Callouts & quotes from 37,061+ activist slides

"While management has asserted that the favorable wage laws under which the acquired units operate offers a tailwind to their return calculation, the lower labor expenses cannot possibly be sufficient to offset the negative impacts of the factors listed above"

"While GNYHA receives $7M in various tax-related distributions from Premier on an annual basis through its ownership of Class B shares, it stands to increase its administrative fee revenue by close to $40M per year by moving to a market-rate shareback of 66%."

"Over the past 11 months, we have attempted to engage privately, many times, with the Board to improve the Company's strategy, governance and capital allocation – but our efforts to work collaboratively have been met with obstruction and threats of litigation"

"ECP provided Sungevity with project financing in 2013. The loan was repaid in December 2016, three months before the Company filled for bankruptcy protection. ECP exited Sungevity at the perfect time. We believe it is wise to follow the activity of insiders."

"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."

"In our view, Broad Ocean’s leasing company has low capacity and no funds to purchase fuel cell vehicles. In our opinion, the idea of Broad Ocean using its leasing business to purchase and operate hydrogen fuel cell vehicles remains just a plan, not a reality"

"Agrium's other business, agricultural distribution ("Retail"), accounts for 30%+ of total EBITDA, ~50% of total value and $4bn+ of acquisition capital, yet Agrium does not have a single independent director with any relevant distribution industry experience."

"Phillips 66 has been pursuing a strategy for many years that emphasizes and grows midstream assets alongside its refining business, despite evidence that this structure isn’t delivering value for shareholders relative to the company’s more streamlined peers."

"In addition to the lack of secular growth in ICE cars, Chocolate, and for that matter the whole auto parts sector, had a difficult time the last several years with cost pressures from input costs, often having long-term fixed contracts with its auto clients."

"TASK investors should be aware that CFO Belaji Sekar does not put on his biography that he was formerly at SIFY Technologies (Nasdaq: SIFY) as a manager in the accounting department from 2002 – 2003 where he supported SEC reporting for the office of the CFO."

"Phillips 66 has been pursuing a strategy for many years that emphasizes and grows midstream assets alongside its refining business, despite evidence that this structure isn’t delivering value for shareholders relative to the company’s more streamlined peers."

"Spruce Point has a track record of calls that identified anomalies related to capital raising, capex spending, suspicious acquisitions, and abnormal revenue per employee in businesses that appear commoditized. We observe the same issues with Perion Networks."

"2022 CTV revenue was $28.5m, and PERI has disclosed its two annual growth rates in 2022 (108%) and 2021 (205%). As a result, we can work backwards and estimate that 2020 CTV should be $4.5m. However, a presentation slide from 2020 shows CTV revenue as $9.9m."

"Perion has not called out Microsoft Bing in relation to “monetizable searches” since the end of 2021. Recent explanations of search advertising revenue is attributable to average daily searches which are not referenced as monetizable ore commercial searches."

"Machine is still only used 3-4 times per month; re-purposed it for simple antibodies to try and scrape together some utility after a huge capital investment; still no time savings, even for simple use-case, given false positives; difficult to trust the data."

"Because the JV transaction can generate such large cash proceeds, which significantly decreases Macy's current debt burden, the pro forma Macy's OpCo alone is worth more than Macy's current stock price, while Macy still owns 85% of the JV and its cash flows."

"In the decade ending 2012, HMA, under the direction and guidance of substantially all of the sitting Board, delivered <1% total shareholder value while investors in the Hospital Group and the S&P garnered an 39% and 99% total shareholder return, respectively"

"It is this strategy, coupled with expanded trading, that has driven what we believe is essentially a modestly profitable (at a smaller scale) trading business to take on crushing debt levels and, in our opinion, destroy substantial amounts of investor funds."

"And here's the other thing you have to be very cautious about... when they sell an engine, they're not selling an engine. They're selling [three] modules. So the, The Module Factory numbers are much higher than what real [customer demand for the Factory] is."

"The ECB says it will buy bonds with yields as low as its deposit rate — now at negative 0.2% — to implement QE. So, it's easy to imagine that some short-term traders are buying negative-yielding bonds with the intent of flipping them to the ECB at a mark-up."

"CEO Wilson has sold almost $18 million of Heska stock over the past eight years. Notably, Wilson was a seller at price levels materially lower than where the stock trades today. The CFO has also recently sold 5,000 shares above $260 per share in August 2021."

