Callouts & quotes from 37,061+ activist slides

"We believe that Ms. Giesselman’s significant leadership experience as a specialty chemicals industry and her expertise in growth strategies and innovation, as well as her service on a number of public company boards would make her a valuable addition to the Board."

"The Bankruptcy Court’s ruling in the case of Prussia Associates, a limited partnership that owns and operates one hotel in King of Prussia, PA, shows that even if an efficient market is deemed to exist, the Court might still opt for a “prime-plus” formula approach"

"Google makes most of its money when users exit the Google network. This represents the philosophical antithesis to the walled garden approach in which the objective is to keep the user on the network and earn revenue through display advertising and other services."

"By our best estimate, Waterpik has been another failed acquisition by CHD. In the three full quarters after it was acquired, and the acquisition contribution was disclosed through the consumer segments, we find total revenues declined from $102m, to $85m, to $79m."

"We believe MSCI is a classic case of a struggling company failing to transform itself while engaging in value-destructive (and even worse nepotism-like) acquisitions and share repurchases with abusive financial reporting and accounting tactics to bolster earnings."

"Guarantees issued during an economic downturn have a lower probability of default, a longer time period to default, lower severity upon default, and greater persistency, which increases the overall quality of the guarantee portfolio and de-risks the business model"

"Amgen employee #2 (cont’d) indicates BLI is “probably not” worth buying for single-cell analysis; competing machines are “a small fraction of the cost” with better use cases versus BLI’s complexity; and that the TAM for BLI is a “pretty limited number” of systems."

"We look to management and BHP’s Board to work positively and constructively towards achieving unification, and as a result greatly enhanced future capital returns, as an important part of its self-professed commitment to BHP’s “value-driven simplification journey”"

"We found two key changes to Danimer’s investor presentation related to the makeup and degradability of its key product. Danimer removed “derived from 100% renewable source” and “fully degradable in 12-18 weeks after the product is discarded” from its presentation."

"Guarantees issued during an economic downturn have a lower probability of default, a longer time period to default, lower severity upon default, and greater persistency, which increases the overall quality of the guarantee portfolio and de-risks the business model"

"Spruce Point finds it troubling that key qualified individuals outside the United States responsible for signing the “Initial Assessment Technical Report Summary Estelle Gold Project Alaska, USA” in January 2024 did not even visit the site for physical inspection."

"The surgeon indicated that the TransMedics retrieval surgeon was aware of the damage but withheld it – although, as indicated previously, surgeons are prevented from communicating with receiving centers, leading us to think that TransMedics was told but buried it."

"It is a one-trick pony whose sole commercial asset and source of revenue is the US license to an old, toxic drug called pitolisant, marketed as Wakix, that no reputable pharma company would touch – alchemically transformed into $2.5B market cap and 6X LTM revenue."

"We found it shocking that even these speakers are ambivalent about Wakix, all of them jamming it in as a 3rd or 4th line drug in combo - not one of them even pretended to love it during our calls, with comments like "a subtle effect" as the best they could muster."

"John Grijalva, married to BOOT's Chief Merchandise Officer Laurie Grijalva, is disclosed as a related party. Our concerns regarding this association are manifold, and it is undeniably one of the more flagrant related party issues that Spruce Point has come across."

"If Valeant’s durable portfolio were valued within the range of multiples of businesses that we believe to be comparable, and its patent cliff portfolio were valued using a DCF analysis, then we estimate that Valeant’s forward earnings multiple would be as follows:"

"It is hard to imagine that a legitimate Nasdaq-listed, multi-hundred million dollar market cap company is unable to pay these small fines, unless it simply does not or cannot carry out actual basic operations to process these uncomplicated small judgment payments."

"We are short Innodata, Inc. (NASDAQ: INOD) because despite management’s pumping that it is “delivering the promise of AI to many of the world’s most prestigious companies,” it is a deteriorating, manual data-entry business driven by offshore labor, not innovation."

"We’d like take the Single Deluxe King Sea View to make the girls happy. Let’s book those. Happy to move with this ASAP. Please add two bottles of Champaign to each room, 101 roses and a pack of condoms. I’ll prepay for everything. Also, can we book some masseuses?"

"However, in our view, management failed to effectively communicate the financial rationale behind the strategic pivot, as the profitability guidance has not changed while the change in strategy put significant stress on Disney’s balance sheet and cash flow profile"

"Machines made specifically for inspecting photomasks have been Lasertec’s bread and butter since the 1970’s – a small niche versus other segments of the tools market like wafer inspection, defect review, or metrology, hence its historical market cap of $100-200MM."

