Callouts & quotes from 902+ activist slides

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"The use of college brand ambassadors lays bare the true strategy of HIMS to sell ED pills to an audience for whom such products are likely discretionary."

"ADP Well Positioned to Capture Value From Wide Range of HCM Upsell Opportunities With Largest Client Base and Track Record of Market Leading Distribution"

"Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false."

"Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false."

"Expedia to Spin Off TripAdvisor — Scott Morrison (Wall Street Journal). Barry Diller sells shares in TripAdvisor, steps down as chairman — Business News."

"and moved the entire team over to Looker at the same time — Justin Laing, Q&A Justin Laing On Selling Crank Logic, SantaCruzTechBeat.com, March 13, 2018."

"Flush with cash from selling stock at record prices, it’s easy for the CEO to purchase a lakefront mansion for $14.2m, a corporate jet and a helicopter."

"When looking at the pro forma shareholder base today, it is evident that DigitalGlobe investors have not embraced the acquisition and have been selling."

"How is it possible that Herbalife sells six times more nutrition powder than Abbott Labs (Ensure), Unilever (Slim-Fast), and GNC (Lean Shake), combined?"

"Over the years, Carl Icahn has created hundreds of billions of dollars in value for fellow shareholders through profitably buying and selling companies."

"We believe that the home centers face limited risk from online shopping because the majority of products they sell do not meet most of these conditions"

"Sizable Selling: One stock sale alone worth $14M (note that whoever filled out the document made an error in this column – reads $1.4M instead of $14M)"

"There is not a single dose of skepticism expressed with a "Sell" recommendation amongst the analyst community when it comes to Momo’s 12 month outlook."

"In addition, Herbalife's products are typically sold at a 50% discount to SRP, whereas many of its competitors sell their products at a 30–40% discount"

"Private equity is changing the landscape. They are buying companies, and way overpaying for them, and will sell them to another PE firm or a strategic."

"We Believe FTAI Is Selling Whole Engines and Telling Investors it Sold Three Modules. This Helps FTAI Sell Investors on an Aerospace Aftermarket Story."

"Our research shows that Inspire’s management exaggerates its TAM by at least 50x in order to sell investors a growth story they must know is fictional."

"4Q18 Review: Focus Shifts to the Potential Need for Capital & Potential for Insider Selling — Downgrading To Price Target To $21/share — Morgan Stanley"

"I have tens of thousands of people selling with us around the market today at -- with the Microsoft Azure team. — CEO Siebel, Needham Conf Jan 11, 2022"

"All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned."

"All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned."

"We maintain our Strong Sell rating on FMCN mainly because our concerns regarding the viability of FMCN's core LCD commercial location network remain."

"In a revealing moment, he stated TransMedics is not even really a medical device company: “instead of selling devices, we started selling a service.”"

"At this time, we are not interested in selling a piece of the Orange St. property. — Bryce Kell, Business Administrator, Millville Board of Education"

"Investigators heard from competitors that Broad Ocean has failed to sell those 400 motors and this has become a huge drag on the company's cash flow"

"The sell-side analyst at PLUG’s lead underwriter is effectively telling investors that there is no upside to the issuance as it is currently priced."

"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."

"Despite Patch's target of selling 80% of its ad slots to local advertisers, less than 20% of ad placements on Patch are filled by local businesses."

"According to Mettler, it has 130,000 sellable products, and yet are we to believe it has never discontinued or written down a single product line?"

"Why would Perion reward the selling management team with destroying 440 basis points of margin and not incentivize them to increase EBITDA margin?"

"Over 60% of BEA's shareholders are Independent Shareholders or Current Sellers (whom the BEA board cannot prevent from accepting a takeover offer)"

"Shareholders should ask themselves, if management thinks it is a better trade to sell Riot shares and HODL bitcoin, why should I not do the same?"

"The sell-side analyst table reconciles to Ströer’s claimed 2014 and 2015 organic growth numbers; however, the reconciliation above is incorrect."

"Spruce Point is concerned that both co-founders, in addition to the Chief Business Officer, are currently selling stock through 10b5-1 programs."

"In a Gold Rush, the surest way to make money isn't to look for gold. It is to sell equipment to the miners. And we have a gold rush coming in..."

"Stockholders award management long-term incentives to ensure an alignment of interests. The intention is not for management to sell prematurely."

"Baker Hughes is a marriage that is not working. The people are not happy. They can't sell the C3 product. It's a nightmare for them to sell it."

"Even worse, an industry expert recently outed "legacy fraud verification vendors" for selling a "useless" product and double-billing customers."

"Source: Kerrisdale analysis based on “Illustrative Cash Flow Impact of New Contract” disclosure provided to sell-side analysts on June 9, 2025."

"I think buyer commissions are going to become unbundled from seller commissions and buyers are going to have to pay their own agents directly."

"Generally speaking, we are cautious on the company when employees/insiders are selling stocks and multiple co-founders are leaving so quickly."

"In BK's 11/14/11 Investor Day, CEO Gerald Hassell provided a roadmap for 7 – 11% EPS growth between 2011 and 2014 — Marcato Capital Management"

"To exacerbate this, AMT CEO Jim Taiclet sells approximately 90% of the shares he receives from option exercises, as shown in the table below."

"By mid-2016, Core was forced to reverse course and sell equity to avoid tripping an EBITDA covenant that could have put its dividend at risk."

"R&O / Russell Reitz’s lawsuit against Valeant creates the impression that R&O was not aware of Valeant’s relationship with Philidor / Isolani"

"Sales of Class B shares should also be interpreted as a form of insider selling, which sends a concerning signal to other Premier investors."

"It strikes us as odd that on a St. Tropez property with a total purchase price of €12.5 million in 2013, the seller would provide financing."

"Spruce Point believes current sell-side analyst price targets are wildly optimistic, with all but one analyst recommending buying the stock."

"Of course, Ban and Khuong aren't the only insiders that have been rapidly dumping their stock. CEO Tim Herbert is a habitual seller as well."

"Senior distributors have profitable side businesses by selling leads at high prices to low-level distributors eager to grow their downlines"

"We suspect that executives may be pooling their equity in Pines Quest to enable themselves to sell aggressively without drawing scrutiny."

"Note the emphasis on "Potential" Use and that "Selling on open market" is 3rd priority bullet with "Potential" emphasis again on 3x value"

"We believe that sell-side analysts stretch to compare CLEAR with SaaS and highly prized technology companies to justify a high valuation."

"We believe that there are serious risks to this business model that are being mostly ignored by bullish investors and sell-side analysts."

"DGW claims to sell its product to over 80 distributors in 28 provinces. In reality, its distribution network is barely existent at best."

"Looking at this analysis, we don't know if PGNY overstated the success of its selling seasons or understated the churn it was suffering?"

"Burke's product codes indicate the company is selling run-of-the-mill equipment such as hoses, piping, fuses, and electrical connectors."

"Why invest in a company with poor underlying fundamentals at these multiples? Take it from insiders: now seems to be the time to sell."

"Why invest in a company with poor underlying fundamentals at these multiples? Take it from insiders: now seems to be the time to sell."