraction of its billion-dollar SPAC valuation.

Muddy Waters Nov 11, 2020

MultiPlan Corp MPLN

MultiPlan is a financially-engineered SPAC corpse losing its biggest customer UHC to UHC's own competitor Naviguard; expect 35% revenue loss and 8x+ leverage by 2022.

Land & Buildings May 19, 2020

D.R. Horton and Invitation Homes DHI/INVH

COVID-19 has supercharged the suburban single-family thesis; entry-level homebuilder D.R. Horton and single-family rental REIT Invitation Homes trade 20%+ below highs despite accelerating demand.

Elliott Management May 12, 2020

Alexion Pharmaceuticals, Inc. ALXN

Alexion's stand-alone strategy has failed — serial M&A missteps and a deep valuation discount mean the Board must pursue a sale now to unlock 40-50% upside for shareholders.

Starboard Value May 11, 2020

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.

Spruce Point Capital Mar 10, 2020

Amcor plc AMCR

Amcor is a packaging roll-up masking 3-4% organic declines, obscured tobacco dependence, liquidity strain, and accounting red flags — including a CAO with a revoked CPA — with 40-60% downside to $3.60-$5.40.

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TCI Fund Nov 30, 2019

S&P Global SPGI

TCI, a ~1% holder, urges S&P Global to lead on climate disclosure: report fully to CDP, adopt a Paris-aligned transition plan, and push mandatory GHG disclosure across the companies it rates.

Muddy Waters Nov 07, 2019

PeptiDream, Inc. 4587 JP

PeptiDream's 19 pharma 'partnerships' are largely dormant and 13 years of R&D have produced zero Phase 2 drugs — analyst 2027 revenue forecasts will miss by over 60%.

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Elliott Management Sep 24, 2019

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.

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Kerrisdale Capital Jul 01, 2019

CareDx, Inc. CDNA

CareDx is a $1.7bn story built on AllSure, a cfDNA kidney-rejection test that misses 40% of rejections and faces 70% annual patient attrition, competition and Medicare reset — ~70% downside.

Grizzly Research Jun 27, 2019

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.

Starboard Value Jun 20, 2019

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.

Wolfpack Research Jun 06, 2019

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.

Muddy Waters Feb 25, 2019

Inogen INGN

INGN's growth narrative rests on an inflated $3-4B TAM that Medicare data contradicts; under a realistic 1.3M-user market, peak unit sales arrive this year or next.

Pershing Square Feb 13, 2019

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.

Muddy Waters Feb 08, 2019

Inogen, Inc. INGN

Inogen's growth story rests on a fabricated TAM sourced from a plagiarism-riddled WinterGreen report; real market is shrinking, peak sales arrive 2019-2020, target $46 (-67%).

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Elliott Management Nov 20, 2018

Mitek Systems, Inc. MITK

Mitek's board is entrenching against ASG's $10 cash bid (51% premium) despite a declining core business, departed leadership, and a chairman dumping his own stock below the offer price.

Carl Icahn Nov 15, 2018

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.

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Spruce Point Capital Oct 17, 2018

Mercury Systems Inc. MRCY

Mercury Systems faces 50-60% downside as Supermicro-hack exposure, missing cyber leadership, hidden A/R factoring, and the sector's richest multiple collide with rising DFARS compliance costs.

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Spruce Point Capital Sep 05, 2018

Weis Markets, Inc. WMK

Weis Markets is the most expensive U.S. supermarket masking -1-2% organic decline with aggressive accounting and shrinking disclosures; Spruce Point sees 45-65% downside.

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Citron Research Aug 28, 2018

Wayfair W

Wayfair's unit economics are deteriorating — loss per new customer nearly doubled to $19 — while the stock defies gravity; Citron is re-shorting with a first stop at $100.

Spruce Point Capital Aug 07, 2018

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.

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Muddy Waters Jul 02, 2018

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.

Third Point Jul 01, 2018

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.

Spruce Point Capital Jun 27, 2018

Momo, Inc. MOMO

Momo's 'blowout' live-video numbers hide a SAIC fraud charge, 123 undisclosed VIE subs, an illegal gambling site, and a fading KOL base — 30-50% downside to $23-$32.

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Elliott Management May 14, 2018

athenahealth, Inc. ATHN

Elliott's $160 cash offer for athenahealth is being stonewalled by a disengaged board; immediate engagement on a take-private transaction is the value-maximizing path for shareholders.

Land & Buildings May 10, 2018

Taubman Centers, Inc. TCO

Taubman's persistent peer underperformance stems from a family-entrenched board and dual-class structure; electing Litt and collapsing Series B shares unlocks value common shareholders have been denied.

Elliott Management May 07, 2018

athenahealth, Inc. ATHN

Elliott offers $160/share cash for athenahealth — a 27% premium valuing the company at ~$6.9bn — arguing chronic execution failures make going private the only path to realizing its HCIT potential.

Land & Buildings Apr 16, 2018

QTS Realty Trust QTS

QTS's CEO Chad Williams runs a culture of self-enrichment with no accountability; shareholders should withhold votes from him and the comp chair at the May 3 annual meeting.

Starboard Value Apr 11, 2018

Newell Brands Inc. NWL

Newell's board destroyed $10bn and handed control to Icahn; elect Starboard's four independent nominees to execute a credible divestiture plan and restore accountability.

Spruce Point Capital Apr 04, 2018

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.

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Starboard Value Mar 07, 2018

Mellanox Technologies, Ltd. MLNX

Mellanox's long-tenured board has presided over chronic underperformance and heavy insider selling; Starboard's 10.6% stake is launching a proxy fight to replace a majority of directors.

Starboard Value Feb 13, 2018

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.

Starboard Value Feb 12, 2018

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.

Muddy Waters Feb 08, 2018

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.

Starboard Value Feb 05, 2018

Mellanox Technologies, Ltd. MLNX

Mellanox insiders have sold $130M of stock across 373 trades vs. one purchase since IPO — evidence the Board lacks confidence in its own plan and must be reconstituted.

Muddy Waters Jan 31, 2018

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.

Pershing Square Jan 29, 2018

Pershing Square Holdings, Ltd. PSH

After a -4% 2017, Pershing Square restructures to a leaner investment-centric team, reaffirms core principles, and launches a $300mm PSCM tender to close PSH's ~20% NAV discount.

Spruce Point Capital Jan 25, 2018

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.

Carl Icahn Jan 18, 2018

Xerox Corporation XRX

Xerox is languishing under CEO Jacobson and old-guard directors; Icahn is nominating four new directors and demands CEO replacement plus renegotiation of the opaque Fuji joint venture.

Starboard Value Jan 08, 2018

Mellanox Technologies, Ltd. MLNX

Mellanox has industry-leading 70%+ gross margins but dead-last operating margins among fabless semis; disciplined cost cuts can close a multi-year peer gap and rerate the stock.

Muddy Waters Dec 06, 2017

OSI Systems, Inc. OSIS

OSIS is rotten to the core: the Albania concession was obtained via an apparent bribe, the Mexico turnkey is egregiously priced and up for renewal, and FCPA liability could erase a large chunk of the $1.6bn market cap.

Land & Buildings Nov 13, 2017

Taubman Centers TCO

Taubman's dominant Class A malls are still bustling and growing, yet TCO is down 25% YTD — management, not 'dead malls,' is the problem, with 50%+ upside if the board acts.