Callouts & quotes from 37,061+ activist slides

"Despite adding $4.7 billion of revenue over the past ten years, Skechers' General & Administrative expense as a percent of revenue has barely budged. Furthermore, often blamed supply chain expenses don't seem to be a major driver. We view this as a colossal example of poor financial management."

"While iRhythm frequently refers to its products as representing the "gold standard", that clearly is not the case for the Zio AT. The 2024 Form 483 (San Francisco) revealed that the product breached its sensitivity threshold, delivering materially lower performance than the Philips MCOT device."

"Although we question Amdocs' reported workforce figures, we are struck by the relative growth in the Company's headcount in India relative to other geographies. We believe that this reflects Amdocs' increasing shift towards IT services and business process outsourcing, over product development."

"Given the company has abandoned its 2025 EBITDA target, which in turn undermines the credibility of the 2030 target as well, what financial targets - previously communicated by BP, during the February 2023 strategic update - can the market now refer to in order to measure the company's results?"

"Analysts are polarized when it comes to SMCI's share price outlook. However, we don't believe any have properly assessed the risks from having a large portion of its current business tied to Facebook, which is under cost-cutting pressures and reportedly already reducing spending on datacenters."

"We also double checked the numbers from the Consumer International and Direct segment reporting, which includes the FLAWLESS acquisition. Again, FLAWLESS revenues are estimated at $7.5m - $8.2m, slightly different than $7.2m - $8.1m we previously estimated from the consolidated net sales level."

"Since it appears the Company has little interest in letting shareholders have their say regarding the Red Lobster Separation, the Special Meeting will provide an alternative forum for shareholders to show the Board that Darden's shareholders will not stand to be silenced on this critical issue."

"Samsung's listed assets are worth c.$500bn with most of the value in the technology & biotech sectors. That said, significant capital and effort remain invested in mature old economy businesses that are no longer a strong fit with Samsung's future vision or the development needs of modern Korea"

"A quick search of high-profile press stories regarding recent egregious operational failures at IVF clinics, including one that a USA Today article called “one of the biggest fertility center debacles in U.S. history”, surfaces four cases involving centers that remain in the PGNY network today."

"With the same toxic combination of leverage and cash burn, we believe investors underestimate Nevro’s risk of becoming the next Nuvectra, especially if the FDA takes any action against its product, or if the OIG’s Nov 16th Special Fraud Alert on speakers programs is predictive of what’s coming."

"We are further concerned that Nova's shareholder Kushkush Investments Pty Ltd, which appears linked to its ASIC-charged former CEO Kimelman through his wife, has a registered and head office address at 7 Sarah Crescent, Templestowe, Victoria, Australia which appears to be a residential address."

"the majority of patients do not come back and say holy hell, I can't believe how awesome I feel. It doesn't work that way. It's an adjunctive measure to get people to feel improvement that they say, yeah, you know what? I do feel some improvement, and I notice it even more when I don't take it."

"They completely boxed everybody out, and you have days and weeks go on where, as a rep, you don't know what's going on. You have no clue, they won't tell you...there's nobody I can call at corporate to facilitate it, and so, I have to just keep my mouth shut...I don't know the reason behind it."

"We use the lower pre-acquisition tuition because it is company-favorable. A blog post stated that the tuition charged in August of 2015 was 11,000 rmb for 8 months after the application of a 1000-Rmb discount. (Source: 8 个月，128 个课时，一周上两次，一次一个半点，算两个课时。收费 1 万 1 千多（优惠 1 千后），也就是 1 次课 1 个半点 170 块钱。)"

"“...Just wanted to say thanks for all the pushing on us over the past year. We have a lot more we need to get done but we have a completely new way of seeing [the] world that is extremely helpful to how we’re executing now. So, thanks.” — CEO Aaron Levie, Email to Peter Feld – September 3, 2020"

"Joe Liu would later be listed as Founder and Director of BCD Semiconductor (Nasdaq: BCDS), of which both Chang’s were involved. The biggest shareholders were entities controlled by individuals with the last name “Chang” and claimed to be “parents-in-law” of Liu — Spruce Point Capital Management"

"We hope that all listed Chinese companies in the U.S. will form an anti-Muddy-Waters group, to fight against short-selling firms like Muddy Waters. It is hard for one company alone to fight with many short-selling firms, but will be a lot easier when we unite and support each other. — NQ Yu Lin"

"“Over the course of his 38-year career, Rodney has made an outstanding contribution to BP. He has played a critical part in all the major developments of recent years that have transformed the company into one of the world's leading energy businesses.” — Lord Browne, CEO of BP Plc, January 2003"

""The Fed Funds Rate has a big impact on the TED spread, which has a big impact on our securities lending activity...when rates eventually go up and you get back to the more normalized TED spread, this will be a much more attractive business financially" — Bob Kelly, CEO, 3/2/10 CLSA Analyst Day"

"The Appellee Xiangxieli defended that since Zongheng failed to provide the advertisement operation invoices, which caused the untimely payment, and the judgment of the second instance for another case did not recognize the fundamental breach at Xiangxieli’s side either — Court Judgment Excerpt."

