Callouts & quotes from 37,061+ activist slides

"CPI Hotels' 2017 financials state that it has a payable to CPI PG subsidiary ORCO Property Group (since renamed CPI FIM) that was assigned by a related party (almost certainly Vitek) for "remuneration for assignment of receivables...""

"As a result of the acquisition, Americas revenue segment jumped from roughly 37% of total revenues to 53% of total revenues immediately after the Inteliquent acquisition and has continued to grow to over 62% of Sinch's total revenues."

"Marvell, another major player, was just as skeptical, sharing color which was damning and indicates that Lasertec’s inventory is worthless and that the A300 is simply a ruse to swap out defective A150’s while disguising it as “growth”"

"The answer is key to understanding the fraud, and detailed in a later section: the ACTIS EUV system is so unreliable and slow that TSMC, Intel, and Samsung have simply gone back to using DUV and homegrown systems to inspect EUV masks."

"We note that the German company Zeiss is the only developer of High NA anamorphic optics, as part of a strategic partnership with ASML, which precludes Lasertec from the intellectual property which is “secured by 2,000 Zeiss patents.”"

"Before we detail the photographic evidence, we note that the 2022 capital expenditure for the Innovation Park was by far the largest in Lasertec’s history, dwarfing any other spending since 2000 – illustrating its level of importance."

"Over the last two years, DSP's expectations for DECT Home Gateways have declined dramatically from expecting total market shipments of approximately 13 million units in 2012 to estimating approximately 5 million units shipped in 2012."

"We believe that HDClear may represent a best in class noise cancellation technology algorithm and that DSP should be actively looking to license this technology to smartphone companies, rather than, or in addition to, building a chip."

""In connection with the audit of our consolidated financial statements as of and for the year ended December 31, 2020, two material weaknesses in our internal control over financial reporting were identified...." — Remitly SEC filings"

"“Being an S&P 500 company 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!” — Ben Axler"

"“Being an S&P 500 company 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!” — Ben Axler"

"“There is a reconciling item for the difference between actual interest income earned on invested funds held for clients and interest credited to Employer Services and PEO Services at a standard rate of 4.5%.” — ADP Form 10-K, Page 77"

"Heche: Why Albania? De Niro: Why not? Heche: What have they done to us? De Niro: What have they done FOR us? What do you know about them? Heche: Nothing. De Niro: See? They keep to themselves. Shifty. Untrustable. — Wag the Dog (Film)"

"“Even the most casual observer would recognize that Hess nominees have deep and directly relevant shale experience. In his time at ConocoPhillips, for example, Hess nominee Dr. Kevin Meyers...” — Hess Letter to Shareholders March 2013"

"<A - Yusuf Alireza>: Well, we have sent out - listen, I don't - and I have been given advice not to spend a lot of time talking about this thing. But I think I - I guess I'm not good at sometimes following that advice. — Yusuf Alireza"

""Cost of sales consists of merchandise costs, as well as freight costs to transport inventory to our distribution centers and stores, and duty and other costs that are incurred to distribute the merchandise to our stores." — FND 10-Ks"

"As a general long-term guideline, we expect to retain roughly half of our free cash flow... to support the growth of our business... and return the other half to our shareholders through share repurchases and dividends. — FY 2015 20-F"

"Our AFF flavor facility in Ireland is now providing a large number of flavors to our EMEA region, enabling better service levels and lower landed costs to our EMEA region. — Monster Comments On AFF Ireland (Feb 27, 2025 / Aug 6, 2024)"

"TASK has tried to raise people form within that are young, teachable and ignorant. Put them in comp plans they don't really know any better until they start having success and others start recruiting them. — Fmr Business Dev. Employee"

"Your application for Wakix was not referred to an FDA advisory committee because the application did not raise significant safety or efficacy issues that were unexpected for a drug in the intended population. — FDA NDA approval letter"

"It's a fair statement. One thing to understand about the ESG space and the whole dynamics of the space in the MSCI ecosystem that is driven by the asset owners and MSCI has its own unit that targets asset owners. — Former ESG Employee"

"Note: Mettler does not disclose interest income in its consolidated results, making it difficult to sanity check returns on cash. The last time it disclosed interest income was in 1998, right before current auditor PwC took control(1)"

"Note: Mettler does not disclose interest income in its consolidated results, making it difficult to sanity check returns on cash. The last time it disclosed interest income was in 1998, right before current auditor PwC took control(1)"

""Being an S&P 500 company 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!" — Ben Axler"

"Analyst, JP Morgan: “A couple of things here. First, what was the internal EBITDA target for Q1, that you embedded in the original 2013 guidance?” CFO, HMA: “A different number than yours. (LAUGHTER)” — Transcript of HMA earnings call"

"Ginkgo’s business model is built upon selling R&D services (“Foundry revenue” or “Foundry usage fees”) and also taking royalties or equity stakes in customer programs (“Downstream value”). — Ginkgo corporate presentation, Aug 18, 2021"

"We still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets. — Mike Hennigan, CEO of Marathon Petroleum"

"“Being an S&P 500 company 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!” — Ben Axler"

"“Being an S&P 500 company 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!” — Ben Axler"

"“Our corporate headquarters, primary research facility, PLA reactive extrusion plant, tolling operation and our PHA demonstration plant are located in Bainbridge, GA, in approximately 200,000 square feet of real property.” — 2020 10-K"

"I think some of the friction points that came out immediately when Zillow launched ZHL, there was two, one, they didn't understand the importance of the personal relationship between the agent and the loan officer. — Real Estate Agent"

