Callouts & quotes from 37,061+ activist slides

"Even before the FTC Settlement was announced, Herbalife began to engage in deceptive characterizations of the FTC settlement and its impact on its own business in an effort to prevent distributor flight."

"It is therefore not surprising that Nevro and its peers appear downright paranoid about doing any long term studies, preferring to cease evaluation at the 3-12 month mark lest they blow up reimbursement."

"Muddy Waters, LLC believes that CCME is engaging in a massive "pump and dump" scheme whereby it significantly inflates revenue and profits in order to enrich management through earn-outs and stock sales."

"When adding up the periodic net reductions (-€44.7 million + -€156.7 million + -109.7 million), Vivion’s controlling shareholders have been repaid at least €311.1 million (which as we show below is low)."

"He does. He has his paid - the biggest whore in my field in cardiac surgery was a guy named Abbas Ardehali at UCLA who was going around telling everybody that every heart should be put on the OCS system."

"The practice appears to be driven by surgeon ineptitude as well as a strategic decision, as the TransMedics pump seems to require collecting blood from the donor, which is used to then perfuse the organ."

"In 2024, Norfolk Southern has had derailments in ~14% of the U.S. states in which it operates. Last month’s derailment in Pennsylvania caused approximately $2.5 million in damages to equipment and track."

"The Board does not appear to have addressed excessive turnover in key operational roles. We believe shareholders are concerned that instability in key roles, particularly operations, hampers performance."

"We believe Mr. Stengel has ignored concerns about AOL's Peer Group expressed by Glass Lewis and has continued to oversee the construction of a peer group that violates ISS and Glass Lewis best practices."

"Though analysts project declining sales growth, they foresee margin expansion at the same time. This pair of estimates makes little sense to us and should make investors skeptical of consensus estimates."

"Fluid retention is a well-known, direct effect that is inherent to diazoxide’s KATP-channel based mechanism of action – ALL patients treated with diazoxide will retain water – via three distinct avenues."

"The KOL characterized Vykat as a total flop and exhibited concern about a cover-up and misrepresentation of the drug’s toxicity profile – and fears a looming safety debacle as patients begin to trial it."

"I haven't had emails from my patients or patients' families, which is very interesting, even though this is a pretty active community. So, that's just interesting, but I haven't, and that's maybe telling"

"LSPD Payments is so critical to the investment story, yet LSPD doesn't disclose how many paying customers it actually has, and quickly introduced and then abandoned a KPI called "Payments Adoption Rate"."

"Compensation structure was allegedly designed to incentivize off-label fraud; regional managers and reps hounded reimbursement staff for information they could use to convert off-label scrips to on-label"

"Spruce Point believes that ROAD's disclosures of its aggregate reserves are inadequate to fully access the risks of owning its shares or its valuation relative to peers that do disclose such information."

"I think 30% of drug patients, treated patients actually developed edema, while 10% of the placebo developed edema, which is 1 in 10 in the placebo group developed edema. I'm more worried about the edema."

"Even before the FTC Settlement was announced, Herbalife began to engage in deceptive characterizations of the FTC settlement and its impact on its own business in an effort to prevent distributor flight."

"In December 2017, after a contested proxy contest where Trian received the support of leading proxy advisory services, ISS and Glass Lewis, P&G announced that Nelson Peltz would be appointed to its Board"

"Many of our best investments have emerged when other investors whose time horizons are short term, discard great companies at prices that look extraordinarily attractive when one has a long-term horizon."

"Ultimately, we believe the market is mispricing the risk of DKNG losing market share during its peak Q4 earnings season given MLB playoffs, start of the NBA season, and the NFL and NCAA football seasons."

"Spruce Point has been following the DKNG story closely, and despite the recent share price movement and other prescient short-seller critiques, we believe there is still significantly more downside risk."

"Despite this length of time, these Board members only own 26,073 shares outright, or 0.12% of the outstanding, and four of the board members own 0 shares outright, despite their long tenure on the Board."

"I mean we spend only EUR 2 million in conducting fees on lawyers and accountants in Ströer to make 100% sure that everything what we do in connection with this transaction is 100% compliant. — Udo Müller"

"Third-party reviews, we are more than happy to do that. So we're more than happy to do that, so if there's really demand for a third-party review of what we're saying today, we're — Udo Müller, Ströer SE"

"I was particularly annoyed about the shameless allegation that Ströer did not have any proper corporate governance and that the supervisory board was not independent. Intolerable effrontery! — Udo Müller"

"No, I think—well, obviously we keep a really close eye on all of our credit risk metrics. We're not concerned about the level of risk in the portfolio. — Gregory Craig, President & CEO Canadian Tire Bank"

"“In the last eighteen months, we have enjoyed the unique attention and unlimited pleasure of multiple exchanges with various representatives of yours in every such way remarkable firm.” — Klaus Kleinfeld"

"The 10K opens by declaring that “the core of our platform is a proprietary technology that pioneers a new method of manufacturing synthetic DNA by ‘writing’ DNA on a silicon chip.” — Twist Bioscience 10K"

"We sold everything—even our children’s toys—just to pay for gasoline and the expenses of moving to California, after hearing people were having success with Herbalife. — Anonymous distributor testimonial"

""So it depends on the marketplace, but the clubs can vary from $5,000 to $6,000 to open to something greater than that" — John DeSimone, Herbalife CFO, 11/16/11, Morgan Stanley Global Consumer Conference"