"Mr. Smith’s reported compensation far surpasses that of the highest-paid CEOs last year at much larger companies and is about 20 times the median pay for an S&P 500 chief, according to a Wall Street Journal analysis. Axon is too small to be in the S&P 500 index — Spruce Point Capital Management"

"We operate in a highly competitive environment. The principal factors of competition in our pest and termite control markets are quality and speed of service, customer satisfaction, brand awareness and reputation, terms of guarantees, safety, technical proficiency and price. — Rollins 2022 10-K"

"“In short, I think that the company is over-hyped, overvalued, and set up to have its Zymergen-like moment. You saw how the Zymergen stock crashed 80% in a day, and I would not be very surprised if that happened to Ginkgo sometime in the next year.” — Former Ginkgo employee in a managerial role"

"“co-authors were not even informed about the existence of this papers...yeah, I didn’t know about it”; “it’s bizarre...she would have recruited a big number, yet her name is not on the paper...very odd...it was very odd that as an investigator....” — Physician, KOL, and Vykat trial investigator"

"Further, analysis of a portion of Inteliquent's likely involvement in the routing of nationwide call traffic concerning Amazon/Apple imposter robocalls was assessed. ... approximately 450 million of these scam robocalls were estimated to be facilitated by Inteliquent. — December 2025, AG Letter"

"Accelerate is complementary to Vitek, because it works with blood stream infection only and our system is much broader. Blood stream infection is a very limited market. We work on everything, urine samples, for example. They only work on blood samples, which is 5% of the tests. — BioMerieux rep"

"How did revenue contributed from a change in natural gas volumes go down in 2021 vs. 2020 given: 1) A full year of Peoples natural gas volume contribution in 2021 vs. 2020 (volumes increased substantially from 91,695 to 139,672 MMcf) and, 2) An increase in natural gas prices from 2020 to 2021?"

"Off Grid's history dates to 2000, and it assumed its name in 2010. Its website hasn't been updated since 2019 despite being acquired by Generac in Sept 2021. Despite this long operating history, its largest customer appears to be a related-party located right next door that sells its products."

"Part of the reason we struggle to underwrite Box's story of accelerating growth and expanding margins is the fact that Box has discussed initiatives to accelerate growth in the past, but not delivered on it, and has had several different target models, consistently needing to walk them back..."

"Unfortunately, Manulife does not separately report its “available capital” and “regulatory capital” in its quarterly reports, but based on simple math, when you decrease your numerator and increase your denominator by at the same time, the LICAT Ratio has the potential to decline dramatically."

"More ominously, he described IonQ’s machine as a “black box” where you couldn’t audit what was the computer was doing, leading him to speculate “more nefariously, that they were hiding something”: “we had a hard time getting behind-the-scenes look”; “we couldn’t really ask a lot of questions…”"

"If, in order to maintain market share, Dexcom is forced to slash sensor and transmitter prices to achieve parity with the Libre's daily cost of use to the payor, the Company's gross profit would be wiped out in its entirety, even if revenue from up-front receiver purchases were to hold steady."

"From the end of 2013 to the end of 2016, Arconic invested $5 billion dollars in growth capital expenditures, research and development and acquisitions in EPS. For the $5 billion invested, Arconic generated an incremental $73 million of NOPAT for a Return on Incremental Invested Capital of 1.5%"

"So it's not that we are not looking at the utilization of factories, right, but what we have the advantage that we also have a lot of technology so we want to get to a position where ideally we can combine those both worlds where we can give the customer a value at the same time at lower cost."

"Seemingly unlike iRhythm’s Board, we do not believe the same management team that resided over a systematically flawed quality and compliance system should receive extra incentive compensation just to remediate their shortcomings, obey basic medical device laws, and cease endangering patients."

"Spruce Point sent an investigator to check on Oatly’s Maanshan China operations. Oatly claims it will be in production by the second half of 2021. However, based on our evidence it has materially fallen behind stated production plans in Utah and New Jersey, we were skeptical of Oatly’s claims."

"In addition, total job opening growth – also per LinkedIn analytics – has fallen 32% over the previous 3 months, particularly in sales where it is minus 60% over this period – particularly telling as Twist is supposedly in an “aggressive hiring spree” for its “Factory of the Future” in Oregon."

"While there are multiple contributing factors to TI’s underperformance, we believe the most significant has been the dramatic increase in capital investment announced in 2022, which has led to a fundamental deviation from TI’s long-held commitment to driving growth in free cash flow per share."

"Assuming 5-year useful lives for the intangibles related to customer lists from the Credit Karma and Mailchimp acquisitions results in estimated 21% to 26% reductions in GAAP net income in each of the past three fiscal years and a near halving of GAAP net margins since FY 2020 from 24% to 14%."

"Spruce Point believes that Forescout will have trouble reaccelerating its top-line growth rate as it attempts to win smaller, more price-sensitive mid-level customers with less comprehensive cybersecurity needs – particularly as the ongoing pandemic pressures budgets across the global economy."

