Callouts & quotes from 37,061+ activist slides

"Since losing control of TIM, Vivendi has: Refused to enter into constructive dialogue with Elliott and other stakeholders that could have resulted in finding common ground, instead of continued distractions and needless acrimony for the Company"

"In the circumstances, we believe that the best way forward is for you, the members of the Capricorn Board, to immediately withdraw your recommendation for the Proposed Merger and instead to initiate a transparent and meaningful strategic review"

"A CEO of the target [Xerox], facing likely ouster, serves as the loyal agent of the acquirer, designing a deal that is too good to be true: a cheap price, little governance protections, no market check, and a process that ignores other bidders."

"Multiple retired presidents/CEOs serving as advisors to Keisei whilst serving in senior roles at OLC results in significant and inappropriate influence over incumbent Keisei management - further impairing an objective appraisal of the OLC stake"

"Dell is now proposing a transaction to repurchase all DVMT shares, a massive transfer of approximately $11 billion that would indirectly benefit Dell’s controlling stockholders, Michael Dell and Silver Lake, at the expense of DVMT shareholders."

"Analysts model revenues beginning in FY 2026 and accelerating in the out years. We believe these assumptions are aggressive. Given the large current discount to the consensus analyst price target, the market appears to be expressing skepticism."

"In addition to virtual learning tools, many district leaders also used temporary ESSER funds to expand permanent full-time positions. The net result is that many states are at all-time high staffing levels despite flat to declining enrollments."

"In an effort to avoid admitting a large miss, management has recently started stating that "to get to its mid-cycle EBITDA PSX needs adjusted gross margin of $14.50/bbl," a level that even VLO (best-in-class operator) is not expected to achieve"

"BlackRock’s vote ‘FOR’ is a contradiction of BlackRock pledge in 2020 of “Exiting investments that present a high sustainability-related risk, such as thermal coal producers” (BlackRock CEO Mr. Larry Fink, ‘Dear CEO Letter’, January 14th, 2020)"

"APP and most APP games do not require a login; therefore, users, platforms, and stakeholders (games, advertisers, etc.) have the expectation that the TOS and user privacy rules are being followed and the users' identities are NOT being tracked."

"With current volatility the market can move 5% in a day. An 8% pullback is laughable, when the analyst hasn't quantified the potential downside risk or why one should buy when WDFC just tapped a 15x increase in its revolver vs. the last crisis."

"Therefore, because it is assumed that Content has the lowest tax basis, retaining Content as the Parent would enable Content to more meaningfully contribute to the funding of the share repurchase program than if Content were to become a SpinCo."

"Elite Circle materials stress respect for team leaders, enforce mandatory enthusiasm through standing ovations, and require a strict code of confidentiality, which closely resemble tactics utilized by cult leaders, according to leading experts."

"Spruce Point believes that when customers cut fees, suppliers and partners are typically expected to make concessions. We observe that MSCI's fees linked to equity ETFs have been in perpetual decline with further risk to the downside over time."

"While valuation data points for private asset analytics and technology companies are somewhat limited, there is ample evidence of increased M&A activity in the sector with large players like Nasdaq, JPMorgan, FactSet and S&P Global doing deals."

"Therefore, by failing to adjust for the impact of Voalte, management was able to report core growth of 6% rather than 4% - a significant swing for a key metric which management has trained analysts to use to evaluate the health of the business."

"the behavior we are witnessing is a clear indication of an unsophisticated and self-interested board focused on self-preservation and apathetic to external viewpoints, even when these opinions are provided by the Company’s largest shareholders."

"Porch trades at a lofty 2021E 9.0x revenue and 11.7x gross profit multiple on the assumption its recent revenue growth is sustainable, but we believe recent results are distorted due to low-quality acquisitions, which inflates inorganic growth."

"BlackRock’s vote ‘FOR’ is a contradiction of BlackRock pledge in 2020 of “Exiting investments that present a high sustainability-related risk, such as thermal coal producers” (BlackRock CEO Mr. Larry Fink, ‘Dear CEO Letter’, January 14th, 2020)"

"Vocera retracted its $6 billion TAM claim, one which it steadfastly promoted since its IPO, shortly after its CFO Justin Spencer resigned in January 2021 and Microsoft acquired Nuance Communications (Vocera’s backbone technology) in April 2021."

