Callouts & quotes from 37,061+ activist slides

"BOOT executive officers and directors have limited capital at risk by owning just 2.2% of the Company. Even more concerning, BOOT has not disclosed that it adopted a Clawback or Recoupment policy to cover acts of fraud or financial misstatement."

"The statement is directly contradicted by the September 30, 2024 UCC. The $312 million was not sold. SOFI itself refinanced the exposure into a new JPMorgan senior facility, subordinating its own position from secured lender to mezzanine lender."

"The longstanding resistance to the separation seemingly represents another symptom of the broken company culture experienced under Dr. Kleinfeld, who has historically utilized his place at the top of large iconic organizations to promote himself"

"In addition to the inexplicable IP jumping we outlined above involving Malaysia and Chile, we also found that several purported overseas PUs displayed local host server IPs or YY internal network user IP addresses, making them YY-controlled FUs."

"Consistent with our view that these products are commoditized and employ minimal "hard" technology, the new MCT product will have a smaller form factor, improve maximum wear period from 14 to 21 days, and still have the transmission limit issue."

"Oatly has known about its wastewater issues in NJ since May 2019. Its environmental consultant suggested a permanent system could be installed almost as quickly as a temporary one. As of 2021, Oatly still has not completed a wastewater facility."

"We find Sunnova reports metrics that are not aligned with those its peers report. Spruce Point has concerns about the quality and relevance of these metrics including Adjusted EBITDA, Adjusted Operating Expenses and Adjusted Operating Cash Flow."

"There is almost universal agreement that WSP's share price is a Buy; what could go wrong? Spruce Point believes that none of the analysts have conducted a rigorous forensic analysis to question the quality of WSP's recent earnings and cash flow."

"We note that the date of the debt acquisitions disclosed here (March 21, 2021) differs from the date provided in the holdcos' own filings (December 29, 2020), likely because the debt and equity purchases were a two-part, coordinated transaction."

"Our research shows that YoY growth in fully-loaded marketing expense per order generated has exceeded the comparable period's growth in AOV eight of the past nine quarters, often by a dramatic margin, suggesting deteriorating customer economics."

"We believe that DOX has engineered superficial top and bottom-line growth alongside unusually stable margins through opaque M&A, aggressive percentage-of-completion accounting, software cost capitalization, and repeated one-off net tax benefits."

"In contrast to management's claims that plant-based foods will be a success with healthy margins for Saputo, based on our interview of a former Saputo executive familiar with its cheese business, the plant-based sales team is struggling to sell."

"Given our previous concerns about Monster’s capital expenditures and PP&E reporting we were surprised to see that the Company’s recent 10-K did not explicitly call out a $29 million industrial facility purchase in Pacoima, California in Q4 2024."

"The analysis assumes that each of the SeparateCos (with the exception of AOL) will likely trade, on a fully distributed basis, at a premium multiple due to its above average growth prospects, competitive position and strong operating management."

"Networks, based on the separate valuation of Turner Networks and HBO, are valued at approximately $38.9 - $42.1 billion (inclusive of the unconsolidated assets, Networks is valued at $40.2 - $43.5 billion), based on the results of this analysis."

"TASK claimed it booked $15 million of revenue in 2014. Another version claims that at a revenue run-rate of $35m million in June 2015, that it doubled revenue (implying $17.5m). One former executive told us revenue in 2014 was just $8.0 million."

"Agents are encouraged to purchase their own insurance policies, as well as books and other materials from their upline. Not only are agents coached to become clients themselves, but they are also coached to sign up their new recruits as clients."

"Thirteen deaths during the pitolisant development program, in the pre-approval period, of which 12 occurred in the foreign clinical trials. The deaths were briefly summarized in a table in the CDER review but otherwise dismissed – a grave error."

"Since Matt Farrell has assumed the helm at Church & Dwight, the Company’s future growth has become increasingly dependent on management’s ability to successfully acquire high growth brands and present its financials in the most attractive light."

"Based on public records of imports from Israel to Amazon's Woot! business entities in the United States, we see that Kornit's 2018 printer sales to Amazon were driven by orders to its two facilities: Norristown, PA and Carrollton, TX facilities."

"There are already reports that Hill-Rom’s numbers-driven culture has taken a serious toll on Welch Allyn’s growth trajectory, casting doubt on its ability to drive steady top-line growth for Hill-Rom outside of the lumpier capital goods vertical"

"The SEC's order finds that MagnaChip Semiconductor Corp. overstated revenues for nearly two years in response to immense pressure placed on employees each quarter to meet revenue and gross margin targets that had been communicated to the public."

