Callouts & quotes from 37,061+ activist slides

"In light of the recent change of language observed in revenue recognition, we are concerned that ROAD notes that its Critical Audit Matter is Revenue Recognized Over Time Under Uncompleted Long-Term Construction Contracts."

"Merge all the InvCos that have been created through the deconsolidation (SCT InvCo, SEC InvCo and SDI InvCo) on fair terms for all shareholders and stakeholders to form a single new Samsung Group Holding Company ("Holdco")"

"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."

"Global food companies are signaling that the next big trend is fiber. While soybeans do contain fiber, thought leaders in health such as the Mayo Clinic reference a dozen foods high in fiber while not even referencing soy."

"Only in the frenzied excess of the 2021 SPAC boom could a pre-revenue launch company without any successful launches and, staring at the possibility of bankruptcy only 10 months earlier, be valued at such a ridiculous sum."

"For example, LinkedIn indicates only 6 employees at Allonnia LLC, yet Ginkgo records a $38MM deferred revenue balance, on top of booking $5MM of revenue from Allonnia in 2020 and $2.3MM in Q1 2021 – a $9MM annual run rate."

"We believe PBH’s disclosure of post-synergy multiples distorts the true purchase price of its acquisitions. By not disclosing its target’s EBITDA or pre-synergy multiple, PBH is able to justify overpaying for acquisitions."

"We cannot envision a scenario where the shareholders of Yahoo would entrust the current management team and Board with executing a standalone turnaround plan given the years of failed attempts under the current leadership."

"Cintas made certain Representations and Warranties to its bankers that it "holds permits, certificates, licenses... necessary for the conduct of its business in compliance with all applicable Laws".... Is this really true?"

"Facing a stagnant business, challenged competitive position, and arguably few (if any) strategic advantages, we believe Heska embarked on the well-worn path of low-quality acquisitions, promotion, and financial obfuscation"

"We fail to understand why any investors would ascribe IDEXX’s multiple to “core” Heska given its precarious competitive position, inferior innovation, dramatically lower margin profile, and vastly inferior management team."

"On its Q2'23 earnings call, Redfin noted closed rates unexpectedly fell from ~6-7% in '22 to 5.5% in '23. This 100 bps decline is significant as it implies a ~15% reduction in conversion assuming lead count was comparable."

"By definition, the surgeons that TransMedics depends on are prolific only because they traffic in rejects – under the pretense that the pump magically restores them, the quackery at the heart of TransMedics business model."

"Soleno appears to be worried about permanent edema, as their rep suggested patients remaining on diuretics as “standard of care” with Vykat; physicians “surprised” at the answer; edema is a “known side effect” of diazoxide"

"Soleno appears to be worried about permanent edema, as their rep suggested patients remaining on diuretics as "standard of care" with Vykat; physicians "surprised" at the answer; edema is a "known side effect" of diazoxide"

"He described him as paranoid and “getting into screaming matches” and “shouting matches” with scientists at international meetings – “he did it to somebody from Novo Nordisk”; “he attacked a guy from GSK…it’s just insane.”"

"Bioprojet-funded paper shows no association between histamine (left) or its metabolite (right) with various etiologies of excessive daytime sleepiness such as narcolepsy with and without cataplexy an idiopathic hypersomnia"

"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.""

"Their tool doesn't work reliably...the tool doesn't work well enough for production. It has the capabilities that no one else has. So, I would say on the plus side, the capabilities are great. Production worthy, not great."

"It is clearly not designed as an R&D facility. We saw almost no signs of activity except clerical and office staff on one of the floors, and no meaningful movement at typical peak times like morning, lunch, and end of day."

"We would therefore welcome the opportunity to meet with the Special Committee and its advisors, and, as appropriate, other members of the Board of Directors and senior management when you are ready to discuss our proposal."

"We believe Campbell's acquisition of Snyder's-Lance adds execution risk across both organizations... Snyder's integration complexity and lofty cost target guidance leave us skeptical of material stock value creation. — UBS"

"Percent of BPH Treatment Volumes by Procedure From “What Part B Data Reveal About BPH Procedure Usage”, Dowling in Urology Times, Using Data From the CMS National Summary Data File of Medicare Part B Claims — Urology Times"

"We use modestly above-peer multiples of 12.5x and 7.6x for each of XPO's respective parts in recognition of organic growth opportunities in a diverse number of large markets bolstered by high-quality management — JP Morgan"

"Dr. Weimann: Ladies and gentlemen, my name is Dr. Martin Weimann. I am an attorney, come from Berlin and am speaking today on behalf of the VzfK, the Consumer Protection Agency for Investors in Berlin. — Dr. Martin Weimann"

"Indeed, it would have been wrong if we had done it. But we would not do that of course. I may remind you again that 80% or our assets are part of Ströer. It would be kind of insane to impair 80% of our assets. — Udo Müller"

"“The first step to recovery is admitting you have a problem. They’ve known this for 10 years but the number of products has increased, not decreased… It spreads your IT dollars like peanut butter.” — Former SVP, Technology"

""I mean we've got capacity up to -- we [ran] over a decade ago close to 200k 7-day carloadings for the entire year. And we're around -- we're less than 170k today. So we've got excess capacity." — September 2019 conference"

"“...freight railroads account for just 0.5% of total U.S. greenhouse gas emissions and just 1.9% of transportation-related greenhouse gas emission” — US Environmental Protection Agency and Association of American Railroads"

"The office of the Community Residents' Committee located nearby never heard of the company Yidatong and one member became borderline irate by the suggestion that Yidatong could be located at the same address as the school."

