64 documents showing 1–60
Forward Air Corporation FWRD
Ancora urges FWRD shareholders to vote AGAINST Chair Mayes, Polit, and Tucker — the directors behind the disastrous 2023 Omni acquisition that destroyed ~80% of equity value — to force an expedited sale.
Phillips 66 PSX
Phillips 66 has trailed Valero and Marathon by 138-188% over a decade while paying its CEOs $140M; Elliott's four nominees will simplify the conglomerate and unlock 75%+ upside.
Phillips 66 PSX
Phillips 66 has underperformed Marathon and Valero for years while CEO Mark Lashier collected $79M; elect four Elliott nominees to break up the conglomerate and restore accountability.
Phillips 66 PSX
Phillips 66's conglomerate structure suppresses refining performance; spinning midstream and electing Elliott's four nominees replicates Marathon's ~150% outperformance playbook and restores PSX to industry leadership.
Kao Corporation 4452.JP
Kao is Japan's underperforming FMCG giant; adding five expert directors with FMCG, cosmetics and digital expertise plus performance-aligned pay can close the peer gap and revive growth.
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.
Kao Corporation 4452
Kao is a sleeping FMCG giant whose under-ambition, inefficiency, and lack of focus have destroyed EVA; adding five independent directors with FMCG operating experience can unlock peer-level returns.
BP Plc BP
Renewables strategy is a series of U-turns with no consistency
BP Plc BP
BP's Board greenlit an unlawful solar-planning strategy and a value-destroying green pivot; replace the Chair, Senior Independent Director and CEO, or halt the renewables burn.
Match Group, Inc. MTCH
Match owns Tinder and Hinge but trades at 8.5x FCF; fixing Tinder, lifting margins above 40%, and aggressive buybacks — or going private — closes a ~45% peer discount.
Match Group, Inc. MTCH
Match owns Tinder and Hinge yet trades at <8.5x FCF; fixing Tinder, lifting margins above 40%, and aggressive buybacks — or a sale — can unlock substantial upside.
Eurofins Scientific SE ERF
Eurofins' 800+ immaterial subsidiaries and 18 auditors enable sham sales and cash double-counting; new evidence, including a factoring denial contradicted by a former BU head, argues the financials cannot be trusted.
Riot Platforms, Inc. RIOT
Riot Platforms is a serial-diluting bitcoin miner with $140k+ all-in cost per coin, rising Texas regulatory risk, and a broken model increasingly obviated by low-fee BTC ETFs.
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.
BP plc BP
BP under Lund and Looney's failed energy-transition strategy has produced sector-worst TSR, a record valuation discount, and governance failures — the board must engage with dissenting shareholders.
BP plc BP
BP's pledge to 'enhance lives' and protect biodiversity is exposed as hollow after a UK court quashed Lightsource BP's Burnhope solar farm for covertly oversizing the project.
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.
Elanco Animal Health ELAN
Elanco has destroyed billions under CEO Simmons and an insular classified board; replacing four directors at the 2024 AGM installs accountability and unlocks the animal-health turnaround.
Forward Air Corporation FWRD
Forward Air's $3.2B Omni Logistics deal destroys shareholder value; block the deal, replace CEO Tom Schmitt and the Board, and shares rerate to $140-$145.
Parkland Corporation PKI
Parkland's conglomerate mix of retail, refinery and distribution trades at a 3-turn discount to Couche-Tard; spin the non-core assets and refresh the stale board to unlock ~$45/share, roughly 55% upside.
Digital Garage Inc. 4819 JT
Digital Garage is missing Japan's cashless-payments wave; spinning off DG Financial Technology, divesting Kakaku, and refocusing management would nearly double the stock and lift profit before tax from JPY4.5bn to JPY11.4bn.
dLocal DLO
DLO's refusal to reconcile 2020 cash flows in writing, while verbally denying misuse on broker calls, confirms Muddy Waters' view that client funds financed the pre-IPO special dividend.
The Walt Disney Company DIS
Disney's DTC pivot is working, but spinning ESPN, fully owning Hulu, cutting costs, and refreshing the board will unlock the next leg of 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.
Solutions 30 S30
EY's refusal to sign Solutions 30's 2020 audit — after S30 blocked access to information on suspect transactions — confirms Muddy Waters' two-year-old fraud and money-laundering thesis.
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.
Lemonade, Inc. LMND
Muddy Waters is short Lemonade after discovering a critical session-fixation flaw that exposed customer PII to Google's index — a negligence that shatters Lemonade's 'trustworthy' digital-native brand.
Box, Inc. BOX
After a failed 2020 settlement, Starboard will nominate directors at Box's 2021 Annual Meeting, citing missed growth targets and a $500M convertible preferred it calls a 'buy the vote' scheme.
