Callouts & quotes from 37,061+ activist slides

"A newly refreshed Board with the experience we envision will be far better equipped to maximize value for Parkland’s shareholders and close the meaningful valuation discount that continues to exist."

"Fleecing Customers And IPO Bagholders With A $2 Million Black Box That’s A Clunker, While Insiders and Silicon Valley Bigwigs Race To Dump Stock. Just Another VC Pump at 27X Sales. Target Price: $0."

"We find it difficult to believe that the accounting team could overlook $19.7 million in cash and payments collected from customers, and at the same time also forget about an equal amount of assets."

"Other major tenants are mostly regional discretionary retailers, including several 2005-2007 vintage LBOs. Some tenants have already filed Chapter 11 and we believe many could be forced to liquidate"

"We find that its prices are on average 15%-20% higher. Weis' prices decreased 8% relative to peers between mid-year 2017 and 2018. As a result, we expect Weis' gross margins to be pressured in 2018."

"While Bunge may consider this a strong track record, we characterize it as a disappointing track record. Perhaps, the “mid-cycle” that Bunge refers to has just changed and become structurally lower."

"Prestige Brand's current CFO was the former CFO of Boulder Brands, another consumer product focused roll-up touting growth, but ultimately collapsed upon disappointment and an unexpected impairment."

"Through our conversations with fire inspection industry professionals, we believe there are four very large challenges facing Cintas that will impede its growth and profit potential in the industry."

"HMG has failed to make meaningful progress in governance standards which would be in keeping with its status as a leading global automotive brand and the HMG Restructuring Plan is a reminder of this"

"CEO Gus Kelly runs the business in a disciplined, shareholder-friendly way. Within the leasing industry, AerCap stands out for its record of excellent risk-adjusted returns and opportunistic growth."

"Based on the highly cash-generative nature of HHH’s real estate assets, we expect that HHH will redeem PSH’s preferred stock and increase its economic ownership of Vantage to 100% within three years"

"We estimate that the company will fall short of 2022E revenue and EBITDA by 35%, while we estimate that Levered Free Cash Flow in 2022E will be $74.3 million, or 80% lower than what forecasts imply."

"Heart trouble, brain trouble, skin trouble, diabetes, cancer, hemophilia, certain eye diseases, some infectious diseases, various gynecological conditions, erectile dysfunction, or all of the above."

"We estimate that the GSEs’ minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans"

"Given her involvement in a prior breakdown of financial governance, her appointment as Limbach's audit chair raises questions about whether similar lapses in judgment or oversight could occur again."

"Spruce Point typically finds that public companies with an attractive story try to build research analyst coverage over time. Instead, Nova has shrinking coverage with three firms dropping coverage."

"Ex-employees who traveled and worked with TransMedics NOP surgeons in the operating room during organ recoveries provided particularly devastating color about the level of incompetence and mistakes."

"IMPORTANTLY, this does not mean AOL should not own content, but rather that choosing to own content is an independent decision from Search and needs to have a path to profitability in its own right."

"Federal reports detailed a "culture of concealment" at Boeing fostered under Muilenburg's leadership and that "the desire to meet goals and expectations jeopardized the safety of the flying public"."

"The prevalence of edema appears to increase the longer that Vykat is used, with no apparent plateau – indicating that a tipping point is eventually reached whether discontinuation or a safety event."

"When we count the number of cases by the actual date of the event, a different picture emerges: a spike in 2019 and 2020 in the first year after FDA approval, and then a sharp fall in 2021 and 2022."

"The omission of pharmacokinetic tables is a striking red flag – and the paper used a crude trick by saying “greater than” versus stating how high the levels spiked, much less showing a distribution."

"On average the other websites and their corresponding companies that have comparable traffic rankings are valued at 0.81 billion USD. However, Ganji is valued at 2.8 Billion, that is over 240% more!"

"After all, isn’t the point of artificial intelligence to reduce human workload? INOD only generates $18.8k in annual revenue per an employee—a number we believe is exceedingly low for an AI company."

"We see a pattern of Brent Willis getting involved in the latest hot business ventures that seem to sell on Wall Street (E-Cigarettes, CBD Drinks) that temporarily reach a high market capitalization."

"We see a pattern of Brent Willis getting involved in the latest hot business ventures that seem to sell on Wall Street (E-Cigarettes, CBD Drinks) that temporarily reach a high market capitalization."

"Factoring in this real cash expense, we calculate CTO's industry standard AFFO would have been $29.9 million, leaving a $10 million shortfall after paying common shareholders their dividend in 2024."

"Despite management’s rhetoric, we believe Disney has never thoroughly reviewed its cost structure, as evidenced by the fact that over the last three years costs have outpaced sales growth by ~400bps"

"The problem mainly afflicts the laser-assisted discharge-produced-plasma (LDP) approach employed by Lasertec, in contrast to ASML’s laser-produced plasma (LPP) where the plasma is better controlled."

"Legacy DUV sales will not save Lasertec from its EUV failure, as TSMC indicated that at most they may purchase 15 Lasertec DUV tools in coming years versus 10 of MATRICS X8 that they have currently."

