Callouts & quotes from 37,061+ activist slides

"We believe IPX’s story of reshoring the titanium industry from mine and scrap to product is a noble cause, but one which, under current market conditions, may not generate attractive returns on capital."

"IPX is committed to producing titanium products using titanium scrap as the feedstock. However, we see two major challenges: 1) Where will the scrap come from, and 2) At what price will it be purchased?"

"We also have difficulty reconciling FY 2024 purchase of PP&E figures between the quarterly and annual report. The difference is over $1.4 million. The Appendix 5B total does not match the Annual Report."

"The license plate numbers the Chairman provided are fabricated. Two of the plates – A65072 and A65075 – were issued for small passenger cars (a Santana and a Zheng Tian pickup truck), and not for buses."

"Another former employee explained the game that QS is playing – declining to show battery life at a fast charge rate, and misleading investors by showing them battery life at a SLOW charge rate instead."

"They've got to scale that from that little credit card that he's pinching in his fingers to sheets, literally hundreds and hundreds of meters long, and being able to produce that all day long every day."

"HHH will be a well-capitalized company with access to equity and debt capital and excess free cash flow from HHC, which will be reinvested in high-return, controlling investments in operating businesses"

"Lin said he feels heartbroken on shareholders' losses, due to the great decline of NetQin's stock price, but that the loss is caused by investors' fears, induced by Muddy Waters's defamatory statements."

"The disclosure makes it clear that not only is the 32-qubit system not being sold, it isn’t even available “for customer use or independent verification by a third party” – which may “even never occur.”"

"Photos of an ion-trap quantum computer from the laboratory of one the leading ion-trap researchers in the world once again convey that the “state of the art” is still primitive and skunkworks in nature."

"Since Shareholder Nominee involvement announced on January 28th: Hess has outperformed Proxy Peers by 23%; Hess has outperformed Revised Proxy Peers by 22%; Hess has outperformed Bakken Operators by 26%"

"We believe Ms. Ganzler can help McDonald’s prioritize its commitments to ethical sourcing, oversee the Company's supply chain and support transparent reporting of progress toward stated ESG commitments."

"It is uneconomical and simply unnecessary to spend ~5x more on flash to store data that will be accessed infrequently, as any latency from HDDs is explicitly accounted for by service level expectations."

"To the extent our estimate is accurate, this anemic production supports our view that DNMR PHA compounds are in low demand, and DNMR is incapable of producing PHA compounds that would be in high demand."

"We believe these factors may have lead management to use overly aggressive accounting methods to inflate performance, and seek the DigitalGlobe acquisition as a last ditch effort to save a sinking ship."

"When MDA failed to hit its price targets and financial results started to disappoint, it was time to regroup and find a white knight savior... enter DigitalGlobe and the rebranding of Maxar Technologies"

"Fitch's most recent initial assumption of 8.40% cumulative (SCLP 2026-1) translates to approximately 4.7% annualized—already 1.7x SOFI's reported 2.80% charge-off rate, and still rising with every deal."

"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."

"Yes, particularly the finance department. The finance department is separated from the rest and managed by the headquarters, actually the salaries of the finance department are paid by the headquarters."

"According to the USDA, milk consumption is highest among children, especially in the ages of 2 and 12. Yet, Oatly doesn't appear to have much of a targeted sales or marketing effort to this demographic."

"By restoring BK’s earnings trajectory to its potential and eliminating the “credibility discount” created from years of stagnant earnings and missed targets, significant shareholder value can be created"

"NQ's physical and online presence in China is at best anemic. NQ's inability to cultivate a sales ecosystem suggests that neither retailers nor consumers are interested in selling or buying NQ products."

"The reason NQ’s SAIC financials show this revenue shift is because the Company pays minimal PRC taxes because it has far less profit than it claims. The Company’s SAIC and SEC financials are fraudulent."

"Design a global online store to help consumers develop a better understanding of which product(s) are right for them, and inspire them to “style” their shower shelf that offers a more luxury experience."

"As we pointed out on a previous slide, it appears that FND's customer mix has shift away from homeowners, which has important implications for the growth of high margin installation materials and tools."

"Deloitte's Form AP is incorrect and fails to recognize that Australia is audited by Nexia Australia. It also fails to disclose that Singapore is audited by Nexia Singapore and India by CNK & Associates."

"Because the NOI from GGP’s highest quality malls should be valued at materially lower cap rates than its lower quality malls, a substantial majority of GGP’s equity value is in the Company’s best assets"

"A seven-year extension of GGP’s secured and unsecured loans at their existing interest rates would provide the Company with sufficient time to use cash flow from operations to delever its balance sheet."

"Trian's nominees – Nelson Peltz and Jay Rasulo – are experienced and aligned with shareholders. Our nominees will bring an "ownership mentality" into the boardroom to focus on the following initiatives:"

"Trian's nominees – Nelson Peltz and Jay Rasulo – are experienced and aligned with shareholders. Our nominees will bring an "ownership mentality" into the boardroom to focus on the following initiatives:"

"We believe insiders have orchestrated a brazen scheme to artificially inflate DV’s share price by selling and obscuring an international growth narrative that is failing while they rapidly unload stock."

