Callouts & quotes from 37,061+ activist slides

"Highly skeptical of the phase 3 trial and especially the “unusual” withdrawal study that was the basis of FDA approval, stating the data was unreliable; that he didn’t see a change in his patients."

"The case narrative is murky and suggests the initial report via the company and/or physician’s office may have tried to downplay or cover-up the seriousness of the event and deflect responsibility."

"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"

"The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme – a conclusion that obviously vindicates our research and conviction."

"I have been a ‘fix’ it’ man in the aerospace industry for more than 30 years. One consistent thing I have observed is that the regional workers really want to see their plant’s performance improve."

"While the previous purchase price will represent a 70% overpayment, we acknowledge that improvements have been made to the property and graciously allocate a 35% discount to both good and bad case."

"According to our calculations, the rate of signed franchisees in their first year that have failed to successfully get to their second year has been increasing since the IPO, eclipsing 67% in 2021."

"We do not believe the FTC will deliver a “slap on the wrist” in light of the enormous harm Herbalife inflicts on its victims, which will continue if it is not forced to stop its pyramidal practices"

"This is especially significant, considering GSX alleges that they were able to achieve such exponential growth at low costs due to precisely their presence and strategic focus on WeChat promotions."

"Lasertec was desperate to offload its ACTIS EUV inventory, offering up to ~75% discounts on the A150, as well as other inducements and concessions that acknowledged uptime and reliability problems."

"TSMC will not consider the A300 or A150 for production; "Lasertec X8 ULTRA and X9 ULTRA are the DUV light source but they are inspecting the EUV mask...for the throughput...[EUV] is not necessary.""

"The preponderance of water in the workshops shows that ONP’s customers (to the extent they exist) are not in the market for good product; rather, their focus is on finding the lowest cost producer."

"Phillips 66 (NYSE: PSX) shareholders: want to vote for a brighter, more profitable future at the company? Watch this helpful video and vote for #Streamline66 today: bit.ly/s66-x-o73 — Streamline 66"

""[H]e is a tough change agent with unrelenting demands on performance improvements. As such, we're beginning to conclude that he might be just what SPR always needed." — Barclays, December 18, 2013"

"Elliott would like to commend the Board and management team for the significant steps taken to build a better Alcoa and maximize value for shareholders. — Elliott Presentation to Alcoa, Nov 9, 2015"

"“Lin Aihui, the General Manager of the Haikou Branch of ANTA Sports told the Phoenix TV Network of Hainan that ANTA advocates sports and healthy living…” — Muddy Waters translation of Chinese text."

"“All members of audit, compensation, and nominating/governance board committees should be independent” — BlackRock Investment Stewardship, Proxy voting guidelines for U.S. securities - January 2024"

"Brian Coffman, Elliott nominee for Phillips 66's (NYSE: PSX) Board and former CEO of Motiva Enterprises, doesn't buy the argument that Phillips' refining assets are "old and tired." — Streamline 66"

"In contracts that contain prescription products issued as the result of a consultation, revenue also includes medical consultation services provided by Affiliated Medical Groups. — HIMS 10-K (2022)"

"[t]hough free cash flow was one factor in the company's executive compensation program, these decisions were not calculated to influence compensation outcomes. — Autodesk May 31, 2024 press release"

"“All members of audit, compensation, and nominating/governance board committees should be independent” — BlackRock Investment Stewardship, Proxy voting guidelines for U.S. securities - January 2024"

""It costs $2 million. I don't know many labs that can actually afford this kind of machine... this is probably not how I would spend a couple of million dollars." — Chan Zuckerberg Biohub Scientist"

"Competition Heats Up for Asphalt Paving Assets — The Deal, Nov 14, 2022; Rose Paving Merges with Atlantic Southern Paving and Sealcoating, Expanding Nationwide Presence — press release, Dec 5, 2024"

""As Core projected, the Company’s third quarter 2016 results established the bottom of the expected ‘V-shaped’ recovery that the Company expects to continue in 2017." — CLB Q1 2017 earnings release"

"Autodesk Inc. fell by the most in almost a month after disclosing an internal investigation into its own accounting practices and putting off the release of its annual financial report. — Bloomberg"

""As has become an annual ritual, athena issued disappointing guidance ahead of its analyst day. [...] The company historically gets a pass for guiding below consensus." — Oppenheimer, Dec. 11, 2013"

"“Very much the latter. My judgment - everything is going to go through TransMedics; nothing is going directly most of the time.” — Transplant procurement surgeon previously working with TransMedics"

"“I know. I hear you, because that was a conversation that was had internally. But it was the data that it was, and they moved forward with it.” — Formerly in a senior medical affairs role at Soleno"

"“if the goal here is largely appetite, weight, that sort of zone, at least show a benefit in BMI or something...those are the typical endpoints that we use...in this space” — PWS endocrinologist #9"

"there was a clear and direct correlation of pitolisant exposure with QTc prolongation and that “at supratherapeutic doses, QTc increases greater than 10 msec are anticipated.” — FDA clinical review"

