Callouts & quotes from 37,061+ activist slides

"she was in the hospital due to incorrect dosing — Patient. the patient was in the hospital (reason not provided) and the hospital incorrectly administered the dose to the patient. — Physician's office representative. she felt it was not helping her. — Patient."

"“Absolutely correct. And he was horrible. He was absolutely horrible. I had him do a talk when we were in covid virtually, and [long anecdote redacted]. It was a complete disaster.” — Ex-Harmony territory manager for a large region in Florida and another state"

""in most defense deals, the counterpart does not want to be nominated" and that "For the time being, they asked us to keep silent, keep it confidential and we respect it" — EOS Management. "MARSS has generated around 240 million EUR over 5 years" — CFO of EOS."

"KLA’s imminent EUV market entry will be “catastrophic” for Lasertec, with customers “crying” and “begging” KLA to hurry – “devastating”; “game over”; “everything could turn around in a second…they’re out of business, basically” — Scorpion Capital investigators"

"The result of these renewal assumptions is to add approximately $3,000 in value for each PPA customer. RUN's business is too new for there to be any empirical evidence to support these assumptions, and we are highly skeptical that this value will materialize."

"We expect that many of the existing HSIC analysts and Animal Health sector analysts will be adding Vets First Corp to their coverage universe. Therefore, we expect between six to ten analysts to cover Vets First Choice soon after the transaction is completed."

"Mr. Terreson, with approximately two decades of investment-analyst experience, must understand that investors do not "usually"—and certainly not "appropriately"—construct a peer group that effectively excludes the Company’s two core peers, Marathon and Valero"

"The company was founded in 2010 and is known for its secrecy, saying little for a decade until the SPAC. Now suddenly hungry for airtime, it still refuses to say much about its actual underlying technology – even appearing to get testy when asked for details."

"In one IonQ promotional piece and interview after another, CEO Peter Chapman portrays himself as a child prodigy who began programming at age 16 at MIT at the Artificial Intelligence Lab – "a super smart genius type character" according to a recent interview."

"Between spaces completed since 2020 and what's still in the pipeline, the [Austin] office market will grow nearly 25% – the fastest rate on the continent...Roughly 87% of new office space is expected to open vacant, according to data from Cushman & Wakefield."

"In 2004, McDonald's company-operated restaurants appeared to contribute 46% of total EBITDA. However, once adjusted for a franchise fee and a market rent fee, McOpCo constituted only 22% of total EBITDA, with Brand McDonald's contributing 78% of total EBITDA."

"In other words, the 96,000 test-tube equivalent capacity of the chip has spectacularly backfired – sort of like a plane that’s a thousand times larger than a typical one and has to spend days at the airport gathering passengers to amortize the fuel and labor."

"Comments by Twist’s CFO on recent earnings calls state that the vast majority of the recent capex is for their new, so-called “Factory of the Future” in Wilsonville, Oregon – about $88MM through FY2022, based on our total of figures provided on various calls."

"Independent proxy advisor Glass Lewis, citing Phillips 66’s (NYSE: PSX) underperformance and poor governance, recommends that shareholders support Elliott’s case for urgent change by voting for board nominees Brian Coffman, Sigmund Cornelius and Michael Heim."

"To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote “FOR” Trian Nominees, Nelson Peltz and Jay Rasulo, and “WITHHOLD” on Disney Nominees Michael B.G. Froman and Maria Elena Lagomasino and All Three Blackwells Nominees"

"TCM's and Cartoon Network's 2005E EBITDA margins are estimated to be towards the high end of the profitability of other cable networks. TNT's and CNN's estimated 2005E margins of approximately 39% and 35% respectively, fall in the mid-to low end of the range."

"MSCI and analysts talked up RCA's mid-to-high teens revenue growth and high and improving renewal rates. However, within a year after the acquisition, the evidence points to substantially lower revenue growth and MSCI stopped reporting RCA's Run-Rate revenue."

"Trian believes the successful execution of management's new strategic plan could result in Lazard earning slightly more than $3.50 per share in 2014, which could translate into an implied value per share of more than double the current trading price of $23.09"

"Intuit is one of the most US-centric software companies. We believe Intuit management often talks up the 50% international customer base of Mailchimp to suggest that it will catalyze international success despite years of struggles and little product synergy."