"Global Foundries, one of the largest semiconductor companies in the world, blasted Lasertec's EUV product, corroborating the damning color from TSMC and Intel with regards to a defective light source, contamination, and unacceptably low uptime."

"Spruce Point believes that Rollins is experiencing more intense competition but is not directly acknowledging it. Rather, we believe they are telegraphing the issue through more frequent discussion of advertising and customer acquisition costs."

"If FFIN is treated as a subsidiary and consolidated and not a related party, then FRHC would have to restate all financials. More importantly, it would immediately be in violation of the Russian War Sanctions and should be delisted immediately."

"Could the numerically increased deaths and heart failures, along with a statistically-significant increase in anemia and hypervolemia, account for the abrupt end to the SONAR trial? And if so, why would Chinook in-license a drug this hazardous?"

"Illustrative Equity Value is implied by the Justice transaction. It is calculated by dividing the Justice cash consideration ($1.4bn) by the pro forma Justice shareholder equity interest (25.7%), which excludes the Justice Founders' percentage."

"In short, we simply don't believe it. Moreover, the Company hasn't even made clear how it is going to market with Element AIM. Specifically, are they even charging for the machine or simply placing it for free to capture the consumables stream?"

"In our opinion, Aerojet Rocketdyne (NYSE: AJRD) – formerly Gencorp (NYSE: GY) – is facing fundamental pressures, masked by complicated and aggressive accounting, which gives investors a potentially misleading impression of stability and growth."

"Zillow has clearly stated that 2022 and 2023 were years for trial and errors. Spruce Point would like management to answer a few questions that would enable us and other investors to better understand the risks and opportunities that lie ahead."

"In an effort to avoid admitting a large miss, management has recently started stating that "to get to its mid-cycle EBITDA PSX needs adjusted gross margin of $14.50/bbl," a level that even VLO (best-in-class operator) is not expected to achieve"

"TransMedics portability is irrelevant, as its primary use case is not clinical but scheduling and convenience - in other words, it is already mostly used off-label as a back-to-base device while OR’s wait for surgeons to wake up or stack cases."

"at this point, nobody is really saying this is something we absolutely should be doing...the company thinks it's the best thing since sliced bread...you know what?...we are going to do our standard of care...we're not going to start it day one."

"Not surprisingly, trial investigators and other endocrinologists across our interviews dismissed Vykat as just re-packaged diazoxide; indicated they would just prescribe Proglycem or generic suspension off-label if they wanted to use it in PWS."

"As the call progressed, the endocrinologist appeared so skittish at our questions - "you're making me a little concerned about this" - that he encouraged us and/or skeptical trial investigators to go public with our concerns as soon as possible"

"The endocrinologist stated he had jumped to submit a few start forms only because he had been told by a study investigator – who we believe to be Jennifer Miller, based on his coy response – that the drug takes 4 to 6 months to show a response."

"Our pharmacology consultant then 1) used the single-dose plasma levels to calculate plasma levels at steady-state, and 2) used the change in QTcF vs. plasma level from another table in the same paper to develop a simple linear regression model."

"The sales rep was also kind of a little bit concerned and said, geez, we know it can do this, but one of the things he said was, not in very healthy people, it's usually people who have some other issues going on, but we know it can cause this."

"Absolutely. 100% of every narcoleptic is offered Wakix. Absolutely. It's a no-brainer. It's not even scheduled. So, I mean, to not think of Wakix is not malpractice, but it's absurd practice. So, we are extremely aggressive about offering Wakix"

"The sales rep was also kind of a little bit concerned and said, geez, we know it can do this, but one of the things he said was, not in very healthy people, it's usually people who have some other issues going on, but we know it can cause this."

"Bristol-Myers management was “aware that this class patent could be a roadblock to ozanimod commercialization,” yet has continued to promote the product’s blockbuster potential to shareholders, even going as far as to call ozanimod “de-risked”."

"Parcel information corresponding to this location indicates that in 2017 at the time of the transaction, the total estimated market value is $309,000, which is much more in-line with the implied property value calculated using deed tax amounts."