Pershing Square Holdings (own fund) PSH
PSH returned 70.2% NAV / 84.8% TSR in 2020, beating S&P by 5,180 bps
Forward Air Corporation FWRD
Forward Air's acquisition-led growth strategy has decimated its core LTL margins; Ancora's nominees will restore operating discipline and unlock ~50% upside to $130-$135/share.
Corteva, Inc. CTVA
Corteva's spin-off potential is squandered by CEO Jim Collins and a complacent Board; Starboard nominates eight directors to force leadership change and unlock operating value.
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.
Invesco Ltd. IVZ
Trian is now Invesco's second-largest shareholder with ~9.9% of common stock
The Walt Disney Company DIS
Disney should kill its $3bn dividend and plow every dollar into Disney+ content; subscriber LTV math and Adobe/Microsoft precedents show the re-rating dwarfs any dividend yield.
Apartment Investment and Management Company AIV
AIV's proposed taxable reverse spin-off won't close its 18% NAV discount and lets Considine duck 25 years of underperformance; demand a shareholder vote or explore a sale at $58 — 75% upside.
Crown Castle International CCI
Crown Castle's fiber capex earns just 3% ROI versus ~20% for its tower business
eHealth, Inc. EHTH
EHTH books Medicare Advantage revenue today that takes nine to twenty years to collect, masking a cash-incinerating, high-churn business reminiscent of Enron-style accounting.
GSX Techedu GSX
GSX's rebuttals to our fraud report are evasive techno-drivel; meanwhile GSX openly recruits engineers to run cell-phone bot farms, confirming it is a nearly empty box.
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.
Burford Capital BUR
Burford's 2019 financials rely on reclassifications and definition changes to mask an -11.8% drop in cash receipts, -35.5% drop in deployments, and $20.6m of unexplained fair-value gains.
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.
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.
Wirecard AG WDI
KPMG could not verify 2016-2018 revenue from Third Party Acquiring partners after a 6-month forensic audit
New Pacific Metals NUAG
Bolivia-focused silver developer New Pacific trades 17x peers on concessions likely acquired illegally under a now-ousted regime; Hindenburg targets C$0.37, 90%+ downside.
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.
eHealth Inc. EHTH
eHealth books three years of Medicare Advantage commissions upfront while true churn has spiked to 47%; corrected, every MA enrollee loses $135-$402 — a cash-incinerating stock promotion.
NMC Health plc NMC
Newly disclosed NMC share pledges corroborate Muddy Waters' hidden-debt thesis: likely Enron-style off-balance-sheet financing or subsidies from undisclosed Shetty-family related parties inflating margins.
Burford Capital BUR
Burford's dismal H2 2019 — 85% YoY collapse in realized gains, Petersen sold to its own fund, vanishing cash, and a lost Perry Ellis ruling — validates Muddy Waters' short thesis on aggressive marks and a flawed model.
NMC Health plc NMC.LN
NMC Health's UAE hospital empire is built on inflated capex, overstated cash, hidden reverse factoring and related-party self-dealing — Muddy Waters is short and sees deep, possibly fraudulent rot.
Ferguson plc FERG
Ferguson is a US specialty distributor trapped in a UK listing; demerging Wolseley and relisting in the US closes a 10.4x-vs-17.2x EBITDA peer gap.
Marathon Petroleum Corporation MPC
Separating Marathon into three independent businesses unlocks $22-$40bn of value (60%+ upside)
ANTA Sports Products 2020.HK
ANTA's largest 'third-party' supplier and its 'self-operated' online stores are secretly controlled by an ANTA employee, so reported margins and Fila's numbers cannot be trusted.
ANTA Sports Products 2020.HK
Muddy Waters Part 4 rebuts ANTA's responses — management has lied about owning all Fila stores, the Shanghai Fengxian disposal, and distributor independence, confirming the underlying fraud.
ANTA Sports Products 2020.HK
ANTA's 'self-operated' Fila franchise is a fiction: 46 Beijing Fila stores are owned by an insider proxy, exposing fabricated Fila financials and rendering all ANTA numbers unreliable.
ANTA Sports Products Limited 2020.HK
ANTA used IPO proceeds to grow Shanghai Fengxian, then stripped it to insider proxies via a straw buyer in 2008 — proof of fraudulent intent toward minority shareholders.
ANTA Sports Products Ltd. 2020.HK
ANTA secretly controls at least 27 — and likely over 40 — of its 46 Tier 1 distributors via proxy owners, fraudulently inflating the margins behind its peer-leading financials.
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%).
Cars.com Inc. CARS
Starboard, a ~10% holder, warns Cars.com's board that serial guide-downs must end with credible 2019-2021 targets, a third independent director, and — absent improvement — management change or a sale.
Nestlé NESN
Nestlé's world-class brand portfolio masks decade-long underperformance; new CEO Schneider must adopt margin and leverage targets, reshape the portfolio, and monetize L'Oréal to drive EPS to CHF 5-6 by 2020.
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.