422 documents showing 1–60
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.
SoFi Technologies SOFI
SOFI booked a $312M JPMorgan borrowing as a loan sale, inflating ~$1B of EBITDA and enriching management while shareholders absorb ~15% annual dilution.
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.
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.
Toyota Industries Corporation 6201.T
Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 dilutive midstream pivot has destroyed TSR versus refining peers; a midstream spin and refreshed governance — as at Marathon and Suncor — can unlock the buried 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's conglomerate structure and failed governance have cost shareholders 97% vs. peers; spinning Midstream and reconstituting the board targets $183/share — +75% upside.
Phillips 66 PSX
Phillips 66's conglomerate discount and lagging refining execution have cost shareholders 450% vs peers; spinning midstream, divesting CPChem, and refreshing the board unlock ~75% upside to $183.
Phillips 66 PSX
Phillips 66's conglomerate structure has trapped value and lagged peers by 97% over 5 years; spinning midstream, fixing refining and refreshing the board unlocks ~75% upside to $183/share.
Phillips 66 PSX
Phillips 66 lags refining peers under an ineffective CEO and legacy integrated structure; Elliott's GOLD card nominees and annual-election proposal are the vehicle to unlock trapped value.
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.
Phillips 66 PSX
Phillips 66 is a chronically underperforming energy conglomerate; Elliott seeks four board seats and annual director elections to drive a breakup, refining turnaround and midstream separation.
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.
Phillips 66 PSX
Phillips 66's conglomerate structure masks refining underperformance; spinning midstream, monetizing the chemicals JV, refreshing the board and destaggering elections will unlock Marathon-style peer-gap upside.
Phillips 66 PSX
Phillips 66 is an underperforming energy conglomerate whose midstream and non-core assets should be sold or spun, with four Elliott nominees added to the board to drive the Streamline 66 plan.
Phillips 66 PSX
Elliott's Streamline 66 proxy fight argues Phillips 66 refining is underperforming its potential and that replacing directors with operators like Brian Coffman will unlock value.
Phillips 66 PSX
Phillips 66's inefficient conglomerate structure hides $40B+ midstream value; spinning it off, refocusing on refining, and refreshing the Board could lift shares from ~$120 to $200+.
AppLovin APP
AppLovin's e-commerce ad boom is built on fingerprinting that violates Meta/Google/Apple TOS; only 25-35% of sales are incremental and Q1 churn is already 23%.
Phillips 66 PSX
PSX has underperformed peers for a decade and the CEO is talking down the stock
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.
Phillips 66 PSX
Streamline 66 plan could boost Phillips 66 stock 65%+ (from $120 to $200)
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.
FTAI Aviation, Ltd. FTAI
An FTAI Aviation Module Factory box appears in an Iranian MRO's LinkedIn posts, suggesting FTAI may have indirectly violated U.S. OFAC sanctions on Iran.
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.
Kao Corporation 4452 JT
Kao's world-class beauty brands are squandered by an insular Japanese board; adding five global FMCG outside directors and performance-linked pay can close the gap to L'Oreal and Beiersdorf.
United States Steel Corporation X
U.S. Steel has lagged peers by 227 points under Burritt; with the Nippon deal dead, Ancora's slate would install Stelco-turnaround CEO Kestenbaum to fix the company as a standalone public co.
Phillips 66 PSX
Phillips 66's conglomerate hides world-class midstream worth $40bn+; spinning midstream, closing the $3.75/bbl refining gap to Valero, and refreshing the board can lift PSX from $120 to $200+.
Phillips 66 PSX
Conglomerate structure hides a Midstream worth >$40bn standalone; market gives refining ~$1bn of credit
Phillips 66 PSX
Inefficient conglomerate structure trades like a refiner despite ~40% of EBITDA from midstream
FTAI Aviation Ltd. FTAI
FTAI is a dressed-up engine-leasing business posing as a high-margin MRO — whole-engine sales counted as three modules and intra-segment depreciation transfers fabricate the aerospace-aftermarket story.
Red Cat Holdings, Inc. RCAT
Red Cat's $1bn valuation rests on inflating a $23M/year Army drone contract into a $350M sole-source bonanza, with a factory that can't scale and insiders heading for the exits.
Kao Corporation 4452
Kao's Nomination Committee rushed its 2025 AGM director slate two months early to bypass Oasis's five independent candidates — poor governance demanding a reopened, transparent process.
Kao Corporation 4452
Kao's world-class FMCG brands are stalling under a passive Board; Oasis, now holding over 5%, will nominate five independent FMCG directors at the March 2025 AGM to unlock global growth.
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.