Callouts & quotes from 37,061+ activist slides

"By executing plan "Streamline66," we believe the Company can achieve a ~$200 stock price (with the possibility of substantially more upside if Phillips is able to execute a plan similar to Marathon's)"

"According to official reporting of U.S. coal company production via the EIA, AMR reported 13.897m tons of 2020 coal production. This is below the 14.2 million tons of production reported to investors."

"Based on business similarities, we believe there is a strong case that iRhythm should be valued in-line with other outpatient testing and services companies, which trade at materially lower multiples."

"Spruce Point observes that Sunnova has engaged in a highly aggressive business practice related to prepaid inventory purchases which we believe has provided an unsustainable benefit to recent results."

"Spruce Point observes that Sunnova has engaged in a highly aggressive business practice related to prepaid inventory purchases which we believe has provided an unsustainable benefit to recent results."

"We recap below the events and main points which we believe justifies our conviction that the Chairman (Helge Lund) of the Board and the Lead Independent Director (Dame Amanda Blanc) should be removed."

"The fact that Twist undercuts Asian companies this severely – ones with identical capabilities and a fraction of its labor cost – illustrates the lunacy of its strategy and a key driver of its losses."

"In coordination with a mass effort, we will tailor digital and mobile media and services directly to our most desirable target market, connecting with them when they are most receptive to our message."

"Therefore, you should assume that upon publication of this report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the Covered Issuer’s securities."

"Are regulatory infractions just a cost of doing business at Kratos, or emblematic of a rogue corporate culture designed to inflate financial results at all costs for the benefit of insider enrichment?"

"The result is that NQ users are vulnerable to Man in the Middle ("MITM") attack, a technique wherein a hacker impersonates the NQ server and intercepts all of the above listed data the app broadcasts."

"Bristol-Myers is estimating Celgene’s five near-term product launch opportunities will generate base case 2028 revenues that are 59% higher than the median of Wall Street analysts’ research estimates."

"As one of the world’s best-selling drugs, REVLIMID faces significant pressure from generic challengers, pressure that we believe will continue to increase as REVLIMID nears full genericization in 2026"

"PF McDonald's operating metrics are much closer to a typical Real Estate C-Corporation or a high branded intellectual property business such as PepsiCo or Coca-Cola than they are a typical mature QSR."

"Spruce Point believes the bear case against FND is validated from recent disclosures by the CEO, General Counsel and Chairman of the Board, all of whom recently enacted insider stock selling programs."

"Is Amdocs minimizing the immediate revenue contribution of acquired businesses only to realize greater acquisition-driven revenue later in an attempt to make the resulting sales growth appear organic?"

"Applying a peer-average PNAV multiple – a conservative approach given Sumitomo Realty’s superior asset quality – would imply a share price of just under ¥8,000, over 40% higher than the current level."

"Canada's commentary continues to reflect lower sales volumes, particularly in the retail segment and with fluid milk. This is being offset by improvements in the foodservice market, but mainly cheese."

"Spruce Point is concerned by the potential for heightened risk of fraud at Dairy Crest (U.K.), Saputo's largest acquisition in recent history which accounts for approximately C$785 million of revenue."

"Given the incentives of the various constituencies in bankruptcy, what is the best way for GGP to reorganize that preserves value for secured lenders, unsecured lenders, employees, and equity holders?"

"Allowed CEO Mark Lashier to consolidate Chairman role, add new directors with questionable independence from the CEO and receive generous compensation despite stock underperformance and missed targets"

"In 2020, FINRA found that Transamerica failed to properly supervise its agents, noting that agents' recommendations to clients contained materially inaccurate information or omitted essential details."

"Spruce Point has based prior successful short calls on companies we found had abnormal and poor capex guidance and inventory practices, notably Gentex (GNTX), Caesarstone (CSTE), and A.O. Smith (AOS)."

"We find alarming evidence that shows the faddish nature of FLAWLESS’s brands, which have no more than a 3yr life cycle. Recent introductions, highlighted below, are currently showing signs of fatigue."

"LAND & BUILDINGS STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE SOLICITATION STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"We believe that SBUX’s robust unit growth pipeline combined with management’s sizeable capital return plan will drive EPS growth including dividends in the mid-teens or higher over the next four years"

"When investigators visited Mettler's two registered addresses in Shanghai accounting for >$700m of sales, they found an empty office in a building, and another gated building with no signs of Mettler."

"We are concerned that Hill-Rom may similarly demonstrate margin contraction and slowed FCF growth in coming quarters as management is forced to make up for seemingly-delayed spending on capex and R&D."

"Some investors are protesting that Darden’s idea of ‘direct engagement’ amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters."

"Immediately start exploring all strategic alternatives for Parkland, including evaluating the sale or spinoff of non-core assets with the goal of becoming a more focused fuel and convenience retailer."

