Callouts & quotes from 37,061+ activist slides

"Based on stock sale transactions and IPO filings, it appears as though both Matrix and Purple Sky owned the entirety of Momo’s A-1 preferred shares. This is irreconcilable and suggests that one or both vehicles may have been used to enrich Momo insiders prior to the IPO."

"We believe the optics and appearance of these events is an off-balance sheet engineering structure: DGC's losses and debt were kept off SGHC's financials through the 2021–2022 SPAC marketing period and first year of trading, even as SGHC guaranteed DGC's loan facilities."

"As we articulated earlier with numerous supporting points, Spruce Point believes Stryker's valuation multiple is rich and needs to compress. Given the stock is heavily levered, there's a wide range of downside price targets sensitive to which metric Stryker is valued on."

"However, we are now unveiling the dirty secrets that we have discovered through months of research. In this report, we will expose Inogen's dirty reseller network, the systematic abuse of elders by Inogen and resellers, and why the stock will quickly rerate lower to $46."

"Viterra appears to have experienced financial problems between 2022 and 2024. Bunge promoted Viterra's 2022 revenue as $72bn... Later in its 2024 pro forma supplemental, Bunge reported that Viterra's revenue was $44.2bn which is a -17.8% decline over the two-year period."

"Racketeering strikes us an appropriate term given the conduct MGH described – a label another customer used directly: “when you ask questions...you get a bunch of roundabout answers...oh sorry, we mixed up that time zone because it was central times versus eastern time.”"

"Based on a mistaken assumption that more assets would improve customer service, Mr. Shaw has put in place a doomed and wildly expensive strategy that caters to low margin intermodal business at the expense of providing good service to higher profit merchandise customers."

"Mr. Lamphere would be a valuable addition to the Board given his extensive experience serving as a founder, public company board member with operations, financial, strategic and safety experience across influential companies in the railroad and transportation industries."

"We do not believe this adjustment is appropriate as it represents a material element of your customer arrangement (i.e., a sales incentive) and could lead investors to improperly infer that you would have generated the same revenue levels without granting this incentive."

"Sinch's fraud operations responded saying that the number is associated with "a larger volume issue with a single customer." Suggesting that Sinch didn't do a proper KYC check and ultimately sold a block of phone numbers to someone who later used them in attempted scams."

"Multiple investigators visited the campus ~20 times from Dec 2023 and May 2024 and found a generally deserted and empty facility with no evidence of R&D, production, nor any indication that Fab 4A matches its promotional photos, leading us to wonder if the pics are fake."

"In contrast to the conclusions Liedtke et al presented at American Society of Hematology (“ASH”) 2016, we see the timing of patients’ organ responses as consistent with responses from PCD treatments, which often consist of chemotherapeutic agents. — Muddy Waters Research"

"The y-axis is discharged energy percentage because you know they have only one layer, so it's 70x85-millimeter, so it's about 56 or 60 centimeters square. So, for the entire pouch cell, the total energy is about 200 milliamp-hour. — Leading solid-state battery researcher"

"“It’s a big drama, I would say. We don’t want to buy into something that we don’t trust and have not tested 100 times... We are asking many, many questions, and they’re blocking us from time to time. They say we need to do our homework, that we don’t know.” — VW employee"

"Life insurers with significant minimum interest rate guarantees [such as Manulife] would not be able to invest in sufficiently high yielding assets, in today's interest rate environment, in order to honor these high interest commitments; — Leslie P. Rehbeli, Oliver Wyman"

"We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating. — J.P. Morgan Credit Research, February 2013"

"“Netqin investigation, the night prior to public listing - inflated sales proceeds,” 21st Century Business Herald, March 26, 2011. — 21st Century Business Herald; “Conversely, building a successful fraud is much easier than building a successful business.” — Muddy Waters"

""This data represented a worst-case scenario for Opdivo." — Sanford Bernstein, October 2016; "Keytruda will be the new standard of care in first line lung." — Bank of America, October 2016; "...Sets Stage for Merck to Dominate NSCLC Market." — Credit Suisse, October 2016"

"“Although in some scenarios it is possible that some bonds might have to be redeemed depending on what transaction occurs, we think the Company and even agitating shareholders might be overestimating the likelihood of that occurring.” — Covenant Review, February 28, 2014"

"“IQVIA is the largest CRO on the planet today, a clinical research organization. From a revenue standpoint, the company does over $10 billion a year; we're a public company with over 70,000 employees. I oversee a $[redacted]-million division for IQVIA.” — IQVIA Executive"

