Callouts & quotes from 104+ activist slides

"Looking at this analysis, we don't know if PGNY overstated the success of its selling seasons or understated the churn it was suffering?"

"In the critical new home sales category, the primary driver of revenues, we estimate that BEKE overstated GTV by ~126% in 2Q-3Q 2021."

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"These “synergies” are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"Spruce Point believes that Remitly's cash (and valuation) is likely to be overstated because it includes cash held for clients."

"It appears to be more than a casual mistake that Revenues and Net Income were overstated by 68% and 98%, respectively in 2018."

"Mettler's leverage is greater than it appears given our belief that EBITDA is overstated from cost capitalization strategies."

"Except that this business model is built on a foundation of overstated and tenuous assumptions that don't withstand scrutiny."

"SAIC filings suggest to us that the company has overstated Revenue by a cumulative RMB4.6 billion in the last three years!"

"The magnitude of this alleged pay discrepancy suggests that revenue on her channel could be overstated by over six times."

"In our experience, low interest income relative to reported cash balances is a significant indicator of overstated cash."

"AMR's Coal and met segment revenues could be overstated by at least $107 million by including third party coal sales."

"We believe this suggest a high likelihood that Mettler’s EBITDA margins are overstated and cannot be relied upon."

"Market share appears overstated in Asia, and competition in its core US vacuum market appears to be intensifying."

"We believe this supports our concerns that AVY’s Free Cash Flow is overstated and cannot be taken at face value."

"We believe that Bigo’s corrupted origin story and grossly overstated revenues make it YY’s most rotten business."

"Therefore, using INGN's own methodology, management has overstated the size of the US market by more than 100%."

"The value of purchases made under Yunnan master agreement is overstated by approximately $800 million."

"Level 3 derivatives create the net asset and are most likely overstated due to management discretion."

"The appeal of neutrality is overstated – especially as AI workloads shift from training to inference."

"We estimate that during FY2016 through FY2018, TAL has overstated net income by at least 43.6%."

"The real reason for the elevated inventory is likely a result of overstated revenue and profit"

"In other words, the net profit GSX reported to the SEC in 2018 was overstated by 74.6%!"

"From Q4 FY24 through Q2 FY25, ELF Could Have Overstated Revenue by ~$138 mm to $188 mm"

"we estimate that the Bubny Landbank's value is overstated by ~€138 million, or ~100%."

"RINO has Fabricated FGD Customer Relationships and Significantly Overstated Revenue."

"We Believe Limbach Is A Low-Quality Roll-Up With Overstated Organic Growth Potential"

"McDonald's current “skin in the game” is overstated due to lack of transfer pricing"

"Digging Beneath The Surface We Find Evidence To Suggest Overstated Organic Growth"

"We believe XPO's Adj. EBITDA is overstated as a result of aggressive add-backs."

"Accordingly, we estimate that RUN’s Cost Approach FMV is overstated by 25.7%."

"Reported financials have overstated margins due to a lack of transfer pricing"

"We estimate that TAL has fraudulently overstated its FY2016 – FY2018 results."

"We estimate that ONP has overstated its asset values by at least ten times."

"ADP’s Reported Employer Services Margins in its SEC Filings are Overstated"

"We estimate EBITDA and EPS are overstated by 17% and 79%, respectively"

"We Estimate TCV Is ~$600 Million Overstated Based On Our Adjustments"

"ONP overstated its 2008 revenue by approximately 27 times."

"XL'S CLAIMED CUSTOMER BASE APPEARS GROSSLY OVERSTATED"

"But even this percentage is overstated..."