Callouts & quotes from 37,061+ activist slides

"We expect management will wrack its brain to find another excuse about why it is hiring engineers to run its internal bot network. We thought we would help. Management or IR, please feel free to cut and paste the reply below."

"IRBT would like you to believe they are in an "explosion" stage. However, with robotic vacuum cleaners now having been on the market for over a decade, our opinion is that its products are really in the commoditization stage."

"Investors don't need to take our word for it. Samsara CFO Phillips has already said that the future is increasingly cloudy as he attempted to manage down investor expectations for the Company's future earnings outperformance."

"CHD acquired Waterpik clear of any loss accruals for product liability. In 2018, there was an FDA recall for the Sonic-Fusion product that CHD conveniently didn’t highlight. Personal injury lawyers are clamoring for lawsuits."

"Spruce Point finds it highly unusual that all its executive officers serve at the discretion of the Board except the Financial Controller and Chief Accounting Officer, who serves at the discretion of Chairman and CEO Farrell."

"We think it says a lot about UFPT’s management team and the future direction of the company under their leadership that instead of telling investors about ISRG’s plan to insource drapes they instead sold $51 million of stock."

"This leads us to conclude that Trustpilot is not only accepting but fostering fake review services as it gives Trustpilot the opportunity for selective enforcement that benefits paying clients and hurts non-paying businesses."

"Bisher haben wir berechnet, dass 77 % der HelloFresh-Bestände von Dominik Richter über DSR Ventures verpfändet sind. Dies bedeutet, dass ein weiterer Rückgang des Aktienkurses um 23% einen weiteren Margin Call auslösen würde."

"Enfusion's Audit Chairman was the Chief Accounting Officer and Controller at General Electric when the SEC slammed it with a $200 million penalty for misleading investors related to costs, receivables and financial estimates."

"The ACTIS A150 is an earlier version, and it has a lot of problems. When the company switched to EUV, it had to change the structure of the chamber, and there were some problems regarding the chamber structure and the source."

"They were replacing them every, give or take, two weeks. Being able to work on the system became rather challenging because one of the things with EUV is you can't really have it travel through air; you have to make a vacuum."

"“...This stretch of beach will be branded a national destination with the same kind of recognition as Nantucket, Hilton Head Island, or Napa.” — Peter Rummell, CEO Q1 2007 Earnings Call (referencing WindMark and Port St. Joe)"

""In Brazil, net sales in the 2023 3rd quarter decreased by 4.3% in dollars and decreased by 9.6% in local currency due in part to inconsistent purchasing patterns by our bottler" — Monster Beverage Corp. Q3 2023 Earnings Call"

""Most of our [METC] deposits are found in clay and clay-like structures. ... They are easier to process, they are less expensive to process and they are, as a result, more valuable." — Randall Atkins, May 22nd, 2023 Interview"

"“Sun Ip Go” – Recognizing Revenue on Sales of Unfinished Products. 15. Magnachip also improperly recognized revenue on “sales” of non-existent or unfinished products in order to meet revenue targets. — SEC Litigation Document"

"「いずれKLAがレーザーテック製の検査装置の競合品を発表したら、レーザーテックは後回しにされてしまいます。KLAには強い競争力があります。......CHIPS法の下で、KLAが本命になると思います。インテル、サムスン、TSMCは米国籍の仕入れ先を使うように、米国政府から大きな圧力をかけられている。......レーザーテックにとっては苦難の運命です。CHIPS法のために米国の商売は悪影響を受けるに違いありません」 — TSMCの研究開発の元責任者"

"In 2019 we completed acquisitions for total net cash consideration of $802 and $294 in future milestone payments primarily due upon the achievement of certain regulatory and commercial milestones. — Stryker 2019 Annual Report"

"Dlocal UK LLP financial statements 2020, “the principal activity of the LLP is the provision of cross-border payments services for e-commerce merchants and payment service providers.” — Dlocal UK LLP financial statements 2020"

"Subsequent to the formation of the Joint venture the Company purchased £20,000,000 of Intellectual property from the IQE plc Group in return for 8,000,000 of A preference shares and £12,000,000 of cash. — CSC’s 2016 AR, p. 32"

"“As we’ve discussed [on] prior calls, enterprise customers have been interested in a move to the cloud and what we’ve seen lately is that they’ve accelerated the cloud adoption and cloud purchases.” — Dan Bodner – CEO, Verint"

"A classic sign of accounting shenanigans is when accounts receivable are growing faster than reported sales. It is often cited as a top red flag to predict fraud or accounting irregularities. — Spruce Point Capital Management"

""I think in your presentation, you guys had stated $110 million of free cash flow. Is that still kind of the target?" — Kevin Ellich – Craig-Hallum Capital Group; "Yes, that's right." — Joshua Proffitt – CFO & Treasurer, LHCG"

"this system is a U.S. Government-designated Federal Information System operated by a contractor of an executive agency...unauthorized use of the system is prohibited and subject to civil and criminal penalties. — UNOS website"

"“Our OPO is Tennessee Donor Service...they do NRP on every single DCD...we never use machine perfusion...our OPO has their own surgeon...the surgeon is recovering all of the organs via NRP.” — Transplant surgeon at Vanderbilt"

"“… Unless Patch can come up with a new, performance-based product that can drive people into the advertisers’ stores, their business model isn’t going to work and it won’t succeed….” — Former senior Patch employee, March 2012"

""one patient with good commercial insurance who just got denied...other four at pending...we don't know what's going on with them at this point...we're relying on the specialty pharmacy to do the appeal." — Endocrinologist #5"

"“prices of five of the drugs by an average of 1,360%.” — WSJ; “illegally acquiring drug used to treat premature babies with life-threatening condition” — FTC; “unlawful acquisition resulted in nearly 1,300% price hike.” — FTC"

"Yes, LBO analysis is a valuation methodology. It determines the maximum price that private equity firms can afford to pay to achieve 20-25% IRR. That maximum price prospective buyers are willing to pay is a form of valuation."

