Callouts & quotes from 37,061+ activist slides

"Both Dynetics and security detection and automation businesses, they're doing really quite well. I mean we're ahead of our milestones. We're getting systems converted, people converted to our employee system. And so that's going really, really well — Leidos Management."

"There were 298 blood cultures included in the study, and the Accelerate Pheno system provided a definitive identification result in 218 instances (73.2%). The Accelerate Pheno system provided a definitive and correct result for 173 runs (58.1%). — Peer-reviewed article"

"Spruce Point Conducted Proprietary Analysis To Investigate Vets First Choice’s (“VFC”) Recent Performance And Believes There Is A Window Of Opportunity To Purchase Shares Of HSIC Today At A Steep Discount To Where Wall Street Analysts Will Eventually Value The Company"

"From the provision stated above, we can make the following conclusion: being run by the government is not the precondition to enjoy the benefit of 'business tax exemption policy', the precondition to enjoy the policy is 'being engaged in academic (diploma) education'."

"Avery is more expensive and levered than it appears. We believe Avery inflates Adjusted EBITDA and EPS with dubious restructuring add-backs. In addition, it obscures reporting of operating leases, which are also debt, and ignores pension and environmental liabilities."

"Procept represents that Aquablation benefits from strong "word-of-mouth", but we find that the relative search activity for Aquablation approximates that of HoLEP, arguably the most specialized resective procedure and one typically used for the largest prostate sizes."

"The Starboard slate 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."

"Versus the current outstanding offshore debt of $1.893 Billion, the “real” best case net asset value is around $92 million. Divided by the current number of shares outstanding – 245 million - that leaves a share value of approximately C$0.38 at current exchange rates."

"With Penumbra more penetrated than the sell side believes in the peripheral thrombectomy market – a market which is already more crowded and competitive than the neuro market – we believe the Company's runway for growth is far more limited than is generally perceived."

"Even under management's wellness center ramp-up assumptions – which we consider overly-ambitious – PetIQ's new wellness centers would fail to generate positive cash flow until FY22, and would not generate a positive return on total investment until the following year."

"IPX’s Contact Us and Product Inquires page has not been updated for a while, and perhaps no potential customers have pointed out the glaring issue that it still references commissioning of a larger facility “targeted for early 2024”; 2026 is less than two months away."

"Dr. Fang (Blacksand founder and technology inventor), Raymond Nimrod (IperionX’s technology and patent portfolio advisor) and Lamont Leatherman (former Chief Geologist) either completely sold or materially reduced their stock holdings between August 31, 2024 and 2025."

"Michael manages over 20 million square feet of commercial real estate and has acquired more than $12 billion of real estate in 45 states, including more than 85,000 apartment units, 50 million square feet of office, retail and industrial space, and 10,000 hotel rooms."

"NetQin feels very sorry about the stockholders' loss due to the great decline of stock price. However, the loss was caused by the defamatory comments made by Muddy Waters; therefore, NetQin has taken legal action in Beijing to sue Muddy Waters and the report's writer."

"The consequence follows. There was an error of law (as in Milne-Skillman) vitiating any planning judgment. In those circumstances, nothing turns on Mr Harwood KC's further point, that the wording of the revised Condition 12 being insufficient to permit divergence from"

"We believe this repeated behavior is the outcome of broader and more systemic problems, including a poor corporate culture that appears to reward loyalty to the founder over performance, a Board that has failed to provide true accountability for delivering on results."

"The average OECD country is spending 27% less per student than the U.S. does on public education institutions. Countries like Brazil and Colombia, two of the largest markets in Latin America, are spending less than a third of what the U.S. does on a per student basis."

"PowerSchool's allowance for doubtful accounts as a percentage of accounts receivable was the second highest observed over the last ten quarters. This is an indication that PowerSchool is either booking low quality revenue and/or customer quality in general may be low."

"Spruce Point believes that - while, to date, most offices have announced closures only through April or May - Align is put at particular risk by the ongoing pandemic, and that investors have not yet properly taken the associated near-to-medium term risks into account."

"Significant change is needed in DND’s boardroom today. The Engine Slate offers directors who possess superior skillsets and a plan to turn around the Company, effectively guide and oversee management, and restore trust with DND’s employees, customers and shareholders."