"dd-cfDNA was not able to discriminate TCMR from no rejection... The relatively low sensitivities observed in both studies [i.e., this and the Bloom study referenced above] indicate that the dd-cfDNA test is susceptible to false negative results."

"It is self-serving for pest control companies like Rollins to predict an increase in bee activity and their nuisance. However, experts that follow bees believe that extreme temperatures are stressing bee populations, resulting in fewer colonies."

"In late 2023 and early 2024, ROAD's CEO talked up Florida and noted its "crazy" growth. However, recently ROAD has not made bullish comments on Florida. Our Florida DOT FOIAs which suggest a marked decline in contract awards could be the reason."

"Weis gives a misleading view of its underlying sales performance in 2017. The Company says it attributes it sales growth "primarily" to acquisitions, but based on our analysis, all of its sales growth (and more) was attributable to acquisitions."

"A current executive of Synlogic spoke at length about their experience with Ginkgo and indicated Ginkgo failed to deliver successful strains: Synlogic had to switch to Zymergen instead, which successfully engineered a strain after Ginkgo flopped"

"Sector leader IDEXX actually innovated the subscription model and offers a range of similar purchase options, as well as a much broader range of products and services. Moreover, IDEXX lab diagnostics consumables account for 78% of total revenue."

"CLEAR talked about high incremental margin potential with TSA PreCheck. Yet, even as CLEAR increased its price from $189 to $199 per year, the discounted bundled cost of its service with the TSA partnership actually fell from $122.00 to $121.05."

"Limbach's declining position on the Engineering News-Record's (“ENR”) Top Mechanical Contractors list, from 9th in 2018 to 14th in 2024, underscores intensifying competition in the sector and suggests the Company has lost market share over time."

"MGH employs a term called “Never Events” for outlier situations that should never occur, which happen with TransMedics “at a higher frequency...sometimes even a couple of times a week” where MGH is hit with extreme charges for an organ recovery."

"The implication is clear: Norfolk Southern forced an unnecessary vent and burn of toxic chemicals to clear the tracks and get their trains moving. That greed threatened the health of my constituents—because profits mattered more than our safety."

"Apple's actions created meaningful value for its shareholders as Apple's share price appreciated 40% in the next 6 months to an all-time high and its multiple expanded 30% to 14x EV / EBIT, a valuation the stock had not seen in the last 10 years"

"The poster does not provide credible evidence for improved PK properties of DCCR. Instead, it highlights a pattern of data manipulation, non-transparent methodology, and implausible pharmacologic claims, undermining the entire DCCR PK narrative."

"He stated that speaker who didn’t write enough prescriptions were threatened that “no, you can’t be a speaker for us because you don’t write enough” - or induced with “now, of you write more our drug, I’ll possibly look at making you a speaker.”"

"In reality these customers are lucky not to receive N302AX – all evidence points to it being an overweight, vibey, noisy, non-conformal, unmanned drone, and not befitting of a product claiming to be close to a certifiable and inhabited aircraft."

"Das Management verschleiert dies durch KPI-Manipulation, indem es "hochwertige" Kunden bei hoher Abwanderung hervorhebt, das Wachstum durch steigende Lebensmittelpreise aufbläht und sich auf gesättigte Segmente mit niedrigen Margen konzentriert."

"Others indicated that the award is mainly to spite KLA, given tension over KLA’s pricing, according to a former KLA executive – and that the grudge is Intel’s main reason for buying Lasertec’s tool versus anything special about their technology."

"Water and wastewater rate increases, including infrastructure rehabilitation surcharges, implemented during the past three years have provided additional operating revenues of $27,421 in 2021, $32,660 in 2020, $55,658 in 2019. — 2021 10-K, p. 51"

"Did Udo Müller bring pressure to bear on the auditors, lawyers or PR advisers to not enquire too closely about creative accounting practices at the company or about other problems identified by Muddy Waters in their report? — Klein (Shareholder)"

""For the three months ended March 31, 2019, we repatriated $75 million of cash from our Bermuda subsidiary to the U.S. The proceeds are primarily used to fund our cash dividend payments and real estate purchases." — MPWR Disclosure 10-Q May 2019"

"Sina Technology: Oct. 29 morning news. NetQin’s FL Mobile games were dropped off of the iOS system as Muddy Waters continued to short sell their stock. In its previous official response to this issue, FL Mobile says it is still under discussion."

