Callouts & quotes from 37,061+ activist slides

"The critical part of the narrative: diuretics were insufficient to manage the crisis, indicating Vykat-induced edema is a feature not a bug – and by inference, so is the risk of pulmonary involvement and heart failure."

"Teva previously manufactured Proglycem in 50/100 mg capsules, which were discontinued in 2023 – presumably because an oral suspension is superior and safer than tablets for children and young adults, as we shall cover."

"The cash pooling of £1,073,000 in 2022 and £1,550,000 in 2021 has been restated from intercompany to cash at bank, as cash is swept by the NSC daily, however the decisions on controlling the funds is with the business."

"The TSA has publicly stated its intent to require all travelers to be processed through CAT machines in the future, either through travelers presenting physical IDs or through the transmittal of digital ID credentials."

"Midnight, if it even reaches production, will ultimately fall short on performance metrics, and when benchmarked against its domestic competitor Joby S4, it will be too expensive and too noisy to realistically compete."

"PC14586 induces conversion of p53 protein from mutant to wild-type conformation in a dose-dependent manner, as evidence by a decrease in mutant p53, increase in wild-type p53 and relatively unchanged level of total p53"

"We have not found a time where management ever explained this distinction to investors: not in the initial press release, not in their earnings call when they crowed about this contract, not in their quarterly filings."

"Mehren seems optimistic and excited in the above quotes that LOS and mortality improvements for the Pheno system will be revealed in the Mayo/UCLA study. However, Mehren doesn’t sound so optimistic in the Q2 2019 call:"

"A former employee we spoke with told us that leases like this are typically settled many years in advance, so the fact that CTO’s management does not even appear to be talking to Fidelity is a huge problem in our view."

"Data indicates that neither GSX nor Gaotu have been trending above most of the private online education platforms in the last 4 years, nor has their popularity risen much recently compared to their private competitors."

"Despite this fanfare and significant R&D spending, it appears that DSP has not generated meaningful revenue for its XpandR multimedia product and has not even mentioned the product during its last four conference calls"

"A solar industry executive told us that although these expenses are often lumped into the Cost Approach, they are not costs associated directly with the solar equipment and should be removed. — Solar industry executive"

"In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases. — FASB"

""Since BP sold off select product terminals to Kinder Morgan, we're starting to see capacity utilization increase on average 10-20% at each terminal, with some variability between specific locations." — Industry Expert"

"“We’re going to have about 50 percent more original programming than the same quarter last year and a lot of great new shows,” he says, “so I think you’ll will see improvement in the very short term.” — Philippe Dauman"

"And we're still in early innings of utilities adopting AMI technology. Only 1/3 of utilities in the U.S. have adopted AMI technology. So I think we've got a long runway ahead of us. — COO Pine, Stifel Conf June 7, 2023"

"“As far as we could tell, Twist hadn’t invented a better mousetrap...anyone that had deep technical knowledge ...was kind of like, how are you [bringing down prices]? It didn’t compute.” — IDT ex-regional sales manager"

""Every single number that is here is attached to a name and to a particular action. So this is not aspirational at all, just to be clear" — Daniel Pinto, JP Morgan CEO – Corporate & Investment Bank, 2/24/15 Analyst Day"

""Inflation, particularly in the price of food and housing; lack of democracy; public austerity followed by handouts, followed by howling protests, followed—some hope—by a change in government" — The Economist, May 2011"

"We are very pleased with our market share growth and the prospects of strong future growth as revenues tied to our RAMs have increased 6x since 2018 and tripled in fiscal 2020 and from 2019. — Spartan Call May 13, 2021"

""So I, I'm pretty in tune with, with what's happening in the Philippines, and we're seeing massive wage inflation... I'd argue its double. There's two different sides of the Philippine economy." — Former TASK Executive"

"...I would be concerned with the lack of credibility this management team has in the marketplace. I think that’s unacceptable. — Sigmund Cornelius, Elliott nominee for Phillips 66's Board and former CFO, ConocoPhillips"

"「ASMLとサイマーでは20年もかけて、毎年平均300人が開発に従事していました。20年ですよ」。また、「サイマーの買収に約40億ドルを投資したのち、さらに数十億ドルを光源の開発に投入した」。サンディエゴ市にあるサイマーの本拠点では、現在600人～1000人ほどが光源開発に従事している。大規模な取り組みだ。「例えばレーザーテックの場合、光源の開発に100人も人材を確保する余裕があると思えません」。 — 元サイマーの研究開発エンジニア"

"「A150について言えば、生産性が低すぎるためにファブには2台しか置いていないと思います。生産ラインのニーズが満たせません。生産ラインでの生産性を重視すれば、213ナノメートル光源を使わなければいけません。だから、ファブでは検査装置として主にKLA製を使っています。レーザーテック製は生産性が低すぎて、経済性に欠けるのです」 — 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"

"Peloton didn’t invent computerized exercise equipment that could let users compete remotely with other users. Nor did it invent the touchscreen, the exercise bike, spin classes or on-demand programming. — Bloomberg Law"

