Callouts & quotes from 37,061+ activist slides

"We believe Procept mischaracterizes the landscape for BPH procedures, both by suggesting that resective surgical procedures can displace drugs and MISTs and that Aquablation has the potential to be the "one-size-fits-all" treatment for all BPH sufferers."

"We note that there is no way to “accidentally” enter MIT in the education credentials section of LinkedIn. The edit boxes for both the intro/header section and the education section – Chapman lists MIT under both – make it clear what you’re representing."

"The sell side believes that Dexcom's target U.S. market is 25% penetrated, leaving significant room for continued CGM adoption. However, under Spruce Point's view of Dexcom's optimal market opportunity, Dexcom's current market is already ~50% penetrated."

"This provision does not pass our smell test. Why should AstraZeneca's commitment to buy TEM's products and services depend at all on TEM's share price rather than true economic demand for its products and services and the perceived value being delivered?"

"Ms. Lin’s significant leadership experience as a senior executive in both the hybrid chemicals and broader industrials industries, coupled with her considerable experience serving on public company boards, would make her a valuable addition to the Board."

"With many of Align's key CAD/CAM software patents having rolled off from 2018-20, Spruce Point observes that new, innovative companies are beginning to disrupt what has been one of the major barriers to widespread 3D printer adoption among orthodontists."

"A former Oatly accounting professional reveals undisclosed accounting policy changes. In addition, by multiple accounts, Oatly's NJ facility was producing by April – May 2019, yet it did not formally recognize the capital expenditures until October 2019."

"Based on our research, we have identified three frequent events that should result in write-offs of capitalized connected device costs, which would reduce reported gross margins. We are not confident that Samsara has been taking the requisite write-offs."

"We believe Samsara customer churn will increase over the coming year, as the large number of SMBs who signed up for ELD products to satisfy the government mandate come up for renewal in a starkly different macroeconomic and telematics market environment."

"We think investors should pay close attention to the priority wording of Monster's Forward-Looking statements. We observe that Monster repositioned key risks about demand for its products domestically and internationally higher in its 2024 Annual Report."

"Given the new, serious competitive threat Epic Universe presents, Disney needs to fortify its leadership position with new investment. How much of the $60 billion of CapEx is earmarked for new attractions at Disney World? When will that capital be spent?"

"Ms. Lin’s significant leadership experience as a senior executive in both the hybrid chemicals and broader industrials industries, coupled with her considerable experience serving on public company boards, would make her a valuable addition to the Board."

"All the Turner Networks, with the exception of CNN, are general entertainment networks that do not enjoy a natural extension to the Internet and therefore, there are limited additional ways to monetize the audience of the Turner Networks (excluding CNN)."

"When individual markets experience structural deterioration, Herbalife will often point to temporary factors to explain the decline. Once a market inevitably falls below a certain sales threshold, Herbalife eliminates all disclosure regarding the market."

"In 2009, multiple UEC executives were named executives in Strategic American Oil Corp (OTC: SGCA) alongside investor Barry Honig and CEO Adnani was a Director. Mr. Honig's name surfaced in 2018 in a case brought by the SEC related to market manipulation."

"Even more concerning, it appears that the Board chose to withhold material information from shareholders ahead of the nomination deadline in order to preserve the status quo and insulate the incumbent directors from a potential challenge by shareholders."

"Turlov was quick to declare to the media that his sanction entry was just a "technical error" or imposed "mechanically". However, given the potential seriousness of the situation, there may be a need for an SEC investigation. Turlov is not to be trusted."

"The large payers still account for the vast majority of ART cycles performed in the US, and their existing client relationships (as plan administrators to self-insured companies), clinic relationships, and infrastructure make them formidable competitors."

"It is self-evident that the current management team is clearly incapable of doing so. If the “old guard” directors are similarly incapable, or unwilling to do the work necessary to rectify this dire situation for shareholders, then they must be replaced."

"We believe the promotion behind Resideo Technologies is a series of disappointments. The latest evolution as a split-up story to unlock value becomes an even greater “trust me” story with the current management team that previously failed to hit targets."