"Out of all the Accor hotels we contacted, only a single one, namely Mercure Hurghada, referred to human rights policies and declined our requests appropriately — only after we requested to put condoms in the rooms after an initial confirmation."

"Impassible for Lasertec to replicate ASML's source; took Cymer/ASML 20 years and required hundreds of people; required "several billion dollars on the source only"; ASML currently has ~1,000 staff working on their EUV source; "that's the scale""

"The scheme collapsed when it was forced to recognize the loss via an impairment charge for the acquisitions – exactly as Lasertec will when it admits that earnings and inventory are fraudulently inflated and takes a similar, massive impairment."

"The architect of this egregious stock promotion appears to be a small Israeli banking firm named A-Labs Finance and Advisory Ltd, which, according to a newspaper report, is secretly controlled by a convicted Israeli fraudster named Eli Reifman."

"“I have to say this very gently....a number of owners have come and gone and moved on. There’s certainly a group still behind the scenes pulling the strings at this Company and I’m not prepared to say any more about that.” — Former GFL Employee"

"Generator sparked a fire & it started at Derek's sleeve & continued on a spiral of hell. Derek was burned over 70% of his body with 4th degree burns. Garage & house burnt down. Medical problems mentally & physically — Case 1:22-cv-00907-RLY-TAB"

"FMCN vehemently denied our allegation at first, and even hired two firms to “verify” the size of its LCD network. FMCN eventually conceded that it was counting in excess of 30,500 cardboard posters in order to meet its LCD count — Muddy Waters."

""You can't judge us on a one-year basis. You have to do it over the long term." — John Hess, Chairman & CEO Hess, January 2010; "There is no hiding place for underperformance." — Rodney Chase, Shareholder Nominee, Former Deputy CEO BP, May 2005"

"“Again, we've captured about $400 million of EBITDA synergies over the last three or four years since closing the Bayer transaction. And we'll have that kind of now done into the 2024 run rate.” — CFO Todd Young, Q3 2023 Earnings Call 11/7/2023"

"reconstitute itself and upgrade the Company’s leadership such that it can objectively assess the best path forward for Southwest’s shareholders, employees, and customers. We believe this process needs to commence immediately. — Artisan Partners"

""Consumers don't want brands, they don't care about brands. They care about something else, values, stories, and messages, right? Just so happens you can a message around a brand. But at the end of the day, who cares about brands?" — Bjorn Oste"

""I’ve heard it said that there’s a belief that maybe the assets are old and tired. And I don’t buy that argument. Phillips 66 refineries are every bit as good as [those of its peers], Valero and Marathon." — Brian Coffman, Streamline 66 Podcast"

"“…BMY is still a formidable player in IO given Opdivo’s strong position in several tumors.” — Cowen, January 2019; “…we see the market’s current outlook for Opdivo as overly bearish given the size of the PD-1 market…” — JP Morgan, December 2018"

"“We note that, if the court could somehow be certain a debtor would complete his plan, the prime rate would be adequate to compensate any secured creditors forced to accept cram down loans” — Opinion of Justice Stevens, Till v. SCS Credit Corp."

"“We generally do not target promotions or advertising at any particular product or brand. Our significant promotions are generally aimed at generating increased levels of recruiting and retention of distributors.” — Herbalife Annual Report 2005"

"“Being an S&P 500® index member is a validation of absolutely nothing, and can be a wasteland of corporate mediocrity. It affords investors zero protections against companies and their ability to scheme investors. Buyer beware!” — CIO Ben Axler"

"[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company? — Goldman Sachs, 1/7/25"

"The adjustment is to remove income booked that “relates to compensation payments received in connection with acquired advertising concessions within the Ströer Germany segment which could not be used to the extent agreed.” — Ströer 2014 AR p125"

"Cost of direct salaries and benefits includes employee-related expenses and allocated overhead associated with our field Ambassadors and field managers directly assisting Members and their corresponding travel related costs. — CLEAR SEC Filings"

"Especially in Thailand, there is significant growth. And of course, Kao the growth rates are different from country to country, but in this targeted derma care area, there is distinctive growth. — President Hasebe, Meeting with Oasis, June 2024"