Callouts & quotes from 37,061+ activist slides

"In situations where a company has generated long-term outperformance, such a long-tenured Board might be accepted by the investor community, but given the sustained share price underperformance at Cognizant, we believe directors with new experiences, skills and perspectives would be welcome."

"Monster's AFF Ireland filings indicate that it intends to supply recipes and formulae for all the non-US companies within the group. Furthermore, management does not disclose where the revenue is derived by geography because it would be "seriously prejudicial to the interest of the Company.""

"Taking action to unlock the value of Samsung Electronics’ treasury shareholding as part of a streamlining of the Samsung group structure – this would benefit all stakeholders by creating a transparent and easy-to-value organizational structure, retaining the Lee family’s controlling interest"

"Does Intuit deserve a premium SaaS multiple? As much as two-thirds of revenue is either episodic, usage-based, remnants of license, or from end-of-life product. And while a portion of Intuit's payroll revenue is volume based, we believe take rates in that market will be a race to the bottom."

"We find that Bunge makes it difficult to calculate organic growth by segment by not quantifying Viterra's contribution to its business segments. Moreover, the Company does not discuss FX or asset divestiture impacts on revenue. In 2025 alone, Bunge disposed of $953m of assets and businesses."

"Had Ginkgo included Synlogic’s foundry spend of $13.6MM, related party revenues as a percent of total would have jumped from 72% to 95% - that is, Ginkgo would have had to admit that its foundry is a flop and that it can’t get customers unless it gives them cash and round-trips the proceeds."

"Heska paid approximately 1.4x LTM revenues, in aggregate, for these six companies. We find it shocking to note that the market is currently valuing these revenues, which comprise well over one-third of Heska’s LTM revenues, at 9x only 1 to 1.5 years later despite questionable recent results."

"We asked two former Nevro executives to comment on the alleged kickbacks program in Europe. One stated his belief that it couldn’t have had happened without participation by the US headquarters ("everyone knows"); and that the staff Nevro terminated in the aftermath were "sacrificial lambs.""

"I didn't know anything about what you just told me. And I feel like the truth eventually comes out... I've seen this before... I've learned to be cautious. Even if you told me all these great things that were the opposite of what you just said, then I would have basically said that I'll see."

"I think the employees are feeling a bit like second-class citizens, like the focus has been turned elsewhere in the recent years, that they're not getting the support, the resource, the capital allocation that they should be getting to drive the performance that they know they're capable of."

"Ancora Alternatives President Jim Chadwick and steel industry legend Alan Kestenbaum hosted an investor conference call, "A U.S. Solution for U.S. Steel," detailing why @U_S_Steel does not have the right leadership team in place and how Ancora’s slate can turn around a standalone U.S. Steel."

"We believe investors in GP should take a close look at the company's Chairman, CEO and largest shareholder, Fraser Atkinson, whose track record points not just to an inability to manage the business to its financial targets but to an alarming disregard for his fiduciary duty to shareholders."

"Spruce Point believes that changes in Executive and Board leadership at Enfusion are highly troubling. Notably, at least two members have served at companies targeted recently by other short sellers while the CEO was Chief Risk Officer at a firm that settled with the SEC for illegal trading."

"When the CFO of the largest miner by market capitalization, Marathon Digital, was asked point blank by a retail investor on the last quarterly call about the company's current breakeven price for bitcoin, the executive gave a vague, rambling response which did not answer this basic question."

"As a provider of long-term privately negotiated investment capital, it is not atypical to defer payment of principal or interest from time to time. As a result, the amount of the portfolio that is greater than 90 days delinquent may vary from quarter to quarter. — Allied's 2001 annual report"

"The jagged steps are so close together in the blue region that you can't see the steps—it almost looks like a smooth curve, but then the steps become obvious at the end. Each step is getting longer, and each step is going up in current, which is on the far right y-axis. — Former R&D employee"

"“Although the single-layer pouch cell is capable of fast charge, there is too much damage caused during that fast charge to do it every single time, and they didn't mention that.” — Former employee; “The cycle life is not specified and my understanding is it’s not so good.” — Former employee"

"“Equipped with only benchtop characterization data of a coin cell or a few pouch cells — which are significantly different from a working battery — and without proof of full scale-up, how can we — and importantly, early stage investors — accurately evaluate a battery’s merits?” — BatteryBits"

"Toyota is a customer and there are governance concerns (about whether there are incentives to increase profits) for vehicle, engine and parts operations with low profits, which is currently a discount factor. A focus is whether or not there will be business reorganisation. — UBS, May 2, 2025"

"“too little, too late” — Southwest Airlines (assigned seating change announcement); “complexities in adapting its revenue management to current booking patterns,” — Southwest Airlines (June guidance reduction); “heart of the company,” — Mr. Jordan; “in charge” — Elliott Investment Management"