"In the next quarter’s Q&A, the CEO stated that “in Q1 there were ACTIS units with very low gross margin from the first lots” – without ever explaining what “first lots” means; and that “we have finished recording the sales of ACTIS with poor gross profit margins.”"

"Multiple industry executives in touch with Lasertec told us that the company’s claims around the “new” ACTIS A300 and its purported High-NA capability are simply false and just vaporware – in contrast to KLA’s upcoming machine which is “already ready for High NA.”"

""They were a victim of their own success. They kind of milked almost everything they could out of the key niche... I would never bring up to a retailer that we work with gambling companies. They don't like it. You have to separate the two." — Former Nuvei Employee"

"In light of corporate performance for the quarter ended January 31, 2019, the Compensation Committee exercised its discretion to adjust the payouts for our named executive officers down to approximately 70% of their bonus targets. — Box FY2019 Executive Bonus Plan"

"In light of corporate performance for the quarter ended January 31, 2019, the Compensation Committee exercised its discretion to adjust the payouts for our named executive officers down to approximately 70% of their bonus targets. — Box FY2019 Executive Bonus Plan"

"Notably, our review of 3rd party app analytics data on Bigo’s overseas revenues showed the gifting activity was heavily skewed to a limited number of geographies, with approximately three quarters of its revenue associated with the top ten countries. — Footnote 52"

"“T]here’s really no big difference. We could switch anytime if needed” — Abbvie customer. “sometimes we buy from Twist, and sometimes we use some other people like Genscript” — Academic lab. “we cannot say we are truly differentiated” — Asian competitor executive."

"“I work in the insurance industry because, as a balance-sheet guy, there’s a lot of junk you can play with… The fun you can engineer into an insurance company’s balance sheet is a lot more fun than some others.” — Dominic Frederico, 2001 (then Chairman of ACE INA)"

"A company which used to be great went sour over the years — Former Employee, Senior Java Developer. Sinking Ship — Current Employee. Loosing its penache — Current Employee. Poor experience — Current Employee, Software Developer. Do not recommend — Former Employee."

"We don't need the number of facilities we have out there ... we need to have fewer facilities. And instead of replacing a blender at five to ten places, let's just put it in one place and just replace it one time — Agrium Retail President, Agrium 2012 Investor Day"

""Our laboratory business represents approximately 50% of our sales. These are mostly everyday personal instruments sold at price points often less than $10,000 directly to chemists, scientists and technicians in R&D and quality labs." — CFO JPM Conference Jan 2019"

"“We believe that from here onwards, it will not be like in the past, whereby the prices went steadily down. Now, naturally, there is the change in the product mix and also the customers will not be reducing the prices of the hard disks that easily.” — Mr. Nagamori"

"According to BP's Code of Ethics, BP's Officers “owe a duty to the Company to act with integrity (…). Integrity requires, among other things, being honest and candid (…). Deceit and subordination of principle are inconsistent with integrity.” — BP's Code of Ethics"

"“We believe sustained, long-term success in the HCM market requires great technology, deep domain expertise and world-class services. To win in today’s HCM market, you have to have it all…” — Carlos Rodriguez, President & CEO, Investor Day Presentation, March 2015"

"The founders will be staying and growing that business with us, and we're just super excited to work with them....So we have board-certified pathologists on the Lacuna team, and they're really the heart and soul of the business. — JPMorgan Conference, January 2021"

"“I’m on our medical policy committee, which makes coverage determinations for devices and procedures. And I’m a clinical advisor on [redacted] for devising formulary coverage decisions, PA criteria, step edits, etc.” — Medical director at Blue Shield of California"

"“any kind of score like that...possible to manipulate it”; “skewed if they have overexaggerated” baselines scores; “I don’t think the HQ-CT score is very good”; “perception of hyperphagia is a tricky one to quantify” — Trial investigator, pediatric endocrinologist"

"this company calls me everyday non stop consistently. I have asked them to put me on the DO NOT CALL list. The person on the phone told me that they will call me until they get tired. So ONVOY i am seeking legal action at this point of being consistently harassed."

"“KLA kept talking like it’s very soon, just in a year...I think it’s pretty soon...in a year or so...KLA is working hard to develop those....” — Longtime Samsung executive in leadership role in EUV; worked closely with Lasertec; decision-maker for inspection tools"

"To maximize the value of Dye & Durham, the Board needs to incentivize management to optimize its return on invested capital, focus on organic growth and consider acquisitions in a measured and disciplined way – instead of trying to hit an arbitrary EBITDA target."