"Spruce Point sees little chance that these valuations will persist once investors gain a clearer view into LHCG's organic growth and earnings power, and once they understand the extent to which management has struggled to execute on its roll-up strategy."

"It appears Heska can't keep its story straight. On the Company's Q2 earnings call, Wilson said that shipments have been delayed "by a few weeks." Then during the Q&A, Wilson proceeded to suggest that volumes will be impacted all the way through December."

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

"Not only are the airlines partnering with the TSA on a competing service (Digital ID) but a formidable competitor is also expanding their technology within the TSA at almost lightening speed given new technology adoption by the TSA typically takes years."

"Given the new, serious competitive threat Epic Universe presents, Disney needs to fortify its leadership position with new investment. How much of the $60 billion of CapEx is earmarked for new attractions at Disney World? When will that capital be spent?"

"Miraculously, there are still sell-side analysts recommending to buy Zillow’s stock despite the Company eliminating its 2025 revenue target, lowering 2024 revenue guidance and consensus estimates for Adj. EBITDA being way below management’s 2025E target."

"Not surprisingly, the majority of analysts are “Buy” on the stock, but have quietly been cutting their price targets very recently. We expect a substantial re-rating lower in the share price once investors critically analyze the findings of our research."

"The ex-employee fears Vykat may be a looming safety disaster and encouraged us to scrutinize the withdrawal study upon which FDA approval was based, as the phase 3 failed, as far too short to capture the aftermath of long term use, among other red flags."

"No. I will say I the families are very interested in is the behavioral side of things....I think providers are not super impressed with the BMI stuff initially. And there was Covid that broke up the trial and that made some issues...it's not an easy fix."

"I'm surprised there hasn't been regulatory pressure put on them. I'm surprised...listen, I've worked for a lot of pharma companies, okay? And I've never seen the goofiness that I've seen with this company...the pressure to produce...it was just terrible."

"While we were satisfied that FMCN was double-counting the LCD 2.0 Digital Picture Screens to make its reported LCD network screen count, we had not caught FMCN's admission that it needed to count over 30,500 cardboard posters in order to make its number."

"The apparent contrast between our investigation's findings and Accor's perceived leadership in preventing human trafficking and child exploitation makes us wonder: Is Accor's human rights policy meant to appease investors or meant to protect the victims?"

"We conducted an intensive 5-month investigation encompassing over 20 research interviews and ~20 investigator field visits to its new R&D campus in Yokohama, leading us to conclude that Lasertec is one of the largest frauds in Japanese corporate history."

"“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. — Aida Habtezion"

""Our relationships with our vendors are very good, I would say. There is some changes happening, but we may disclose that in our 10-K in May." — Mendo Akdag, President and CEO, PetMed Express; "It's a possibility, yes." — Mendo Akdag, CEO, PetMed Express"

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500. — 13D Monitor"

"“We believe PSX's business should justify a premium valuation relative to the group, given its chemical and midstream businesses should warrant a significant multiple uplift when compared to traditional refining assets…” — Raymond James, October 27, 2023"

""Since July 24, 2012, the last day of trading before we announced our updated strategy, Hess shares have increased..." — John Hess, January 28 2013. "You can't judge us on a one-year basis. You have to do it over the long term." — John Hess, January 2010"

"“We believe PSX's business should justify a premium valuation relative to the group, given its chemical and midstream businesses should warrant a significant multiple uplift when compared to traditional refining assets…” — Raymond James, October 27, 2023"

"No one else in the industry uses a 40-year depreciation. The industry standard for pretty much everyone from AT&T to Verizon to CenturyLink to Cogent is generally 20 years. Sometimes 15 but most cases 20. — C-Suite executive from one of GTT's competitors"

"I would say RFID, clearly, we see as an opportunity in across multiple verticals now, not just retail and retail apparel, where it was originally focused and we're clearly seeing opportunities across track and trace and supply chain. — CEO Burns, Q1 2024"

"But when you get to that place at 65, and it's not what you expected. You know what that's called? Devastation. Anxiety. Depression. How many baby boomers wish they were dead because they're so afraid they're going to outlive their money? — WFG Recruiter"

