Callouts & quotes from 37,061+ activist slides

"The organs on the OCS device are just as if they were in a human body...the organ is actually in better condition than it was when it was removed from the donor's body. It actually has a therapeutic impact. — Ex senior employee at Transmedics"

"“the data from the machine has been good, but we have a liver that it not good in the end...so we don’t have perfect data to tell us whether a liver is going to be good or not.” — Transplant surgeon at a high-volume West Coast academic center"

"Patients reported in individual diaries all cataplexy attacks defined as sudden and transient episodes (ranging from several seconds to a few minutes) of partial or generalised loss of muscle tone triggered by emotion. — Study Protocol/Pubmed"

"We have identified a material weakness in our internal controls over financial reporting. If We Do Not Maintain Effective Internal Controls Over Financial Reporting, We Could Fail to Accurately Report Our Financial Results. — Inteliquent 10-K"

"I'd like the room to have wine, French champagne, flowers (tulips and roses). Additionally, would it be possible to prepare gift baskerts for the girls so when they arrive they'll be happy? Also please add condoms and lubricants to each room."

"Хотел бы уточнить о возможности размещения четырех сирот из ДНР в вашем отеле 22-27 марта 2026 г. Только вот вывезли их из освобожденных. Милые девочки возрастом 14-17 лет. Красотки! У всех удочерение на финальном этапе, их уже ожидают семьи."

"“...design is very bad because of the particle issue...the Lasertec machine isn’t designed very well...it’s suffering from so many particle issues...[the tool] is not very clean.” — Former Lasertec field service engineer at TSMC fab in Taiwan"

"We find evidence from a recent employee interview, a regulatory consent order in Florida, and from Remitly's Australian filings that it may have underspent in KYC (Know Your Customer) compliance which is designed to prevent money laundering."

"We urge the independent directors (Ms. Moorehead, Mr. Derksen, Ted Prittie, Peter Brimm, and Ronnie Wahi) to stop the shenanigans and set a date for the Special Meeting as soon as practically possible so that shareholders can have their say."

"We believe a sizable dividend backed by the credit quality of America’s largest wireless operators in a business with one of the brightest areas of growth within the telecom sector will be incredibly well received by yield-oriented investors"

"With electronic manufacturing services (EMS) companies like SMTC Corp (Nasdaq: SMTX) reporting softness in mid September in China semiconductors and data center expansions, the likelihood of MPWR meeting its financial targets are decreasing."

"In Q4 2011, Dauman Said That a 3rd Party Set Top Box Was Picking Up Different Ratings’ Data Than Nielsen Was for Nickelodeon. He Claimed Then That They Were Working on Proving That Theory That Nick’s Ratings Weren’t Down as Much as Reported:"

"Spruce Point does not believe that BOOT is pursuing the right strategy of expanding its physical retail footprint with an average of 10,800 square foot stores in an era where consumers are increasingly shopping online to save time and money."

"Spruce Point finds that BOOT’s product offering around the Texas Hold ‘Em single does not align with Beyoncé’s look which we believe further discredits the notion that consumers will be drawn to make purchases from BOOT because of the album."

"We find it unusual that Xylem marked $432 million of acquired Evoqua receivables at fair value. It then made a separate disclosure and called out that the fair value of the acquired receivables was $322 million. Why does a discrepancy exist?"

"Spruce Point believes that, as management attempts to support future growth by transforming Dropbox into a more premium product, it risks chasing away its core customer base, which values it primarily as a simple and low-cost storage option."

"With GTT's poor trailing twelve-month cash conversion rate of 5.1%, and management's guidance for capex of 7% of revenue, it is mathematically impossible for GTT to generate free cash flow unless it can significantly improve cash conversion."

"We reviewed each profile, and consistent with the CFO's comments, they strike us as either remote workers to support its California-based manufacturing, or as low-level positions with generally inexperienced employees straight out of school."

"There is little retail demand for the Company’s overpriced commodity products, which receive almost no advertising and promotion, and retail sales are typically at large discounts from the Company’s artificially high Suggested Retail Prices."

