Callouts & quotes from 37,061+ activist slides

"The TICO Board and SC ultimately capitulated by recommending a Revised TOB price of ¥18,800 per share - only ¥200 / +1% more than the price that, just days before, they considered wholly insufficient and had "significantly deviate[d]" from their expectation"

"Zebra referenced only one client win early and continues to talk up “strong interest” but provides no specifics on revenues. In fact, almost three years after acquiring Fetch on July 1, 2021, Zebra is still saying robotics is “nascent” and in its “infancy”."

"The KALOIKOS company, seller of building I, benefits from a seller's privilege for an amount of 4 million euros in second place behind the PPD and the mortgage allocation (in the amount of €3,545K) for the benefit of Société Générale Private Banking Monaco."

"The research and reports on this website reflect the opinions of Bonitas Research LLC (“Bonitas Research”), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"We believe that Globant should explicitly disclose to investors which of their related parties are affiliated with WPP. We believe the spirit of related party disclosure is to highlight to investors how much revenues are coming from your largest shareholder"

"Despite its 100-year head start in consumer entertainment, iconic IP, superior scale and diversification, Disney has underperformed and disappointed its investors by nearly every objective measure of business and stock price performance over the past decade"

"Thus, excluding the funds raised in December 2009 and possibly assets acquired for the Chang Xing Island project with such funds, RINO’s shareholders own little to no productive assets and have received no benefit from the profits VIE purportedly generates."

"The FTC has recently cracked down on major nationwide MLMs. In one of its most prominent enforcement actions, the FTC sued Herbalife in 2016, forcing them to restructure their MLM operations and pay $200 million to settle charges levied against the company."

"Total receivables have ballooned 456% in the same period that revenues have grown 99%. This suggests that Axon has booked revenues, generally associated with the weapon (and body cam), in advance of its ability to collect on these sales in a timely fashion."

"Pursuant to 21 CFR § 7.40, STJ should recall its Devices because the Devices present “a risk of injury or gross caption or are otherwise defective” as demonstrated by MedSec’s research and in light of FDA’s current medical device and cybersecurity policies."

"The main suspicion against the Dayan brothers is the fictitious registration of assets amounting to hundreds of millions of shekels in the name of Itzik's former father-in-law, a 90-year-old resident of France, in an attempt to evade paying taxes in Israel."

"With the old CFO Donnelly out in Q4’18, the Chairman liquidating a sizeable holding starting in Feb 2019, the CFO is now referencing difficult comps on a “multi-year stack” basis – terminology we are not familiar with, but which certainly sounds concerning."

"Spruce Point believes it is a major red flag when a company stops being able to provide Free Cash Flow (FCF) guidance. We observe this happened after the departure of CFO Young in mid 2020. In the year he left, BR missed FCF guidance by an astounding 15.3%."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"Insiders have continued to reduce their stake in PGNY since its IPO in 2019. Insiders have reduced their stake from 52% prior to the IPO to 14% as of the 2021 proxy filed in April 2022. If insiders are selling at such a rapid clip, why are investors buying?"

"Spruce Point has analyzed REZI’s guidance practices since coming public. We find a notable reduction in guidance practices starting in 2024 and accelerating into 2025. We believe this shift undermines confidence in the long-term visibility for the business."

"for those who think that having a ~$35B AUM Tiger cub as the largest holder is automatic indicia of legitimacy, judgment, or perfunctory due diligence, we caution that one of the largest holders in Luckin Coffee, a Chinese fraud that imploded, was Lone Pine"

"We believe that NICE's acquisition of inContact put it in position to increase share as customers demanded broader cloud capabilities. Meanwhile, Verint's acquisition of KANA simply expanded its suite of products without transforming its cloud capabilities."

"The best we can tell, Cuattro remains an extremely niche radiography supplier, but we see several red flags, including: (1) lack of recent press releases, (2) conflicting supplier statements, (3) only 14 employees, and (4) questionable medical endorsements."

"It appears, based on these facts and without an explanation, that BP is exploiting both its shareholders (by building loss-making solar plants) and the UK government (by planning to increase the plant's operational capacity beyond the authorized threshold)."