"Spruce Point believes Sunrun's inclusion of financing companies in its peer set is appropriate to represent the financing and leasing aspect of Sunrun's diversified solar business. We believe these peers are more relevant for Sunnova's pure financing/leasing business."

"With student acquisition costs Increasing (i.e. marketing cost) and a realization amongst investors that “the install base” needs to be replenished every 2 years (i.e. students graduate out of the programs), a mid-range peer multiple of 5.0x to 7.0X revenues is likely"

"Norfolk Southern's reactionary hire of Mr. Orr "comes at a high near-term cost and very high potential long-term cost to the company for an operational leader that could prove short-lived beyond May 9's shareholder meeting when the Ancora proxy fight comes to a head.""

"With any potential inorganic growth offset by measured organic contraction, we estimate that top-line growth will be flat through FY 2020, and see normalized earnings 27% less than consensus due to our three key adjustments (POC, Software Development Costs and Taxes)."

"We previously raised concerns about a general decline in the financial transparency of Saputo at the corporate level. In addition, we see a further decline of reporting transparency in Australia, where Saputo no longer provides revenue details by product or geography."

"We believe that Mr. Yanker’s significant managerial and operational expertise gained from his extensive experience advising and consulting for senior management teams, together with his public board experience, well qualifies him to serve as a director of the Company."

"Value Proposition: Through Mr. Peltz's 40 years of experience in investing, turning around and building companies, he has developed strong operating experience and strategic planning skills that will benefit DuPont's operational initiatives and its long-term strategy."

"Warning: Although CHD runs its equity income through the income statement below the line as non-operating, and claims not to control it, but in 2005, started attributing more of its cash from operations as coming from these entities. So then why isn’t it consolidated?"

"Despite the significantly higher fees of FleetCor’s “Clean Advantage” scheme vs. WEX’s program and the contractual obligation of FleetCor to make their customers carbon neutral, the greatest accomplishment promoted on Clean Advantage’s website is planting 5,000 trees."

"After years of Phillips 66’s (NYSE: PSX) stock underperformance and operational missteps, the investor community is fed up with its strategy and leadership – even as it gives high marks to the Company’s collection of strong assets and enviable competitive positioning."

"total addressable market is pitifully small, limited to somewhere between 10 to 50 of the largest biotech/pharma companies; not viable for mid-tier biotech's; opportunity is already saturated within large pharma as most have already bought some machines to try it out."

"Spruce Point believes it's a classic red flag and sign of financial strain when GAAP figures become increasingly divergent from the "Non-GAAP Adjusted" figures highlighted by management. We observe that Stryker's EBIT adjustments are now almost 70% of its GAAP figure."

"We believe investors should not discount PGNY's private company competitors, as they have material scale, comparable (if not superior) business momentum, and financial backing from leading investors (including a leading PGNY client in the case of Kindbody and Google)."

"IQE sells to CSC at purportedly arms-length / market valuations (e.g., PP&E transferred at 4.6x estimated carrying value), but IQE buys from CSC at non arms-length / market prices - at cash cost, with no profit margin or reimbursement for depreciation and amortization"

"Jeffrey C. Smith, being sworn, states under oath: I executed the foregoing letter, and the information and facts stated therein regarding Starboard Value LP's status as a beneficial owner of Box, Inc. and the purpose of this demand for inspection are true and correct."

"We question Christine Sacco’s attention to detail and oversight of Prestige Brand’s financial statements and controls. PBH lists Ms. Sacco as a CPA despite her license being “inactive.” This inconsistency looks to show a lack of attention to detail by PBH and its CFO."

"Analyzing Google Trends data over the past three years shows the interest in PBH’s brands are flat. Limited demand combined with limited opportunity for pricing power will result in sluggish revenue growth going forward and hinder PBH’s ability to achieve its targets."

"Amcor trades in excess of its long-term forward EV/EBITDA and in-line with its forward EV/Sales multiple. In the context of evidence that both Amcor and Bemis are experiencing declining revenues, we believe Amcor should trade at a multiple below its long-term average."

"As stated, there are numerous disposable fecal analysis tests that can be performed in-clinic for certain applications. These tests, supplied by competitors IDEXX, Zoetis and BioNote and not by Heska, are inexpensive, sufficiently accurate, and relatively easy to use."

"Ströer's year-end cash flow statements wrongly show that Ströer had no borrowings during the year. In fact, Ströer draws down tens of millions euro on its credit facility each of the first three quarters of the year, which it then repays before the end of the quarter."

