44 documents showing 1–44

Apr 14, 2026

Wolfpack Research

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.

N4 V2

Apr 01, 2026

Land & Buildings

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.

N5 V4

Apr 01, 2026

Land & Buildings

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.

N3 V3

Mar 25, 2026

Spruce Point Capital

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.

N5 V4

Mar 22, 2026

Muddy Waters

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.

N4 V2

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

Mar 10, 2026

Starboard Value

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.

N4 V1

Mar 01, 2026

Citron Research

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).

N4 V3

Feb 18, 2026

Starboard Value

Riot Platforms, Inc. RIOT

Riot's 1.7GW of powered Texas sites could generate $1.6bn of AI/HPC EBITDA and drive shares to $23-$53 if management urgently signs more hyperscaler deals like the AMD proof-of-concept.

N3 V2

Feb 17, 2026

Starboard Value

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.

N4 V2

Feb 12, 2026

Spruce Point Capital

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.

N4 V3

Feb 11, 2026

Pershing Square

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.

N3 V4

Feb 04, 2026

Wolfpack Research

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.

N4 V2

Jan 27, 2026

Elliott Management

Toyota Industries Corporation 6201

Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.

N5 V4

Jan 18, 2026

Elliott Management

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.

N4 V3

Jan 18, 2026

Elliott Management

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.

N5 V4

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

Nov 25, 2025

Engine Capital

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.

N4 V1

Nov 12, 2025

Spruce Point Capital

IperionX Ltd. IPX

Spruce Point shorts IperionX: its 'revolutionary' HAMR titanium process is unlikely to displace 70-year Kroll, customers are absent, and the $1.2bn market cap implies 70-95% downside risk.

N4 V3

Nov 06, 2025

Grizzly Research

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.

N4 V3

Oct 03, 2025

Spruce Point Capital

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.

N4 V3

Sep 18, 2025

Spruce Point Capital

Uranium Energy Corp UEC

Spruce Point calls UEC a promotional penny-stock-turned-$5bn uranium speculator: CEO Adnani's ties to charged fraudsters plus zero proven reserves imply 65-85% downside.

N4 V3

Aug 18, 2025

Spruce Point Capital

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.

N4 V3

Jul 22, 2025

Spruce Point Capital

Limbach Holdings, Inc. LMB

Limbach's ODR recurring-revenue story masks decelerating organic growth, aggressive accounting, and fraud-linked directors; at 18x FY26E EBITDA we see 20-50% downside to $62-99/share.

N4 V3

Jun 17, 2025

Land & Buildings

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.

N3 V2

Apr 01, 2025

Kerrisdale Capital

D-Wave Quantum Inc QBTS

D-Wave's quantum annealing is a commercial dead end, its 'hybrid' solvers are almost entirely classical, and at 57x 2026E revenue the stock will collapse as reality sets in.

N4 V3

Mar 26, 2025

Starboard Value

Autodesk, Inc. ADSK

Autodesk's long-term share price and margin underperformance reflects a board incapable of holding management accountable; electing Starboard's three nominees installs oversight needed to drive non-GAAP operating margins to 41-42% by FY2028.

N4 V2

Mar 19, 2025

Starboard Value

Autodesk, Inc. ADSK

Autodesk has best-in-class 93% gross margins but bloated opex; disciplined cost cuts plus 55% incremental margins can lift adjusted operating margins to ~45% by FY2028.

N4 V3

Mar 18, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure masks world-class midstream and chemicals assets; separating them, fixing refining, and refreshing the board closes a decade-long 188% TSR gap versus peers.

N3 V4

Jan 16, 2025

Pershing Square

Fannie Mae / Freddie Mac FNMA / FMCC

Release Fannie and Freddie from conservatorship at a 2.5% capital standard and IPO them at ~$30+/share; Treasury's warrants generate ~$300bn while shares re-rate 5-6x from ~$6 today.

N5 V4

Jan 16, 2025

Pershing Square

Fannie Mae and Freddie Mac FNMA/FMCC

Fannie and Freddie have already repaid Treasury at an 11.6% IRR; releasing them from conservatorship via modest IPOs unlocks ~$300bn of warrant value for taxpayers within two years.

N5 V4

Nov 01, 2024

Land & Buildings

Public REIT sector (vs. private real estate)

Public REITs have crushed private real estate over 30 years (9.9% vs 7.0%); with institutions at GFC-low underweights and supply rolling over, listed REITs are a generational buy.

N3 V4

Jul 15, 2024

Starboard Value

Match Group, Inc. MTCH

Match owns Tinder and Hinge yet trades at <8.5x FCF; fix Tinder, lift margins above 40%, buy back aggressively — or take the company private — to close a ~45% peer discount.

N4 V2

Jul 15, 2024

Starboard Value

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.

N4 V2

May 28, 2024

Elliott Management

Texas Instruments TXN

TI's rigid $5bn/year capex ramp is building ~50% excess capacity and has collapsed FCF per share 75%; flex capex to demand and commit to $9.00+ per share by 2026.

N4 V3

Apr 24, 2024

Palliser Capital

Keisei Electric Railway Co., Ltd. 9009.T

Palliser, a 1.6% holder, asks Keisei shareholders to vote on an advisory resolution forcing the board to publish a capital allocation plan and cut its OLC cross-holding below 15% by March 2026.

N4 V2

Apr 18, 2024

Land & Buildings

National Health Investors, Inc. NHI

NHI is an undervalued senior-housing REIT whose conflicted, interlocked board threatens to give away the upcoming NHC lease renewal — vote AGAINST Webb and Swafford to force change.

N4 V2

Apr 11, 2024

Bluebell Capital

TIM S.p.A. (Telecom Italia) TIT

Vote Bluebell's slate to replace TIM's worst-in-class CEO Labriola with Google Cloud exec Laurence Lafont, halt strategic chaos, and unlock ~100% upside versus European telco peers.

N4 V3

Feb 26, 2024

Kerrisdale Capital

Carvana Co. CVNA

Carvana at $70 is priced as a tech disruptor, but it's 'just a dealership' with CarMax-like unit economics and a levered balance sheet — fair value is $16, -77%.

N4 V3

Jan 31, 2024

Starboard Value

GoDaddy Inc. GDDY

GoDaddy is a high-quality infrastructure business trading at a wide FCF-multiple discount; committing to 40% growth-plus-profitability and buying back stock unlocks $170-$200+ per share.

N3 V2

Apr 20, 2023

Engine Capital

Parkland Corporation PKI

Parkland's board re-nominated its 24-year chairman and set sub-cost-of-capital ROIC targets; Engine urges shareholders to WITHHOLD on all incumbents to force governance, pay, and portfolio reform.

N3 V1

Mar 18, 2019

Starboard Value

Bristol-Myers Squibb BMY

BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.

N5 V3

Mar 01, 2019

Starboard Value

Bristol-Myers Squibb BMY

BMY's $91B Celgene deal bets the company on a REVLIMID patent cliff and pipeline requiring 10 blockbusters in 8 years — shareholders should vote no and pursue a standalone Amgen-style transformation.

N5 V3

Feb 28, 2019

Starboard Value

Bristol-Myers Squibb Company BMY

Starboard urges BMY shareholders to reject the $91B Celgene acquisition — it imports a massive REVLIMID patent cliff and was rushed through without exploring standalone turnaround or a sale of Bristol-Myers.

N4 V3