Callouts & quotes from 153+ activist slides

"“The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme – a conclusion that obviously vindicates our research and conviction.” — Carl Icahn"

"MSCI investors should be alarmed that its Head of IR and Treasurer departed a couple months after the RCA acquisition was announced in August 2021. Her LinkedIn biography indicates she departed in November 2021."

"However, our research indicates that IonQ procured the chips from a third-party vendor operated by Honeywell, its key competitor – as absurd as if AMD purchased CPU’s from Intel and claimed it was “AMD Inside.”"

"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 FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme – a conclusion that obviously vindicates our research and conviction. — Carl Icahn"

"Our analysis of the data buried in Soleno’s papers indicates an alarming spike in prediabetes and diabetes within 13 weeks of starting Vykat – and a linear increase over 3 years with no signs of a plateau."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"This transparent act of entrenchment by the Board should not go unchecked and we believe indicates a clear need for common stockholders to strongly unite with a louder voice to protect the stockholders."

"FDA review clearly indicates its reliance on the lack of reported serious adverse events at the time of approval in 2019 – now contradicted by the facts (FDA CDER Clinical Review (Solages, Sep 28, 2020)"

"Beyond the fact that inventory to sales metrics have been rising, a closer look at Saputo Australia's raw materials indicates that they are piling-up and likely not being converted to final products."

"Content Security Is A $170M+ Business That Involves Moderating Controversial Content. Our Forensic Evidence Indicates Management Has Not Been Transparent About The Declining Economics Of The Business"

"That said, we believe age is often used as a marketing tool to over-dramatize the fertility treatment imperative, as CDC data indicates 60% of ART cycles performed in 2019 were on women below age 37."

"The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme – a conclusion that obviously vindicates our research and conviction."

"The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme – a conclusion that obviously vindicates our research and conviction."

"The consistent zero to de minimis value of work-in-progress inventory, compared to material amounts of finished goods and raw materials, also indicates that the demand for DNMR's products is weak."

"Our analysis indicates that First Alert revenue may be challenged in the near term by abnormal retail performance and reliance on one product introduction, which may create difficult comparisons."

"Petitioner's analysis indicates that the post-marketing safety signal from Wakix, particularly with regard to cardiotoxicity, is exponentially worse than that which led to terfenadine's recall."

"This is also confirmed by the following article published in March 2006, which indicates that Mr. Zheng Jiayuan was the head of ANTA’s Factory Number 2, and had then been working for 10 years."

"However, a check online indicates that approximately 78%-95% of the boots are >$100 which suggests that BOOT is stuck with a significant quantity of high-priced inventory that is not selling."

"Our analysis indicates an alarming result: 2021 acquisitions contributed more Adj. EBITDA than revenue despite management claiming that Fetch, the largest deal of the year, was dilutive."

"While ROAD's marketing of LSP indicates it owns all the assets at their locations and there is significant embedded value of aggregate reserves, there are reasons to question this claim."

"Synlogic indicates they “used $13.6MM of the pre-paid research and development expenses” in 2020, which we are almost certain was booked by Ginkgo as non-cash non-related-party revenue."

"Our data scrape program identified +7,900 unique practices on the Vets First Choice Platform. This pace indicates that its install base will grow to over 9,000 vets by the end of 2018."

"We call upon the company to address these deep points of concern, each of which we believe indicates blatant fabrication and a near-total lack of scientific substance at the company."

"If our value creation initiatives are successfully implemented, our analysis indicates that Darden could be worth $67 - $86 per share, BEFORE traffic improvements at Olive Garden"

"If our value creation initiatives are successfully implemented, our analysis indicates that Darden could be worth $67 - $86 per share, BEFORE traffic improvements at Olive Garden"

"Our analysis indicates that the CEO and the other pre-IPO members have taken more than $900 million off the table through a combination of different methods since the IPO."

"Twist’s CFO – in his LinkedIn profile – indicates his responsibilities at Televerde included “establishing global operations in Glasgow, Scotland and Cordoba, Argentina.”"

"On the Q3 2012 call, management acknowledges conditions do not necessitate the impairments, and indicates to us that they view impairments as a matter of its discretion."

"Red flag 2: The battery life chart appears to be fabricated, as it shows a cell being discharged at over 100% of its energy, which common sense indicates is impossible."

"Our analysis indicates that TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating."

"Our research indicates a HARMONY 2 trial was in fact conducted - only to fail and be buried, with the oddly-named “1-bis” inserted in its place as “2” was taken."

"In 2021, Pisach executed a second same-day flip (that did not involve CPI PG). This further indicates that CPI PG’s deal with Pisach was highly problematic."

"The literature documented in Petitioner's report indicates that cardiotoxicity is an unsolvable flaw and Catch-22 for a histamine H3 drug like pitolisant."

"This LinkedIn post from October 2024 indicates an A320 aircraft was sold by FTAI to Maverick Horizon—we understand this was a Perpetual Power agreement."

"Early analysis indicates agent commissions could fall as much as 200bps and that the overall industry commission TAM could be reduced by as much as 30%."

"Third party behavioral analysis strongly indicates that Burford’s management was deceptive in their written and verbal responses to our initial report."

"Engie harvested the asset for cash, while HASI's most recently quarterly filing indicates that negative revenues and losses continue to accumulate."

"Zooming into the fine print indicates “1C charge and discharge” – which is a technical term for a 1 hour rate, NOT 15 minutes, which is known as 4C"

"Regression formula (see slide __) indicates 38-80 msec QT prolongation at plasma levels within the range for poor CYP2D6 metabolizers of pitolisant"

"An examination of recent tenders on the Texas DOT website in December 2024 indicates that LSP has not been competitive on three of four projects."

"In other words, the data collected indicates use of persistent identifiers used to target and re-target users across domains and applications."

"If NQ reports strong Q1 2014 advertising revenue, as Mr. Khan indicates, it would be absurd given the contradiction in Mr. Khan's own comment."

"Evidence in the captured data indicates that APP’s CEO and CTO blatantly lied and misled investors about APP’s use of persistent identifiers."

"A review of Vidazoo's social presence indicates limited breadth, especially at YouTube, a video platform where it had just three subscribers."

"Common sense indicates that the only purpose of such a plan is to incentivize sales reps to proliferate inappropriate patient referral forms."

"NBEV ends up paying 50% of revenue for the licensing deal, yet our research indicates that standard rates for this industry are around 25%."

"This clearly indicates that plasma levels are significantly higher than the range indicated on the label, and that the label is a fiction."

"The chart appears to be fake, as it shows a cell being discharged at over 100% of its energy, which common sense indicates is impossible."

"The investor presentation indicates they only have three quantum computers in service, implying >$500 million of market cap per machine."

"We believe that the increase in option values indicates that management may be issuing options which are in-the-money from inception."

"Web traffic for 37 million unique users across five advertisers in Q1 2025 indicates that ~52% of e-commerce sales are retargeting."

"The reluctance, despite Soleno’s over-the-top bombardment of patients and prescribers, indicates significant challenges for Vykat"

"Incorporating the benefit of NOLs, a discounted cash flow analysis indicates an enterprise value range of $17.1 - $21.6 billion."

"This document indicates that Olam could be on the hook for substantially more cash (and risk) than it previously disclosed."