"As was the case in 2009, Core sees a V shaped recovery starting to occur in late 2015, and that echoes comments from Harold Hamm most recently. So, that’s why we are predicting as we did back in 2008-2009 as a V-shaped recovery. — David Demshur, Q4 2014 CLB earnings call"

"Proxy advisor Egan-Jones recommends Elliott's highly qualified board nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt at Phillips 66 (NYSE: PSX). "Urgent change is needed in the boardroom to unlock the Company's full potential." — Streamline 66"

"Our value proposition also includes a scalable and efficient platform that has not only been able to adapt to the tripling in the size of our business since 2010, but also has us well-positioned to support future growth. — Ronald Lombardi, CEO, Investor Day, May 25, 2016"

"I think the answer to that long-term answer to them coexisting together in the market is no, because I really do feel, again, this is just my opinion, I do feel that Zillow will always play favorite to the Flex deals because they want to get that 35%. — Zillow Flex Agent"

"“significant accumulation of markers” for injury and pathological processes; “a self-perpetuating cycle of inflammation and additional cell damage”; “which may limit the extent of benefit of this technology….” — Dec 2024 study on liver damage from warm perfusion machines"

"I don't hear about it much from my colleagues — Prescriber #1. I’m think I’m not alone in this opinion — Prescriber #2. there’s just not a lot pf open running room for Wakix in the setting of narcolepsy — Prescriber #3. weakest of all the drugs out there — Prescriber #4."

"Sony Music sued Los Angeles-based Triller last year (2022). It accused the TikTok rival of failing to make payments under a licensing agreement and committing “massive” copyright infringement by streaming its music without a license since breaking the contract. — Reuters"

"If such earnings are repatriated in the future, or are no longer deemed to be indefinitely reinvested, the Company would have to accrue as a liability the applicable amount of foreign jurisdiction withholding taxes associated with such remittances. — Innodata SEC Filings"

"Even Isteq stated that the "new" source technology they licensed to Lasertec for its A300 "Urashima" is a pipe dream that is as fatally flawed as Ushio's; that Lasertec's EUV tools are a failure; and that key customers they speak to like TSMC and Intel are angry. — Isteq"

"“There's a monopoly there because KLA is the only tool that has Die to Database. You can compare the right chip to the left chip, and you know that if three are the same, there is no problem.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“At this moment, there is no company that is fully satisfied with their inspection product. So, absolutely every product now has different problems...no company is fully satisfied...APMI, actinic patterned mask inspection is a huge challenge.” — Key R&D employee at Isteq"

"Spruce Point finds Genius' working capital (current assets – current liabilities) to be significantly worse than its peers. We attribute this to Genius' inferior distributor business model in which Genius is at the mercy of its data suppliers and end market sportsbooks."

"Given the strategic overlap between Valeant and Allergan’s product portfolios and Valeant’s superior cost structure, operating model and capital allocation strategy, we believed a merger between Valeant and Allergan had the potential to create enormous shareholder value"

"We believe 2015 EPS will likely be between $2.60 to $3.20. At a 13x P/E, the total value per share at year end 2014 is $36 to $43. If same-store sales remain flat for the next several years, year end 2014 total value per share is $28, driven largely by share repurchases"

"Our slate of nominees includes individuals with deep expertise in Tessera’s key markets, a broad understanding of the intellectual property licensing and technology components businesses, and the independence necessary to hold management accountable for its performance."

"IPX promoted that Project Titan is large scale and covers 11,000+ acres of titanium & rare earth rich mineral sands in Tennessee. The Company also says that the project has been fully permitted. Upon close inspection of the permit, it appears to apply only to 308 acres."

"Color from ex-executives and employees leads us to conclude that IonQ is not an actual company but simply one of their countless academic projects masquerading as one – an illusion created via fluff presentations and a slick website for the purposes of a SPAC promotion."

"We believe Boot Barn is pursuing a non-sensical large store physical retail expansion strategy in a niche market with a brand identity problem and is losing competitiveness to western competitors and broadline retailers with stronger omnichannel marketing and ecommerce."

"I haven't worked with the company in some time, but my understanding is it's still pretty high. Like during the time I worked there, it was in the 40%, 50% range. And I mean, I can tell you, everywhere I go, I noticed you go to Walgreens, they're using a Zebra handheld."

"We observe that Zebra modified its discussion under the Summary of Significant Accounting Policies to deemphasize the use of Cost Method Investments and stress that impairment is adjusted for “orderly” transactions for identical or similar investment of the same issuer."

