Callouts & quotes from 37,061+ activist slides

"The ex-employee indicated that the smell of the Vykat table versus placebo unblinded the trial and allowed parents to game the trial; and that individuals inside Soleno were concerned about the impact on HQ-CT hyperphagia scores"

"Looking carefully at the Company's financial reporting language, it says "we renegotiated certain contracts with payments processors", which contradicts the prior statement of the CFO who said just one contract with one partner."

"cardiotoxicity is a feature, not a bug, and explains one of the many reasons why virtually large pharma company went after the H3 receptor for more than two decades – with a 100% failure rate due to lack of efficacy or toxicity."

"HARMONY 1 and the other pivotal trials allowed concomitant use of a wide range of medications for narcolepsy, cataplexy, and excessive daytime sleepiness, creating a confounding factor that renders the trials flawed and useless."

"In July 2021, Generac recently conducted a recall of more than 350,000 backup portable generators due to eight injuries, including seven finger amputations. There are currently personal injury lawsuits related to these injuries."

"We view this as a stronger indicator that it is looking more carefully at goodwill impairment. We believe qualitative testing is more subjective relative to quantitative testing and may have allowed Stryker to defer impairments."

"The least squared trendline in figure 1 indicates that the statistically expected outcome for the stock of a suing company is a valuation decline of 80% against the index over the next 6 years (2,192 days) after the publication."

"Our investigator visited the property in March 2020 and confirmed that minimal improvements have been made. We see construction to the right of the greenhouses, of what appears to be the early construction of an empty warehouse."

"Preventing shareholders who do not support the Company's failed leadership and oversight from purchasing additional stock reflects exceptionally poor governance and underscores the immediate need for accountability at Southwest."

"INOD was nowhere to be found in this fundraising blitz. Instead, it appears INOD's management was busy crafting press releases to pump its stock price and trying to convince shareholders it offered a top-of-the-line AI platform."

"Ceres’ royalty outlook from Doosan is objectively weak, and the evidence across disclosures, Korean filings, bid results, and Doosan’s own Q3 investor materials makes this increasingly clear that it will likely continue to stay."

"The bull-case for the drugs and company is that this is a tumor-agnostic therapeutic approach with wide potential therapeutic applications. However, PMV's proposed therapeutic strategy has been tried before, and it never worked."

"The loss of the PPB will undoubtedly hit margins. While the sell-side optimistically projects a gross margin rebound and a reversal in R&D and SG&A as a percentage of revenue, the changes to tax policy make this scenario absurd."

"Our modeling reveals that the average annual reagent revenues per fully installed system is below $40,000 and is trailing down, despite management claiming it to be somewhere around $55,000 (average of $45,000 to $65,000 range)."

"Third, we suspect that Shenzhen Join-Share might be an investor turned creditor, who might have first invested in EH with a right to redeem its equity, and later found redemption meaningless as EH had moved away assets or funds."

"Fletcher's master hedge fund, Fletcher International, which filed for bankruptcy protection in June 2012, was a fraud with "many of the characteristics of a Ponzi scheme," according to a bombshell report. — NY Post, Nov 28, 2013"

"“The permits are in process, the state, the county, the federal government, the city, have been nothing but supportive of us, and it’s all going well, you’ll see more press, it’s on us and we’re at the end of it” — CEO Interview"

"“McDonald's is using our size and global reach to improve animal health and welfare in the McDonald's supply chain and ensure we source chicken, eggs, beef and pork from producers who share our commitments” — McDonald's' Website"

"The single-procedure efficacy of a catheter ablation aided only by real-time mapping matches the double-procedure efficacy of Convergent, and the double-procedure efficacy using AcQMap is a vast improvement. — Kerrisdale Capital"

""These are very unusual times and we are aware that we may need to do things differently," Ridge said — Garry Ridge. "Fiscal 2008 can be characterized as the best of times and the worst of times," said Garry Ridge — Garry Ridge."

