Callouts & quotes from 37,061+ activist slides

"The Company’s existing current backlog is projected to provide substantial coverage of forecasted revenue for one year from the date of the financial statement issuance. — Limbach 10-K/10-Q filings (FY23-FY24)"

"These are exciting times for Parkland and as a board and company we are focused on moving ahead, executing on the strategy and delivering value which I trust are common objectives we share. — Steven Richardson"

"“I think if Muddy Waters analyzes our data seriously, there is a high probability that I think Muddy Waters will not be so stupid. The level and IQ of the people in Muddy Waters is quite high.” — Chairman Chen"

"“An existing Lightspeed partner, Chronogolf uses the Lightspeed platform for both the retail and restaurant facets of its business software, combined with its booking and management solutions.” — Press Release"

"I can't think of a single patient where we've used Wakix as monotherapy. It's almost always in combination with other meds. — Neurologist and professor at a pre-eminent academic institution, advisor to Harmony"

"Participants in the Herbalife scheme, the distributors, ‘obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers.’ — Pershing Square Capital Management"

"“must end up disappointing those at the bottom who can find no recruits,” — In re Koscot Interplanetary, Inc., 86 F.T.C. 1106, 1181 (1975), aff’d mem. sub nom., Turner v. F.T.C., 580 F.2d 701 (D.C. Cir. 1978)."

"Regarding your inquiry, kindly note that according to our hotel policy, each guests must be at least 18 years old to complete the check-in process and stay at the p — Fairmont Nile City Reservations Department"

"“The mirrors of High-NA-EUV lithography are unique in size and precision. Therefore we've developed a completely new system design.” — Dr. Peter Kürz, Head of Field of Business High-NA-EUV lithography at ZEISS"

"There is a clear timeline inconsistency on Mr. Lacoste's Nuvei biography which says he worked at TMS starting at September 2015. This is contradicted by TMS's press release which says he was hired March 2016."

"MacLellan’s company was sued for making false statements, found numerous material weaknesses, and eventually had its SEC registration revoked due to its inability to file financial statements for three years."

"Crown Castle’s underperformance is especially disappointing based on our view that its U.S. tower portfolio has more attractive characteristics than its peers and is better positioned for the 5G upgrade cycle"

"Investors should not assume that PetIQ's new wellness centers are an immediate extension of the VIP business, nor that PetIQ acquired the expertise to execute on its wellness center plan when it acquired VIP."

"We have assembled a team of extremely talented restaurant operators, turnaround specialists, real estate experts, and corporate governance veterans who are ready, willing, and able to tackle each opportunity."

"The takeaway from stock action and, in our opinion, sentiment since 12/20/13 is the stock rallies when there is movement toward replacing management and sells off when management publicly digs their heels in."

"Small problem with the CEO’s claim: six ex-employees imply it’s false, made up, or “total bullshit”, implying that QS is still struggling with dendrites and slamming the data as “useless,” “crude,” “immature”"

"Manulife’s marketing materials also contemplate premiums well in excess of life insurance premiums, which seemingly contradict its argument that “premium” should only refer to amounts paid for life insurance."

"Ancora agrees with RBA’s estimates that revenue synergy opportunities can yield $250 to $780 million of EBITDA – and sees additional opportunities for the combined company to gain market share and drive value"

"We believe Ms. Penrose’s disappointing record as Chair of the SCR Committee and lack of relevant animal welfare, supply chain and labor practices expertise warrant her removal from the Board and SCR Committee"

"We believe Ambry Genetics was able to significantly grow its RNA testing volumes by leveraging CPT code 81479, as evidenced by the sharp increase in Medicare revenue and reimbursement rates from 2019 to 2022."

"Leadership cannot hide behind recent defensive maneuvers and the veil of improved governance. Elanco needs Board and management changes to ensure accountability and deliver a long-term, multi-year turnaround."

"The latest in Elliott Investment Management’s efforts to help streamline Phillips 66 and enhance shareholder value, featuring conversations with industry experts and Elliott’s exceptional director candidates."

"Much of that spending was funneled into technology that would help districts manage the transition to a virtual learning environment. Many districts saw unprecedented increases in technology-related spending."

"We have assembled a team of extremely talented restaurant operators, turnaround specialists, real estate experts, and corporate governance veterans who are ready, willing, and able to tackle each opportunity."

"Darden’s massive scale, high AUV, and 100% company-operated store base should make Darden the leader in all revenue per employee categories – we believe the only reason it is not is poor corporate discipline."

"The takeaway from stock action and, in our opinion, sentiment since 12/20/13 is the stock rallies when there is movement toward replacing management and sells off when management publicly digs their heels in."

"The result has been extreme shareholder value destruction and sustained share price underperformance versus peers - despite Avantor having a higher mix of recurring revenue and defensive consumables exposure."

"We believe that, by surveying only high-volume users, our analysis captures the behavior and sentiment of dental practitioners whose buying patterns will be most material to Align's performance going forward."

"We believe that, by surveying only high-volume users, our analysis captures the behavior and sentiment of dental practitioners whose buying patterns will be most material to Align's performance going forward."

"We believe Arconic management thinks the key to shareholders’ hearts is by returning capital. They do not understand investors. The issue is not the amount of capital invested but the returns on that capital."

