Callouts & quotes from 37,061+ activist slides

"Wall Street analysts have expressed enthusiasm for the quality of Starboard's director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution."

"Darden's directors have overseen an average underperformance of 153% during their tenure on the Board, and the four that are running for reelection performed even worse, with an average underperformance of 186%"

"As shown in Exhibit IV-4, SOFI seemed to break the glass after receiving the comment letter. As part of its reaction, SOFI reduced the Secured Loan receivable balance by borrowing from JPMorgan Chase Bank, N.A."

"Dozens of employees have told us that Dr. Kleinfeld surrounds himself with sycophantic former Siemens colleagues who do not possess the experience or expertise required to lead Arconic’s operations successfully"

"Demonstrating Dr. Kleinfeld's obsession with his image, German newspapers noted that his official Siemens image was airbrushed and re-released to remove the appearance of an expensive Rolex watch from his wrist"

"Although Dr. Kleinfeld has repeatedly attempted to take credit for the separation, his only real contribution was to complete it years later than the market had hoped and in the most expensive manner in history"

"According to Good Jobs First, which tracks corporate violations, AMR (and legacy ANR) is ranked #1 in total penalties and records. The fines primarily relate to safety, with environmental issues ranking second."

"We believe it is damning that iRhythm failed to submit MDR reports related to an issue that could cause patient deaths given that MDR reporting failures were already an FDA criticism in its 2023 Warning Letter."

"We believe that ANTA posts industry-leading operating margins not because it's so well operated; but, rather because ANTA uses numerous secretly controlled Tier 1 distributors to fraudulently boost its margins."

"As documented throughout this report, with the exception of Ding Siren, the individuals who hold these local branch representative positions have each been involved with a number of different Anta distributors."

"Each Company Represents an Opportunity to Own a High-Quality and Sticky Business at an Attractive Valuation with the Potential for Significant Value Creation Through a Better Balance of Growth and Profitability"

"The ex-employee described a fiasco and recent deterioration in attempting to order from Twist: manufacturing is "one month" slower than competitors; "it's getting worse...I can notice...it's just getting worse""

"Incremental losses could pressure the buyback, and losses along the lines of our calculations would force a choice between a capital raise and surrendering the AA rating the company needs to write new business."

"After working with Elliott, Marathon Petroleum's Board and management acted decisively to create a more focused and efficient organization. Marathon stock has dramatically outperformed its peers since mid 2019."

"Spruce Point believes that C3 might look optically cheap relative to high growth data and AI peers, but that C3's revenue estimates are too high, and lie on a shaky foundation with a related-party Baker Hughes."

"At the current level of g-fees, the GSEs’ guarantee business could have been profitable while absorbing the same level of actual credit losses they incurred in the guarantee business during the financial crisis"

"Spruce Point has identified a recent surge of shipments from Ireland to Monster in California. Why would the Company go through all the expense of expanding into Europe, only to send product back to California?"

"Note that ~20% of Simon’s GLA relates to the Mills portfolio. These properties have lower occupancy and rent per square foot than traditional regional malls and deserve a lower valuation than typical GGP assets"

"Landmark illustrates the need for independent directors with experience in distribution to provide proper oversight and protect shareholders from reckless deployment of capital and poorly conceived acquisitions"

"Phillips 66 is trapped in a cycle of underperformance originating from its weak corporate governance—which enables the continuance of a value-obscuring conglomerate structure that hinders operational execution."

"The Board set a 2015 Adj. EBITDA target for management LOWER than the Company’s 2014 Actual EBITDA despite management telling shareholders that the Company was “on track” to soundly beat its $2.0 billion target"

"Wall Street analysts have expressed enthusiasm for the quality of Starboard's director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution."

"Wall Street analysts have expressed enthusiasm for the quality of Starboard's director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution."

"Normally an agent will receive its share of revenue from Momo at the end of the month and then pass on the broadcasters share of revenue. We can see no good reason why an agent should receive an advance payment"

"Had advertising as a percentage of sales been held constant at 2006 levels (adjusting for the mix impact from acquisitions), EPS would have grown only 39% from 2006-2013 – 700 bps lower than reported EPS growth"

"Phillips 66 is trapped in a cycle of underperformance originating from its weak corporate governance—which enables the continuance of a value-obscuring conglomerate structure that hinders operational execution."

"Founder Scott Cook plans to sell another ~850k shares (or about $500 million) of Intuit shares through October 2025, but what we find more striking is the declining insider ownership of other Intuit executives."

"Yes. About the speed, it's theory. When we negotiated with HBOP, we negotiated for some time about the order of a corrugating medium paper machine. Later they changed their order to a kraft board paper machine."

"2.5% of equity capital, or ~$170 billion, to support ~$6.7 trillion of single-family guarantees would provide the GSEs with a fortress balance sheet with more than 5.5 times as much capital as historical levels"

"While Nidec’s revenue recognition policy could suffice for more developed markets, in China there is a non-negligible possibility that employees would exploit the lack of necessary acceptance to stuff channels."

"At about $0.50/mile, the entire addressable market for autonomous trucking in a hub-and-spoke system is somewhere between $8-13 billion, which is less than Aurora's current market capitalization of $13 billion."