"Upon their review of the pitolisant data and FDA package, both experts expressed surprise that pitolisant was ever approved, with the hERG expert predicting an eventual recall due to its cardiotoxicity."

"Axon would now like investors to believe that it is at the precipice of leveraging their video and emerging AI capabilities alongside a subscription model to drive both revenue and margin for investors."

"While Celgene management has argued that JCAR017 and bb2121 have demonstrated a superior safety profile in early-stage trials, their recent commentary on timelines for approval has become more measured."

"We consistently found that price was the most common reason, followed by more features, and customization. Given increased pressures, price is a natural lever competitors can use to entice MSCI clients."

"A review of BlackRock's thematic ETFs shows that just three of eighteen use MSCI indices as a benchmark. We believe this is an underwhelming penetration of MSCI-linked offerings from its largest client."

"Mettler has a history of revenue recognition issues, but has never called out the problem. Here is one example we identified. How can it confuse the difference between the sale of a product and service?"

"Vidazoo's website and branding is promoting “Upgrade To Vidazoo” but, absent a brief uptick at year end 2022, there does not appear to be a substantial increase in traffic and engagement to the website."

"Analysts and investors currently believe that Hill-Rom shares trade at a 35-40% discount to other med-tech stocks, justified by the Company's relatively slow growth rate versus more tech-oriented peers."

"To us, even these horrific losses are meaningless, considering the abundance of fraud we have already discussed. However, if what we’ve said thus far doesn’t concern you, all we can say is “good Luckin”"

"INGN’s assumption that 73% of patients are ambulatory, and therefore POC-eligible, is likely incorrect, which calls the credibility of the 65% saturation claim for POCs on the above slide into question."

"Why was only the more optimistic (1) Target Plan provided to prospective buyers when the less optimistic (2) Preliminary Alternative Plan represented plausible variability in Forescout's future results?"

"Stryker must have been hit pretty hard during COVID-19. It was delinquent on its real estate taxes for its Corporate HQ and ended up settling its bill ~4 months after it was due with interest penalties."

"It is obvious that Lasertec would have evaluated Isteq over five years ago prior to rejecting it for Ushio - and are now desperately trying to cover up the Ushio failure and trying Isteq as a Hail Mary."

"We value Olam on a liquidation basis because our opinion is that it is likely to fail. In the event of a liquidation, we estimate the present value of unsecured bonds to be 14 to 33 cents on the dollar."

"ROAD is trading close to a 5-year high multiple despite our evidence suggesting its move into Texas (and Oklahoma) may be a result of waning demand for its services in Florida with its largest customer."

"In December 2020, presumably to avoid reporting further losses from Fairfax Africa in 2020, Fairfax orchestrated a process to de-consolidate it while engaging in accounting alchemy to understate losses."

"Phillips 66 stock has underperformed during both refining upcycles and downcycles relative to pure-play refining peers like Valero Energy. In other words: all the downside, with much less of the upside."

"Freeport is essentially a pure play on the copper price. However, In 2025 Freeport is projected to have 10% less attributable production than it had in 2021 and about a quarter less than it had in 2016."

"Given Verint's demonstrated financial misconduct under Bodner and his business partners, we find the Company's more recent evasiveness regarding organic growth and cloud-based revenue highly concerning."

"After applying our adjustments to the metrics used to measure executive performance, management goes from meeting five of six targets to zero of six targets over the course of the past two fiscal years."

"After applying our adjustments to the metrics used to measure executive performance, management goes from meeting five of six targets to zero of six targets over the course of the past two fiscal years."

"Two different views on pricing, depending on which CEO you ask. Cintas sees no change, yet Unifirst sees consolidation causing disruption, customer dissatisfaction and prices tightening at big accounts."

"We’ve reviewed comparable acquisitions in the uniform rental and services space. Transaction multiples suggest businesses in this sector should be valued at approximately 1.8x and 9.5x sales and EBITDA."

"By jettisoning underperforming locations and subsequently excluding them from its growth base, management can present an inflated picture of its ability to grow sales from its existing base of locations"

"YoY subscription growth was slowing dramatically before the scil transaction. We note that many of the figures disclosed lack adequate definitions and detail to truly understand the underlying dynamics."

"He states that he didn’t have a single back/leg pain patient who made it past a year, and that only 2 out of 90 patients he implanted with Nevro still have the device – an explant rate approaching 100%."

"The outgoing CFO famously said in early 2023 that he saw nothing on the horizon that would change the ratio of Lifetime Value to Customer Acquisition Cost (LTV / CAC) after it improved from 2019 – 2022."

"Based on the assumptions below, Wendy’s OpCo real estate is worth approximately $1bn. Given Wendy’s existing capital loss position, we don’t believe Wendy’s would need to pay taxes in a real estate sale"

"Trian's nominees – Nelson Peltz and Jay Rasulo – are experienced and aligned with shareholders. Our nominees will bring an "ownership mentality" into the boardroom to focus on the following initiatives:"