"For the year, our e-commerce sales increased 30.2% year-over-year and on a 52-week to 52-week basis and accounted for 16.1% of our sales compared with 17.4% in 2020 and 9.4% in 2019. — Floor & Decor Q4 2021 Earnings Report"

""That play is now gone for them. They are really limited what they can now buy in Canada. The multiple arbitrage isn't there anymore, since there's also more private equity money around." — Former Saputo Strategy Executive"

""Yes. Rodeo is a great asset. It's operating well at or above design rates. We're in the process of optimizing the cost structure there to get it as competitive as we can get it." — Phillips 66 CEO Mark Lashier, March 2025"

""Yes. Rodeo is a great asset. It's operating well at or above design rates. We're in the process of optimizing the cost structure there to get it as competitive as we can get it." — Phillips 66 CEO Mark Lashier, March 2025"

"We expect approximately $1.1 billion of upfront costs associated with the initiation of the plan to impact net income in the fourth quarter, which will be adjusted out of normalized FFO. — Tim McHugh, Q3 2025 Earnings Call"

"Stryker 10-Q Note 7 said, "The aggregate purchase price of our acquisitions, net of cash acquired was $31 and $23 in the three months 2021 and 2020" which does not match cash flow statement 3m figure of $27m — Stryker 10-Q"

"On 30 June 2013, after receiving notice from the Group a wholesale investor owing $34.80m failed to settle in full the purchases of 580 hectares of plantation located in the Burdekin Queensland. — TFS FY 2013 Annual Report"

"Prestige Brands "accepted the benefit of XPO's services ... without objection, protest or rejection," the complaint states, "yet failed to compensate XPO for the reasonable value of its services." — XPO Logistics Complaint"

""It can be devastating. It can cause a real problem. So, that would be my worry. Basically, if we have a baby, he's got high pulmonary pressures, they don't start diazoxide." — Trial investigator, pediatric endocrinologist"

"“I wasn't anticipating this particular piece of news...I wasn't expecting to see this — I don't think there was a perspective that this was likely to happen” — Endocrinologist; academic and community hospital affiliations."

""Lightspeed delivered revenue ahead of our previously established guidance and reached Software and Payments organic revenue growth of 47% year-over-year, accelerating from the 42% we saw last quarter." — Q3 2021 Conf Call"

"“one individual continued to gain weight while on drug...she probably got randomized to real drug...because she got hairy...so I was pretty sure she on real drug...” — Trial investigator, pediatrician/geneticist, professor"

"I’ve heard of a delay of shipment of systems to have Lasertec fix some things or engineering changes…they’re holding off near-term shipments until they resolve these quality issues. — Longtime executive at Global Foundries"

"Over the coming weeks leading up to the Annual Meeting, we will publish detailed materials outlining our views on the opportunities at LivePerson and we look forward to speaking directly with you, our fellow stockholders."

"The financial strain from Generac's warranty accounts can also be seen from recent social media advertising on Facebook where Generac is offering a free 10 year extended warranty, whereas a year ago it was only 7 months.."

"Spruce Point has difficulty believing Generac's reasons for why Domestic EBITDA margins keep falling. First off, it keeps citing commodity input costs, yet this same factor is never mentioned in the International segment."

"Mr. Smith's extensive public board experience and experience in a variety of industries together with his management experience in a variety of roles will enable him to provide invaluable oversight to the Company's Board."

"We are advocating for a comprehensive, multi-year capital return program comprised of an accelerated share repurchase (ASR) this year and a minimum percentage of future cash flow dedicated to share repurchases thereafter."

"Site Sharing’s financial statements and Central Bank of Brazil (“BCB”) records make clear that the consideration for Site Sharing NE was only approximately US$335 million, approximately US$250 million less than disclosed."

"Given the decline in value relative to the amount paid for acquisitions, we believe that AMT should be forced to impair its intangible assets and/or goodwill by US$107 million, or by 20% of the original acquisition price."

"When Procept presents its TAM, it assumes that every man in the US who has been actively treated for BPH will choose to undergo the Aquablation resective procedure. We believe this is an absolutely unrealistic assumption."

"To ensure that Crown Castle's management team is properly aligned with shareholders, we are recommending a revised incentive plan that encourages sound capital allocation and bridging the performance gap to industry peers"

"As customers continue to focus on the lowest price and shift towards online shopping, Canadian Tire will be at a disadvantage to its competitors who offer competitive pricing, free shipping and a better online experience."

"We note that, as of Dec 31, 2017, VIP had $2.8M receivables payable outstanding. The entirety of this balance was wiped out through inter-company eliminations following the acquisition: the full balance was owed to PetIQ."

"All candidates are fully independent of Palliser, Keisei and affiliates. If appointed, none of the candidates will be considered over-committed even by the strictest policies applied by global investors and proxy advisors"

"Now Olive Garden serves dishes that are astonishingly far from authentic Italian culture, such as burgers & fries, Spanish tapas, heavy cream sauces, more fried foods, stuffed cheeses, soggy pasta, and bland tomato sauce."

"The TN mining permit was issued for the fully permitted project in August 2023 and for just 308 acres. However, IPX has been steadily increasing its land ownership to cover 1,486 acres or nearly 5x the size of the permit."

"Red flag: QS once again hides the actual capacity the battery is charged to in its simulation. Experts indicate it's a common form of cheating when making battery claims, as at low energy loadings a cell can last forever."

"We believe the company’s share price performance from 2013 through 2015 was partially driven by investor anticipation around its eventual transformation into a holding company for Pershing Square's controlling investments"

"Compared to the Solidigm analysis, this would reduce annual HDD rack operating costs by over 90% from $3.1 million to $260K, or by over $28 million over ten years in their analysis, representing a material cost reduction."