"We Learned from Former Employees of KDDI that Datasection’s Collaboration on a Data Center Described as the “Largest AI Data Center In Asia” Has Been Dead Since Last Year, and None of Our Sources in the Industry Know Where Datasection Is Setting Up Its GPUs"

"Disney has a much better “hand to play” than its peers to weather any disruption... but Disney's response to a changing landscape was ill-conceived and reactive... in large part because the Board disincentivized management to act – paid execs $1bn since ‘13"

"Despite its 100-year head start in consumer entertainment, iconic IP, superior scale and diversification, Disney has underperformed and disappointed its investors by nearly every objective measure of business and stock price performance over the past decade"

"Success and succession are fundamentally different objectives for CEOs. Someone in Mr. Iger's seat has too many competing interests and conflicting incentives to handle both... the guy who gets you lost in the woods isn't the right guy to find your way out."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"Soleno is willfully playing dumb – “the side effects just really feel like they’re being minimized...every call I’ve been on...they’re not really talking much about it...they’re really minimizing the fact that this drug does have some serious side effects”."

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет. Красотки! Трое - сироты, у еще одного ребенка где-то родители на Украине. У всех удочерение"

"In all three, we heard substantially the same rhetoric from the companies and their advisors prior to the proxy contest. However, management's views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value"

"The fact that Bob Chapek was abruptly fired five months after the Board unanimously agreed to extend his contract by three years suggests the Board lacks a robust CEO succession process and completely misread the state of Disney’s & Bob Chapek’s performance"

"We show below the remaining three methodologies: normalizing inventory to Lasertec’s historical, “normal” inventory as a percent of sales and assets; and by adjusting it to market value by applying the 50-75% discount quietly being shopped to key customers."

"Lasertec system reliability is pretty low...60% reliable...so it's not reliable enough...making chips work requires every step to be 99.9% reliable...the mask is super critical because if one mask is bad, then every chip you make after that bad mask is bad."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"The Board's actions to freeze-out and isolate the two independent and highly respected industry executives elected last year is highly concerning and demonstrates a Board that is entrenched and not interested in hearing or considering independent viewpoints"

"If you look even at the big airlines that have lower margins than the top two, there’s a core airline within them that has the same kind of margins as United and Delta, but it’s dragged down by the stuff that loses money. — United CEO Scott Kirby, June 2024"

""It's a retail company who thinks it's competing with Amazon without any technology" — Senior Software Engineer, Glassdoor.com; "If you're an IT professional avoid this place like the plague!!! Especially Finance IT!" — Former Project Manager, Glassdoor.com"

"安踏集团河南锐力体育用品有限公司起业于2011年投资总额近10亿元.规划发展为占地1000亩,拥有6000余位员工,规划年产鞋量400百万双规模的专业鞋业公司,是安踏公司深度战略合作伙伴,锐力公司以“以人为本 品质服务 效益责任”为宗旨,提倡人性化管理,大力引进先进生产设备与高知人才,不断优化生产管理,提升品质量,力争成为生产优质顶级运动鞋的制造企业,欢迎有志之士的加盟. 您的加入,是锐力的荣耀! — the Anta company's deep, cooperative strategic partner"

"Over the long term, margin is really not the best measure of our profitability due to that raw material volatility. We think a more appropriate measure of our progress is return on invested capital. — Laura Thompson, Former CFO, Goodyear’s 2016 Investor Day"

"“Dave [redacted], ‘What the fuck?’ [Redacted] sold a bill of goods. He’s brilliant. And he was asked to go on investor calls and tell stories. He didn’t like it. I think Dave had to lie more publicly than [redacted] and didn’t like it.” — Ex-senior employee"

"“Besides realizing these ambitious goals, Monroe will also be tasked with classroom teaching duties that he sees as critical...and also teaching undergraduates in areas ranging from Quantum Physics 101 to The Physics of Music.” — Duke announcement, Aug 2020"

