142 documents showing 1–60

Sinch AB SINCH

Sinch's golden-goose subsidiary Inteliquent enables ~45% of US imposter robocalls; with state AGs closing in and zero disclosure, the market is materially mispricing regulatory downside.

POET Technologies Inc. POET

POET is an obvious stock promote on its seventh pivot with almost no revenue, and it is a PFIC — trapping US holders in a punitive IRS tax regime unless they file by April 15.

Welltower Inc. WELL

Welltower's 10-year executive program could pay CEO Mitra up to $3 billion while incentivizing dilutive growth at a 144% NAV premium — shareholders should sell WELL and rotate into Ventas or AHR.

Multiple REITs (21 underperformers)

Land & Buildings names 21 REIT CEOs who trail their own proxy peers on 1-, 3-, and 5-year TSR yet collect multi-million packages — shareholders should vote against say-on-pay and the comp committees.

Bunge Global SA BG

Bunge is a levered agribusiness roll-up masking a failing Viterra deal with opaque accounting; strip out the hand-waving and the stock is worth $24-$55, 55-80% below $124.

SoFi Technologies SOFI

SOFI's silence on 11 specific accounting questions confirms Muddy Waters' view that 2025 Adjusted EBITDA is inflated ~90% via mislabeled financings, hidden debt, and misstated risk retention.

SoFi Technologies, Inc. SOFI

SoFi's $1,054M reported 2025 EBITDA is ~90% inflated via manipulated charge-off rates, off-balance-sheet VIEs and subsidized seller-financed sales that feed CEO Noto's comp — real EBITDA is ~$103M.

CarMax Inc. KMX

CarMax's omnichannel flywheel is intact but stalled; new CEO Keith Barr can unlock value by fixing digital conversion, reconditioning costs, dynamic pricing, and SG&A discipline.

Credit Acceptance Corporation CACC

Citron reverses course on CACC: with CFPB/NYAG overhang resolved Feb 13 2026, 61% of float retired, and an Amazon-bred CEO, fair value is $714 (16x 2026E EPS of $44.62).

Tripadvisor, Inc. TRIP

Tripadvisor's Board has tolerated ~50% value destruction under CEO Goldberg; Starboard demands a sale of the entire company or will run a majority-slate proxy fight at the 2026 meeting.

Super Group (SGHC) Limited SGHC

Super Group overstates EBITDA by consolidating 100% of South African crown-jewel Raging River despite evidence of a 10.71% minority interest, implying 20%-50% downside to $4.25-$6.80.

Pershing Square Holdings PSH

Pershing Square's 22.6% 8-year NAV CAGR validates the permanent-capital model; 2025's 33.9% TSR narrowed the NAV discount and the HHH/Vantage transformation extends the compounding runway.

Electro Optic Systems Holdings Limited EOS.AX

EOS's stock-doubling US$80m Korean defense contract is with Goldrone, a defunct three-person agricultural drone company — a fake catalyst used by a desperate management to pump a failing stock.

IonQ Inc IONQ

IONQ's $14B valuation relied on Pentagon 'validation' that was really backdoor congressional earmarks — now unfunded — with management hiding the $54M hole via non-quantum roll-ups while insiders dumped $396M.

Toyota Industries Corporation 6201

Toyota Industries' ¥18,800 take-private undervalues NAV ¥26,134 by 40%; rejecting the TOB and executing Elliott's Standalone Plan unlocks >¥40,000 per share by 2028.

Toyota Industries Corporation 6201

Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.

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.

Trustpilot Group PLC TRST

Trustpilot runs a mafia-style extortion racket — seeding hyper-negative profiles to force businesses to pay, while tolerating fake reviews; impending Google de-ranking will destroy its business model.

UniFirst Corporation UNF

Engine urges UniFirst's independent directors to form a special committee and force a sale — the Croatti family's rejection of four Cintas bids has already cost shareholders ~$1.3B.

UniFirst Corporation UNF

UniFirst is stagnating under Croatti trustee stewardship that rejected a premium Cintas bid; Engine demands a sale, board refresh, and fair proxy process to unlock value.

Industry meta-study: 24 firms that sued short sellers (2018-2025)

Firms that sue activist short sellers underperform the S&P 500 by 72% long-term — the lawsuit is a bluffing signal that confirms, rather than refutes, the short thesis.

HelloFresh SE HFG

HelloFresh's core meal-kit business is in terminal decline while CEO Dominik Richter pledges 77% of his stock to fund his brother's leveraged real-estate empire — a margin call could crater the stock.

HelloFresh SE HFG

HelloFresh's CEO has pledged 77% of his shares to fund brother's real estate, driving an EUR100m buyback to avert margin calls while the meal-kit business structurally collapses.

Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)

Three contrarian longs at undemanding multiples: BILL needs Rule of 40 discipline, Tripadvisor should break up TheFork and fix Viator, and Fluor must separate its $4bn NuScale stake.

Datasection, Inc. 3905.TYO

Datasection is a front smuggling restricted NVIDIA B200 GPUs to blacklisted Tencent via shell entities and Chinese-linked financing; forced regulatory decoupling will destroy the business.