"In addition, we have strategic alliances with leading hardware infrastructure providers to deliver our software optimized for their technology. These partners include Hewlett Packard Enterprise and Intel. — C3 10-K Annual Report"

""TWX's advanced broadband delivery systems are expected to provide an important distribution platform for AOL's interactive services, which is expected to result in incremental subscriber growth." — The Board of Time Warner Inc."

"“Sitting across the table at an OEM from [Peanut Butter] right now, it is almost dangerous [from a career perspective] for me NOT to award the business to [Peanut Butter].” — Senior Industry Consultant with 20+ Years’ Experience"

"“reap the fruits from their acts and doings without incurring such liabilities as attach thereto.” — Goodman, 244 F.2d at 592 (quoting International Art Co. v. FTC, 109 F.2d 393, 396 (7th Cir.), cert denied 310 U.S. 632 (1940))."

"「最大の問題は光源です。TSMCの生産ラインにおいては、生産性に関しても経済性に関してもKLA製のほうがレーザーテック製よりも性能がいいでしょう。だから、TSMCにおけるこの関連の商売の約3分の2がすでにレーザーテックからKLAに移行している、と私は見ています。レーザーテックのTSMCにおけるシェアは減少しづづけている、と言わざるをえません」 — TSMCの元幹部で長年購買の責任者を務め、同社へレーザーテック製の検査装置の導入を担当した人物、現大学教員"

""The Board has fiduciary obligation to engage with any legitimate person that comes forward with a good offer. The Board will always do its fiduciary obligations when something like that occurs." — Maynard Webb, December 9, 2015"

""The oxygen therapy market in the USA, it’s three to four million oxygen patients. The growth is rather robust at 7% to 10% net growth annually." — Scott Wilkinson, INGN CEO, at the Stifel Healthcare Conference in November 2018."

"“Now having said that ...The retail market for POCs will be much smaller. It won't be zero. People will still pay money – some people will still pay money for a better product.” — Piper Jaffray Health Care Conference, 11/29/2018"

"We continued our long track record of retaining 98% of existing client recurring revenue, and internal growth contributed 2 points of growth driven by higher trading volumes in our GTO segment. — Broadridge Q2 2021 Earnings Call"

"“desire to investigate wrongdoing or mismanagement is a ‘proper purpose’” — Seinfeld v. Verizon Commc’n Inc., 909 A.2d 117, 121 (Del. 2006) (citing Nodana Petroleum Corp. v. State ex rel. Brennan, 123 A.2d 243, 246 (Del. 1956))."

"Their big success stories are projects like Cronos, but for every project like Cronos, there are nine others that don't make money, probably don't pay for themselves, and don't result in a final product. — Former strain engineer"

"“I’ve never seen a company in my life do that. Never. I’ve been in pharmaceuticals for 10 years...weird, right?...you look at that and – this is really weird, really odd.” — Ex-Harmony territory manager for a large Midwest state"

"At the closing under the foundry services agreement, Synlogic paid Ginkgo $30.0 million to Ginkgo for synthetic biology services to be provided over an initial period of five years which can be extended. — Synlogic Press Release"

"According to an official decision published on Feb 19, 2021 on the website of the Ministry of Industry and Information Technology of China (“China MIIT”), Moyi Shenzhen’s 2015 License is officially canceled (No. 68 on the list)."

"“Yes, you are right. Yes. It took time for this low-profit ACTIS to be accepted because we had to change parts and add resources, but I think it is safe to say that we have already gotten out of that situation.” — Okabayashi [A]"

"“That whole system of ejecting tin droplets and then shooting with a laser and directing it within the tool was probably the size of half a Mini-Cooper.” — Former Lasertec field service engineer who worked in the Intel mask shop"

"Notice carefully that Remitly is now footnoting that its app store reviews vary by user location and device type. We believe this may be a signaling effect by the Company to warn about changing dynamics among its customer base."

"Reviewing social media as an indicator of brand development and engagement of Smart2Pay, we find limited social media followers, or evidence that the Company was growing headcount rapidly leading up to its acquisition by Nuvei."

