Callouts & quotes from 37,061+ activist slides

"EHTH uses a misleading large customer pool as the denominator. The company adds New Paying Members to Estimated Members, which does not make sense, as it ignores the customers dropping out over the course of the quarter."

"PGNY's presentation of its treatment protocol suggests it is the right course for all patients, ignoring that highly variant fertility issues and diagnoses require a highly individualized approach to reproductive health."

"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!"

"Valuation of other commercial service and public safety companies suggests that Cintas is materially overvalued. Investors receive neither above market sales, earnings growth, or a dividend for Cintas' valuation premium."

"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!"

"In light of its material weaknesses of financial control and accounting, and unusual revisions to revenues, capex and interest interest income, we have serious concerns about the Company’s Chief Accounting Officer (CAO)."

"Amcor changed its presentation of cash post-closing of the transaction. We observe Amcor has been increasing usage of cash overdrafts (up from $4m, $78m to $103m in the past 3yrs), a sign of financial strain in our view."

"To support our view that Amcor’s revenue is declining organically, we point out that the Company’s “Reinvestment” is listed at $500m (recall $400m was needed for just Amcor standalone and $150-$185m was stated by Bemis)."

"Based on a forensic review of Amcor and Bemis' statements on capex, we believe it is materially underspending either to boost near-term cash flow, or in support of our view, that its business is in rapid organic decline."

"Signatories are permanently barred from promoting another MLM Program that does not have the compensation limitations now required of Herbalife... When presented with these facts how many distributors will actually sign?"

"Despite our belief that Danimer’s selected peer group is not a strong representation of its business, Danimer trades at substantially higher multiples that its self-selected peers on a projected revenue and EBITDA basis."

"Rather than deal with these simple problems with simple, obvious solutions, the official reform plans are complicated, convoluted and designed to only have the veneer of reform while mostly serving the special interests."

"For 2025, we estimate the ODR segment will generate low-single digit organic growth combined with over $100 million in incremental revenue between the Pioneer Power, Consolidated Mechanical, and Kent Island acquisitions."

"TransMedics had 100% of the DCD heart market a mere 2 to 3 years ago. That share dropped to 60-70% vs. 30% NRP over the last year or two, but NRP has now flipped to pole position with 50-60% share at TransMedics expense."

"people are now saying, are you guys facing the same issues? Am I the only one who’s constantly getting these bombardments of issues left and right without even being notified of these recurring issues or device failures?"

"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!"

"Soleno thus conceals the change in mean HbA1c in the Vykat (DCCR) group vs. placebo during the 13-week Phase 3 double-blind trial by combining it into one value – preventing the public from seeing the change in T2D risk."

"Regular diazoxide whether generic or Proglycem is radically cheaper than Vykat’s $500K to $1MM+ annual cost, given its weight-based pricing – likely cheaper than the Vykat co-pay for those able to get insurance approval."

"Having that part of the discussion with her, she wasn't sanguine, but I think she was realistic, and said, this may help; it's not for everybody... I think she's aggressive and a little out there in regards to therapies."

"Vykat is “old news” as endocrinologists are very familiar with diazoxide; not “a brand new medication”; if any families are actually interested in Vykat, then will have to educate them on the safety issues with diazoxide"

"LSPD spent $372m to acquire Vend. We are baffled how LSPD talks about organic growth, when absent the contribution of receivables to its balance sheet from the Vend acquisition, they declined quarter-over-quarter by 20%."

"Based on conversations with investors, we think the market believes that TCO is spending $500M, or 100% of the total expected investment in Beverly Center, to merely preserve 2015 NOI when the project stabilizes in 2020."

"Herbalife states that “over 25% of Distributors reach the rank of Supervisor and above,” implying a new distributor has a one-in-four chance of being in one of the table’s earnings brackets (so long as they are “Active”)"

"Signatories are permanently barred from promoting another MLM Program that does not have the compensation limitations now required of Herbalife... When presented with these facts how many distributors will actually sign?"

"The company issued unsecured Convertible Promissory notes in the aggregate principal amount of $37.0 million in full settlement of various claims the former owners had brought in connection with post-closing obligations."

"RILY agreed to purchase $1 million in shares at $0.75 cents in an ATM offering underwritten by ... RILY itself. Also, 15% of the ATM proceeds go to repay GREE’s debt to RILY, adding to the circularity of the transaction."

"As Archer has admitted (contradicting its own prior statements), the most recent aircraft, Midnight M001 SN001 N703AX, is 'a pre-production model, the aircraft will not be flown for credit toward FAA type certification'."

"The company issued unsecured Convertible Promissory notes in the aggregate principal amount of $37.0 million in full settlement of various claims the former owners had brought in connection with post-closing obligations."

"DSR Ventures präsentiert sich als Angel-Investor, aber wir haben keine öffentlichen Aufzeichnungen über sinnvolle Startup-Investitionen, keine Unternehmenswebsite und keine auf LinkedIn aufgeführten Mitarbeiter gefunden."

"The CFO offered no explanation, stating only that “the current situation is a stalemate” and that “we do not necessarily have an accurate grasp of the situation” - and shockingly, that inventories would rise even higher."

"The CFO offered no explanation, stating only that “the current situation is a stalemate” and that “we do not necessarily have an accurate grasp of the situation” - and shockingly, that inventories would rise even higher."

