Callouts & quotes from 37,061+ activist slides

"Altogether, we estimate the $25 million cash payment and tangible concessions linked to the valuable Meridian assets could over time represent a nine-figure cost in the coming years for Norfolk Southern - far exceeding the $84 million that CSX paid to hire industry legend Hunter Harrison."

"I keep on getting back to the thing that concerns me the most is that I was not as aware. I had my concerns, but you're giving me a lot more concern that the people who are most in the know and most involved seem to be very, very uncomfortable with it. And that is giving me pause as well."

"We see two obvious areas of concern, either or both of which may be responsible: 1) off-target effects related to the H4 receptor, and 2) drug-induced phospholipidosis, a known aspect of pitolisant’s toxicity profile, which we get to in a few slides and which has been swept under the rug."

"He began by estimating that more than 40% of prescriptions were off-label and stated that the entire strategy was to push for off-label sleepiness in the absence of cataplexy; to misrepresent other drugs patients had to fail first; and that reps were incentivized to engage in the conduct."

"To support our contention that Bunge's oilseed business has experienced increased pressures, we see that its recently filed 2025 10-K included a new statement in its competitive risk factors that competition has added oilseed processing and refining capacity in response to growing demand."

"KLA’s actinic inspection tool was in development circa 2015/2017 but put on hold as they believed the market for such a tool was too small – a prescient view given the insignificant amount of Lasertec revenue that actually comes from EUV actinic tools versus its old DUV and other systems."

""Penumbra will cross the line that many won't to get their products in the hands of surgeons." — Neurovascular Products Sales Director 1; "Penumbra is aggressive....At symposiums, they will cover all costs of a nice hotel stay, food, travel, etc." — Neurovascular Products Sales Director 2"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"We shipped products to approximately 2,900, 2,200, and 1,300 customers in fiscal years ended 2021, 2020, and 2019, respectively. Our percentage of revenue from repeat customers were 98%, 97% and 97% for the fiscal years ended 2021, 2020, and 2019, respectively. — Twist 10K filing for 2021"

"For the years ended December 31, 2022, 2021, and 2020, the Company recorded a total of $3.6 million, $3.5 million, and $3.4 million, respectively, for payments made to an affiliated company of Atomic Labs for services performed and costs incurred on behalf of the Company. — HIMS 2022 10-K"

"These condensed consolidated interim financial statements have been prepared on a going concern basis notwithstanding the net current liabilities as at September 30, 2016 because the directors of the Company are of the opinion that based on the unconditional — Huishan 1H17 Interim Results"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"According to the consultant, with experience overseeing all supply chain aspects for multi-billion space programs, concern over the "maturity of engineering" from AST was a key reason as to why his client, a highly qualified and well-resourced machine shop, declined to bid on the project."

"“There’s a piece of information. I know more than I’m telling you, but I can’t tell you everything”; “I knew they had cardiovascular issues”; “I don’t think it was a particularly good compound.” — Longtime senior scientist at Johnson & Johnson, with global leadership roles in neuroscience"

"We spoke with a former Avery employee who has over 20 years of experience in the label industry. He told us that he believes the risk of increased consolidation among converters is being underappreciated and continued consolidation will result in tangible pressure being exerted on Avery."

"Doug Cole failed to disclose his involvement with Longwei. During Cole’s tenure, Longwei’s CFO “routinely” made misleading statements, ran a fraudulent scheme to induce the exercise of warrants to generate much-needed cash, and executed a sham purchase of LPIH stock to inflate its price."

"I mean, we shareholders have a right to learn from you why you were initially so combative and now appear to be more sanguine. Are the accusations that have been made actually true, and you are now backing away from confrontation, because you fear now that it will stir up even more dirt?"

"Sunnova Energy International (“NOVA” or “the Company”) is a residential solar financing business caught in the rising tide of solar energy. In reality, Sunnova is a specialty finance company with undifferentiated offerings that operates in a competitive industry facing secular headwinds."

"Paul Phillips has been on C3's earnings calls as VP of Investor Relations. His LinkedIn biography says he's an "Advisor" and doesn't disclose he was formerly C3's CFO from 2017 – 2019 during a period we find revenue growth claims being inconsistent and Deloitte was appointed new auditor."

"The internet is littered with websites promoting their “best” or “top” pest control companies. Not all rankings are necessarily independent, and many are advertising supported. However, upon a recent review we found five out of six rankings promoting Terminix as the best overall company."

"Moreover, the recent acquisition of Lone Star Paving and 3 million Class A share issuance represents the single biggest dilution since the Company's IPO in 2018, which should put outside investors on notice that management is now willing to let go more of the Company's ownership control."