"At a minimum, this indicates that iHub has not been driving accelerated cost savings since inception. Furthermore, this savings doesn't reconcile with another claim made by the CEO that iHub contributed 40% (or approximately $25m of 2022 EBITDA contribution)."

"Ex-employees stated that the instrument is prone to contamination: "a contamination nightmare"; "was always a big concern" and company still struggles with it; "definite weak points from a biological standpoint that would potentially encourage contamination.""

"Lasertec “cannot deliver” on their purported $2 billion backlog due to their lack of a properly functioning EUV light source: “they have a $2 billion backlog, which means that they probably have orders for 40 or 50 systems that they cannot deliver right now.”"

"While the application technically amounts to little more than a procedural 'land grab' for spectrum rights, investors should be concerned about how and why a launch company still working out the kinks of rocket development would even contemplate the endeavor."

"PBH reports “non-GAAP adjusted free cash flow.” Spruce Point believes this is particularly egregious and aggressive, as the Company adds back integration and transition costs, therefore ignoring the costs of M&A but wanting to show investors all the benefits."

"Mr. Terreson, with approximately two decades of investment-analyst experience, must understand that investors do not "usually"—and certainly not "appropriately"—construct a peer group that effectively excludes the Company’s two core peers, Marathon and Valero"

"Core fire extinguisher inspection pricing is contracting. Based on our industry conversations, we understand that Cintas has been willing to price as low as $1.50 per extinguisher, particularly to commercial and national customers, which are more price savvy."

"Nevro's PDN study and claims of a new indication elicited a striking level of derision among KOL's: that it's "putting lipstick on a pig" and won't change anyone's use of stimulators "in any way" and that competitors began pushing stimulators for PDN in 2004."

"To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote “FOR” Trian Nominees, Nelson Peltz and Jay Rasulo, and “WITHHOLD” on Disney Nominees Michael B.G. Froman and Maria Elena Lagomasino and All Three Blackwells Nominees"

"Surgeons indicated the following are among the top users and repeatedly flagged them across our interviews as engaging in questionable practices: 1) Rafik “Mark” Ghobrial at Houston Methodist; 2) Marwan Abouljoud at Henry Ford in Detroit; and 3) Mayo Arizona."

"TransMedics and/or OPO's with whom it conspires allegedly start “dialing for dollars,” according to ex-employees and others, to offer the organ to centers willing to accept it with the understanding that it comes on a TransMedics pump and on its NOP aircraft."

"The HbA1c and fasting glucose figures explicitly cited in the paper to support this claim appear to be pulled from thin air, as we analyze on the next page – and that HbA1c and fasting glucose stay elevated, do not return to baseline, and spin out of control."

"Pitolisant is inherently more cardiotoxic than terfenadine for another reason: terfenadine targeted the histamine H1 receptor, but pitolisant targets the histamine H3 receptor, and the pharmacophore of the H3 receptor is even more similar to the hERG channel."

"Although there are growing bodies of research dealing with diverse non-imidazole based compounds, they are not free from obstacles in their development pipeline and hence the design of these compounds is complicated by various factors briefly discussed below."

"According to Bloomberg, only 25.52% of these bonds are owned by institutional investors, implying the remaining 74.48% of this debt is owned by retail investors who are highly unlikely to understand the risk they are taking when investing in these securities."

"No, I don't remember. $500 million—between $300 to 500 million and that basically translates to the POs that they had from Intel but the POs are at a significantly reduced price. They don't have a lot of margin on those tools, very low margins on those tools."

"Left: Modules at an FTAI facility show boxes with the FTAI logo, the Module Factory logo, and a large red QR code. Right: The box at Sorena Turbine display what appears to be identical markings: the FTAI logo, the Module Factory logo, and a large red QR code."

"Michael F. Gambardella, JP Morgan: “I'm just asking was this an auction process or not?” Dr. Klaus Kleinfeld: “No, well, look, I mean, I don't really want to comment on it. I mean, in the end, it doesn't really matter. This is a transformational transaction.”"