"Over 60% of our traffic is organic, nonpaid. We're not reliant on the Facebooks and the Googles of the world, although they are incredible partners. — Heather Hasson (Spear on Q3 2021 Earnings Call)"

"“I was excited when I joined, but after I joined, I realized there was concern if we were going to meet expectations, but that cause evaporated after the Company acquired Peoples.” — Former Employee"

""As a general principle, the current fair value of restricted securities would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale." — ASR 113"

"It [ANTA] has the final say on the human, on the subsidiaries and also final say on, I think the HR to how to say this. Three positions in the subsidiary have to be picked by the Anta group. — Mr. A"

"I always say you get the union you deserve. If you don't treat your employees well, you're going to have a very cranky union and you're going to pay for it and probably deserve that. — Gregg (14:12)"

"The business, as we scale it out, should move into EBITDA positive as we get into the end of the year and, again, move into the positive for the full year in 2015. — J.P. Morgan Conference 5/20/2014"

"Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”) have previously highlighted that the Board has rewarded bottom quartile performance with top quartile pay."

"CEO Randall Atkins also has a troubled history, marred by a $32 million judgment after a federal bankruptcy judge held in 1988 that he was "guilty of conversion" for his role in Charlie’s tax fraud."

""In the last two years [2010-2011], we have repurchased more shares than have been granted in the period. We intend to offset all new grants of RSU's with buybacks." — Lazard Shareholder Q&A 4/27/12"

"「アップタイムはあきらかに問題です。極端紫外線を発生させるために使っていたプラズマ光源であろうと、Urashimaであろうと、どうしてもアップタイムが課題になってきます。また、錫を使用するシステムで発生するデブリも課題になります。これは私の経験値でもあります。アップタイムは課題ですね」 — グローバルファウンドリーズの幹部として長年の経験を持ち、レーザーテックとマスク検査全般に関わっている人物"

"「インテルはペリクルを使います。TSMCはこれまで使ったり使わなかったりですが、総じていえばあまり使ってないです」 — 半導体業界のコンサルタントとして長年の経験を持ち、最近はレーザーテックのコンサルタントを務めているB氏. 「TSMCは高開口数にあまり力を入れようとしていないようだ」 — 半導体業界のコンサルタントとして長年の経験を持ち、最近はレーザーテックのコンサルタントを務めているB氏."

"This way GSX does not lose money. It just takes the RMB 1,000,000 and round trips it; we use ad placements in exchange for this brushing [bots or fake student users]. — Anonymous source/Muddy Waters"

"Matrix has not made a personal inspection of the Estelle Gold Project site. The nature of work related to Section 11 does not require a personal inspection of the site. — Matrix Resource Consultants"

"I, Christopher Gerteisen, is employed by Nova Minerals and certifies that: ... I am an employee of Nova Minerals and have worked on the Estelle Gold Project since July, 2019. — Christopher Gerteisen"

"“It was, but he was nearing 18 [...] he was hospitalized for severe pneumonia, and due to severe pneumonia, he had heart and lung involvement.” — Trial investigator/author, pediatric endocrinologist"

"“world’s leading content services companies.” — Innodata (2004); “a global data engineering company delivering the promise of AI to many of the world’s most prestigious companies.” — Innodata (2023)"

"Ce message electronique ainsi que tous les fichiers joints et les informations contenus dans ce message (ci apres "le message"), sont confidentiels et destines exclusivement a l'usage de la personne"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). They will be in transit to a modelling contest and since the"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People’s Republic, Russia (14-17 years old). They will be in swimming pool? What kind of bed do you have?"

"“he was the head of the EUV-specific section of mask inspections. He basically wasn't allowed in certain meetings anymore.” — Former Lasertec field service engineer who worked in the Intel mask shop"

"Relative to other companies Spruce Point has evaluated, AVY pays a significant amount of fees to its auditor for “Tax compliance and planning” purposes. Avery is spending more each successive year."

"Avery's Proxy Statements are incomplete and inaccurate as it relates to Mr. Barker. He has been a Director at UK Listed Riverstone Energy Ltd. (LSE: RSE) since 2013. Why hasn't this been disclosed?"

"Based on our application of a generous 1.5x - 2.0x 2022E revenue multiple, we estimate a price target of $4.40 – $6.05 per share price target for FIGS, representing 45% - 60% downside from current."

"From its high of $82 in January 2014, Herbalife's stock price declined 52% in 2014 due to, among other things, regulatory investigations, public scrutiny, deterioration of the business and earnings"

"Outside of Michael Maroone, an experienced auto dealer executive with companies including AutoNation, no member of the Board of Directors is both independent and deeply experienced in the industry."

"From its high of $82 in January 2014, Herbalife's stock price declined 52% in 2014 due to, among other things, regulatory investigations, public scrutiny, deterioration of the business and earnings"

"Even if Tessera were to achieve their current cost reduction targets in DOC, we estimate that DOC would still generate segment operating losses of $95 million in 2013, including corporate overhead."

"Muddy Waters determined that Ströer - against the backdrop of the bankruptcy of Evolution and the sale of three major companies of Ballroom in Poland and Turkey... should write off the acquisition."

"We invested in Mellanox because we believe the Company is deeply undervalued and there are significant opportunities to create value based on actions within the control of management and the Board."

"We cannot reconcile the Company's acreage claims from the 2025 public records in Henry and Carroll counties of Tennessee. We also checked nearby counties but could not identify the missing acreage."