""Freedom Finance LLC is an ordinary 'laundry' for money that officials have stolen from the budgets of Russia, Kazakhstan, Ukraine, Kyrgyzstan and those countries of the former USSR where Turlov works." — Alexey Kushch"

"HGV is effectively betting that $125 million in synergies will be achieved without strong support or track record, in our view, while management badly missed their 2018 investor day EBITDA forecasts. — Land & Buildings"

"Compared to placebo, mean arterial pressure (MAP) and albuminuria decreased significantly, and measured GFR (inulin clearance) tended to decrease with atrasentan. — Source: Journal of Nephrology and Hypertension (2021)"

"‘current available literature is sparse or of insufficient quality’ and concludes that the routine use of PGT-A ‘with the aim of improving clinical outcomes is not supported by substantial evidence’ — Toft et al., 2020"

"MPLN holds itself out to investors as a “preferred partner” of major insurers, stating that it is “deeply integrated and embedded with all four” top United States insurance plans. — MPLN Analyst Day Presentation, p. 24"

"“Yidatong reports net revenues associated to a portion that would be earned by them for their services, and not the gross amount that is being passed to the carriers on behalf of the developers like NQ” — NQ management"

"The Division acknowledges the limitations of this endpoint, as it relies on patients to provide hypothetical responses about how they would respond in different situations and is vulnerable to recall bias. — FDA Review"

"We are not able to name the senior debt provider due to confidentiality terms in our agreement. Moreover, we would likely not name the partner absent those terms due to the factors described above. — Carvana Management"

"“by all relevant debt indicators, the U.S. fiscal scenario will soon approximate the economic scenario for countries on the verge of a sovereign debt default.” — American Enterprise Institute for Public Policy Research"

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"Once investors better understand the value proposition that Vets First Corp will bring to vet clinics in the U.S., investors will have a clearer understanding of the +$2.0B EBITDA U.S. long-term potential opportunity."

"Simply assigning a revenue multiple of 7.5x, in-line with better positioned “online gaming” players such as Golden Nugget, Rush Street Interactive and PointsBet, would result in significant downside for Genius shares."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"Looking carefully at CEO Jagdfeld's recent trading activity, we find he entered into his single largest stock sale transaction in his trading history on Feb 1, 2022 by disposing of 34,894 for proceeds of $9.8 million."

"We believe that Mr. Williams' extensive experience leading technology-focused organizations and public sector expertise, as well as his public company board experience, would make him an attractive asset to the Board."

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"On March 23, 2014 Superb Summit announced that the valuer, Beijing Tian Hai Hua, had valued JFT at HK$1.5 billion, which of course necessitated that Superb Summit pay the maximum possible HK$600 million for its stake."

"So we believe, based on some experience on conversions or migrations that we've already done, that there is a lot of potential operating leverage, not necessarily in the R&D side, but more on the operating costs side."

"Greenlight does not believe permanent impairment of value is an appropriate standard for measuring fair value. The company's accounting treatment seems inconsistent with the notion of fair value as defined by the SEC."

"There appear to be challenges of dealing with oxygen when using titanium scrap for feedstock. We noticed the Company initially suggested that oxygen impurities were to be “cleaned” but has now changed it to “removed”."

"Paringa said that its coal project had “a clear path to predictable, strong cash flows”. They also promoted a “Secured US$205 Million Sales Contract”. Sales never materialized and the share price ultimately collapsed."

"The executive indicated that IonQ’s VP of Sales and other key staff were shut out of the process, that information was “so closed and restricted,” and that staff were surprised and cynical when the deal was announced."

"Interestingly, management stopped breaking out the size of its patient base as of the end of FY18, thus hiding any deceleration in patient base growth that this suspicious segment-level sales pattern may be revealing."

"Though it can come at the expense of product reliability, 70% of surveyed G4 and G5 users admit to hacking their CGMs, extending the life of their sensors by an average of just under 100% of the advertised 7-day life."

"As a result of Shareholder Nominee involvement, Hess: Raised its dividend by 150%, the first dividend increase in over a decade; Authorized a share buyback of up to $4 billion, the first Hess buyback in over a decade."

"Unfortunately, we are faced now with the stark reality that athenahealth as a public-company investment, despite all of its promise, has not worked for many years, is not working today and will not work in the future."

"The Defendant failed to take into account a material consideration, namely, that it was approving more panels over a larger area than were required to produce the stated (and a lawful) electricity generating capacity."

"we believe Marathon is severely undervalued and that there are readily available steps by which the Board can unlock $14 – $19 billion in value for shareholders (yielding a ~60 – 80+% increase to today’s stock price)."

"Hess conglomerate structure has yielded cost overruns, operational hiccups, and an affinity for overbuilding Pure play (CLR) achieved similar production growth and acquired more acres at lower cost and greater benefit"

"This is simply not true. From our very first interaction with the Company, we have cited poor operating performance and poor management credibility as a fundamental driver of poor shareholder returns and low valuation"

"In the course of our investigation, we frequently encountered Mr. Lin Sankuang’s name associated with a variety of ANTA controlled distributors, and were subsequently informed that he is a cousin (表弟) of the Chairman."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."