"TSMC “will not consider” Lasertec’s EUV tool for production; only a niche lab/R&D tool in the mask shop; using legacy DUV inspection machines instead as EUV inspection “is not necessary”; only purchased six A150 machines"

"They were visiting in part because of some of the concerns we've talked about, quality concerns with the equipment, and to get a first-hand view of what is done at the factory to improve outgoing quality of the machines."

"We have serious questions regarding whether the numerous interrelationships between the management team and Board of DSP and CEVA have contributed to DSP's decision not to re-enter the licensing business in 2007 or later"

""In an interview, Pivotal spokesman Damien Tannenbaum said salespeople are sometimes overzealous in how they represent the product, but those cases are rare and dealt with swiftly." — Damien Tannenbaum, Pivotal spokesman"

"Mr. Ströer, did you, as per publicly accessible records such as those dated May 29, 2013, transfer 2.8 million shares in our company to the Sambara Foundation without receiving any payment in return? — Shareholder at AGM"

"During our third and fourth quarter of fiscal '25, we expect modest revenues as the business is currently focused on site acquisition for next year's construction program. — Dycom Industries, Inc. (Q2'25 Conference Call)"

"“The first year we had lots of wonderful one-qubit machines popping up all over the place,” he says. “Now at IBM we have a three-qubit computer, and we’re planning even larger computers.” — Chuang (MIT Technology Review)"

"“If you look at that point in time when after the crisis – look at the TSR, the TSR has gone up almost 90%. That’s the right point in time. And they [Elliott] know it, by the way.” — Dr. Klaus Kleinfeld, February 1, 2017"

"The top grossing [Tether Studios Skillz] games right now are Solitaire Cube, which is a Klondike solitaire game, and 21 Blitz. That one actually has been trailing off for the past year. — One former developer from Tether"

"“...PSX has presented shareholders with selective disclosure, unverifiable claims about various operational successes, and ambiguous and vague responses to otherwise basic questions.” — Institutional Shareholder Services"

""Some activists can be brutal and superficial," [Charles River CEO James] Foster said. "Barry was very driven and directed, but in a low-key, collaborative, thoughtful and well-reasoned way"; Wall Street Journal, 10/7/12"

"It is our intention within the 24-month period to be able to take this combined business, this pigments business... and have a normalized EBITDA in excess of $0.5 billion — Peter Huntsman, President & CEO, September 2013"

"At one time, Phillips 66 was actually a great company...but over the last few years, the performance of the company has suffered considerably. — Greg Goff, Phillips 66 investor and nearly 30-year ConocoPhillips employee."

"In the real world, I am using pegcetacoplan and I am a believer in anti-complement therapy. I think it's a conversation to be had with each individual patient, what the risk-benefit ratio looks like, — Dr. Charles Wykoff"

"recognizes that the evidence of clinical utility for the use of AlloSure in its intended use population is promising at the current time. However, this contractor believes that — MolDX (LCD for AlloSure, October 2, 2017)"

"Welltower as an organization, it is work-in progress and it is in start-up mode. I am deeply worried about, frankly paranoid about any perceived notion of success because that creates complacency. — Q2 2025 Earnings Call"

"“that doesn't sound accurate...I'm probably not the right person to comment on the accounting related to the relationship.” — Current Synlogic executive; “Yes, we're spending more than that.” — Current Synlogic executive"

"We believe that our platform will continue to deliver consistent results for the balance of the year with high single-digit growth in ready-mixed concrete organic volumes for the full year of 2017 — CEO Sandbrook (Q1'17)"

"A letter published in the medical journal The Lancet summarized the number of adverse events reports for Seldane/terfenadine, as well for astemizole, the other histamine receptor antagonist that was pulled off the market"

"with no alternative etiology provided in this report and with the assumption that a patient of this age is relatively healthy, the event of hepatitis is assessed as possibly related to WAKIX. — FDA FAERS FOIA Case Report"

"It is incorrect to say you should obtain the D&A amount from the Income Statement. The Income Statement D&A value might be correct for some companies but it's wrong for many others. — Financial Modeling Course References"

"of our engagement, Elliott has been extremely complimentary of our Board, management team and business. We appreciate Elliott’s recognition of the uniqueness and strength of Alexion’s business.” — Alexion Pharmaceuticals"

"“the problem that the customer has...because Lasertec introduces particles as you clean and put the pellicle on. So, you defeat the purpose.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“Oh my God. The amount of pressure, it's inconceivable...basically, the pressure is insane. From Samsung and TSMC combined. TSMC number one.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"Deceptive persons often respond with moral outrage and bewilderment when confronted with an accusation of wrong-doing. This reaction is meant to convince the observer that they couldn't be guilty of the alleged actions."

"Our bull case scenario suggests that HSIC would be worth $126 representing +50% upside. Our bull case illustrates the upside of HSIC shares today should Vets First Corp be awarded the highest multiple in its peer group."

"If this were incorrect, why wouldn't Mr. Fayer have corrected it over the span of 18 months? A review of Palm Beach County court public records reveal that a Philip Fayer was arrested in a criminal traffic case in 1998."

"Briggs & Stratton filed for bankruptcy in July 2020, and was recapitalized by KPS Capital Partners, its now equity owner. With this tumultuous period behind it, Briggs is making a direct push to compete against Generac."

"History does not bode well for the subsequent owners of Jacob’s led M&A hype machines. Two of Jacobs colleagues from United Waste Systems and United Rentals were charged by the SEC and Justice Dept. for financial fraud."