Callouts & quotes from 37,061+ activist slides

"We believe Axon should be valued relative to traditional weapons and firearms manufacturers and connected device and location electronics companies, not high growth SaaS peers with bigger TAMs, lower business risks, and proven recurring revenue models."

"We see this as a tremendous opportunity to deliver real shareholder value, corporate governance and transparency improvements, to help Samsung Electronics achieve an equity market valuation that properly reflects its first-class portfolio of businesses"

"This is the highest revenue Mettler-Toledo company in China with 38%, or $464m in revenue, and it has an incorrect address. Our investigators visited the 3rd floor and found one abandoned company and one in operation, but no evidence of Mettler-Toledo."

"Spruce Point is alarmed that PERI's audit chairman Michal Drayman held multiple financial roles at Lumenis Ltd. during the same period where the CFO and COO were charged with a scheme to fraudulently inflate revenues and misrepresent financial metrics."

"Even with evidence that Microsoft revenue is falling below plan, Perion retracted Yandex as a search partner, made search its #1 risk factor, and experienced a sharp decline in revenue per day per search, sell-side consensus estimates are still rising."

"Spruce Point was early in identifying the disruption from prediction exchanges for the legacy online sports betting operators. We believe the rising popularity of prediction markets is also a growth impediment for Super Group's sports betting business."

"We were unable to expand BLI use case beyond one simple cytotoxicity assay; original plan was to start with one assay and find other applications; spent a year trying to figure out what to do with it and failed given difficulty of using the instrument."

"At present TFS does not have sufficient mature harvests to sell, and is still dependent on MIS investors for cash. At the same time, TFS is paying cash to ‘buy out’ MIS investors through the buy-back scheme and increasing TFS’ share in the plantations."

"Given these conflicting financial interests, how can we, as shareholders of NHI, be expected to trust that these individuals will be able to represent our best interests in the boardroom, particularly as it relates to negotiating the NHC lease renewal?"

"The striking absence of dedicated finance, treasury, HR, legal, or other G&A staff in LinkedIn searches makes it apparent to us that Allonnia is controlled and run by Ginkgo as a captive entity, with no purpose we believe except to create fake revenue."

"Our rigorous forensic analysis suggests it may be outright impossible for Amcor to meet lofty analyst expectations, with revenues already vanishing, deal costs higher than planned, and critical maintenance and growth capital expenditures being delayed."

"The seeming chain of dependency thus became: FV gains depended on whole Personal Loan sales that SOFI financed, which depended on SOFI finding a third party willing to both pay par (or above) for a Secured Loan receivable and take full ownership of it."

"we remain incredulous at the mere possibility that the Board could interpret the regulations enacted in January 2024 in such an unreasonable and potentially abusive manner, that could be viewed as a means to circumvent the proper authorization process."

"As a result of the merger transaction, DZH Limited became a wholly-owned subsidiary of Orient Paper, which, in turn, made Orient Paper the indirect owner of DZH Limited’s operating company subsidiary, HBOP, pursuant to the terms of the trust agreement."

"We are shortly filing a Citizen Petition with the FDA requesting suspension of PMA (Premarket Approval) of TransMedics Organ Care System (OCS), in conjunction with a public letter to members of Congress probing abuses in the US organ transplant system."

"Surgeons provided devastating color that there is no correlation between how organs look on the pump and how they turn out in the recipient - that organs that look great may fail, and that organs which look questionable on the pump have performed fine."

"Given that this exchange is seemingly enabling Vivion’s shareholders to extract further repayments of shareholder loans (whose values – if not existence – we have questioned), investors should be asking whose interests are truly served by the exchange."

"In essence, neoclouds allow Nvidia to expand its sales reach without relying exclusively on hyperscalers who not only command significant pricing power but are also aggressively developing their own custom AI chips to reduce their dependence on Nvidia."

"It really is that simple. Patients are unlikely to choose to undergo an invasive, expensive surgery with a cumbersome list of restrictions that must be followed for the rest of their life to fix a condition that generally doesn't bother them very much."

"Spruce Point believes LSPD is opaque and does not give investors enough information to evaluate its business model. For example, management admits it tracks CAC, LTV, monthly retention and churn. Yet, why doesn't it disclose these metrics to investors?"

