23 documents showing 1–23

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

Aug 11, 2025

Engine Capital

Avantor, Inc. AVTR

Avantor's board has presided over five years of self-inflicted operational and capital-allocation failures; a refreshed board, cost discipline, buybacks and portfolio optimization can deliver 97-134% upside by 2027.

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

May 28, 2025

Spruce Point Capital

Tempus AI, Inc. TEM

Tempus AI is an AI-branded diagnostics roll-up whose tiny AI revenue, Lefkofsky-linked restatement history, and round-tripped related-party deals imply 50-60% downside to ~$25-34/share.

N5 V3

Oct 01, 2024

Starboard Value

Pfizer Inc. PFE

Pfizer destroyed $20-60bn of value since 2019 despite a $40bn COVID windfall; Starboard wants the board to hold Bourla accountable for peer-median R&D/M&A returns.

N5 V4

Oct 01, 2024

Starboard Value

Pfizer Inc. PFE

Pfizer squandered its $40bn COVID windfall on overpriced M&A while delivering almost none of the 15 promised blockbusters; the Board must hold management accountable.

N5 V4

Jun 24, 2024

Muddy Waters

Eurofins Scientific SE ERF

Muddy Waters is short Eurofins: controlling shareholder Dr. Gilles Martin has siphoned capital via above-market real-estate leasebacks for 20 years, and the financials appear engineered to overstate revenue, profits, and cash.

N4 V2

Feb 01, 2024

Ancora

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.

N4 V4

Mar 28, 2023

Scorpion Capital

Harmony Biosciences Holdings HRMY

Scorpion shorts HRMY: Wakix is a toxic, ineffective H3 antagonist propped up by sham foreign trials, an Insys-style kickback scheme, and off-label sales — collapse is imminent.

N4 V2

Feb 07, 2023

Spruce Point Capital

Progyny, Inc. PGNY

PGNY is a $3.1bn fertility-benefits manager run by ex-WebMD/Medical Manager executives whose marketing claims, treatment model and 2023 growth are disputable, implying 60%-80% downside to $7-$14.

N5 V3

Apr 06, 2022

Spruce Point Capital

Stryker Corp. SYK

Spruce Point exposes Stryker's FCPA-tainted accounting, failing acquisition roll-up and margin squeeze under CEO Lobo — Strong Sell with 35%-75% downside to $67-$174.50.

N4 V3

Oct 25, 2021

Spruce Point Capital

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.

N4 V3

May 12, 2020

Elliott Management

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.

N5 V3

Feb 10, 2020

Muddy Waters

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.

N4 V1

Dec 17, 2019

Muddy Waters

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.

N5 V1

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

Bristol-Myers' $91bn Celgene acquisition buys pharma's largest patent cliff; Starboard urges shareholders to vote it down and replace directors to pursue a standalone plan or sale.

N4 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

Feb 22, 2019

Starboard Value

Magellan Health, Inc. MGLN

Magellan destroyed $700M of value through failed acquisitions and three 2018 guidance cuts; Starboard's six-director slate will overhaul the board and run a parallel sale process at peer multiples.

N4 V2

Sep 12, 2016

Starboard Value

Perrigo Company plc PRGO

Perrigo lost half its value after rejecting Mylan's $205 bid; divesting Rx and Tysabri royalty, fixing BCH margins, and restoring credibility can re-rate the stock to consumer-staples peers.

N4 V3

Apr 08, 2016

Starboard Value

Depomed, Inc. DEPO

Depomed's board is entrenching itself via a California-to-Delaware reincorporation and rejected Horizon's premium bid; Starboard seeks a special meeting to replace directors and explore a sale.

N3 V2

Aug 01, 2013

Glenview

Health Management Associates HMA

HMA's incumbent board destroyed 25% of independent value before rushing a sale to Community Health Systems; Glenview's Fresh Alternative board protects the deal and recovers upside.

N4 V2

Jul 01, 2013

Glenview

Health Management Associates HMA

HMA's insular 17-year-tenure board drove a Lost Decade of <1% TSR; replace all directors with Glenview's blue-chip slate to fix governance, compensation, and capital allocation.

N5 V3