"Looking carefully, we observe that Stryker made subtle revisions to its “Long-term sustainable growth targets” of at least 9% EPS growth and 30 – 50 bps of annual EBIT expansion over the next 5 years."

"Our research suggests that Mobius has been a disappointment, and had significant challenges ramping up. This supports our concern as to why Stryker made milestone payments when clear problems existed."

"Management noted on its market announcement post the AFR article that it was unaware that one if its major clients had cancelled their contract, as staff from their subsidiary did not alert the board!"

"That Twynam would do this so soon after Olam bought QCH, and that Olam appeared to have no legal recourse against Twynam, is another example of poor quality due diligence efforts by Olam’s management."

"Rollins recently expanded its competitive factors listed in the Annual Report. Notice that “brand awareness” was added which is an interesting addition considering our extensively documented findings."

"Stable growth combined with an appropriate capital structure, ongoing share repurchases, and clear investor communication of leverage target and buyback strategy has led to significant outperformance."

"Since the appointment of Mr Looney as CEO (as a proxy for the current strategy) BP's TSR of 34% lags all of its peers (69% for Shell, 87% for Chevron, 101% for Total Energies and 143% for ExxonMobil)."

"Another store simply didn't exist. Branch 51 is registered at Zhugedian Village in Yanjiao Town. Yet when we visited the site, we could not find any Lianjia or other real estate brokerage to speak of."

"The rapid growth in unbilled receivables, which have now ceased to be defined by management, suggest that it has been booking revenues at a much faster rate than billing and collection of receivables."

"Juniper is unique in that it has such material and consistent underperformance across benchmarks but also possesses such readily apparent and implementable levers to drive long-term shareholder value."

"Therefore, you should assume that upon publication of this report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the Covered Issuer’s securities."

"That the SRR program's financial benefit to Red Cat is being massively overestimated by the market is not that controversial among other industry players who have considered competing for the program."

"Which is it? We wanted to highlight that because the contradictions get worse over the course of time, but that question in particular seems like it gets a definitive answer on the next earnings call."

"If Gensler wants to send a message to market participants that abuses will not be tolerated, his Division of Enforcement couldn't have dreamed of a better opportunity than stopping DWAC in its tracks."

"By executing plan "Streamline66," we believe the Company can achieve a ~$200 stock price (with the possibility of substantially more upside if Phillips is able to execute a plan similar to Marathon's)"

"Investors who are in the stock for the long-term fundamentals will inevitably be diluted as the company continues to finance unprofitable growth even as its balance sheet becomes tremendously strained"

"It is clear to us that the Timken Family’s influence over the Board substantially impairs Timken’s willingness to seriously explore proposals that are in the best interest of unaffiliated shareholders"

"Nova is the second biggest shareholder of Adelong next to Mr. Markus Meister who has been described as an entrepreneur, investor, and a "marketeer" active in many speculative Australian mining stocks."

"A transplant cardiologist at an Ivy League center stated that the pre-approval price per consumable went up by 3 or 4X from $24 to $25,000 but to now $80 to $90,000 – before including the NOP service."

"The ex-TransMedics surgeon stated that Attia was unlicensed to practice medicine in the US, and that an OPO may not grant an ACIN without extensive verification, which TransMedics surgeons would fail."

"Ms. Atkins would be a valuable addition to the Company's Board given her extensive executive leadership, corporate governance and operations experience in the transportation and technology industries."

"How will this transaction be described in the 10-K? We don’t know, but we are interested to see which version of events is disclosed as they are entirely different, not simple differences in verbiage."

"Six Lease Agreements. AOT Spends About $19,520 per month per unit to lease, ($234,000 per year) for a 5 Year Lease Agreement. Thus AOT Is Spending More Than 6x The Cost of Buying The Equipment Upfront"

"Stated that over-the-top Vykat marketing to endocrinologists is falling flat; that it’s “not worth” the price, which they’re upset about, for what at best “may be a nice adjunct for a couple of kids”."

"Although prior to 1997, BEA performed well compared to its listed peers and the Hong Kong retail banking sector, in recent years it has underperformed significantly in terms of both ROE and BPS growth"

"Yet their site is a barren desert when it comes to any such metrics on their 32-qubit one – a remarkable fact in light of the precise technical data IonQ has promoted around its purported performance."

"AtriCure has been unable to demonstrate any operating leverage, let alone a trivial accounting profit, even as its core products have saturated their addressable market with little direct competition."

"We find Nevro’s about-face and embrace of low-frequency stimulation interesting and suggestive of desperation, given that the company has spent the last decade disparaging it as useless and dangerous."

"We quote three different ex-territory managers below. One stated Harmony’s top prescriber in the US “is a complete whore” and that he would “say it to his face” as “we hang out socially and so forth.”"

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