"We believe the Red Lobster Sale, combined with management and the Board’s poor capital allocation, excessive corporate spending, and lack of focus on restaurant operations, has already threatened the sustainability of Darden’s investment grade rating and dividend"

"We submitted a FOIA with Halifax County, VA where IPX’s manufacturing facility is located to request its Machinery & Tools and Tangible Property forms for the last three years. We received a response that the forms do not exist, only a property bill for vehicles."

"He trumpeted the tripling of bookings, and then talked up the Q-Lab deal with Maryland – but failed to disclose the critical fact that the tripling was due to this one particular deal, even representing the increase as due to “customers” versus one related party."

"We believe the Red Lobster Sale, combined with management and the Board’s poor capital allocation, excessive corporate spending, and lack of focus on restaurant operations, has already threatened the sustainability of Darden’s investment grade rating and dividend"

"In fact, in 2015 and 2016, GNYHA had divested of ~99% of its vested Class B shares. This confirms to us that GNYHA is, in fact, an aggressive seller of Class B shares, and that it has little interest in holding its Class B simply for the associated distributions."

"While some reviews on Glassdoor need to be taken with a grain of salt, we find relatively consistent messaging regarding the popularity, perceived integrity, and decision-making of the team installed by Blackford, many of which were former associates from Dexcom."

"The Peng brothers’ substantial conflicts originated soon after the IPO, beginning with the formation of Yundong in 2008, the establishment of Henan Ruili in 2011, Sprandi in 2016, and most recently with the launch of Anta Ruili’s specialty store on Tmall in 2018."

"Yeah, I don't think I can disclose more than that, unfortunately. It is highly confidential. I didn't even know the letter was disclosed to the public. Even within Twist, we really downplayed that...I don't feel comfortable elaborating on that one, unfortunately."

"Investor enthusiasm ebbs and flows over the years for money-losing and speculative fuel cell and energy storage companies similar to Ballard (ex: PLUG, FCEL, and HYGS). We find long-term valuations tend to be around 2.0x - 2.5x book value and 1.5x - 3.5x revenues"

"Unlike other companies with a hardware and software product mix, such as Palo Alto Networks, Alarm.com, Cognex, Axon Enterprise, and Mix Telematics, Samsara reports just one segment, treating its software and hardware offerings as a single performance obligation."

"Spruce Point has had a lot of success in identifying aggressive accounting related to unbilled receivables. Suspiciously, the rise in unbilled receivables may have given C3.ai a "cookie jar" needed to deliver quarterly revenues above the high end of its guidance."

"While some may argue that HIMS' prescription product pricing includes the cost of the consultation and prescription, we find that HIMS' over-the-counter products, which are highly commoditized with dozens of substitutes, are also priced at unjustifiable premiums."

"Like State Street, their problems have been largely self inflicted as the whole industry has been poorly managed in our view (e.g., disappointing cost controls, poor capital allocation, lack of price discipline in core custody as ancillary revenues have declined)"

"Distributors seeking to return product to the Company who cannot demonstrate compliance with the rules will have their previous rewards payments netted against their product return. In many cases, this “clawback” is greater than the returned value of the products"

"It has been almost seven years since MSCI laid out aspirations for high single digit growth in the Analytics segment, and while it is making progress, MSCI is still stuck in the mid single digit growth range and this includes the effect of recent price increases."

"Our investigators in Ghana spoke with 21 sources who have extensive knowledge of the Nkran mining operation. These sources detailed serious concerns with the condition of the Nkran pit, where wall collapses have blocked access to the west ramp for over one month."

"In short, Vitek extracted cash loans and appears to have repaid with much less valuable interests in partially completed apartments and villas, conveying more in unfunded obligations than cash equity—and new CEO David Greenbaum sought to gloss over this behavior."

"However, the actual number of stores collected from BEKE’s platform undermines the Company’s claims. Our data collection showed that as of July 16, 2021, the platform listed only 43,026 stores, suggesting that BEKE’s 2Q21 store count was inflated by at least 23%."

"It is unclear why there should be two entirely different sets of figures for non-fatal strokes, but it is certainly suspicious that the stroke figures as reported in the SONAR paper make atrasentan treatment appear safer than stroke figures reported elsewhere do."