"Oh, there were other sales directors like that, too, absolutely. What would happen is their sales reps would push back, and they would just move that sales rep to somewhere else. I'm not kidding. I saw that happen twice because of what they were doing."

"Procept proclaims its vision is to become "the BPH Treatment of Choice For All Prostates", but urologists with whom we spoke believed such a statement amounted to exaggerated marketing hype, and we believe that such a vision is unlikely to be realized."

"Spruce Point believes our assumptions are conservative given there is a good chance the state litigation ends up at SCOTUS, allowing Kalshi to operate at least through 2026. In our base case, we estimate DraftKings risks missing 2026 revenue by ~15.0%."

""[Herbalife] does not offer participants a viable retail-based business opportunity." — FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Case No.2:16-cv-05217, Complaint for Permanent Injunction and Other Equitable Relief, at 4."

""[O]ur primary – I would say it's the service bureaus on the high end. We see ADP and Ceridian have a number of larger customers, and that's where our [C]ompan[y's] – the business [is] coming from." — Mitch Dauerman, Ultimate Software, CFO (March 2017)"

""I actually helped set up the multi-layer pouch line, but it just didn't work" — Former employee #1. "The biggest manufacturing hurdle that they need to overcome - that is something they haven't overcome yet, is stacking the cell" — Former employee #2."

"On February 22, 2025, the Company amended its convertible promissory note (the "Second Amended Note") with Google LLC ("Google"), originally entered into on June 22, 2020 (the "Note"), and subsequently amended on November 19, 2020 (the "Amended Note")."

"We are excited to welcome Johns Hopkins Medicine to Vizient and begin working with them on meeting their goal of driving near term and sustainable cost savings as well as improving the quality of care for the patients they serve — Vizient Press Release"

""Because we're such an important part of how our users get work done and we're mission critical to so many business workflows, our churn rates have remained very stable, in the mid-teens, since our IPO." — Ajay Vashee – Chief Financial Officer, Dropbox"

"“20 different companies developing different technologies which have proof of principle or have some business operating that have the potential to compete quite dramatically with Twist.” — Major Twist customer, one of largest genomics centers in Europe"

""[Herbalife] does not offer participants a viable retail-based business opportunity." — FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Case No.2:16-cv-05217, Complaint for Permanent Injunction and Other Equitable Relief, at 4."

"In 2019, 15.6 percent of young adults aged 19 to 34 were uninsured, higher than the uninsured rate for children under the age of 19 (5.7 percent), other working-age adults 35 to 64 years (11.3 percent), and adults 65 and older (0.8 percent) (Figure 1)."

"We are also able to increase revenue per customer as we introduce new solutions, which have resulted in a compounded annual growth in average revenue for our top 50 customers of 32% from 2017 to 2019. — DoubleVerify Pre-IPO Draft Prospectus (Sept 2020)"

"In its Q2'18 press release, Axon said “We also reclassified some camera seats that were originally booked on-premise but were migrated into the cloud.” However, it did not quantify the impact to Cloud sales, nor did it expound on this issue in the 10-Q"

"This ion induced damage limits the collector lifetime. It is necessary to reduce the velocity of the ions to minimize ion induced damage. Argon gas at high flow rate is injected in the path of the ions. The argon atoms collide with the fast-moving ions"

"Source E: But I think we were more efficient, uh, because of the balance that we had between pays and payouts, that they were just starting with payouts. I think, uh, Ebanx started with payouts 2021, they were not doing payouts. — Source E (Competitor)"

""[Herbalife] does not offer participants a viable retail-based business opportunity." — FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Case No.2:16-cv-05217, Complaint for Permanent Injunction and Other Equitable Relief, at 4."

"“Now, the integration value [of Speedway] is, I would say, proprietary. I can't give out a number from a competitive reason of that integration value, but I can say it is very significant...” — Gary Heminger, Former Chairman & CEO of Marathon Petroleum"

"“Participants in the Herbalife scheme, the distributors, ‘obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers.’” — Pershing Square Capital Management, Who Wants to be a Millionaire? at p.63."

