Callouts & quotes from 37,061+ activist slides

"B]ecause of this long onset and a particular set of anxiety and insomnia side effects, it's a drug that you could have half the people just say no thank you after a couple of weeks. — KOL who has published 800 papers in the field, at a prominent center in Texas"

"We believe that a realistic range for Net Earning Assets is $426 million to $1.0 billion, an adjustment downward of between -77.5% and -90.4%. We explain our assumptions, and why we believe they are far more realistic than RUN's, herein. — Muddy Waters Research"

"That's what the whole discussion is about. We were accused of having switched, because we had purchased companies that are growing at a faster rate than our core business, and were attempting to cover up weaknesses in our core business in this way. — Udo Müller"

"At least 5,728 of those traceback notices were sent to Inteliquent since August 2022, which is after the Task Force first reached out about its concerns regarding Inteliquent’s call traffic, and notices are still being issued in 2025. — December 2025, AG Letter"

"On 22 June 2018 the company acquired 100% shareholding in a related company for the total consideration of €27,500 which was subsequently disposed of on 10 July 2018 for the same consideration. — Delancey Holdings Ltd. 2018 Cyprus Financial Statements, Note 10."

"We are valuing legacy HSIC at a one turn discount to its current long-term EV/ EBITDA multiple of ~13.0X. We think a slight discount to its current valuation is warranted since the legacy HSIC will no longer be exposed to the higher growth animal health sector"

"The only possible reason why EDU’s Beijing subsidiary would not be paying Enterprise Income Tax is because it is not turning a profit. PRC tax law makes it clear that no EIT exemption is available to the BJ Operation because its revenue is deemed “for-profit”."

"The chart below shows the performance since 2010 of four of the EM currencies to which AMT has directional exposure, the Brazilian Real, Indian Rupee, Ghana Cedis, and the South African Rand – a hedge fund using leverage for this trade would have been unhappy."

"If Penumbra's market share has until now been protected by only the FDA's relatively weak 510(k) approval process, investors should not be confident that it can maintain its share or price levels now that competitors have finally entered the market "on-label.""

"Insiders continue to be net sellers of Mercury shares despite having been given the chance to prove Spruce Point wrong: rather than demonstrate confidence in the business by committing more personal capital at depressed prices, they have continued to sell out."

"On July 26, 2016, 810,811 warrants were issued with an exercise price of $46.911 with each warrant having a claim on 1.15 common shares. Up until recently, none of the warrants had been exercised. Now in Q1 2022, we see that a block of warrants were exercised."

"Oatly claims its processes and know-how are proprietary and include trade secrets, yet it openly let graduate students from the Lund University into its warehouse to study its processes and produce an academic paper with detail observations about its business."

"Vivendi opportunistically used the 19 member cap in TIM's by-laws to allow its executives onto the Board, although a majority of other investors voted against this as well as objecting to using TIM's funds to pay for compensation for these additional directors"

"Ballard's press releases and local government officials would have you believe Foshan Feichi have produced 114 FCV buses. Based on our research, we believe they have likely produced less than 50 buses to date, and only 11 of those are licensed and on the road."

"In some cases, management isn't shy about the fact that its M&A isn't done for purely “strategic” reasons as much as it’s done simply to gobble up new customers. Again, management was accused of doing just this in 1999-2002 to cover up declining organic sales."

"Note that, as shown in Amdocs’ Cypriot filings, the Company’s aggregate European operations show very limited fixed assets, but significant intangible assets, which are composed almost entirely (~100%) of software ($112M, including software under development)."

"For factoring of AT&T receivables to have been responsible for the difference between the 5-day decline in AT&T DSOs and the 7-day increase in firm-wide DSOs - a difference of 12 DSOs - we estimate that Amdocs would have had to factor $36M of AT&T receivables."

"Monster's market share appears to be the most pressured among its closest peers, and this is before Celsius acquired Alani Nu in February 2025 and Anheuser-Busch (BUD) announced in January 2025 that it would partner with 1st Phorm to launch a new energy drink."

"Trian believes the mindset and culture at State Street has prioritized growth (in AUCA, AUM and revenue) over profitability. The “land grab” mentality must transition to a focus on EPS growth, return on invested capital and maximizing total shareholder returns"

"Mitek's true rationale for adopting this poison pill - old-fashioned entrenchment - is demonstrated by the Company's use of an amorphous and far-reaching definition of beneficial ownership that extends well beyond the requirements of the Internal Revenue Code."