"Shifting to international expansion. International revenue grew by almost 70% last year with APAC revenue growing by 84% and EMEA by 61%, all outpacing the industry and our competitors. International now contributes 26% of our overall direct revenue. — DoubleVerify Earnings Conf Call Q4 2021"

""Based on consideration of the criteria discussed above and the overall financial and operational success of the Company in 2017, the Compensation Committee made the decision to provide a salary merit increase, ranging from 4% to 14.9%, to the Named Executive Officers" — Weis Proxy Statement"

"In 2020, we purchased most of our grain requirements from two suppliers, Bunge Milling, Inc. ("Bunge") and Consolidated Grain and Barge Co. ("CGB"). Our current grain supply contracts with Bunge and CGB expire on December 31, 2021 and December 31, 2023, respectively. — MGPI Former Disclosure"

"“I think the real critical question that if I were in your shoes, the kind of question I would wonder is - would we spend the amount of cash today at Ginkgo that we've spent on R&D credits to get the result that we've gotten?” ... “And the answer sounds like no.” — Senior Genomatica employee"

"“I cannot find any Dentex floss pick. Do you carry them?” — Spruce Point; “Let me check... We only seem to carry the generic brand.” — CVS Sales Associate NY Store; “What about Clear Eyes?” — Spruce Point; “I believe we only carry the generic for that as well.” — CVS Sales Associate NY Store"

""The power of the network effect is important at Clear, and we have aggressively grown the network in travel and beyond. This network is a key value creator for our members, saving them time and bringing them joy in more places." — CEO Last Statement on Network Effect: Q1 2024 on May 8, 2024"

"“Actually this practice of classifying some assets as Level 2. It’s actually - had been adopted by quite a number of Chinese companies listed in the U.S. from our perspective...a number of other companies have also adopted Level 2.... Mainly those are Perfect World, Sina, and Sohu.” — KB Teo"

"“Yeah, they tried to do that with us...TransMedics wanted access to that. And so what they were saying to the OPO's, give me access as if I were your employee. Register me in the system, give me a password; we just want to help you.” — Executive at a West Coast OPO, longtime industry veteran"

"The SEC alleged that at least $40 million was either pocketed for personal use by top officers of Brokers Investment and Fiberline, diverted for unrelated businesses or used as part of a fraudulent Ponzi Scheme, in which money raised from new investors is used to pay off previous investors."

"It's instructive to evaluate SafeCharge's valuation at the time of acquisition by Nuvei. For reference, Nuvei acquired the business for 7.3x and 21.7x 2019E Adjusted Revenues and EBITDA. Based on our primary research, SafeCharge could represent up to 30% of Nuvei's current business profile."

"Form EIA-861M is a mandatory report for most investor owned electric utilities, all energy service provider including Third Party Owners of solar PV (TPO) and other selected electric utilities and distribution companies that sell or distribute electric power to end users on a monthly basis."

"Prior to Starboard filing a Schedule 13D on September 17, 2012, Office Depot’s stock price had materially underperformed both the broader equity markets, its Peer Group, and its direct office supply superstore (“OSS”) competitors – Staples and OfficeMax – over almost any measurement period."

"Transurethral waterjet ablation (TWJA, or Aquablation): uses a high-pressure waterjet to destroy tissue. Slightly easier recovery than other resective procedures. Shorter procedure time, but much higher bleeding risk. Requires subsequent "mini-TURP" to cauterize tissue and control bleeding."

"With Sumner Redstone Absent for the Last Few Years, and With Dauman Effectively in Control of his Trust, it’s Been a Perfect Setup for Dauman and Dooley to Keep Paying Themselves Enormous Cash Compensation at the Expense of Shareholders With Weak Accountability in Terms of Their Performance"

"Only Kaiser, an exclusively value-add producer, ships fewer MT per dollar of Net PP&E than Arconic. Were Arconic generating EBITDA/MT similar to Kaiser ($700+/MT), Arconic's low rate of production might be justified. At Arconic's EBITDA/ton ($364/MT), utilization should be much, much higher"

"Warning: Oatly claims its processes are proprietary and very hard to copy, but acknowledges a risk that, as it grows, its trade secrets, confidential information and know-how could become more broadly known. Oatly stresses that this risk could have a material adverse effect on its business."

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises, versus fundamental leadership change."

"However, the workaround comes at a steep cost in terms of errors, mutations, and lack of consistency – rendering Twist’s “chip” a self-defeating gimmick with no way to win, as any efficiencies are quickly destroyed by the workarounds required for its inability to make usable amounts of DNA."

"In order to conceal the spiraling losses from its manufacturing meltdown and pricing scheme - and to prevent its Ponzi-like nature from becoming obvious - we believe that Twist has resorted to Worldcom-esque accounting fraud, fabricating a 45% gross margin that it promotes will rise to 60%."