"“…[T]here’s a qualification level that is required to sit on the Disney board, and the board will make, not me, the board makes decisions about who’s qualified and who isn’t qualified to be on the board.” — Robert A. Iger, CEO & Director, November 2023"

"“made Sinch the largest independent voice network in the United States. Inteliquent is one of the major backbones of any voice calling provider in the US and is also trusted by the major US mobile operators to power their peer-to-peer calling.” — Sinch"

""[Herbalife] does not offer participants a viable retail-based business opportunity." — FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Case No.2:16-cv-05217, Complaint for Permanent Injunction and Other Equitable Relief, at 4."

""[Herbalife] does not offer participants a viable retail-based business opportunity." — FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Case No.2:16-cv-05217, Complaint for Permanent Injunction and Other Equitable Relief, at 4."

"“To have a billion dollars of inventory, that’s pretty scary...it’s pretty weird. That doesn’t seem normal. That’s pretty bad if they’ve got a billion dollars of inventory.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"Elliott believes such measures would create in excess of EUR 7 billion of value, representing more than 35% upside for Sampo shareholders, and would restore market confidence and reinforce management’s reputation for delivering value-creating outcomes"

"As part of its false advertising lawsuit against FIGS, SPI alleges that FIGS misrepresented the volume of its donations. We note the challenges faced by a start-up giving away half its product and believe FIGS' responses in discovery lack credibility."

"We have shown that both GFL's operating cash flow and capital expenditures do not reconcile. As a result, we believe its free cash flow is also potentially misstated. We believe adjusted H1 2020 free cash flow burn was ~60% worse than reported by GFL."

"We believe that because WTRG cannot cover its dividend with free cash flow, money raised from investors through these programs could essentially be used to pay back the same and other investors dividends, or “taking from Peter, to pay Peter and Paul.”"

"As we've already shown: 1) MPWR's Chinese tax filings do not account for ~$262m of revenue, and 2) MPWR's inventory turnover metrics are ballooning and a significant industry outlier despite stable and steady gross margin growth that management touts."

"Even if we’re wrong on both the value of the standalone operating opportunity and the transaction value, we believe shareholders will still make money owning FDO due to the company’s attractive growth opportunities and modest forward earnings multiple"

"Spruce Point is alarmed that management's annual cash bonus structure is most heavily weighted towards fund raising and investor relations. Shouldn't management be compensated foremost on finding long-term committed customers to validate its business?"

"Investors cheered iRhythm's Q2 2025 results, as the Company's shares rallied 18% the day after the earnings release. Based on our review of the results, including information that was conveniently saved for the 10-Q, we question the positive reaction."

"Considering that EPs are supremely confident in their ability to isolate both cardiac structures, we expect Convergent to be a massive commercial failure, ending up exactly like AtriCure’s previous attempts to popularize stand-alone surgical ablation."

"If investors are hoping that Zebra’s autonomous mobile robots will provide it industry expansion opportunities, we believe they will be sorely disappointed. Fetch previously offered robots for research and cleaning but has discontinued these products."

"Silicon/CMOS-based DNA synthesis arrays are such an ancient commodity that one can watch decade-old YouTube videos on how to replicate Twist’s “proprietary technology” and “new method of manufacturing synthetic DNA by ‘writing’ DNA on a silicon chip.”"

"The Revised TOB disregards many of the core principles underpinning these frameworks, including: Lack of true majority-of-minority protection; Financial advisors that lack independence; Abuse of minority shareholders to benefit Toyota Group companies."

"In less than twelve months, durvalumab, demcizumab, ACY-241, and RPC-4046 had all been removed from the list. While fedratinib was added to the list, current Wall Street analysts' estimates expect fedratinib to generate peak revenues of <$500 million."

"Ballard is currently trading near an all-time high valuation on the belief its China growth story will materialize and profits will finally appear. Our on the ground research in China suggests a different base case outcome of financial disappointment."

"A former C3 employee we spoke with said, "Baker Hughes is a marriage that is not working. The people are not happy. They can't sell the C3 product. It's a nightmare for them to sell it. The culture of C3 is so different that they can't work together.""

"Therefore, we find it curious and interesting that FND management is rewarded heavily on operating income and not evaluated on inventory turnover. Operating income is more heavily influenced by inventory and lease accounting and management than sales."