"Management's claims of illusory benefits of the DLC structure and phantom costs of unification are not the way to deal with a value-distorting and obsolete group structure – we see c.US$200 million as the real cost of unification – at a minimal cost for such a large value-unlocking opportunity"

"The store’s address listed on BEKE’s platform leads to a large apartment complex, while its SAIC certificate provides a more detailed address. When our investigator visited the store’s SAIC registered address, we found a derelict and abandoned store front located in a former gate guard’s room."

"We contend that APP engages in Fingerprinting 2.0 by creating user graphs composed of other platforms unique identifiers like the Facebook "fbp", Google "ga", etc. and importantly marrying this up with an e-commerce site like Shopify's event data to recognize whether such users are high value."

"Additional media searches and field observations found no evidence of a construction site in Kangping Development Zone of this project's scale, leading us to conclude that processing facilities to make up the core of this dairy cluster have undergone only preliminary stage development at best."

"We believe Heska's assertion that its 2020 subscription performance outperformed its outlook appears to be incorrect. Furthermore, we believe the Company embellishes its North American subscription growth metric by not properly disclosing the potential contribution of scil's Canadian business."

"With the resignation of the Fortress Directors, the tone of management regarding real estate has changed FROM openly supportive of unlocking value for shareholders TO expressing a desire to own it - this is despite a substantial increase in healthcare real estate values over the past two years"

"We believe Limbach significantly overstates its free cash flow, which in turn inflates its reported Adj. EBITDA-to-FCF conversion rate. While the Company claims an 80% conversion rate over the past six years, our Spruce Point-adjusted FCF analysis suggests the true figure may be less than 60%."

"In August 2025 HelloFresh paid US$7.5 million in a settlement due to a complaint by the Los Angeles County District Attorney's Consumer Protection Division about misleading “dark pattern” marketing, failure to obtain affirmative consent for auto-renewals, and inadequate cancellation processes."

"While developing a chip rather than licensing HDClear may or may not be the right answer over time, we believe it is critical to have independent Board members who can assess the risk-reward of each option with an open mind, so that HDClear has the highest chance of success over the long term."

"As such, having explored various options with the Company in recent weeks, Palliser has determined to submit the enclosed formal shareholder proposal to add an advisory resolution ("Advisory Resolution") to the agenda for the 181st Ordinary General Meeting of Shareholders ("AGM") in June 2024."

"Also, on February 1, 2006, Douglas D. Cole, the Company's prior Chief Executive Officer, was appointed to serve as the Executive Vice President of the Company. He will also continue to serve on the Board of Directors of the Company and will act as Vice Chairman of the Board. — 8-K Filed 1/9/06"

"I always have an example, which I'll refrain from quoting now. It is more or less if you were a bank robber, and go into a bank and say: Hello! I'm a bank robber. - If you then go ahead and rob the bank, then you can say: No problem, I told you that I was a bank robber, after all. — Udo Müller"

"Assuming a conservative spherical titanium metal powder price of ~US$130/kg (vs. current estimated market pricing of ~US$200/kg), and using key operating assumptions, the TCF-1 has the potential to generate revenue of ~US$145 million and EBITDA of ~US$100 million in 2026. — IperionX (Mid-2023)"

"“This means that charging is done for 3 hours and discharge for 1 hour. This type of slow charging is very typical for Li metal batteries. Plating of Li is where [a] dendrite growth issue can occur. Therefore charging (plating lithium metal) is often done at slower rates.” — Solid state expert"

"Beyond Meat explicitly tells investors: "we include outbound shipping and handling costs within SG&A expenses. As a result, our gross profit and gross margin may not be comparable to other entities that present all shipping and handling costs as a component of cost of goods sold" — Beyond Meat"

""And then lastly, Walgreens is one of our deepest Services' customer partnerships. They're managing all of our work cloud retail software solutions that Joe referenced. And we're heavily embedded helping them design their labor models." — Jenna Stanley, VP, Global Services, Zebra, May 14, 2024"

"FURTHERMORE, PSX'S REFINERY ASSETS ARE SOME OF THE BEST-IN-CLASS VS OVERALL INDUSTRY WITH A NELSON COMPLEXITY INDEX OF 11.1 — UBS, January 2021; ... [WE] REMAIN SKEPTICAL OF THE ABILITY TO GENERATE EQUIVALENT EBITDA/GAL AS VLO OR MPC, WITH LOWER QUALITY ASSETS... — Piper Sandler, February 2025"

"“...I asked to cancel my subscription. 3 months later, they sent more medication and charged my credit card. They did not send me any kind of notice prior to shipping more medication. I did not authorize them to charge my credit card for $137 and they do not accept returns.” — David N, 4/22/23"

"So we're going to stop talking about individual cases because frankly that's not an effort that we think is fruitful. To put this in perspective, the last case of a patient with geographic atrophy that was reported to us with vasculitis is already from September first, right. — Cedric Francois"

"So, when I look at Phillips, I would say that Phillips is the worst of the bunch we are talking about. I don't like Phillips, and we are really big holders. The biggest issue for Phillips, in my opinion, is that they are not at all focused on creating shareholder value. — Anonymous Shareholder"