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises, versus fundamental leadership change."

"On July 30th, 2023 – Puck reported that Kevin Mayer and Tom Staggs – two former executives (and now Disney competitors!) who were viable CEO succession candidates that were passed over prior to their departures years ago – “have both been engaged individually by Disney to consult with Iger”"

"This petition requests that the FDA take the following actions: 1. Request a voluntary recall of VYKAT XR from the US market, on the grounds that the drug presents a serious risk of adverse events, including hospitalization and potential heart failure, which outweigh its labeled indication."

"TASK is trying to sell investors on COVID-19 related expenses as adjustments to EBITDA and EPS. This might be perfectly acceptable if it were common practice for public company peers to do so. However, we don't believe that to be the case. As a result, we adjust TASK's EBITDA lower by ~$8m."

"Axon has magically boosted its TAM by increasing both user and price assumptions. The pricing assumption for its AI TAM cannot even be justified by its current pricing. Bundle assumptions show it gets $50/month, whereas Axon leads investors to believe that it should be valued at $100/month."

"With Hill-Rom already having posted new product revenue of "more than $300M" through Q3, management guidance of "more than $400M" of new product revenue for FY19 implies a Q4 new product revenue guide of just ~$90-125M, which would render YoY new product growth flat at best for the quarter."

"To the extent our suspicions turn out to be correct, this circular symbiosis would be reminiscent of Enron’s off-balance sheet structures in which Enron issued shares to “special purpose entities”, which borrowed money using the stock as collateral, and then bought (poor) assets from Enron."

"Step 5: TIP REIT pays a taxable dividend (at the 15% dividend tax rate to non-corporate taxpayers) to shareholders equal to its allocated portion of Target’s $16bn of retained Earnings and Profits (“E&P”), estimated to be $8bn based on the implied mid-point valuation of TIP REIT/Target Corp"

"Spruce Point believes that Bemis had much worse working capital than Amcor, and not simply 2x Amcor's as suggested by an analyst. Over the preceding, six quarters prior to deal closing, we calculate Bemis' working capital to sales ratio averaged 13%. Amcor's working capital was around zero."

"We particularly note the role of reps and the central team in managing side effects such as “over-stimulation” - given the complex and multi-factorial nature of pain management, we question how reps are making clinical diagnoses of “over-stimulation” and determining its cause and treatment."

"Based on these facts, it seems that the Board has interpreted the revised regulation (EN-3) to suit its own interests, viewing it as a means to construct solar installations of any size (e.g., 76 MW or 94 MW) while bypassing the need for authorization from the Secretary of State for Energy."

"On July 30th, 2023 – Puck reported that Kevin Mayer and Tom Staggs – two former executives (and now Disney competitors!) who were viable CEO succession candidates that were passed over prior to their departures years ago – "have both been engaged individually by Disney to consult with Iger""

"There is always a catch! While PHA may be an improvement from PLA in some areas, there are still constraints to the technology. Just as PLA was unable to decompose in landfills and required separate recycling, PHA requires certain conditions which are only available to a limited population."

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises, versus fundamental leadership change."

"While adding a new independent director to the Board is a step in the right direction, we believe his appointment was merely reactionary and an attempt to win the support of another shareholder in this election contest and likely would not have been done were it not for the pending contest."

"In addition to the manufacturing facilities described above, our other principal facilities include our corporate headquarters in Glendale, California and our divisional offices located in Mentor, Ohio; Hong Kong and Kunshan, China; and Oegstgeest, the Netherlands. — 2019 10-K and 2018 10-K"

"a complex web of permissions from local and federal authorities, often with long approval times [that] may mean that, when an investment [in a base station] is signed off from an operator, it may take well over a year for a site to be made operational. — GSMA, Brasil Mobile Observatory 2012"

""The FreeStyle Libre 2 system is designed to further empower people with diabetes by providing a choice about how they want to use alarms—which can be a valuable feature for a specific group of people managing their diabetes," said Jared Watkin, senior vice president, Diabetes Care, Abbott."

"definitive evidence of the benefit or superiority of any of these techniques [beyond re-isolating the PVs] over the others is lacking...Data on current clinical practice confirm the prevailing uncertainty regarding the best reablation technique. — 2017 Expert Consensus Statement on Ablation"

"“At Phillips 66 we’re all about reliable and predictable value creation for our shareholders.” — Mark Lashier, Phillips 66 Promotional Video, April 17, 2025; “Our leadership is committed to steady, reliable and sector-leading value creation.” — Phillips 66 Soliciting Material, April 7, 2025"

"“At Phillips 66 we’re all about reliable and predictable value creation for our shareholders.” — Mark Lashier, Phillips 66 Promotional Video, April 17, 2025; “Our leadership is committed to steady, reliable and sector-leading value creation.” — Phillips 66 Soliciting Material, April 7, 2025"