38 documents showing 1–38
Date
Fund
Target
Thesis
Scores
Jan 27, 2026
Spruce Point Capital
Resideo Technologies, Inc.
REZI
Resideo is an over-levered, serially-disappointing Honeywell spin whose split-up is a 'trust me' distraction from $2bn of troubled M&A and -37% cash-flow decline; 25-50% downside.
N4
V3
Dec 01, 2025
Engine Capital
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.
N4
V2
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
May 16, 2025
Ancora
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.
N4
V4
Apr 23, 2025
Palliser Capital
Keisei Electric Railway
9009
Keisei trades at a 39% discount because its US$5bn OLC stake masks chronic underperformance; capping it below 15% plus a refreshed 11-member board unlocks US$3bn.
N5
V4
Oct 22, 2024
Elliott Management
Southwest Airlines
LUV
Elliott nominates David Cush, former Virgin America CEO, to Southwest's board as part of an eight-director slate to restore the airline's operational and financial performance.
N2
V2
Oct 15, 2024
Elliott Management
Southwest Airlines Co.
LUV
Elliott — ~11% owner of LUV — is running a proxy fight to replace Southwest's board with eight airline-veteran directors and restore the carrier to industry-leading performance.
N2
V3
Sep 26, 2024
Elliott Management
Southwest Airlines
LUV
Elliott, with ~11% of Southwest, calls the management team the worst in airlines and nominates ten independent directors to replace the CEO and restore industry-leading performance.
N3
V3
Sep 24, 2024
Elliott Management
Southwest Airlines
LUV
Southwest has become the industry's worst-performing airline under current leadership; Elliott nominates ten independent directors to replace the CEO and restore best-in-class performance.
N3
V3
Sep 24, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest's failed leaders are using a poison pill and 'false record dates' to dodge accountability; Elliott will call a special meeting to replace the Board and CEO Bob Jordan.
N3
V2
Sep 10, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest is the most compelling airline turnaround in two decades; replacing the entrenched CEO and Board with Elliott's ten nominees restores efficiency, product, and reliability.
N3
V4
Aug 26, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest has destroyed 50%+ of shareholder value under Kelly and Jordan; replacing them and seating Elliott's 10 independent nominees plus a new board committee is required to restore best-in-class performance.
N4
V2
Jul 08, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest's board entrenched itself with a poison pill instead of fixing chronic underperformance; Elliott demands CEO Bob Jordan out, the board reconstituted, and an external-led turnaround.
N3
V2
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest's market cap has halved as a 36-year-insider CEO refuses to evolve; replacing the Board and CEO and modernizing the commercial model targets $49 — 77% upside.
N5
V4
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest, once a profit leader, now posts the worst margins of any major U.S. airline under entrenched insiders Kelly and Jordan; new leadership, a refreshed board and a strategic review unlock 77% upside to $49.
N5
V4
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest's 47-year profit streak has collapsed into worst-in-class margins under entrenched leadership; refreshing the board and hiring an external CEO unlocks 77% upside to $49.
N5
V4
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Elliott's $1.9bn, 11% stake argues Southwest's 50% decline reflects an insular 1971-era leadership culture; replacing the Chairman/CEO and refreshing the board can drive shares to $49 (+77%).
N4
V2
Jun 10, 2024
Carl Icahn
Southwest Airlines
LUV
Southwest has the worst margins of any major U.S. airline under a 74-year legacy leadership team; a new outside CEO, refreshed board and modernized commercial strategy can deliver a $49 share price, 77% upside.
N5
V4
Apr 22, 2024
Ancora
Norfolk Southern
NSC
Norfolk Southern is the only Class I rail without PSR; electing Ancora's seven nominees replaces Alan Shaw with Barber and Boychuk to redesign the network and reach $420/share.
N4
V3
Apr 15, 2024
Ancora
Norfolk Southern Corporation
NSC
Norfolk Southern is the worst-performing Class I railroad under Alan Shaw; replacing the Board and installing UPS/CSX operators to run PSR closes the 780bps OR gap and unlocks $420 per share.
N5
V4
Mar 26, 2024
Ancora
Norfolk Southern
NSC
Norfolk Southern is the worst-performing Class I railroad under CEO Alan Shaw's failed 'resilience railroading'; elect Ancora's slate to install Jim Barber as CEO, adopt true PSR, and unlock ~60% upside.