"「スキャンは非常に速いし、解像度もどんどんよくなっています」 — TSMC元幹部. 「ファブにいる私の元同僚の話によれば、レーザーテックに改善を働きかけるために、毎週会議を開いているそうです」 — TSMC元幹部. 「性能を高めて、生産性を上げるために＜中略＞両方が必要です。なぜならば、恣意的に検査枚数を増やせば、検査の精度が落ちます。マスクに描画されている回路が極めて緻密だからです。しかし、KLAは飛躍的に改善しています。スキャンは非常に速いし、解像度もどんどんよくなっています」 — TSMC元幹部."

"Starboard's average return on a 13D filing is 28.9% (versus an average of 8.8% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.3% versus 13.1% for the S&P500. — 13D Monitor"

"It's a fair statement they are behind schedule. There's a tremendous cost to build this out and the conversion. Either a front or back office conversion would be monumental. To do both at the same time, is almost unheard of. — Former Broadridge Executive"

"We wonder whether this convergence in rates of end-stage renal disease between groups, along with the elevated risk of cardiovascular complication elaborated infra, is the real reason for the abrupt abandonment of the SONAR trial. — Muddy Waters Research"

"“We believe PSX's business should justify a premium valuation relative to the group, given its chemical and midstream businesses should warrant a significant multiple uplift when compared to traditional refining assets…” — Raymond James, October 27, 2023"

"“The Company does not utilize an objective, formula-based approach to setting long-term executive compensation levels. Rather, the compensation committee determines equity grant amounts on a purely discretionary basis.” — Glass Lewis 2011 AOL Proxy Paper"

"Despite his outspoken condemnation of Russia's invasion of Ukraine, calling it "barbaric," even Russian President Vladimir Putin recognized Volozh's extraordinary capabilities, stating that he was a "talented man" entitled to his opinion — Vladimir Putin"

"As of June 30, 2017, we had granted options to purchase 30,375,000 shares of Common Stock. 21,218,612 shares of Common Stock are issuable upon the exercise of options vested as of June 30, 2017, at an exercise price of $0.10 per share — ADOMANI Q217 10-Q"

"Incumbents such as Blackrock's Aladdin, Broadridge, State Street Alpha, SS&C and SimCorp may provide end-to-end systems, but they are single-tenant and cloud-migrated rather than cloud-native or built for the cloud. — Enfusion Draft Registration (7/1/21)"

"Spruce Point believes sell-side analysts and investors are not factoring in multiple issues that will likely cause Generac to severely miss its lofty financial expectations and/or should factor into Generac receiving a lower valuation relative to peers."

"Despite Dell's and its investment bankers' assumption that DVMT would trade within 5-10% of VMW, since its first trading day, DVMT has traded on average 35% below VMW due to an atrocious governance structure put in place by Michael Dell and Silver Lake."

"To believe the IPX story and The Hydrogen Assisted Metallothermic Reduction ("HAMR") process, you must believe that a small team led by Australian mining executives discovered a process that has been overlooked for years by the global titanium industry."

"A former employee described the many problems that occur as IonQ’s computer attempts to operate, stating they had to re-load ions into the computer every 30 minutes as ion chains “break up” and “shatter” because of “collisions” and “residual particles.”"

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises."

"Lower commodity prices are forcing the industry to cut costs. Here we adjust the revenue to the future strip price, and cut expenses by 20%. On that basis, gross cash flow is $30 per BOE and Pioneer earns a positive margin. But, it's not positive value."

"This level of Board change without meaningful improvement for shareholders means something deeper is wrong. Shareholders should not be fooled into believing that additional Board refreshment under Mr. Proud's watch will result in a corporate turnaround."

"Spruce Point observes that WSP’s backlog definition became even more vague in its recent Annual Report. Notice that it now omits language that contracts are to be completed and qualifies that backlog for public-sector funded clients has secured funding."

"We believe that the “Factory” is an epic hoax, and think that it is little more than a ruse to conceal an additional $100MM of losses by misclassifying COGS and operating expense as capital expenditures – one of the oldest accounting frauds in the book."