"We are not surprised that after increasing the incentives in 2022, the performance for PROs was good, but by 2023 the growth rate collapsed and FND stopped regular disclosures about PROs Comparable Sales and the impact from volume and price."

"To avoid admitting a large miss, management has recently started saying that "to get to its mid-cycle EBITDA Phillips 66 needs adjusted gross margin of $14.50/bbl," a level that even Valero (best-in-class operator) is not expected to achieve"

"We then apply a significantly discounted P/E multiple due to heightened risks surrounding the significant red flags that we’ve highlighted in this report. This brings us to a price target of $23 to $32/sh and represents 30%-50% downside risk"

"We believe the Street has failed to critically assess the accuracy of its financials and achievability of projections offered by management from recent acquisitions in light of its recent (Agro / Passport) and long-term acquisition failures."

"New Pacific CEO Rui Feng has taken it a step further, with a history of using litigation and state influence (including payments to Chinese authorities and pressure on Canadian regulators) to silence criticism against his business interests."

"Through swaps of advertising purchases, other services and commissions for membership revenues with related parties and other partners, IQ can easily inflate membership revenues while simultaneously providing a channel to burn off fake cash."

"YDT, which purportedly accounts for 72.1% of NQ's carrier billing, stands a reasonable chance of not showing up even once in 22 carrier subscriptions across 11 provinces (including in NQ's biggest provincial markets), and all three carriers."

"Former executive closely involved with purchase and use says they would have sent it back for a refund if they could; lack of ROI; only worked 50% of the time; failed on many levels - high operating cost, data/output issues, lack of support."

"FDA MAUDE submissions reporting problems with Mako Surgical’s product and services peaked in 2019, at the precise time we observe it started making subtle changes to reporting practices, and then ceased all quarterly reporting going forward."

"In fact, when we compare the realized revenue with prior year backlog, we see that LSP's conversion has been declining sharply for three consecutive years. Therefore, we believe investors should heavily discount the quality of LSP's backlog."

"In light of irrefutable evidence that Cintas is breaking the law an endangering lives with shoddy fire inspection services, and financial stress rising, it makes absolutely no sense why the business valuation has increased to all-time highs."

"Since Japan ramped up its QE in the fall of 2012, its currency has weakened by about 50% and its stock market has rallied over 115%. However, GDP has barely budged, as stock market gains haven’t translated into economic growth there, either."

"There was a lot of bias in the Nevro pivotal trial. We had to talk people into the study, and then they'd go home and pray they got the new stimulator and then they'd get the old one and be grumpy. It wasn't a pristine way to set up a study."

"Numerous KOL's pointed to tolerization as a reason for high frequency's failure, suggesting that Nevro's device overwhelms the spinal cord with current, which backfires by resulting in a faster adaptive response than traditional stimulators."

"The 33% explant rate in the NANS paper is massively underreported and that the actual rate is “tremendous” and possibly 50-60%; that Nevro’s reps couldn’t get the devices to work again; that the device harms patients; that Nevro “just lies”."

"Spruce Point believes the voting control paired with exceptionally long tenured directors has effectively turned the Company's Board into a "good old boys club"; four of Zillow's seven independent directors have been on the Board since 2005."

"Zillow went public in 2011. Since then, its business model has not materially changed. While Zillow likes to position itself as a growth-oriented company in its marketing, we believe there is strong evidence to show the business has matured."

"Management confused the research community when it revised long-term margin targets and simultaneously added back pension/OPEB expenses. During this process, management brought down long-term targets but never made that clear to stockholders"

"Despite claiming that the TOP|SPG is Norfolk Southern’s “modern version of PSR,” resilience railroading and PSR are inherently conflicted – selectively implementing certain elements of each strategy is likely to result in a network collapse."

"Posts indicating the drug is a failure dwarf the tepid reports of benefit: “we’re almost 10 weeks in – I haven’t noticed any ‘improvements’...if I don’t see improvements at week 15/20, I may stop it...why take a medicine that’s not helping?”"