""Being an S&P 500 company 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!" — Ben Axler"

"The patient discontinued pitolisant and "subsequently, the hives, anaphylaxis, rash, joint and muscle pain, dizziness, and shortness of breath resolved... which is supportive of at least a possible association with WAKIX." — FDA FAERS"

"NSA does not recommend the usage of quantum key distribution and quantum cryptography for securing the transmission of data in National Security Systems (NSS) unless the limitations below are overcome. — National Security Agency (NSA)"

"There’s a monopoly there because KLA is the only tool that has Die to Database... that’s perfected and that’s what KLA is good at, so they dominate the P1. — Former KLA executive in a leadership role in their EUV mask inspection group"

"In addition to these more visible examples of our activism, Pershing Square continually engages constructively, behind-the-scenes, with the management teams and boards of our portfolio companies to effectuate long-term value creation"

"Nuvei does not draw attention in its press releases to organic growth by region. However, by taking a close look at Nuvei's geographic revenue reporting, we find evidence of single digit organic growth decline in the U.S. and Canada."

"Spruce Point highlights that FIGS materially expanded its Risk Factor language around its market opportunity in the recent 10-K. Of notable concern, FIGS now warns it has "not independently verified" any market opportunity estimates."

"We would not be surprised if there are similar problems with other transactions – we researched in depth only one transaction and quickly saw a major problem that amounts to fraud, unless AMT can provide some exonerating explanation."

"Spruce Point has been following XPO Logistics (NYSE: XPO) for years, a transportation and logistics roll-up founded by Bradley Jacobs, co-founder of United Rentals (URI) which collapsed in an accounting scandal during his leadership."

"In addition, the Company improperly accounted for other items that overstated net income, including the estimation and recording of self-insurance reserves, its recognition of equipment rental revenues, and its income tax accounting."

"The journal also reports that the major disadvantages of HAMR are "High temperature (700°C–800°C)" and "High energy consumption". IPX recently claimed that the HAMR process is <700°C which is in stark contrast to the peer evaluation."

"The leadership is desperate for media wins in the aftermath of Dieselgate and want to show investors they have an EV plan - "pressure in Germany" for "nice Powerpoint slides" - but internal battery experts are highly skeptical of QS."

"Spruce Point takes issue with this chart as it suggests the Company has transitioned from a "product investment" phase to a "product innovation" phase. Yet, the Company still warns that it does not have a meaningful patent portfolio."

"Three country executives at Bigo matter-of-factly confirmed to us that the majority of Bigo users are fake, with the allocation of bots being directed by AI run from Bigo’s headquarters in Singapore or YY’s headquarters in Guangzhou."

"The 127.0.0.1 address indicates that a bot, or YY controlled entity was sending transactions from the server itself. This is highly unusual as real users on YY Live are in their own homes, offices, or in public, not on the YY server."

"The conventional wisdom on Wall Street is that Apple won't target medical product markets. We find this hard to accept given the powerful health capabilities of the iPhone and Apple Watch and Apple's recent targeting of hearing aids."

"More importantly, based on our extensive discussions with EPs, the field is overwhelmingly dubious of the entire idea of the Convergent procedure, mostly because they're not ignorant of all the research we've discussed to this point."

"Inflated asset purchase prices and capital expenditures are hallmarks of significant fraud – particularly in emerging and frontier markets where it is relatively easy to find counterparties willing to assist with the price inflation."

"Warning: Based on public commentary, and patent applications pending, we believe it is only a matter of time until Impossible Foods enters the non-dairy milk category, which we believe will put further competitive pressures on Oatly."

"The allegations from a former Revenue Analyst at Dropbox are so specific, it’s hard to believe they aren’t true. Notably, data quality issues, broken systems, and key human capital defections will compound Dropbox’s transition plans."

"We urge you to vote FOR Elliott's nominees on the GOLD card, but you can help #Streamline66 by voting only for Elliott's highly qualified nominees - Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt - on either card."

"PepsiCo should evaluate the potential refranchising of PBNA's operationally intensive bottling network - as its closest peer has and as PepsiCo itself has done in years past - to allow each business to focus on its core competencies."

"O Realty looks priced for perfection. O trades at the highest multiple within their retail triple net lease peers. As highlighted below, when the growth profile of a REIT begins to decline, the AFFO multiple compresses significantly."

"O Realty looks priced for perfection. O trades at the highest multiple within their retail triple net lease peers. As highlighted below, when the growth profile of a REIT begins to decline, the AFFO multiple compresses significantly."

"Big brands like P&G’s that sell at high prices face increased risk of commoditization, particularly as competitors innovate with technologies and marketing strategies targeted at millennials, specialty channels, local consumers, etc."

"The Company has diluted shareholders at a rate of 20%+ p.a. and has generated negative cumulative free cash flow throughout its public history. This has resulted in just $0.53 cents of “Adjusted” EBITDA per share to existing holders."

"Beyond the clearly negative value implications, this lack of operating leverage is damaging from a business perspective because it masks inefficiency while impairing the Company’s flexibility to make sound investments in R&D and M&A."

"Saputo completed the acquisition of Murray Goulburn in Australia and also described Lidell as a “flagship” brand. Fast forward to today, we see it has discontinued vanilla custard, sour cream and its thickened cream product offering."

"We do not believe that Saputo deserves a multiple commensurate with the larger branded players in the industry such as Danone or Kraft Heinz given its weaker margin profile, declining transparency, high leverage and fragile dividend."