Callouts & quotes from 37,061+ activist slides

"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:"

"In contrast to management's growth-oriented commentary, Zillow's portfolio of websites have seen a sharp deceleration in site visitors and unique users, both of which shifted to negative growth in 2023."

"Our largest competitors, Realtor and Zillow, reported either flat or declining traffic in the fourth quarter of '23. I believe we will be able to report even stronger traffic numbers in the near future."

"The SEC would follow-up with two additional letters dated Aug 2 and Sep 23 further questioning these metrics before PLUG finally eliminated these non-GAAP figures from its Q3 2016 earnings presentation."

"Confirming our suspicion about the potential to use TransMedics jets for free private air travel as a kickback or inducement, the CEO of the OPO recounted anecdotes of such offers from Trinity and NORA."

"The organ procurement technician stated TransMedics surgeons are manifestly incompetent, “struggling” in front of other teams in the operating room and that “it’s rare to see one that does it smoothly”."

"We question what caused Norfolk Southern to make an abrupt change in operations leadership after repeatedly touting the success of its TOP|SPG strategy and insisting that it had the right team in place."

"The atmosphere at the company was very much to downplay the adverse effects...if you were to follow up with the company, I would really press on what were the hospitalizations of patients in the trials?"

"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)"

"EMA review (Annex 1) indicated massive discontinuation rates, and indicated 12-mo ESS reduction lower than that purported in HARMONY 3 trial paper and no different than placebo reduction in prior trials"

"Today's announcement marks the eighth guidance reduction at Southwest Airlines in the last 18 months with RASM (revenue per available seat mile) now expected to decline 4% to 4.5% in the second quarter."

"Spruce Point believes there is a clear lack of discipline in Stryker's acquisition of Vocera. Recall, that Stryker used to be very focused on ROIC, but now dodges discussion of ROIC in this transaction."

"It is evident that these narratives are incompatible, and Archer has not been held accountable with shifting between narratives as the situation suits without being forced to address this flip-flopping."

"Does the California Energy Commission realize that GreenPower Motor doesn't manufacture the buses themselves? They simply import the buses from China, and sell them in California at an over 100% markup."

"The records do not suggest that Accor was involved in Epstein's criminal conduct. They show, rather, that a convicted sex offender and his circle used to stay at the Accor hotels in different countries."

"We are short Datavault AI Inc. (DVLT), a reverse merger which has risen ~800% since early September, because we believe it is a stock promotion that relies on misleading press releases and empty claims."

"CTO is Obscuring the Fact that Their Core Cash Flows from Operations Have Never Been Enough to Cover Their Dividend and Pay for Recurring Capex with an AFFO Metric That Is an Aberration from Their Peers"

"Conducting business without the required certificates in the financial industry is a very serious crime in China and both big shareholders and key management and shareholders could face severe backlash."

"The fact that the Isteq source was available prior to the ACTIS A150 launch in 2019/2020 suggests that Lasertec evaluated it years ago and concluded it was inferior to the Ushio source they first chose."

"The fact that the Isteq source was available prior to the ACTIS A150 launch in 2019/2020 suggests that Lasertec evaluated it years ago and concluded it was inferior to the Ushio source they first chose."

"In reality, the actual number is closer to one ACTIS tool per quarter at ~$50MM each, as TSMC is a major portion if not a majority of ASML EUV systems – and TSMC is no longer buying Lasertec’s EUV tool."

"Three radiologists noted that this position is never how chest CT scans are done, as the arms get in the way of the chest image, suggesting that knowledge of radiology or radiography is lacking at NNOX."

"URI [United Rentals] engaged in improper accounting practices involving its valuation of acquired assets, use of acquisition reserves, and accounting for customer relationships. — SEC URI Complaint 2008"

"I think maybe we should take some of that offline. But I would say... And in terms of the detail, Irene, I think it's better to do that offline with you, if that's okay. — Dean McCann, CFO, Q1 2014 Call"

"The Commission concludes that greater prescription portability likely would enhance competition in the pet medications market, and thereby benefit consumers of pet medication. — Federal Trade Commission"

"“And I think the big question back then was, this is great. This is a breakthrough. But can these guys take that single layer cell and make a multilayer cell out of that?” — Quantumscape CEO, 2/25/2021."

"In 2019, leading companies will start investigating real-world problems in chemistry, medicine, finance, logistics, and more using our systems. — IonQ website Dec 12, 2019, as cached by Internet Archive"

"“I don’t think they have any machines currently developed with that in it” and “The ones now are about probably like a cubic foot of volume. So, they’re much, much bigger.” — Ex-IonQ employee, physicist"

"The Company’s results from transactions with UMD and Duke, as reflected in the Condensed Consolidated Statements of Operations and Comprehensive Loss are detailed below (in thousands): — IonQ 10Q Filing"

""Haphazard efforts at omnichannel can destroy value" and "Offering a compelling omnichannel experience used to be the bleeding edge of retail. Now it's a requirement for survival." — McKinsey consultant"

"We also believe doctors are sampling alternative products and/or taking advantage of wires and brackets bundles that essentially give clear aligners away for free or at reduced prices. — ALGN: 2019 10-K"