""You're getting to a point where you've acquired a very significant proportion of the U.S. adult population, and your ability to grow further is constrained..." — Former Director at Intuit, Tegus, 8/2/22"

"After delivery of a product or performance of a service, if uncertainty exists about customer acceptance, revenue should not be recognized until acceptance occurs. — FN22 FASB ASC paragraph 985-605-25-21"

"“The system is not intuitive in terms of using it. It took our scientists a while to really get up to speed in terms of understanding how to use the system and the support.” — Harbour Biomed ex-executive"

"Kao shares jump as activist investor Oasis calls for improved performance — The Japan Times; Kao Corp. Shares Rise After Activist Investor Urges Action to Reach 'Full Potential' — The Wall Street Journal"

"We're supposed to be really good at this. That doesn't mean we don't listen to customers, but it's hard for them to tell you what they want when they've never seen anything remotely like it. — Steve Jobs"

"In a class action settled by Herbalife in 2005 (Jacobs v. Herbalife International, Inc., Case No. CV-02-1431 (U.S.D.J., C.D. Cal.)), over 2,700 distributors filed claims to participate in the settlement."

"Phillips 66 "remains an execution story" — BofA, October 2023; "[F]eedback from investors following [our] upgrade suggested they wanted to see PSX execute before giving them credit" — Cowen, August 2023."

"they hired somebody from England who brought quite a large number of surgeons who were never trained in the United States...they’re not licensed to practice medicine. — Ex-TransMedics procurement surgeon"

"THE INVOLVED PATIENT HAD THE IPG REMOVED ABOUT 2 YEARS AGO DUE TO A COMPLAINT OF DISCOMFORT WITHOUT ANY INFECTION SIGNS. THE CURRENT INFECTION WAS REPORTED IN THE IPG POCKET AND SENSE LEAD AREA RECENTLY."

"According to a supply chain consultant who reviewed an AST bid package for parts critical to unfolding the array, AST's engineering was so "immature" that his highly qualified client no-bid the business."

"Not good at all!!! We have been in the hospital since Friday!!! Retained fluid all over especially his lungs with potential heart failure. Stopping Vykat aka diazoxide choline for good!!! — Facebook User"

"“No key changes were found in…ECG test results…the changes reported in QTc (QTcF >450 ms and elongation >60 msec) did not differ significantly between pitolisant and placebo.” — Authors of Harosa 2 study"

"I don't want to have to keep asking the same questions and I don't want to be standing here till midnight. But I can tell you I won't be leaving until I receive acceptable answers from you. — Shareholder"

"In a class action settled by Herbalife in 2005 (Jacobs v. Herbalife International, Inc., Case No. CV-02-1431 (U.S.D.J., C.D. Cal.)), over 2,700 distributors filed claims to participate in the settlement."

"I mean, seriously, if they've only spent $10 to $20 million in the development process, they should not even be flying people around in limited demonstrations, it's just, that's really scary. — Dr. Moore"

"According to Daniel Wallach, sports gambling attorney, NJ is likely to lose and petition the court for a rehearing en banc, which means the full court, not just the three judges, listens to the argument."

"Our survey reveals that 96% of respondents believe that Vets First Choice brings integrity in regards to an area of animal pharma that historically has had a very bad reputation filled with bad players."

"An interview Spruce Point conducted with a former SafeCharge employee confirmed our suspicions that the SafeCharge acquisition had not gone according to plan and was experiencing lower growth prospects."

"We believe it is unlikely Genius' partner leagues would pay the assigned values for these services (e.g. software, integrity services) which are currently being offered by Genius to the leagues for free"

"We believe it is unlikely Genius' partner leagues would pay the assigned values for these services (e.g. software, integrity services) which are currently being offered by Genius to the leagues for free"

"Between that line and a few that followed, McLoughlin threw the board under the bus and with that, we don't see how Chairman [Les] Vinney and a few other directors can continue serving as board members."

"FYI- Not sure if this helps but by my relationship ending with GFL will cost me over $15m in future bonuses and etc. I had an incentive bonus plan to grow the company, plans were to double the business."

"Ms. Jamison's experience in handling financial and technical turnaround challenges together with her high level, strategic insight at the governance level, make her an excellent candidate for the Board."

"Carvana generates only about half the industry average sales per employee, yet its aggregate compensation expense as a percentage of sales is over 33% higher than peers, and almost twice that of CarMax."

"Our review of peer company gross margin expansion during their approximate growth from $200 to $400 million of revenue showed that none achieved such expansion, and the median was a gain of just 85 bps."

"Regarding the dearth of information in the data room, Allen Chan said that he would have to check with "our people" about putting more information online. We advise investors to take note of this delay."

"Dycom's revenue from Frontier has grown by ~335% since 2020 and now constitutes 5.4% of total contract revenue. Dycom has booked approximately $1 billion of cumulative revenues from Frontier since 2020."

"PetIQ is more levered than it would otherwise seem, which will amplify its inevitable share price decline once investors recognize that the business won't hit its targets and will continue to burn cash."

"The overwhelming majority of BP's top 20 shareholders (including BlackRock, State Street, Vanguard and Legal & General) opposed the introduction of medium-term Scope 3 targets at ExxonMobil and Chevron."