"Based on recent presentation figures, Return on Advertising Spend (ROAS) has gone down and PERI is no longer disclosing Cost Per Incremental Store Visit. Notice carefully that PERI also removed client logos and the text, “Proven Attribution For Top Retailers.”"

"2.5% of equity capital would imply Claims Paying Resources of $286bn, over 10 times the cumulative losses in the GSEs' single-family guarantee business during the financial crisis, based on our estimates of actual credit losses excluding subprime and Alt-A MBS"

"Contrary to the narrative from management who, described the collapse as “just a little tiny portion of the pit ramp” and stated “the sidewall failure [as] very similar to the one [it] had last year”18, this collapse impacts roughly a quarter of the pit’s rim."

"We believe that, even on reasonable base-case assumptions for growth in new products and the legacy business, respectively, Hill-Rom should miss consensus core revenue estimates by 2% – a top-line miss the likes of which the Company has not seen since Q2 FY16."

"Yahoo said on December 9th that Gemini is now at a $500 million revenue run rate but has never given any financial details to demonstrate this product's success and hasn't said how much of the $500 million run rate comes from cannibalizing other Yahoo revenues"

"Technology is nothing special; just an expensive mash-up of cheap, existing lab tools like flow cytometers and fluidics; dismissed it as a glorified cytometer, which sell for $50-$500K; called out lack of data showing any real-world impact from the instrument."

"These three apparent undisclosed related parties suggest that there is much still unknown about the web of enmeshed transactions at NMC, as well as the extent to which its key shareholders hold economic interests beyond what the company is willing to disclose."

"Rather than recommending a premium sale to Private Equity, allowing all shareholders to benefit, Schoen and the Board (7 of whom are currently members of the 8 independent directors today), recommended a defensive tactic in the form of a $10 per share dividend"

"The cost basis for “Office Equipment” as of June 30, 2009 decreased from S$36.4 million in the FY2009 AR to S$16.8 million in the FY2010 AR. So what happened to the S$19.6 million (S$19,629,000 to be precise)? It turned into biological assets (p. 88, 2010 AR)."

"Collectively, the Company's years of missed execution and unfulfilled promises have translated into poor stock price performance, leaving long-term shareholders significantly worse off than if they had simply invested in the chemical or broader market indices."

"We have concerns with Bunge's headcount and statements about labor reductions and cost savings. Bunge claimed headcount reduction and cost savings would not be significant. However, based on our analysis at least 10% or more of the combined workforce vanished."

"During FY2018, PBH changed its organic revenue disclosure to “organic & proforma revenue growth” to include the benefit of the acquired brands growth. We believe investors should not give management credit for the high growth of PBH’s recently acquired brands."

"We find it concerning that management’s definition of “cloud revenue” is not consistent between its press releases and financial statements, with its SEC filings noting that cloud revenue includes “term-based licenses, which are recognized at a point in time.”"

"After spending a decade pushing high frequency stimulation and trashing low-frequency as ineffective and dangerous, experts described the company’s sudden embrace of low-frequency as an admission of defeat and a sign the company is going "the way of the Dodo.""

"2.5% of equity capital would imply Claims Paying Resources of $286bn, over 10 times the cumulative losses in the GSEs' single-family guarantee business during the financial crisis, based on our estimates of actual credit losses excluding subprime and Alt-A MBS"

"USCR just started providing some data to allow for an analysis of its underlying organic growth rate. We find that underlying volume growth has essentially averaged zero, after adjusting for price increases, which are primarily a function of rising input costs"

"The independent directors of DuPont, who own very little stock (collectively ~$20mm in shares(1)), have repeatedly failed to hold management accountable for missing its publicly stated financial targets; it is time for an "ownership mentality" in the Boardroom"

"How is it possible that Lightspeed experienced no organic revenue decline as COVID-19 swept worldwide? Its closest revenue peers in the POS technology space, Par Technologies, Agilysys and Toast, experienced sales declines of -19%, -25% and -27%, respectively."

"With one fatal adverse event in FAERS plus and another six across clinical trials, we arrive at 2.83 fatal events per million daily doses sold – more than 100 times greater than the .025 shown below for terfenadine, and about 300 times greater than astemizole."

"Like I said at the very beginning, if I were given one option, I would drop Berkeley Lights and rely on hybridoma. Yes, it takes time, and it's labor-intensive, perhaps, but it's still one of our most robust and reliable ways to identify an antibody of choice."