"We observe multiple classic signs of financial strain within Genius' financials. From a working capital perspective, as a percentage of revenue, accounts receivable have increased ~5% and deferred revenue has more than doubled."

"In stark contrast, the four incumbent directors we are seeking to replace, who have collectively reaped millions in Board fees, have only purchased 78,000 shares of Office Depot common stock in the market in the last ten years."

"Since Q1 FY16, Carvana has generated a weighted-average gain on loan sale as a percentage of principal balances sold of 4.0%. In other words, it sells its finance receivables – largely subprime loans – for 104 par in aggregate."

"Minimal correlation between tower multiples and interest rates over the last 10 years (correlation which exists is actually positive); towers traded at 20x - 24x EBITDA with interest rates over 200bps higher than today's levels"

"Soroban's mission is simple: we want UNP to prosper. Unlike typical shareholder engagements which come with numerous demands, Soroban has only one ask: install new leadership who can get the trains to operate safely and on time"

"No matter how many shares of Common Stock you own, please give Starboard your proxy FOR the election of the Nominees and in accordance with Starboard’s recommendations on the other proposals on the agenda for the Annual Meeting"

"Because any netting of sham receivables and payables would be performed before the financial statements are filed, from the outside, it would be impossible to see whether this is happening... ...unless there were a restatement."

"Khosla’s firm demanded little hard data, Albano said, and that fit Sastry’s strategy. “We were after the higher-risk-tolerant VCs who didn’t demand a lot of detail,” Albano said. “We got the $2 million with no questions asked.”"

"With an install base of 60 million cars, by far the leader in a fragmented space, Blackberry's QNX is at the forefront of securing cars for autonomous driving technology -- regardless of which technology is the eventual winner."

"Eric Lefkofsky and his former partner Brad Keywell are major controlling shareholders of Tempus. These entrepreneurs have a history of aggressively promoting technology companies that have been marked by controversial outcomes."

"Spruce Point has a track record of prescient calls in the consumer and retail sector and has typically found warning signs around aggressive TAM assumptions, competition and the ability to expand into new categories or markets."

"Spruce Point interviewed a former senior executive who formerly had insights into executive management and the Board and heard an opinion that a majority of Xylem’s businesses were commodities without a lot of margin potential."

"The Shareholder Slate recommends curtailing the use of fractional commissions and, at the very least, completing a detailed review of the practice since it does not appear to be generating sufficient incremental auction volumes"

"Retail leasing activity increased significantly in the first quarter of 2010, with total in-line and outparcel tenant leasing deals covering 1.36 million square feet signed, an increase of 21% over the same period of last year."

"Mr. Alireza simply provides a series of convincing statements that are designed to convince investors that the allegations levied in the Iceberg report are attributable to a disgruntled ex-employee, and therefore have no merit."

"Market trusted Vivendi’s convergence plan initially, which supported the stock together with its own stakebuilding and value unlocking from INWIT separation, but investors soon lost faith, leading to sustained value destruction"

"Twist’s competitors are disciplined and not pricing insanely; charging $1.50 to $2 per base pair while Twist caters to the commodity end of the market and charges 10 cents or less; Twist has no capability for real DNA sequences"

"Those ad savings should have been reinvested in other forms of brand building to regain lost market share. Instead, management chose not to reinvest, in our view benefitting near term earnings at the expense of long-term growth"

"Despite promises of transformational change, improved organizational design, and large headline cost savings meant to fuel reinvestment and earnings growth, P&G has generally lowered the bar for performance over the past decade"

"A review of large REITs indicates that these businesses support investment grade ratings with a debt to enterprise value of 36% on average, as compared to Pro Forma McDonald's which would have a debt to enterprise value of 25%."

"Although there are some differences in opinion regarding friction costs, leverage and potential alignment issues, the key disparity between Pershing and the Company’s views was regarding the Valuation of Pro Forma McDonald’s..."

"Based on this description of the level of replacement activity, a material portion of capitalized device costs from contracts struck from 2018 to 2021 would need to be written off, yet Samsara's S-1 contains no such disclosure."