"Based on our illustrative definition of “Lease Security,” if TIP REIT trades at a dividend yield of 4.9%, its “Lease Security” would still be worth 142% of the enterprise value of TIP REIT. No other REIT in the world today has this level of asset coverage in the event of a tenant default"

"However, the unwinding of the current circular shareholding by itself is not enough for the Group to declare the restructuring a corporate governance improvement, especially as the transaction is not supported by sound business rationale and lacks clear benefits to minority shareholders."

"In fact, altitudes in the Titina Gold Belt, where Project Estelle is located, can exceed 4,000 feet. If this is the case, it will likely present Nova with challenges to economically develop the resource atop a mountain and/or efficiently transport materials for processing and refinement."

"Investors should be on red alert that Zebra's Chief Accounting Officer worked at Perdoceo Education Corp. (Nasdaq: PRDO, formerly Career Education Corp. "CEC") as CFO and SVP, Corporate Controller and Chief Accounting Officer during a period of intense scrutiny by the federal government."

"Banks (and all enterprises) hate making their consumers take an active action that is not directly related to executing a transaction as sometimes the extra step (PIN codes or selfies) cause you to put the phone down and not finish the transaction as it drives the buzz word “abandonment”"

"Expanding our analysis by including other comparable companies such as Infobip and Bandwidth Inc., we observed that they had a similar number of employees in each category but still a higher total number of total employees than Sinch working in some sort of fraud, KYC or compliance role."

"Limiting director tenure allows new directors to the board to bring fresh perspectives. An excessive tenure is considered to potentially compromise a director's independence...For the US, Canada, Hong Kong, and, Singapore, lengthy tenure is defined as nine or more years. — ISS Guidelines"

"In short, we expect to return in cash about 59% of [the August 5, 2019] market capitalization to our shareholders while at the same time keeping an ownership in a predictable business that generates over 80% of today’s operating income. — NLOK CEO Vincent Pilette, Q1 FY2020 Earnings Call"

"I can tell you that HDDs are still the preferred storage for many of the use cases around long term storage...I don't think that you are going to see us moving to SSDs, even by 2028 or 2029, because of the costs when you're dealing with a lot of data — AI Architect at leading hyperscaler"

"When I first looked at the financials around the IPO time, I could not get comfortable with the EBITDA they were reporting and all the adjustments. It was a maze. It was complex. It was obvious they were working hard to create a picture of a stable EBITDA stream. — Former Xylem Executive"

"“I’m only aware of one, and they were disclosed, and a couple of people in the finance organization had shares in a company that provided calls to customers... There were two people in the finance organization that had worked there and still had some minority stake.” — Ex-Twist executive"

"「レーザーテックはUrashima搭載装置とウシオ製光源の搭載装置について、私たちに性能の比較をさせないよう、隠しています。しかし、Urashima搭載の装置は当社の光源が搭載されている2台のすぐ側にあります。ウシオ搭載の装置の整備作業でいっしょになるレーザーテックのエンジニアは、Urashima搭載の装置の整備にも関わっています。すべては同じレーザーテックのエンジニアがやっています。また、彼らから聞く話で受ける印象としては、先方のダウンタイムは当社のそれと同じほど多い。生産性は基本的に同じようです」 — Intel fab field service engineer"

"We completed the acquisition of OrthoSensor, Inc. (OrthoSensor). OrthoSensor is a leader in the digital evolution of musculoskeletal care and sensor technology for total joint replacement. OrthoSensor is part of our Joint Replacement business within Orthopaedics — Stryker Corp. 2020 10-K"

"But we think the combination of the 2 companies, plus our road map, plus our product strategy, will allow us to break through the pack much like Trade Desk did, and put us in a position to be the dominant independent scaled player on the SSP side. — Magnite CEO, Needham Conf May 19, 2020"

""FTAI is roughly selling 22 CFM[-56] engines (i.e., Narrowbody engines) a quarter. They've sold 82 to date [2024], and they still have some closing before the end of the year... I called all the major [traders], all the big guys... I'm averaging around that 22 a quarter." — Consultant A."

"Core will continue to emphasize execution of its time-proven strategies to produce additional growth internationally and in the natural resource plays of North America, which include the Canadian oil sands, as well as tight-gas sand and gas-shale reservoirs. — Core Lab 2007 Annual Report"

""In the 1980's, half of the patients we implanted with stimulators were for PDN." — High volume Nevro user; "I don't believe anything they say...every Nevro study is the same." — KOL; "I think they're lying." — KOL; "no long term plan there," — Former executives regarding Keith Grossman."