"The company was acquired from companies controlled by the major shareholder of the Company and the acquisition is accounted for as common control transaction. — CPI Property Group (Financials 2017)"

"At ~6,500 lbs, Midnight is believed to be one of the largest eVTOL aircraft to complete transition, which is critical to being able to carry commercially viable passenger payloads — Archer Aviation"

"at the present moment, our head office is located on the territory of the Russian Federation, and there is no communication or exchange of information with the French office. — Hotel Representative"

"MCT "continues to survive only at the pleasure of the Uzbek government. It is likely that authorities are preserving the firm until its assets may be sold to a pre-selected bidder." — US Ambassador"

"That pattern makes clear that Sunrun's excuse that the Subscriber / EIA delta, which is presently almost five quarters of Sunrun Subscriber additions, is not explained by the delay to receive PTO."

"It should be an additional red flag that the company is dodging a discussion of the discrepancies in its export revenue – particularly on the back of a nonsensical excuse related U.S. import data."

"Notice that the Fifth Manhattan as controlled by Pivotal is just a 20 minute drive from the other Fifth Manhattan. What are the chances of two businesses with such a unique name so close together?"

"In light of our observations about aggressive and potentially misleading financial presentation, investors should not be comforted that the Board ranks itself lowest on "Financial Sophistication"."

"Dovigi's current biography was modified to omit his ties to Lower East Capital Partners (Andy DeFrancesco / Romeo DiBattista / Frank Mersch), which would have linked him to NGTV and other parties."

"We believe WTRG trades at a rich multiple that makes little sense in relation to our evidence of financial reporting issues, poor governance, and its acquisition growth strategy facing challenges."

"A search for Generac Clean Energy Services brings back a Sunnova ad, but it’s pitching Tesla Powerwall and not Generac. In addition, Sunnova’s website still favors placement of Tesla over Generac."

"A recent undercover investigation in Michigan in April 2022 highlighted upset customers of Powerhome Solar and profiled salesman they alleged were overpromising the benefits of solar installation."

"Sales/ft² is still 25% below 2005 peak levels six years later. We believe sales/ft² could increase materially by 2015 and still be meaningfully below inflation-adjusted peak levels reached in 2005"

"Who are the “non-Ally parties” behind Sonoran who seem willing to pay a premium for subprime loans? And why is management so reluctant to share this information despite questioning from investors?"

"Under the RTC Plan, Crown Castle’s fiber will achieve positive cumulative EBITDA – Capex by 2024, finally achieving Crown Castle’s stated intention that fiber would contribute to dividend capacity"

"APD’s share price increased by 66% (including dividends) since inception of our initial investment in May 2013, and 59% from our average cost basis prior to the position being made public, to date"

"In doing all this, Muddy Waters, which by the way, liquidated its shares on the day of the attack to a large extent contrary to the usual conventions, clearly crossed ethical and legal boundaries."

"Even taking management’s presumed average of 1.5 vets per clinic as given, we estimate that PetIQ wellness centers will be unprofitable at maturity under more reasonable store traffic assumptions."

"We find it extremely curious that management could be so off in its estimates for VIP sales. How could management have such little visibility into a stable, diversified, steadily-growing business?"

"All of these factors will serve to (i) improve performance, (ii) increase Darden's market valuation, (iii) solidify Darden's investment grade rating, and (iv) support and enhance Darden's dividend"

"Valued separately, we believe BEF Foods would realize a higher value than Bob Evans Restaurants, based upon the double-digit EBITDA multiples afforded to certain pure-play packaged food companies."

"The Company may be stuck between a rock and hard place as they may need to show customers they can operate and produce defect-free products at a greater scale before customers fully commit to buy."

"Muddy Waters, LLC hereby offers to engage, at our own expense, Plante & Moran PLLC, which is one of the largest accounting and consulting firms in the United States, to evaluate the investigation."

"In a hypothetical year where BREIT generates a target return of 12.0%, we estimate an investor would pay an “all-in” fee ratio, including both management fees plus performance fees, of 2.7% of NAV"

"One mistake Acutus made early on in its commercialization efforts was to take a shotgun approach and get its system hardware installed in as many high-volume electrophysiology centers as possible."

"While Acutus's sales efforts hit a wall earlier this year, we believe that the problem was temporary with disproportionate effects given the early stage of the company's commercialization efforts."

"PowerSchool’s largest smartphone app, PowerSchool Mobile, has almost 34K reviews and has been downloaded over 5 million times on the Google Play store, carrying a mediocre 2.3-star average rating."

"The consistent zero to de minimis value of work-in-progress inventory, compared to material amounts of finished goods and raw materials, also indicates that the demand for DNMR's products is weak."

"Marathon should evaluate whether a tax-free separation of the Company into three separate standalone businesses (Speedway, RefiningCo, and MidstreamCo) best serves shareholders over the long term."

"All of these factors will serve to (i) improve performance, (ii) increase Darden’s market valuation, (iii) solidify Darden’s investment grade rating, and (iv) support and enhance Darden’s dividend"