"He alleged that TransMedics improperly credentialed them as procurement technicians in collusion with the local OPO - New England Donor Services, run by a controversial CEO and the subject of various investigative pieces, and who we heard is close to TransMedics' CEO."

"It was a huge red flag...quite a lot of these prescriptions were junk...they were just bullshit...I mean, they were for the wrong indication...not even narcolepsy, not even cataplexy...they were like for sleeping disorders – a sleeping disorder is not narcolepsy, ok?."

"In practice, this requires demonstrating that the company's executive leadership - the natural and legal persons acting as its organ or representative (eg. Bazin) - personally committed the underlying offence while acting in the name or for the benefit of the company."

"The volume of Holon tools being ordered by Lasertec's EUV customers illustrate the failure of its flagship product: "I'm not quite sure... they have succeeded in phasing in Lasertec tools...they are still ordering considerable quantities of Holon inspection machines.""

"Believes Company Announcement to De-Stagger Board Two Days Before Annual Meeting and 10 Years after More than 85 percent of Common Shareholders Voted for this Measure is Too Little Too Late and Fails to Address Deeply Imbedded Issues with Taubman Governance Structure."

"Volumes delivery, asset utilization and cost management, each require discipline, determination, attention to detail and a mindset that every barrel and every dollar matter. That is the mindset and culture of today's Suncor. — Rich Kruger, Suncor CEO, February 6, 2025"

"Quantumscape claims “extreme low temperature operation” and audaciously implies that its solid-state prototype performs better than conventional liquid Li-ion batteries in cold weather, stating that its retains significant capacity even at -30 °C, equivalent to -22 °F"

""Margin arbitrage is difficult to execute. Capacity must be shifted on extremely short notice, and a core competency must be developed internally to be successful. Even the strongest companies know arbitrage is only ‘worth it’ in certain situations." — Industry Expert"

""Indeed, we consider leadership excellence to be the essential strategic plank of our business model....leadership creates value for all of our stakeholders – guests, investors, employees, vendors and the community." — Darden 2004 Annual Report (Joe Lee's last as CEO)"

""[PCC] generally leverages superb execution for market share gains through pricing strategies and long-term contracts. We believe [PCC] is one of the best operators in our space, as operating margins are generally above peer companies." — Bank of America, June 4, 2014"

"Volumes delivery, asset utilization and cost management, each require discipline, determination, attention to detail and a mindset that every barrel and every dollar matter. That is the mindset and culture of today's Suncor. — Rich Kruger, Suncor CEO, February 6, 2025"

"The Justice Department is committed to holding medical device manufacturers accountable, which includes requiring that they follow all laws designed to ensure that medical devices are safe and effective — Benjamin C. Mizer, Principal Deputy Assistant Attorney General."

""Whenever an entity and its customer agree to change what the entity promises to deliver (i.e., the contract's scope) or the amount of consideration the customer will pay (i.e., the contractual price), there is a contract modification." — Deloitte Accounting Spotlight"

"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 the product area, which we’re very proud of, we’re continuing to develop our science-based nutritional supplements to support our mission, which is to provide the best nutrition and weight-management products in the world.” — Michael Johnson, Herbalife CEO, 5/2/07"

"I can tell you right off the bat...they haven't taken any impairments against their balance sheet, so they're probably over-valuing their inventory far greater than it's actually worth...a lot of these companies are sitting on so much inventory.... — Marvell executive"

""We've had three new private equity firms enter the pest control industry. These private equity firms like to make the investment and then just sit on this, and then go out and make a few add on acquisitions before they announce it." — Paul Giannamore, Potomac Founder"

"Cash flows from operating activities increased $43.0 million in the first 13 weeks of 2018 compared to the first 13 weeks of 2017. Higher profits, lower inventories and lower management incentive payouts accounted for the increase in cash provided. — Weis Markets MD&A"

""To set the stage, let's recall where we began. In 2013, Heska was not well positioned for the next 15 years... And I am proud to say that this Heska team made the needed fix to each and every one of these circa 2013 criticisms." — Wilson at Investor Day November 2020"

"Volumes delivery, asset utilization and cost management, each require discipline, determination, attention to detail and a mindset that every barrel and every dollar matter. That is the mindset and culture of today's Suncor. — Rich Kruger, Suncor CEO, February 6, 2025"