""This is the good news. I mean, the good news is that we will be able to grow our aerospace business, I mean, and every one of the segments that caters to aerospace." — Dr. Klaus Kleinfeld, July 8, 2013"

"Rodman & Renshaw has historically been associated with fraudulent Chinese companies. Although Ballard is Canadian based, its entry into China and promotion of the opportunity merits caution — Footnote 1"

"Any fuel producer which says they can have fuel available before 2030 is more of a wishful thinking than anything else, even if the US speeds up that process. — Senior executive at another SMR developer"

"As a physician who cares for patients with CIEDs, observing these experiments and realizing that devices could be manipulated outside of usual means was quite disturbing and upsetting. — Dr. Hemal Nayak"

"Finance leader for all products lines and major functional areas responsible for: P&L management, investment analysis, annual operating plan, multi-year strategy and operational issues. — Former CAO bio"

""Today, there are over $20 trillion in B2B payments in the U.S. and approximately 80% of businesses still pay other firms via paper checks." — Dave Talach, SVP of QuickBooks, at Intuit 2023 Investor Day"

"The higher gross profit margin was due to (i) efficient utilization of our plants and equipment fleet and (ii) completion of new backlog with more favorable margins. — Construction Partners, Inc. (2024)"

"I agree with Mr Harwood KC that the ordinary and natural meaning of 'the application' is the application form, which was required to be filed, and which was headed 'Application for Planning Permission'."

"ACMR management says that U.S. suppliers now supply maybe “a few percentage points” of the company’s COGS and remains confident that any supply chain issues can be effectively managed. — ACMR Management"

"“Of course, looking forward from where we are with our sort of less than 30% bookings growth here in 2014, are we ready to grow 30% from where we got? Absolutely.” — Jonathan Bush, 4Q 2014 earnings call"

"Respondents said they felt buyer agents are overpaid and they would consider alternatives if they were required to sign a contract with their agent and compensate them "out of pocket." — 1000watt survey"

"When we were going through their methodology, it needs to do two things. First, it needs to start when Mark Lashier became CEO. And we'll come back to why that is actually extremely disingenuous. — John"

"Here are the issues I've had with the procedure: *Lead wire/electrode between the stimulator under my chin and the generator in my chest is very prominent in appearance and looks very odd in my opinion."

"Thank you for emailing NVIDIA Investor Relations. We have not released any dual PR with regards to ZJK, and our department is not aware of any partnership between ZJK and us. — NVIDIA Investor Relations"

"I've tried multiple browsers on multiple devices, but the "Cancel My Plan" button literally does nothing, both on my phone and pc. No pop ups or anything, nothing happens. — TheModestHavel (Reddit user)"

"Nuvei's CFO and Chief Corporate Development Officer Have Biographies That Conspicuously Fail To Disclose Prior Executive Roles That Would Link Involvement To Illegal Activity At Optimal / FireOne Group"

"In light of our evidence that the financial statements are being revised, and growth rates and TAMs are being retracted, we find that Nuvei also recently entered into a Clawback Policy with executives."

"HLF took on substantial leverage in 2014 to fuel an aggressive buyback program and bolster a falling share price. With an $1B credit facility maturing in March 2016, Herbalife is running out of options"

"This new Board composition has resulted in the same type of consolidation of power under the new Chairman, Richard Hill, that became problematic under the leadership of former Chairman, Robert Boehlke."

"The transaction is enormously strategic for TROX and Exxaro. TROX will now be able to secure ore supply resulting in 100% vertically integration (previously, the company was only one-third integrated)."

"Based on interviews with an industry participant and a former Rockdale mining technician, we believe Rockdale lacks the proper infrastructure and facility design to curtail as effectively as it should."

"Not only did DY change the disclosure style of Customer Credit Concentration from a tabular to a text view, but also it clearly failed to disclose that Charter was a key credit risk in its latest 10-K."

"Solventum is not the first company to be spun out of an integrated parent, and the magnitude of the performance decline is far beyond the scope of working through the 3M-specific transition agreements."

"For 2019, Distributors Were Uniformly Negative: Though about half said that they expected sales to be roughly flat or to grow a little bit. Most expected sales declines but did not predict by how much."

"MPS International Ltd. (Bermuda) would be a material subsidiary based on the majority of sales being foreign. Yet, per the recent PCAOB Form AP filing, there is no local auditor evaluating this region."

"Should Merial and other manufacturers no longer feel the need to sell only to veterinarians – a direction in which they appear to be moving – what value would the VIP acquisition have brought to PetIQ?"

"We note that Wal-Mart partnered with a financial institution for its store credit card years ago. It does not own credit card receivables and has none of the material risks associated with these assets"

"Spruce Point has elevated concerns that Maxar is stuffing R&D costs on its balance sheet. There is no greater evidence then it discloses R&D costs in its intangible footnotes of the financial statement"

"Spruce Point believes that investors are not fully prepared for the likely magnitude of the impact of the pandemic on Invisalign performance, for at least the coming quarter (and likely more to follow)"