"Being forced to accept payments from end users over time, while at the same time being restricted from up-front cash payments from sale/leasebacks, represents a material deterioration of PLUG's economics that should NOT be adjusted out of Company financials."

"While analysts are still not sufficiently critical of Dollarama, the more recent downward move in the stock and subsequent analyst downgrades may suggest that the market could be primed to evaluate the Company and its growth story with a more discerning eye."

"Based on our analysis, we find multiple data providers and sell-side analyst reports provide an inaccurate representation of Lightspeed's cash and shares outstanding, and do not account for the Company's two most recent acquisitions and equity capital raise."

"However, Herbalife projected forward its business in China using this same methodology - simply multiplying China Retail Sales by the same Royalty Override (15%), Production Bonus (7%) and Mark Hughes Bonus (1%) percentages to derive "China Sales Employees.""

"The 2009 actual expense for “China Sales Employees” (a/k/a “China Royalty Overrides”) of $79,082,000 matches the $79.1 million Herbalife later reported as its 2009 “compensation to China sales employees and service fees to China licensed business providers.”"

"As noted in a previous section, several pharmaceutical companies with H3R program synthesized pitolisant as part of their research, and specifically noted the drug's "potential for phospholipidosis" as one of many "important hurdles for this novel compound.""

"Following a risk-benefit analysis, including consultation with FDA, study investigators, independent expert neurologists, and neuroradiologists, Sanofi determined that the risk to patient safety outweighed the benefit that fedratinib would bring to patients."

"Based on management personnel information we found for 58 Home’s disclosed VIEs and VIE subsidiaries, it is reasonable to conclude that WUBA’s management is directly exercising control over 58 Home and thus 58 Home’s financials should not be de-consolidated."

"We are therefore hereby proposing a potential merger transaction (the “Transaction”) in which a newly formed merger subsidiary of Pershing Square Holdco, L.P. would merge with and into the Company, with the Company as the surviving corporation in the Merger."

"The first words the mechanic said to me were "Did you know this car has been in a wreck?" I told the mechanic that Carvana said it had been damaged in transport. The mechanic told me that it was more than damaged. It had been in a wreck. — Anonymous Customer"

"In addition, the Company improperly accounted for other items that overstated net income, including the estimation and recording of self-insurance reserves, its recognition of equipment rental revenues, and its income tax accounting. — SEC URI Complaint 2008"

"The corporate governance/stewardship superiority or the cloak that BlackRock appears to adorn itself with, is reminiscent of Hans Christian Andersen's tale 'The Emperor's New Clothes': within the industry, BlackRock stands naked, indefensible, and shameless."

"I think energy investors are really focused on pure play companies that are focused on core businesses that are efficient, well run and superior capital allocation. Right? Investing and growing empires rarely is awarded in the energy space. — Stacy Nieuwoudt"

"None of our executive officers served as a member of the compensation committee of another company, or as a director of another company, whose executive officers also served on our compensation committee or as one of our directors. — HPE 2017 Proxy Statement"

"“They have a very, very large and complicated manufacturing scheme where they overbuild in order to deliver the product... The thing I kept saying is they were shipping with every gene and every oligo pool a $20 bill to people.” — Ex-senior executive of Gen9"

""The success of a currency board arrangement, and its acceptability to local people and businesses, depend to a considerable extent on the anchor currency being reasonably stable." — Tony Latter, Former HKMA deputy chief executive and co-architect of the peg"

"When shareholders sued Amdocs in 2002, included among the allegations was a charge that the Company “misled the market to believe that Toes Corporation was merely an unaffiliated shareholder,” not a group of Amdocs employees. — Shareholder Lawsuit Allegation"

"The contributions of the Recent Acquisitions totalled $41 million. — Q1 2023 Report; The contributions of the Recent Acquisitions for the full period compared to partial contributions in the same period last fiscal year totalled $61 million. — Q2 2023 Report"

"We have a strong conviction in our ability to create incremental value from this combination and are raising our long-term target for real estate revenue growth to the high-teens from the mid-teens percentage range. — Real Capital Analytics (RCA) Aug 2, 2021"

"Dan, the block model reconciliation is obviously a moving part, because we have to look at different areas of the pit that are being mined, because some areas of pits are higher than where we said it was going to be. — Unnamed source (likely internal/expert)"

""The Company is currently in the process of evaluating the impact of this standard and expects that the adoption of the ASU will increase assets and liabilities related to the Company's operating leases on the consolidated balance sheets." — Porch Group Inc."