N4
V3
Feb 05, 2024
Ancora
Norfolk Southern Corporation
NSC
Norfolk Southern's safety and operating failures — epitomized by the preventable East Palestine derailment — require replacing CEO Alan Shaw and reconstituting the Board with independent nominees.
N3
V2
Oct 17, 2023
Ancora
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.
N4
V3
Aug 09, 2023
Spruce Point Capital
Xylem Inc.
XYL
Xylem overpaid in stock for SEC-fraud-charged Evoqua, just published two contradictory cash-flow statements, and faces 30-45% downside as multiples compress toward water-industrial peers.
N5
V4
Feb 22, 2023
Soroban
Union Pacific Corporation
UNP
UNP owns the best Class I rail franchise but ranks worst on every metric under CEO Lance Fritz; bringing back operator Jim Vena could double the stock to ~$400 by 2025.
N5
V4
Jun 22, 2022
Spruce Point Capital
Generac Holdings, Inc.
GNRC
Generac is a COVID-era generator beneficiary masking collapsing core demand and a string of shady clean-energy acquisitions; Spruce Point sees 40-50% downside to $110-$132/share.
N4
V3
Aug 31, 2021
TCI Fund
Canadian National Railway
CNI
CN, once the best-run Class I railroad, is now the worst under CEO Ruest; abandon the KCS deal and install Jim Vena to restore operational excellence.
N4
V3
Feb 16, 2021
Spruce Point Capital
Leidos Holdings, Inc.
LDOS
Leidos is concealing defective explosive-detection products from its impaired $1bn L3Harris SD&A deal while inflating cash flow 67-78%; sell with 35-60% downside to $43-$70.
N4
V3
Feb 16, 2021
Ancora
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.
N4
V2
Dec 01, 2020
White Diamond Research
GreenPower Motor Company
GP
GreenPower markets itself as an American EV bus manufacturer but is merely reselling re-logoed Chinese Weichai Eurise buses — not Buy America compliant and worth ~$1.50, implying 90% downside.
N4
V2
Dec 19, 2019
Spruce Point Capital
Plug Power Inc.
PLUG
Plug Power's $1.5B valuation rests on a fake 'inflection to profitability' manufactured by ASC 842 lease accounting; strip the add-backs, face 80% dilution, and the stock trends to $0.
N5
V3
Apr 09, 2019
Spruce Point Capital
Aerojet Rocketdyne Holdings, Inc.
AJRD
AJRD's rocket franchise is eroding as Blue Origin and SpaceX displace it; aggressive accounting and ~$900M ignored liabilities mask 5x leverage and 40-60% downside to $13-$20.
N4
V3
Dec 13, 2018
Spruce Point Capital
XPO Logistics, Inc.
XPO
XPO is a United-Rentals-style roll-up masking financial strain with aggressive accounting and a felon-linked board; normalized EPS is 47% overstated, implying 40–60% downside.
N5
V3
Aug 07, 2018
Spruce Point Capital
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.
N5
V3
Mar 16, 2018
Spruce Point Capital
Kratos Defense & Security Solutions
KTOS
Kratos is an overhyped drone play run by executives tied to the Titan FCPA scandal; with the weakest margins in defense and a recent Director fraud indictment, we see 40%-70% downside.
N4
V3
Apr 20, 2017
Carl Icahn
Arconic Inc.
ARNC
Arconic CEO Kleinfeld's veiled-extortion letter to Paul Singer forces his ouster; Elliott demands independent investigation, removal of complicit directors, and protection from whatever scheme Kleinfeld set in motion.
N4
V1
Apr 11, 2017
Elliott Management
Arconic Inc.
ARNC
Arconic's CEO Kleinfeld is the worst-performing continuously tenured S&P 500 CEO; removing him and the board closes the PCC margin gap and re-rates the stock.
N5
V4
Feb 06, 2012
Pershing Square
Canadian Pacific Railway
CP
CP is the worst-performing Class I railroad under Fred Green; replacing him with Hunter Harrison — who transformed CN via Precision Scheduled Railroading — closes the peer gap and unlocks ~$140/share.
N5
V4