"If GoDaddy can improve its growth + profitability rate to 40%, GoDaddy should trade more in-line with other predictable, recurring technology businesses that have strong leadership positions in growing markets."

"we believe that the evidence already known to the public may itself both suggest, and justify, that terminating or renegotiating the acquisition is in your best interest as a fiduciary for public pension funds."

"Our conversations with a selling shareholder and a former AMT employee involved in the transaction confirm that AMT paid the selling shareholders approximately $300 million, and not the $585 million AMT claims."

"Instrument often fails, including with standard assays that "just flat out didn't work"; incorrect signals; "confounded the algorithm"; numerous problems with mysterious causes; every run has something crop up."

"Lasertec is an extreme, textbook accounting fraud that checks off every box: claiming to have the highest margins in the industry; but alarmingly little cash flow and the lowest cash conversion among its peers."

"Assuming that Olam requires a minimum of S$100 million in cash on hand to continue operating, we believe that Olam may have to raise or refinance S$4.6 billion in debt in the next twelve months to stay solvent."

"We recommend that investors disregard S$94.5 million (26%) of profit after taxes for the 2010 financial year (and associated shareholders’ equity) because it resulted from highly questionable negative goodwill."

"Therefore, either DLO's disclosures are inadequate (i.e., more detail is needed to disaggregate merchant account balances from those of DLO), inaccurate, or DLO likely used client funds for its 2020 cash needs."

"BMC management repeats the same old story year after year, with no demonstrable progress, whether it's extolling the benefits of separating ESM and MSM, or repeating the benefits of investing in its sales force"

"Shareholders should be asking whether a board truly interested in good governance would spend more time attacking practical ideas to achieving de-staggering than actually finding solutions to achieve this goal."

"SCT Leisure owns c.$1.3bn worth land in the region surrounding Everland (in-use + undeveloped), c. 4x the Leisure business's estimated intrinsic value (not currently included in our intrinsic value calculation)"

"Our range of estimates assumes that female utilization could decrease to 0.98% vs. the 1.02% female utilization we estimate for FY22. Each 0.01% of utilization decline equates to approximately $10M of revenues."

"Pershing has improved its initial Transaction to address issues raised by the Company. Today, we are presenting this revised Transaction to the Company, its shareholders, and members of the investment community"

"Astra has never generated any revenue and has no track record of reliability – to date, just one of seven of Astra's attempted rocket launches has reached orbit, and that was after a series of notable failures."

"Since the most recent acquisition of Fleet closed in 2017 PBH’s share price has underperformed. We believe PBH will continue to underperform as headwinds result in negative organic growth and declining margins."

"It is also worth noting that, when KANA traded publicly in the mid-2000s, the company disclosed a number of material weaknesses related to its financial reporting, and was subsequently delisted from the NASDAQ."

"Amcor's projected synergies as a percentage of pro forma sales and EBITDA are the highest relative to recent paper and packaging transactions over $1 billion, and significantly higher than the peer set average."

"scil revenue declined at a -1% CAGR from 2014 to 2019 during its ownership by Henry Schein and Covetrus. Moreover, the business only grew 1% in 2020 despite the supposed trend toward Covid-driven pet ownership."

"If GoDaddy can improve its growth + profitability rate to 40%, GoDaddy should trade more in-line with other predictable, recurring technology businesses that have strong leadership positions in growing markets."

"2.5% of equity capital, or ~$170 billion, to support ~$6.7 trillion of single-family guarantees would provide the GSEs with a fortress balance sheet with more than 5.5 times as much capital as historical levels"

"Unsurprisingly, OPO's and centers are flocking to NRP, either training their own staff or contracting with inexpensive, third-party NRP perfusion services which are proliferating – and marketing via Google ads."

"Indicated lack of interest in Vykat at a recent, internal Journal Club meeting to review the phase 3 paper with “20 doctors that were in the room” – “people are a little hesitant when they hear the cost of it.”"

"Close observation of the chart indicates the claim is dubious. As an initial red flag, the mean hbA1c at week 13 – the end of the Phase 3 double-blind portion – is shown only as pooled average mixed population."

"The medical director stated that directors at Blue Cross affiliates around the country are in close touch, and that a domino effect would occur once of them forced usage of regular diazoxide suspension instead."

"The sequence of events suggests a potential attempt to conceal the severity of the event, as the initial adverse event report by the physician and company did not appear to mention the patient was hospitalized."

"We want to point out QTT's biggest lies, as well its key omissions and non-responses to many of our most important points because, as a long-held maxim of common law says, silence is a tacit admission of guilt."

"Если у сопровождающих есть какой-либо документ о том, что они несут ответственность за детей — будут выданы документы, с подписью и мокрой печатью от глав ЛНР и ДНР о направлении детей республик на усыновления."

"A CAD schematic and actual photograph of the Ushio EUV light source that powers Lasertec’s tool illustrates its electrical/mechanical complexity and its vulnerability to clouds of molten tin, gas, and splatter."

"The papers provide representative images of what molten tin splatter and debris looks like when it coats, contaminates, and damages the numerous mirrors and optics inside Lasertec’s EUV mask inspection machine."