Callouts & quotes from 37,061+ activist slides

"If HIMS' business is expanding outside its core men's sexual health and hair, why did HIMS cease disclosing revenue mix? Why hasn't AOV grown more if HIMS is no longer forced to attract customers with massive initial discounts?"

"We believe that DOX should not trade at a material premium to midcap technology and business process outsourcing (BPO) peers as a result of its opaque and complex structure, below avg growth, accounting and governance concerns."

"Brandon Porter, whose social media profile says he advises the CEO of a mid-sized advertising agency in the USA, frequently likes posts by Mr. Horowitz of Movers+Shakers. Specifically, he also likes posts related to ELF Beauty."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"Our channel checks demonstrated that a good percentage of these agents do not sell, or in some instances, have never sold Caesarstone, which raises the question why they were ever recorded as reseller agents in the first place."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"We observe significant red flags in Mettler's SEC reported Chinese Operations segment. Our biggest concerns: two unexplained restatements boosting segment margins, and total asset growth since 2015 of 144% vs. 30% sales growth."

"We do not believe PERI's recent valuation expansion is warranted in light of the numerous concerns we've raised about the quality of its accounting, financial disclosures, and sustainability of its recent financial performance."

"Spruce Point believes the market is miscalculating Porch's market capitalization by not having the correct share count. Its valuation and stock multiples are much higher after taking into account warrant and option adjustments."

"We believe there would be meaningful interest in an acquisition of Tripadvisor by strategics and/or financial sponsors, with an acquisition offer of $18-19 per share for the entire company submitted as recently as January 2025."

"Now that we've established that Stryker has failed at unifying over 40 technology systems, let's take a closer look at its inventory reporting. Inventory reporting is a critical link toward reporting gross margin profitability."

"Besides adding to the evidence that the real farm construction costs were a fraction of that implied by cash flow analysis, this farm project is significant as it is among those four transferred to an undisclosed related party."

"Amcor's 10-K Doesn't Mention The Word "Tobacco" Once. "Specialty Flexible Folding Cartons" Are Tobacco. Amcor's MD&A Avoids Discussing Tobacco As A Driver Of Results And It Only Reports Sales By Product Annually, Not Quarterly."

"Amcor's financial control issues appear to extend to capital expenditures. Capex in 2018 was mysteriously revised lower, which lends further support to our opinion that its Adjusted Free Cash Flow cannot be taken at face value."

"Because of the timing of Sambara Stiftung’s complete disposal of its Ströer shares—the same day the Müller/Rumplehardt sale and large stock sales by Dirk Ströer’s Ströer (now Delphi) Beteiligungsgesellschaft, and Udo Müller and"

"Giscard d'Estaing's response offers three indicators of deception. First, his remarks provide what is essentially a combination of a non-answer statement and a referral statement (1) in the phrase "you know our business model.""

"Elliott’s Geoff Sorbello explains why Phillips 66 (NYSE: PSX) has been able to maintain its staggered board—despite 99% of voting shareholders preferring to abandon the structure, which is used by only 10% of S&P 500 companies."

"We believe there are no major technical obstacles to executing the Sandell Plan Therefore, we believe it would be a mistake for the Board not to take advantage of current market conditions to position the Company for the future"

"I sought Harmony out and said, "Hey, look, dude. I really want to represent you guys.... I'm a very persuasive speaker. I'm passionate about what I do...I'm very enthusiastic, and I can talk to the wall; I can talk to anybody.""

"The “enormous lengths” that Harmony goes to to keep sales rep in the dark once the prescription is faxed to the hub was a recurring theme of our interviews, suggesting questionable behavior at the next step of the process flow."

"We believe that NIHD's accounting is erroneous in this instance, rather than AMT's; however, Ms. Katz has been on both boards and audit committees around the time of the transactions and during the companies' ongoing reporting."

"As it appears that management could be putting the 1999-2002 playbook back into play, we worry that the Company may be engaging in some of the above activities in addition to the observed behaviors noted throughout this report."

"Spruce Point has identified previously undocumented financial errors in Axon’s employee compensation programs. This bolsters our confidence that management is not being transparent about the true state of its financial affairs."

"We believe the controls may be insufficient by design, as Inteliquent appears to profit significantly from illicit scam and robocall activity by selling blocks of phone numbers to bad actors and routing the calls they generate."

"Samsung expects KLA to launch a competing tool “very soon”; will given them at least half the business; have already placed a pre-order; has “confidence and trust in KLA” who is “aggressively developing their own actinic tools”"

"Our investigators visited the City of Yokohama’s Housing And Architecture Bureau, and the only permits we could find were from 1997 for Toshiba’s construction of the four buildings, other than Building A, which dates from 1969."

"The reality however, is that Starboard did not provide any “final position” prior to DSP issuing the letter and instead, DSP used this language to hide behind its attempts to blatantly mislead shareholders with false statements"

"I would rate them as the worst-performing management team in airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Top Ten Active Shareholder"

"I would rate them as the worst-performing management team in airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Top Ten Active Shareholder"

"This defendant siphoned millions of dollars from Defense Department’s health insurance program, with little regard for whether its patients would actually benefit from the prescriptions he pushed. — U.S. Attorney Erin Nealy Cox"

"The bull case has conducted no forensic work to identify evidence to suggest accounting manipulation of restructuring charges to hit numbers, material adverse risks to its tax policies, or reasons why free cash flow is peaking."

"I would rate them as the worst-performing management team in airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Top Ten Active Shareholder"

"We think of the Best Response Analysis as akin to extrapolating that former Major League Baseball journeyman Mark Whiten should be inducted into the Hall of Fame based on the one game in which he hit four home runs and 12 RBIs."