"“any kind of score like that...possible to manipulate it”; “the hair things is really difficult and same with the edema...you’ll never be able to blind that properly”; “that is one thing I would worry about...that’s the side effect that worries me with this drug.” — Trial investigator #6"

"“There's not enough people who are able to get the prescription because it is very expensive... That just seems like an outrageous sum, to be honest, for a drug that's repurposed, it's not necessarily a completely new drug.” — KOL in the PWS field; involved with Soleno’s clinical program"

"“Having that part of the discussion with her, she wasn't sanguine, but I think she was realistic, and said, this may help; it's not for everybody... I think she's aggressive and a little out there in regards to therapies.” — Pediatric endocrinologist, division chief at an academic center"

"The other large cap public midstream companies would all have an eye on Phillips 66’s midstream business if it were for sale. Given how underperforming the business has been, all the peers would know that $4 billion of EBITDA could easily be turned into $5 billion or more. — Michael Heim"

"On or around 1 October 2010, the Defendants used Ms Nazarbayeva’s Funds and/or caused her to make a loan to Harrison Varma in connection with the Buxmead Development (the “Buxmead Loan”). — Nazarbayeva v. Ishmuratov, Korotkov-Koganvocich, Particulars of Claim, 23-03-2016, HC-2016-000924."

"“If you don’t change, you die... If things change faster outside your company than they change inside your company, you’ve got something to worry about... What we’re talking about here is your future. If you don’t change, you won’t have one.” — Southwest Founder Herb Kelleher, March 2014"

"An interview with a former SafeCharge (now Nuvei) employee confirmed our belief that Nuvei entered the European gaming market as its existing retail business became more competitive. This higher risk business allowed for a recent uplift in margins which we believe will be unsustainable."

"The Phase 3 dose is 24 mg / kg, which implies that PRTA views 0.5 mg / kg to 4.0 mg / kg doses as sub-therapeutic; however, 50% (four out of eight) patients at these doses experienced organ responses, which calls into question whether the responses were due to PCD treatments or NEOD001."

"We believe Procept’s premium valuation is unjustifiable. While some market participants may reference robotic surgery pioneer and market leader Intuitive Surgical (ISRG) to support Procept’s multiple, we believe a comparison of the two companies makes any such rationalization misguided."

"We have specific concerns around ~$1 billion of revenue booked since 2020 with Frontier Communications (Nasdaq: FYBR), a material customer, which we argue should be evaluated as a related party because Dycom’s long-time CEO & Chairman has a brother that is a named executive at Frontier."

"If shareholders do not see progress soon, then we believe it would be incumbent upon the Board to take more substantive actions to ensure that the value of the Company is maximized. We believe these actions should include potential management changes and exploring a sale of the Company."

"The reality is that John Hess's Nominees have nearly no unconventional shale experience other than 18 months that one nominee spent as SVP of the Americas at ConocoPhillips (prior to that role, the bulk of his senior management career was spent overseeing conventional assets in Alaska)."

"However, we feel strongly that in order to succeed, Dr. Schneider will need to articulate a decisive and bold action plan that addresses the staid culture and tendency towards incrementalism that has typified the company's prior leadership and resulted in its long-term underperformance."

"Engine believes that following strong Q4 results, HMHC stock would have traded at or above $19.50 per share, implying the Veritas offer represents an insufficient premium of 7.7% instead of the 36% premium the Company is advertising based on an artificial low point tied to a media leak."

"On a quarterly basis, comparable tenant sales rose a healthy 7.5% year-over-year, with momentum picking up over the course of the quarter. January 2010 comparable sales increased 2.5% year-over-year, with February and March showing accelerating increases of 6.0% and 10.0%, respectively."

"Given that Kangmei’s ex-Chairman was sentenced to 12 years in prison and the company allegedly overstated its cash balance by $4.3B “using false documents,” we were further stunned to see a 2017 press release from Twist stating that Kangmei Group was actually an investor in the company."

"The undersigned certifies that, to the best knowledge and belief of the undersigned, this petition includes all the information and views on which the petition relies, and that it includes representative data and information known to the petitioner which are unfavorable to the petition."

"The undersigned certifies that, to the best knowledge and belief of the undersigned, this petition includes all the information and views on which the petition relies, and that it includes representative data and information known to the petitioner which are unfavorable to the petition."

"A lot of these products are being acquired strictly as a financial tool and we are leaving both entities separate and independent. And it's almost like in a very loosely speaking terms, I would say that instead of becoming an integrated supply chain team, it's more of a holding company."

"Stryker's Orthopaedics segment had two acquisitions close in Q4 2020: Wright Medical (Nov) and OrthoSensor (Dec). Based on Stryker's reporting, the segment had $126 million of contributions from acquisitions. Yet, elsewhere it reported $129.2 million of revenue just from Wright Medical."

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