""To improve the performance of BWW, I would clean house and get operators involved in the management. Now you have bean counters and attorneys running the show with lip service about customer care" — Former Buffalo Wild Wings Franchisee, 4/13/17"

"“save for their role as distributors… Mr. Su Weiqing or Ms. Wang Shuying having no relationship with our Group, our Directors or senior management, our shareholders or their respective associates aside from being a distributor” — ANTA Prospectus"

"The product comes directly from Japan (a confirmation for the authenticity of the product), which is why it takes a long time to ship and the seller is unfortunately not able to give tracking number but it's very helpful. — Amazon Italy Reviewer"

"From time to time, the Company uses non-recourse factoring arrangements, to sell accounts receivable to third-party financial institutions. The sale of the receivables in these arrangements are accounted for as a true sale. — Amdocs FY 2018 20-F"

"「そうだ、そうだ、そうだ。おっしゃる通りです。まさに仕入れ先ならではの言い方です。また、インテルの方便でもあります。後者はこの装置関連で大金を投入しており、『間違いだった』とは言えません。しかし、インテルは企業体質として装置が思うように機能しなかったとしても、２、３年経つまでは何の公表もないでしょう。そして、いずれまた、『実は、より良い装置をX社あるいはY社から調達できました』と公表することになるでしょう」 — 極端紫外線リソグラフィーの名だたる専門家で、レーザーテックの顧客に近いA氏"

"「TSMCは今おレーザーテック製の装置を積極的に使っていますか。それとも、ダウンタイムが多すぎるために使用せず、遊ばせているのでしょうか」 「TSMCはレーザーテック製の装置をどれだけうまく生産の流れに導入できているかについてはよくわかりません。しかし、ホロンから聞いているかぎり、今のところはあまりうまくいっていないようです。そのためか、ホロン製の検査装置をかなりのペースで発注しづづけています」 — 半導体製造装置企業の上席幹部として長年の経験を持ち、レーザーテックのCEOに親しい人物"

"“...As a result, our losses related to fixed assets and personnel expenses related to severance payments increased ¥12,704 million and ¥1,762 million, respectively, for the year ended March 31, 2013 compared to the previous year.” — FY 2012 20-F"

"“My team extensively tested the Beacon for uses in immuno-oncology cell therapy but felt the value proposition was not there because of the hardware cost... it was hard to justify just given primarily the cost of the hardware.” — Lonza scientist"

"Samsung's future for dynamic innovation growth: ... Samsung Electronics and related companies will invest KRW 450 trillion (c.$355bn) over the course of the next five years in semiconductors, bio-technology and IT — Samsung Electronics, May 2022"

"Atrasentan has previously demonstrated clinically significant and sustained proteinuria reduction with an acceptable safety profile in over 5,100 patients with diabetic kidney disease (DKD). — Chinook Therapeutics (Interim results from AFFINITY)"

"1.8 The Burnhope Solar Farm will have maximum combined capacity of the installed inverters of ~49.9MWac, with an installed solar panel capacity of ~76MW — Land off Edge Lane, Burnhope Planning Statement Installation and operation of a solar farm"

"“Longitudinal mean fasting glucose (FG) and HbA1c increased slightly over the initial 6-9 months but stabilized or returned to near-baseline levels upon continued DCCR dosing (Figure 1 and Figure 2)” — Gevers, Miller et al (May 16, 2024 poster)."

"nine deaths occurred in the pitolisant development program; all occurred in patients receiving pitolisant — that is,100% of fatalities were in the treatment arm and none for patients on placebo. — FDA CDER Clinical Review (Solages, Sep 28, 2020)"

"In our view it’s both beneficial for consumers to enter into what we think is strong relief rather than litigating every case to conclusion... when we can’t reach a good settlement we will not hesitate to litigate. — FTC Chairwoman Edith Ramirez"

"SafeCharge contributed revenues of $55,853 and net income of $11,643 to the Company for the period from the acquisition date to December 31, 2019. The net income contribution includes the amortization of identifiable intangible assets acquired."

"Manufacturers of clean energy solutions don't necessarily carry higher valuation multiples. Excluding Enphase, which has margins that Generac will likely never achieve, peers are trading around 2.7x and 2.0x 2022E and 2023E sales, respectively."

"To drive home the absurdity of Procept’s valuation, we project the Company’s total ten-year Aquablation opportunity making highly generous assumptions... we still calculate a revenue opportunity less than one-half of Procept’s enterprise value."

"On March 29, 2022, DY appointed Ms. Carmen Sabater to the Board and she serves on the Finance and Compensation committees. Her biography notes that she was the Controller of MasTec Inc. (NYSE: MTZ) from 1994 – 2000 and CFO through January 2002."