"While Martin Franklin and other intelligent capital allocators have created tremendous value through platforms, there are many examples of acquisition-intensive companies that have destroyed shareholder value"

"Official AMR Brazil import records suggest $95 - $99 million of Brazilian revenue. The Company is claiming significantly more revenue, even inclusive of freight revenue which it does not break out by country."

"Spruce Point finds that AMR's CCO Horn has also engaged in undisclosed stock sales contrary to SEC guidelines which mandate that a Form 4 must be filed with two business days following an insider transaction."

"To the extent our concerns about CCT operations necessitate a re-shoring to comply with government regulations, or even customer preferences, it would represent another profitability headwind for the Company."

"iRhythm's practice of slowly leaking out increasingly serious regulatory sanctions resulted in a gradual crescendo of bad news that we believe was orchestrated to soften the blow on the Company's stock price."

"D&D is currently trading at a significant discount to its peers, based on FY2024 consensus EBITDA estimates. Illustratively, at the peer median of 19.2x EV / FY2024 EBITDA, D&D would trade at $71.54 per share"

"At the beginning of 2009, Bon-Ton was perceived to be on the verge of bankruptcy. Today, it’s stock has increased more than 10 times. In November, it secured a 3.5 year extension on its $750mm credit facility"

"While management has been dismissive of this threat, we believe P&G must go on the offensive with digital capabilities to stay ahead of these small but growing brands – especially in categories at higher risk"

"The latest in Elliott Investment Management's efforts to help streamline Phillips 66 and enhance shareholder value, featuring conversations with industry experts and Elliott's exceptional director candidates."

"The latest in Elliott Investment Management’s efforts to help streamline Phillips 66 and enhance shareholder value, featuring conversations with industry experts and Elliott’s exceptional director candidates."

"The latest in Elliott Investment Management's efforts to help streamline Phillips 66 and enhance shareholder value, featuring conversations with industry experts and Elliott's exceptional director candidates."

"Trian believes GE could be worth approximately $40 to $45 of implied value per share by the end of 2017 and will seek to work collaboratively with GE’s management to help positively influence corporate events"

"It is a common tactic in China Fraud to use villagers as fake shareholders – sometimes they are paid small sums for their cooperation, other times their identities are used without their knowledge or consent."

"If any of the three assumptions listed above is not successfully realized, even if the remaining assumptions are achieved, Bristol-Myers shareholders could lose substantial value from the Celgene acquisition."

"When we adjust for Amdocs' questionable one-off tax benefits, the Company's effective tax rate grows from its observed level of ~15% to a more realistic ~26%. EPS falls by ~15% after we apply our adjustments."

"From local filings, we see that its EBITDA margin has fallen sharply over the past three years from 7.8% to 3.9% (Adj EBITDA from 8.2% to 6.0%), while operating cash flow amounted to just A$3 million in 2022."

"GCP has owned Verifi for almost a decade, but still describes it as a new technology with a ~$1 billion market opportunity. So far, GCP has not disclosed how much revenue or profit loss the business generates"

"Taking the inverse of this metric implies that State Street’s Investment Servicing segment’s costs exceeded its servicing fees by 40% compared to only 22% at Bank of New York Mellon’s Asset Servicing division"

"We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes all information required under the Securities Exchange Act of 1934."

"We also find it concerning that Disney's culture seemingly rewards executives and directors for avoiding conflict and punishes those who respectfully challenge the assumptions of leaders – even when justified"

"In a meeting with Elliott, Phillips management openly acknowledged that Phillips 66's value proposition fails to resonate with either refining or midstream investors—the very core audiences for this business."

"Our research has revealed that there is very little benefit to the conglomerate structure at Phillips 66 and no material reason that the midstream and/or chemicals businesses can't be separated from refining."

"Publishing as a stand-alone company, given its premier franchise and leading position, is assumed to trade, on a fully distributed basis, at a 9.5x - 11.0x 2006E OIBDA multiple as illustrated in Exhibit 4.68."

"The DCF Analysis, assuming a terminal exit multiple of 9.5x - 11.0x trailing 2010E OIBDA, generates an enterprise value range of $12.7 - $15.4 billion which translates in a 1.8% - 4.4% perpetuity growth rate."

"Although PeptiDream has the technology to synthesize trillions of different peptides, experience has shown that the size of the library is not the key factor in developing commercially viable pharmaceuticals."

"In a follow-up survey this March, a senior industry consultant remarked that not picking Peanut Butter as a supplier, given their recent track record of delivery, might be dangerous from a career perspective."

"In 2019, the FTC charged long-time MLM AdvoCare with operating as a pyramid scheme. Its leaders were banned from operating an MLM in the future and were forced to refund $150 million back to its distributors."

"it does represent the key components of the market (largest and most direct competitors) with data contributed from the most significant market participants. McGraw-Hill adoptions share per Q4 earnings calls."

"In a meeting with Elliott, Phillips management openly acknowledged that Phillips 66’s value proposition fails to resonate with either refining or midstream investors—the very core audiences for this business."

"Over a more relevant five-year time horizon, Phillips 66 has underperformed both refining and midstream peers, with the underperformance especially stark after adjusting for midstream's lower cost of capital."