"Bloomberg recently highlighted how three Third Point activist investments (Yahoo!, CF Industries, Murphy Oil) delivered returns for public shareholders that beat the S&P 500 in an article entitled, "Activist Investors are Good for the Stock Price" — Bloomberg"

"“Research and development activities are conducted in collaboration with manufacturing activities to help expedite new products from the development phase to manufacturing and to more quickly implement new process technologies.” — Twist 10K filed Dec 20, 2018"

"DeMarco was also allegedly the source of the “percentage of completion accounting techniques learned from the ‘Andersen school of accounting’ that allowed Titan to either overstate or prematurely state revenues at the company.” — Shareholder lawsuit documents"

"[N]obody in Dallas can admit that those tasked with fixing the problem are the ones who created it. We need bold leaders who have the creativity and insight to reexamine a corporate culture that has stagnated for years. — Southwest Airlines Pilots Association"

"“There have been some OK acquisitions, but very little consistency from management, and the execution has been poor. But there has been pressure to continue to pursue M&A to grow the company for shareholders, and to increase comp.” — Former Employee, Hill-Rom"

"That's complete bullshit. Sorry. No way. Not on average. Can they buy some engines that have had bad things happen to them for a million? Yes, but I thought you said that they said on average they're spending a million. Did I hear you wrong? — Industry Expert"

"ADT expects to have the ability to accelerate certain tax deductions that would allow us to minimize our cash tax rate for a period of time beyond the full utilization of the initial deferred tax assets — The ADT Corporation Investor Day Presentation, 9/18/12"

""We found a company that has a practice of breaking the law." — Bruce Rainer, President, UNITE!; "They treat you like garbage." — Loraine Khan, Former Cintas Employee; "It’s a big lie to hear Cintas call us associates." — Jose Cortez, Cintas Employee 11 years"

"JPMorgan Chase Bank is described as “Assignee Secured Party” and—importantly—“senior lender”. The plain meaning is that it is lending money and being assigned a security interest in collateral, and that its security interest is senior. — Muddy Waters Research"

"strengthen Ströer SE's financing ability on the capital market and facilitate possible attempts to raise capital in future and thereby the company's further development whilst preserving Ströer SE's position as a family company. — Ströer Transformation Report"

""We consider a long-term DCF model to represent the most appropriate valuation method for ATHN shares." — Morgan Stanley, p.11; "Of note, we have subtracted from our DCF analysis stock based compensation to account for equity dilution." — Morgan Stanley, p. 4"

"Cinta often remarked that U.S. securities regulators were generally looser with rules around registering public companies than Chinese and Hong Kong Regulators, so it would be easier to take unproven, early-stage businesses public. — Washington Post interview"

""So, we don't have competition -- it's not like we're grabbing market share. It's our market to create. So this is the what keeps me up at night. It's the question -- it's about how do we stay in control while we're growing fast." — Tim Herbert, Inspire's CEO"

"Direct Sales Regulations: Only "[a] direct selling company and its branches may recruit sales promoters," and "[n]o entity or individual outside any direct selling company and its branches may recruit any sales promoter." (Art. 13.) — Direct Sales Regulations"

"IR: "The key thing to note is the difference between the market in general and FTAI when it comes to procuring engines... when you do note that 30 to 50 increase in the market rate, that isn't reflective of what the unserviceable market looks like." — FTAI IR"

"The stock was thinly traded, and petitioner feared that selling it would cause its value to plummet. Petitioner and his stock broker established multiple nominee accounts to sell the stock while also attempting to stabilize the market. — 2009 tax fraud ruling"

"“I heard the light source in the new Lasertec tool, the A300, doesn’t work, and TSMC evaluated it, but I heard that it failed at TSMC. Is that true?” “Yes. It failed.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC"

"We believe that WTRG subtly cut its organic growth estimate for water rate base growth between January and February 2023. The latest investor presentation uploaded February 27, 2023 now includes acquisitions to achieve the targets 6-7% rate base CAGR growth."

"We believe Bent Tree Properties is a company that provides land acquisition services. Land acquisition companies generally work under contract to secure land or mineral rights and then subsequently transfer those rights to the underlying investor or company."

"Spruce Point finds evidence to suggest that Mercury Systems (Nasdaq: MRCY) could be one of the companies affected by the alleged Super Micro Computer, Inc. (Supermicro) hack, and can demonstrate recent actions taken by management to obscure the relationship."

"We note an interview published by Duke’s School of Engineering, where he basically admits the machines are impossible to scale – indicating it takes “18 months” from a researcher expressing interest in their machine to being able to carry out the experiment."

"Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation (collectively, "Elliott"), has filed a definitive proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission."

"Several districts have already projected sizable budget deficits for their 2024-25 school year. We see this as a leading indicator that K-12 vendors like PowerSchool should expect pressure during this period as district leaders pull strings to close the gap."