DraftKings Inc. DKNG

Federally-regulated prediction exchange Kalshi is disrupting DKNG's sportsbook with ~1.5% fees versus 8-10% vig, threatening consensus revenue and forcing a multiple rerating for 35-60% downside.

Tripadvisor, Inc. TRIP

Tripadvisor trades at 6.5x EBITDA, half its peers, because investors still view it as a controlled legacy Tripadvisor.com — sell TheFork, fix Viator margins, revitalize the brand, or take the $18-19/share bid.

BILL Holdings, Inc. BILL

Starboard, owning 8.5% of BILL Holdings, is launching a proxy fight to install four fintech-experienced directors on the Board at the 2025 Annual Meeting.

CoreWeave, Inc. CRWV

CoreWeave is a debt-fueled, undifferentiated GPU rental stopgap with 71% Microsoft concentration and sub-WACC returns; fair value is $6–13, or 88–95% downside.

Pure Storage, Inc. PSTG

Pure Storage's hyperscaler dream is hype: HDDs dominate at 5-6x TCO advantage, the Meta deal is replicable, and Pure deserves a peer multiple, implying ~55% downside to $35.

PepsiCo PEP

Archer Aviation Inc ACHR

Archer Aviation is 'the Nikola of the skies' — the Midnight eVTOL is uncertifiable, the Covington factory sits idle, and the $6B order book is built on shell companies and cancelled deals.

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.

iRhythm Technologies, Inc. IRTC

Spruce Point argues iRhythm hid FDA-flagged Zio AT defects that killed patients and faces a DOJ cover-up probe; commoditized tech and an overstated asymptomatic market imply 40-70% downside.

CTO Realty Growth, Inc. CTO

CTO Realty's management inflates AFFO by excluding recurring capex, used a sham loan to hide a tenant collapse, and is diluting shareholders 70% to fund a dividend it cannot cover.

National Healthcare Corporation NHC

NHC's below-market 1991 lease with NHI expires 2026; renegotiation will cut NHC EBITDA 19-38% — L&B is short NHC.

Sumitomo Realty & Development Co., Ltd. 8830

Sumitomo Realty trades at half its post-tax real-estate NAV due to excessive cross-shareholdings, weak payouts, and worst-in-class TOPIX 100 governance; fixing these unlocks 43% upside to ~¥8,000.

US REIT sector (15 underperforming large-cap REITs)

15 large-cap REITs persistently underperformed their proxy peers over 1-, 3- and 5-year periods yet kept paying CEOs the same — shareholders should vote against comp committees and say-on-pay.

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate; vote Elliott's GOLD card for four independent directors to streamline operations and unlock long-term shareholder value.

Phillips 66 PSX

Phillips 66 shareholders should vote the GOLD card for Elliott's four board nominees by May 21 to replace the failing status quo and unlock 75%+ stock upside.

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'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).

Phillips 66 PSX

Both top proxy advisors (ISS and Glass Lewis) back Elliott's Streamline 66 campaign, endorsing all four dissident nominees to fix Phillips 66's CEO-driven underperformance by the May 21 vote.

Phillips 66 PSX

Phillips 66 is underperforming under a board that obfuscates results; elect Elliott's four nominees on the GOLD card to replicate the Marathon playbook and unlock value.

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.

Lyft, Inc. LYFT

Board has committed to significant share repurchases

Phillips 66 PSX

Phillips 66 is deeply undervalued under a conflicted, overpaid leadership team; electing Elliott's four directors and adopting the Streamline 66 portfolio-simplification plan could 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.

AppLovin Corporation APP

Muddy Waters is short AppLovin; the CEO and CTO's March 2025 denials of persistent identifiers are demonstrably false, exposing APP to deplatforming, regulatory, and margin-compression risks.

Phillips 66 PSX

Phillips 66 shares jumped 11% on Elliott's Streamline 66 plan and sank when the board defended its conglomerate; vote for change to unlock value.

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).

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.

UFP Technologies, Inc. UFPT

UFPT's largest customer Intuitive Surgical — 96.5% of 2024 organic growth — is quietly insourcing drapes and buying from rival Microtek while insiders dumped $51M in stock.

Phillips 66 PSX

Elliott urges Phillips 66 holders to vote the GOLD card for four new directors and board declassification to unlock value via midstream spinoff and refining focus.

Pulse Biosciences PLSE

PLSE's pivot to benign thyroid ablation repeats its failed dermatology playbook — tiny market, weak clinical data, revolving-door CEOs — and will trigger another stock collapse.

Phillips 66 PSX

Phillips 66 has squandered value through a failed midstream pivot and a captured board; electing Elliott's four nominees and separating midstream unlocks ~$40B+ of trapped value.

Phillips 66 PSX

Phillips 66's board has been captured by CEO-Chairman Mark Lashier; electing Elliott's four Gold Card nominees will restore independence and unlock value at this peer-lagging refiner.

Phillips 66 PSX

Phillips 66's conglomerate structure traps midstream value and operational performance; replace four directors and separate midstream to close the gap with MPC and VLO peers.

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate; adding Elliott's four operator-nominees to the board and simplifying the portfolio will reverse years of peer-lagging returns.