"The last three 10Q filings, in the “Investing Activities” section, each offer only a half sentence of explanation, all stuffed into one giant bucket: “...purchases of laboratory property, equipment, and computers of $ ____,” with the blank being the actual capex amount."

"Kratos' CEO and CFO have questionable pasts while formerly at Titan Corporation. Furthermore, audit committee member Jane Judd also served at Titan as VP/Controller. We question how “independent” her judgement may be given her historical acquaintance with management (1)"

"SMCI working capital stress is near all-time highs, some of which can be explained by the pandemic, supply chain challenges and having to carry more inventory. SMCI stopped highlighting its working capital measure (which includes cash and short-term debt) post pandemic."

"While the overall number of WFG agents continues to grow, multi-ticket agents, or agents who write more than 1 policy in a year, actually fell sequentially in Q3'24. This suggests productive agents may be leaving WFG, potentially as a result of GFI's recruiting efforts."

"We've made clubs visible to investors. We have taken investors to clubs. Amy is consistently putting club tours together. I think it's important for somebody interested in this model to go see a club. And you'll understand that within clubs, it is all consumption based."

"Given the strategic overlap between Valeant and Allergan’s product portfolios and Valeant’s superior cost structure, operating model and capital allocation strategy, we believed a merger between Valeant and Allergan had the potential to create enormous shareholder value"

"ESG & Climate segment Adj. EBITDA Margins have increased 720bps from Sept 2022 – 2023 with headcount having grown from under 1,000 to approximately 1,300 according to the Head of ESG. While Retention Rate declines and revenue growth slows, we expect margins to contract."

"D. Bruce Horton served early on UEC's audit committee and served as CFO (2006-2007). He had a controversial past as Co-Founder, Director and CFO of Clearly Canadian Beverage Corp. whereby the Company was sued, and allegations were made that Mr. Horton misled the market."

"We believe that SGHC's multiple is likely to re-rate lower as its revenue and earnings power declines from rising regulatory risks and taxation costs, disruption from prediction markets and concerns about its financial reporting accuracy related to Raging River Trading."

"Lone Star reports just 625 employees (and is currently advertising only seven open positions between Lone Star Paving and Materials). Yet, its backlog is projected to grow 15% and equates to $1.1m of backlog per current employee which is materially above reported peers."

"Now, betting on an electric future is a popular thing to do. While we don’t know the winners or the losers, the market loves all these stocks, which trade at multiples that seem ambitious to people like me, who try to tie a value to boring things like future cash flows."

"Related-party “customers” appear to be staffed with what we believe to be loyal, longtime Ginkgo plants in critical positions, who we think rotate from entity to entity to ensure that the entities play ball by round-tripping revenue back to Ginkgo via foundry R&D spend."

"Conclusion: This is the first randomized double-blind study on SCS. HFSCS was equivalent to sham for the primary outcome (improvement of PGIC) as well as for both the secondary outcomes (VAS and EQ-5D index) [...] It appears that the effect of HFSCS and sham is equal..."

"If Medtronic's claims regarding its current share and share trajectory are at all credible – and we have no reason to believe that they are not – then sell-side market share estimates for Penumbra, and sales growth estimates by extension, are off by a tremendous margin."

"I guess the easiest way is that you let us know when you struggle with getting enough feedback from former employees and we can pro-actively support you. Or you give us the list of people you want to talk to and we can help arranging the interviews. — Christian Schmalzl"

"It is a one-for-one model. We literally, we are accountable - and we're a B corp, by the way which keeps us accountable - um, so every three months we see how many units were sold, and you know, basically calculate how many units we gave during that time period. — Spear"

""There are fundamental differences between IMF Bentham and other funders. Our investors understand and value this and our investor base now includes some of the largest, most sophisticated institutional investors in the world." — Andrew Saker, CEO and MD of IMF Bentham."

""At best, this was deceptive to the public," said former Floor and Décor employee Scott England. "This seemed to be very deceptive behavior." and "They simply needed to get this done as quickly as possible," said England. — Scott England, former Floor and Décor employee"

"“When you combine all of that with our unrivaled portfolio of valuable businesses, brands and assets and the way we manage them together, Disney has a strong hand that differentiates us from others in the industry.” — Robert A. Iger, Disney CEO & Director, November 2023"

""In accordance with EITF 01-09, the Company presents distributor royalty and commission expense as an operating expense, rather than a reduction to net sales, as these payments are not made to the purchasing distributor." — Reliv International, Inc. Annual Report (2007)"