"Accumulate 100 Volume Points by either: Ordering products from Herbalife at full Suggested Retail Price [1 Volume Point for every 12 RMB (~ $1.96) worth of Herbalife products], or Building a downline of other participants who then order products from Herbalife"

"Today, we reveal why we believe EHang (NASDAQ: EH) is an elaborate stock promotion, built on largely fabricated revenues based on sham sales contracts with a customer who appears to us to be more interested in helping inflate the value of its investment in EH."

"When combining the opportunity to rationalize certain Technology and Development expenses with other growth and margin improvement opportunities, we believe GoDaddy should commit to delivering a growth + profitability metric of at least 40% by the end of 2024."

""We do not need any more equity. So I know that rumor has been out on the street that we were going to be outgoing searching for and doing some form of equity offering. I can tell you today we are not doing another equity offering." — CEO Dovigi, WCA Deal Call"

""There is a company representative in every single one of the Aquablation cases across the US...no medical training is required, but Procept has a very rigorous and expensive training program..." — Spruce Point Interview with Former Procept Executive, Nov 2024"

"“sitting on over $200 million of take or pay offtake agreements, and we had customers like PepsiCo, Nestlé, Bacardi, you know, expecting us to be able to grow our capacity, so we had to find a way to find a lot of cash fast.” — Stephen Croskrey, CEO (via CNBC)"

"The amounts of sales and net loss from continuing operations before income taxes of Evoqua since the acquisition date included in the Consolidated Income Statement for the three and six months ended June 30, 2023 are $178 million and $49 million, respectively."

"This view is captured in an October 23rd note from Morgan Stanley which estimated only 1%-3% of all incremental US data center power capacity (~2-5 GWe) through 2035 would be provided by SMRs. — Morgan Stanley, A Nuclear Renaissance for SMRs, October 23, 2024."

""Begin with a look back over the past ten years to show the progress we've made and the foundation we've established to drive future growth...Non-US employees grew at a 261% rate while total employees grew 66% over that period." — 2011 Investor Forum (2/10/11)"

""...[We] believe that our integrated business model generates the highest long-term value...So we're committed to that" — Mark Lashier, March 6, 2025; "We can be bigger than that and we can be better than that" — Mark Lashier (on Bloomberg News), April 8, 2025"

"I have very fond memories of Phillips 66. You know, that's where a lot of my growth and development has occurred. Had tremendous mentors...a lot of excellent employees. — Brian Coffman, former CEO, Motiva, Elliott nominee for Phillips 66's board, April 8, 2025"

"Kornit's disclosures give an inconsistent view of actual revenues from Amazon. We find stated discrepancies in both 2016 and 2017 reported revenues. At best just a rounding error, at worst evidence of financial control issues. — Spruce Point Capital Management"

""...[We] believe that our integrated business model generates the highest long-term value...So we're committed to that" — Mark Lashier, March 6, 2025; "We can be bigger than that and we can be better than that" — Mark Lashier (on Bloomberg News), April 8, 2025"

"CIQ promoted to investors: "digital publishing orchestration system with proprietary data algorithms and tools" CIQ in a legal filing: "digital publishing company which distributes news, information and entertainment articles" — Spruce Point Capital Management"

"If you look at the reticle space, for EUV...at the end of this year, I was adding up the numbers as CFO, you kind of roll your eyes you go holy - wow, over $1 billion across multiple products to solve the reticle challenge in terms of R&D investment. — KLA CFO"

"“approving more panels over a larger area than were required” — Legal document/Officer Report; “obviously relevant” — R (Barr) v North Somerset Council [2015] EWHC 1735 (Admin); “layout has been amended” — Officer Report; “approximately 2.5m” — Officer Report."

"Additionally, Apple implemented new requirements for consumer disclosures regarding privacy and data processing practices in December 2020, which has resulted in increased compliance requirements and could result in decreased usage of our Apps. — APP 2023 10-K"

"“The safety and well-being of patients is of the utmost importance to Pfizer, and we believe this action is in the best interest of patients,” said Aida Habtezion, Chief Medical Officer and Head of Worldwide Medical and Safety at Pfizer. — Pfizer Press Release"

"“And in general, the older we get the more medical problems we have so, nothing is really absolute as far as upper limit [with respect to patient age]. But in general, I would say the best candidates are probably in their forties and fifties.” — A sleep doctor"

"Based on the temporal relationship, the known risk of anxiety and bipolar disorder associated with WAKIX, and the improvement of symptoms following discontinuation, a causal association with WAKIX cannot be ruled out. — FDA FAERS – FOIA Case Report Information"