"Taubman's dual-class voting structure has disenfranchised common shareholders for years - A dual-class structure has no place in the modern REIT era, represents a conflict of interest with common shareholders and disenfranchises shareholders"

"It's just not believable that the small 450-mile stretch (highlighted in a red box) is taking about a full year to "unlock" and that the rest of the highlighted lanes will somehow magically enter Aurora's ODD within the next year and a half."

"Unanimous support: At Phillips 66 (NYSE: PSX), leading independent proxy advisors Institutional Shareholder Services, Glass Lewis and Egan-Jones support Elliott's case for change, greater accountability and highly qualified board candidates."

"It is deeply concerning that Archer's CEO is hyping TIA (which means in the next four months), whilst simultaneously promoting their very basic achievements showing they are in the very earliest stages of envelope expansion and only in CTOL."

"We learned from this call that the AXDX reagent rental agreement is structured to give hospitals a lot of freedom. The contract does not specify a minimum number of tests and does not have a cancellation fee to cover AXDX's upfront expenses."

"At this moment, there is no company that is fully satisfied with their inspection product. So, absolutely every product now has different problems...no company is fully satisfied...APMI, actinic patterned mask inspection is a huge challenge."

"We agree with Elliott’s assessment that there is more upside potential in the refining business, on both capture and on opex, and we think Elliott’s presence itself could refocus management towards this business. — J.P. Morgan, April 8, 2025"

"The work needed to take a deal from initial stage to closing was the same regardless of size. As the Company grew - and we were probably late to this realization - the juice wasn't worth the squeeze for many deals. — Former WTRG Executive #1"

""We are still expecting Clean Energy revenue growth well above 50% for the full year, with continued strength in PWRcell energy storage systems along with contributions from the initial rollout of new products." — CFO York, Q1 2022 Conf Call"

"“. . . the Company has suffered recurring losses from operations and has a net capital deficiency and working capital deficit. These facts raise substantial doubt about the Company’s ability to continue as a going concern.” — Arthur Andersen"

"We do see M&A as a way to create significant shareholder value...We'll have a discipline[d] approach to M&A, clearly, and we're looking for acquisitions that align with our strategic vision. — Maria Henry, CFO of The Hillshire Brands Company"

"I don't understand the story to be honest that you need to power internally. I mean, if I today am willing to sell the power to the same guys for lower prices than it costs them to build the assets, why building the assets? — RWE CEO Krebber"

"We would expect a scope of business similar to that of Lufax (https://www.lu.com), which includes financial product research and development, portfolio design, private offerings of equity investment funds, and financial advice. — Footnote 27"

"He was allegedly the source of the “percentage of completion accounting techniques learned from the ‘Andersen school of accounting’ that allowed Titan to either overstate or prematurely state revenues at the company” — Shareholder litigation"

"“have a complexity of balance sheet and financial structure that [is] very different from a content company...our cable company could both grow more effectively and compete more effectively if it had its own financial house...” — Mr. Parsons"

""It was pretty disorganized. It was like a dumpster fire. There were a lot of mismanaged accounts. I don't think they did enough due diligence, like on their run rate, and what they are producing." — A former executive close to the situation"

"From post hoc study of SONAR: “Large Bettween-Patient Variability in eGFR Decline before Clinical Trial Enrollment and Impact on Atrasentan’s Efficacy: A Post Hoc Analysis from the SONAR Trial”, Journal of the American Society of Nephrology."

""Doctors balked at the company's request for discounts of up to 30 percent to join the network — as well as patient referral fees of up to $1,000. Some doctors claimed the referral fees ran afoul of state regulations." — NYPost Investigation"

""Being an S&P 500 index member is a validation of absolutely nothing and enhanced due diligence is necessary since the bigger a company gets, the greater the pressures to grow and the worse deals management generally makes." — Ben Axler, CIO"

"So there's a couple of things about the First Alert business. It is a little bit seasonal. So Q1 is typically the lowest quarter. And we did have some softness in retail and particularly early in the quarter. — REZI earnings conference calls"

"That's exactly right. You'd have six months of basically no cash flow or whatever, right? It's funny. Yeah. Yes. It's going to take us in a tangent, but it's not worth the time, but yeah. Yes, that is exactly right. — Former Senior Executive"