"According to Moody's, a credit rating agency which was privy to Itiviti's management and insights about its business given its public debt rating, contracts were shorter than BR management's claims, and the recurring revenue mix was less than 100%. — Moody's"

"Property, plant and equipment is stated at cost. Depreciation is generally computed by the straight-line method over the estimated useful lives of three to 30 years for buildings and improvements and three to 10 years for machinery and equipment. — 2019 10-K"

"“As our momentum continues, we are raising guidance once again for the current year. Our guidance for the non-GAAP revenue is increasing by $25 million to $1.37 billion representing 10% growth and acceleration from the prior year.” — Dan Bodner – CEO, Verint"

""As our momentum continues, we are raising guidance once again for the current year. Our guidance for the non-GAAP revenue is increasing by $25 million to $1.37 billion representing 10% growth and acceleration from the prior year." — Dan Bodner – CEO, Verint"

""These factors were partially offset by the collection of $35.0 million of cash in the three months ended June 30, 2018, as a result of the modification in June 2018 to the AR1 Other Transaction Agreement ("OTA") with the U.S. Air Force." — Q2'18 10-Q, p. 41"

"Islam is fast growing by violence and intimidation. A so- called religion that deprives women its most basic rights where rape, honor killings and genital mutilation is a common occurrence that is encouraged. It's a disease not a religion. — Alan Malki, M.D."

""During the fourth fiscal quarter of 2020, the Company recorded an out-of-period adjustment that impacted the Consolidated Balance Sheets, Consolidated Statements of (Loss) Income and Consolidated Statements of Comprehensive (Loss) Income." — Heska 2020 10-K"

"My decision to resign follows a protracted campaign by a majority of the Board, controlled by and acting under the direction of Oracle Partners (Oracle) (BIOLASE's largest stockholder) and Larry N. Feinberg (Oracle's Managing Partner) — Former CEO of Biolase"

"Campbell's incumbent Board of Directors ("Board") has overseen a series of strategic and operational blunders over many years that have driven extreme underperformance in Campbell shares (19% total shareholder return vs. 306% for S&P 500 over last 20 years)"

"There is a continuation of acquisition revenue contribution misreporting into early 2020. The Company first claimed that $21.2 million of sales were contributed by Captiva, Neurio and Pika in Q1 2020. The 10-Q later revised this figure to just $1.0 million."

"Greenlight believes both anecdotal evidence and methodological valuation flaws suggest that Allied’s portfolio investments have not been marked to current “fair value” according to Allied’s own standards or as required by the Investment Company Act of 1940."

"The lines are broken. The line is not continuous. It’s break, break, break. Look at the short lines - each duration is very short. They apply some current and then pulse - apply current, wait, apply current, wait, versus continuously increasing the current."

"In an industry riven with exaggeration and outright lying, Sastry’s resistance to sharing even seemingly innocuous performance data...has prompted suspicion that she is evasive for reasons no more complicated than that she has little impressive to disclose."

"He indicated that the machine “isn’t really real” for any type of production setting and has “way too much instability” and errors to be used on “mission critical tasks,” emphasizing that there is “no instance” where you would use it for anything important."

"Dexcom recently amended its licensing agreement with Google whereby royalty payments were replaced by an up-front payment of $250M in DXCM shares. We believe this reflects Verily's loss of confidence in Dexcom's ability to come to market in a timely manner."

"The Company is arbitrarily selecting the ONLY time period in recent history where relative TSR against performance peers has performed better. We believe this is a blatant attempt to mislead shareholders on the Company's track record of dismal relative TSR."

"Despite owning 65% and controlling the majority of DTA's operating capacity, AMR claims it doesn't control the asset because "two reps must be present for business to be conducted and unanimous approval of both parities is needed for decisions to be taken"."

"As can be seen in the above SAIC filings, ownership was transferred from Mr. Song Lifeng, the brother-in-law of Anta Executive Director Wu Yonghua and a connected person identified in the prospectus, to Mr. Ye Chengdong, a purported independent third party."