"“Hess has an interesting set of assets that have not yielded competitive shareholder returns over time. And they ought to. Working with the Board to refocus Hess in order to deliver returns to shareholders represents an exciting opportunity.” — Harvey Golub"

"If you look even at the big airlines that have lower margins than the top two, there’s a core airline within them that has the same kind of margins as United and Delta, but it’s dragged down by the stuff that loses money. — United CEO Scott Kirby, June 2024"

""This is a decade-long drama that the board has let unfold," said George F. Colony, chief executive of Forrester Research. "They have shown some dysfunction in the past, and had difficulty coming to consensus." — Ouster of Hewlett-Packard C.E.O. Is Expected"

""And the other advantage is Matrox has great relationships with advanced manufacturing, pharmaceutical space as well as in the semiconductor industry that we think can be advantageous for our core portfolio." — CFO Winters, JPMorgan Conference, May 23, 2022"

"At Transform 2020, company founder and CEO Tom Seibel (and also the founder and longtime CEO of Siebel Systems) reported that C3.ai is on track for a 143% increase in bookings to $447 million in fiscal year 2020, up from $184 million in FY 2019. — ZDNet.com"

"“[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"

"If you look even at the big airlines that have lower margins than the top two, there’s a core airline within them that has the same kind of margins as United and Delta, but it’s dragged down by the stuff that loses money. — United CEO Scott Kirby, June 2024"

"“Iger has systematically eliminated any executive who could become a successor. To me it’s a real black mark on Iger’s record.” — Gary Wilson, Former CFO of Disney and Director (on Board for 21 years, up to and including the first hiring of Mr. Iger as CEO)"

""[T]he very reason for the per se illegality of the Endless Chain schemes is their inherent deceptiveness and the fact that the ‘futility’ of the plan is not ‘apparent to the consumer participant.’” — Webster v. Omnitrition, 79 F.3d 776, 782 (9th Cir. 1996)"

"Burgiss' roughly 1,000 clients will be a tremendous addition to MSCI's extensive list of clients across endowments and foundations, pensions, insurance, family offices, and other private asset investors. — MSCI Conference Call to Discuss Burgiss Acquisition"

"PERI last disclosed mSRPV in the 2015 MSFT agreement as “a page containing ads displayed to a User in response to Included Searches (a monetizable search result page view).” The most recent agreement does not define the term. — Perion earnings announcements"

"“Beware of hyper promotional technology companies throwing spaghetti on the wall to find a business model. We will explain why we believe Porch.com is the mirror image of The Active Network, a successful short from years past.” — Ben Axler, CIO Spruce Point"

""The company had no money, few value-added services, no brand, the products were just in the early stages, everything had to be done by ourselves, it was continuously operating poorly, and almost closed down several times." — Lin Yu, NQ's co-founder and CEO"

""Almost impossible" to set up functional assays on the machine, which defeats the entire purpose of it... "To develop functional assays specifically for Berkeley Lights tends to be something that's more challenging, in my opinion." — Pfizer senior scientist"

""it's under NDA so I cannot reveal the nature" of the communication; "no company...is fully satisfied with their inspection product...absolutely every product now has different problems...APMI, actinic patterned mask inspection is a huge challenge." — Isteq"

"Even Isteq stated that the "new" source technology they licensed to Lasertec for its A300 "Urashima" is a pipe dream that is as fatally flawed as Ushio's; that Lasertec's EUV tools are a failure; and that key customers like TSMC and Intel are angry. — Isteq"

"TAL seems to have deliberately obfuscated DFRL was transferred to Shunshun. In our opinion, this failure to identify DFRL / Shunshun as a related party transaction is to avoid scrutiny of the propriety of the transactions and the subsequent valuation gains."

"As of December 31, 2020, our employees were mainly based in mainland China. A large portion of our employees are based in Beijing where our headquarters is located, and the rest are mainly at our subsidiaries and branches across the nation. — BEKE 2020 20-F"

"And we're now to the point where if you take Snap out of the equation, look at our exclusive brands line. We're launching over 200 new products a year across all of our categories. That's driving a lot of that growth. That's part one. — Robert Aarnes, Q3'24"