"A recent June 2013 Jeffries report estimates that cable operators actually carry more consumer wireless data on their networks than mobile carriers, yet cable generates $0 directly attributable revenue from wireless. — Jeffries"

"“I don't think so.” — Xerox’s Chief Commercial Officer; “Fujifilm may have different interests [than yours]...and may make decisions adverse to your interests.” — Xerox 2017 10-K; “one company and one entity” — Xerox management"

"“There has been no change in the scope of the audit.” — Mr. Walton, Allied’s CEO. “the accountant does not function as an appraiser and is not expected to substitute his judgment for that of the company's directors.” — ASR 118."

""what we have seen in the German an auction [sic] which is the equivalent of EUR 25 per megawatt hour for the full lifetime of the project being the lease payment alone, I think that is not sustainable" — RWE CEO Markus Krebber"

""Norfolk has long been an underperforming self-help story that simply can't figure out how to help themselves." — Stifel; "We see value in potential management change with Jim Barber as CEO and Jamie Boychuk as COO." — Barclays"

"We determined that Ms. McIntosh's experience in the public education sector and her experience serving as an advisory board member qualify her to serve as an independent director on the Board. — PowerSchool 2023 Proxy Statement"

"This has been a great discussion. To keep that going, we invite you to learn more about how Verizon and Edgio are helping by visiting our website security page at Verizon.com. You can find that link at the bottom of this page.."

"We would remove product and preload trailer trucks to ship to retailers because we didn't have room on the floor. Then we'd load more product on trailer trucks to nowhere to move it off the floor. — Former GMCR / MBlock workers"

"It is unfortunate that a company as iconic as Disney and with so many challenges and opportunities has refused to seriously engage with us, its largest active shareowner, about board representation. — Nelson Peltz, Trian's CEO."

"Note: All sell-side analysts who do a NAV calculation either separate out Sales Finance in their EV-to-Equity bridge, or follow a P/E approach whereby net debt does not feature in the analysis(2) — Elliott Investment Management"

"“Ginkgo has just announced a commitment to buy 100 million base pairs of DNA from Twist Bioscience in 2016. By volume, this equals 10% of the global volume for gene synthesis in 2015.” — Barry Canton, Ginkgo Bioworks co-founder"

"「当初TOBの予告時点で、推定される公正価値は1株あたり約20,000円だった。過去6か月間で公正価値は上昇しており、我々は1株あたり25,000円以上になる可能性があると考えている。 [...] どのようにして新たな評価水準に至ったのかは依然として不明であり、特に市場ではそれよりかなり高い公正価値が広く見積もられているようだ [...]」 — Nicola Takada Wood, Asset Value Investors, 2026年1月16日"

"Purchase obligations include all legally binding contracts such as firm commitments for inventory purchases, container commitments, software and license commitments, and legally binding service contracts. — Company 10-K filings"

"Yes. So, the growth from the previous year to 2021, I think it was in the mid to upper 30s. No, that's not sustainable. However, I think what is sustainable is a low to mid-20s growth rate for TaskUs. — Fmr. Marketing Executive"

""With new addressable CTV products, enhanced VMP tool sets and those premium publisher inventory, we believe Telaria is in a strong position to capitalize on the upcoming political campaign season." — Telaria Pre-Merger Q3 2019"

""After Russia's full-scale invasion of Ukraine, we decided that it was better for our company to leave the Russian market. I also renounced my Russian citizenship," said Timur Turlov, CEO of Freedom Holding Corp. — Timur Turlov"

"BioCyc contains “curated data from 130,000 publications” and is a “collection of 19.534 Pathway Genome Databases (PGDB’s) for model eukaryotes and for thousands of microbes, plus software tools for exploring them.” — BioCyc.org"

""The addition of major features and menu expansions to existing platforms often requires between $1 million and $3 million of investment and one to two years of time to reach our markets." — Wilson at Investor Day November 2020"

"management believes that as of November 30, 2015, our internal control over financial reporting was not effective based on the Committee of Sponsoring Organizations of the Treadway Commission criteria. — Aerojet Rocketdyne 10-K"

"Returning capital to shareholders remains a hallmark of DuPont. From 2009 to date, we returned more than $9 billion to shareholders through dividends, an increase of 12% during this period. — October 2014 Letter to Shareholders"

"“It wasn't me; it was one of my colleagues....we know how this goes...when newer things come out...then if there's a lot of hurdles for insurance and things like that, then people become less enthusiastic.” — Endocrinologist #4"

"The hotel developer’s proposed project would have created competition with Burnette’s real estate interests, including a nearby commercial real estate building and the planned purchase of a nearby hotel — The indictment states."

"I think it's important that the iconic brands in our country be strong. You know, you're not guaranteed a spot at the table. You have to fight for that spot at the table and you have to perform and everything else. — David Cush"

"The "Deadman Switch" video that is speculated to be linked to deceased Hollywood actor Isaac Kappy and to indicate pedophilic crimes shows a group of prepubescent girls in bikinis at Rixos resort spa in Turkey, which appears to"

"We believe the findings of our proprietary data scrape and market survey will be validated over the next four months as HSIC provides updated information, and the Street begins to fully appreciate the value of Vets First Corp."

"On the date of Pershing Square's exit, GGP, including a shareholder's interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position in November 2008"

"WTRG cannot cover its dividend with free cash flow that money raised from investors through these programs could essentially be used to pay the same and other investors dividends, or "taking from Peter, to pay Peter and Paul.""