""[Randall] Atkins' conduct directly violated his fiduciary duty as a partner of [The Securities Group] and [The Monetary Group] to refrain from personally profiting from the misuse of partnership assets." — 11th Circuit Court"

""This is the result of the recognition of some low-profit ACTIS sales." — Lasertec CFO, Oct 31, 2023, earnings presentation; "I cannot give you any information on gross profit." — Okabayashi (CEO), Oct 31, 2023, earnings Q&A."

"Explore the key issues driving the Streamline 66 campaign – where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"BRX stuns investors by announcing that throughout its entire history as a public company its senior officers had been smoothing income items both up and down to create the illusion of consistent SS NOI growth across quarters"

"We give credit to Generac’s CEO for relentlessly promoting and evangelizing the investment story. The public should review his seven most recent CNBC appearances, especially his three “Mad Money” appearances with Jim Cramer."

"In reality, Mr. Fife is not a truly independent director, and as a senior advisor to BC Partners, we believe he will still be heavily inclined to protect BC Partners' interests above the interests of the common shareholders."

"We find Procept’s historical pattern of inventory reclassifications and COGS definition changes, accompanied by extra mid-year auditor work, troubling. As a result, we lack confidence in the Company’s reported gross margins."

"XPO is more expensive than it appears given its highly “adjusted” Non-GAAP results, and analysts’ inability to correctly account for the 10.2m shares that are freely convertible from the Series A Convertible Preferred stock."

"It is inconceivable to us that Bo Hu would be able to understate its revenue by over $200 million (or 99.9%) – at over $200 million in annual revenue, Bo Hu would be one of the larger privately-owned businesses in Zhanjiang."

"As we have already explained in one of the previous answers, BaFin is checking the legal ramifications of the Muddy Waters report. In our estimation, legal action against Muddy Waters is currently not sufficiently promising."

"While numerous studies provided evidence that the stent retriever method was safe, effective, and superior to the prevailing standard of care, concurrent studies which focused on aspiration thrombectomy were less successful."

"We found that 63% of respondents who used the Dexcom G4 or G5 stockpiled legacy Dexcom CGMs in anticipation of the release of the G6 and its more expensive sensors (taking into account the fact that the G6 cannot be hacked)."

"Insiders have been aggressive sellers of DXCM shares throughout the history of the Company, and sold in particular size as the stock ran up in 2015. Insiders and directors now own just 1.8% of shares, down from 8.2% in 2012."

"Upon learning of our search interest in Boot Barn, Facebook served dozens of sponsored ads for boots, none of which were from Boot Barn. In fact, even a search of Boot Barn returned a sponsored ad for new competitor Tecovas."

"In contrast to the significant opportunity touted by the Company, we learned that the margins in this region are typically dilutive because a majority of the market is low-cost driven and not seeking premium priced products."

"In light of numerous reclassifications and revisions to numbers we've found, it's interesting that the CFO says the material weakness related to coal inventory and procurement has nothing to do with actual financial results."

"ANTA’s prospectus claims that Sichuan Anda was established in August 2006 by Li Yuxiong. First, we established with BJ Jiyuan that Li Yuxiong is an ANTA proxy. Second, the statement that he established Sichuan Anda is a lie."

"We observe periods of large divergence in revenue and accounts receivable growth rates at Oatly. This is a classic sign of potential accounting shenanigans and is often cited as a top red flag to predict accounting scandals."

"Dropbox has made generic statements about capital lease additions to be "high single digits as a percentage of revenue". Yet, what it says, and what its financials are signaling, show that it is poised to exceed 2018 levels."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"ANTA has shown no evidence to counter the well over 100 pages of evidence and commentary regarding ANTA's corruption. Rather, it has relied on proxies to make unsupported (and nonsensical) statements. Why? Because liars lie."

"Twist is incapable of producing the lot sizes pharma companies need; lot consistency is "very important"; no value proposition for pharma vs. competitors that provide other value-added services vs. Twist's commodity offering"

"The sole manufacturing facility of a rapidly growing company selling one billion RMB of product annually should be a hive of activity with production workers scurrying about, and a bustling shipping and receiving department."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"A quick investigative look into Integral Systems and Herley Industries – Kratos’ two largest acquisitions – reveals significant question marks about the financial, accounting, and managerial integrity of the assets acquired."

"To date the UNDP programs have had very limited impact on the development of the hydrogen fuel cell vehicle industry in China. It also appears that local governments are unwilling or unable to provide the required subsidies."

"We believe that Samsara's CAC is severely understated because it excludes the costs of customer contract buyouts. Far beyond "typical" discounts, contract buyout costs represent a true financial cost of customer acquisition."

"There is a listing of C3.ai as an AI partner on Amazon's website.(1) However, unlike on Microsoft Azures' marketplace, C3.ai is nowhere to be found or discussed on AWS' marketplace in categories like IoT or Machine Learning."

"We also observes there has been a recent increase in FDA inspection citations since 2020 after a hiatus between 2017-2019. A majority of Saputo’s financial challenges have also come from its US segment in the past few years."

"Value Proposition: Trian believes Mr. Myers' qualifications to serve on DuPont's Board include the knowledge and experience he has gained while serving in various management positions for over 35 years with General Electric."

"Globant SA (NYSE / LUX: GLOB) is a poorly organized roll-up of digital IT outsourcing companies. GLOB receives the highest valuation in its sector by convincing investors it achieves consistent 20% p.a. organic sales growth."