Callouts & quotes from 37,061+ activist slides

"We believe TransMedics is operating an organ trafficking scheme, shopping and steering rejected organs to its top users as a quid pro quo for accepting them on its device and via its NOP service."

"The physician described how unscrupulous centers are boosting their organ volumes via suspicious “hotlines” coming from certain areas like Tennessee – basically a gray or black market for livers."

"The clinical literature is unequivocal, per another study: "steatotis in the donor liver has been identified as a predictor of graft failure...so these livers are often considered...marginal....""

"Stagecoach, which we believe is widely recognised to have the strongest management in the sector, is the only company to have managed a complex portfolio of businesses without significant hiccups"

"Since its IPO, it's evident that LSPD's business has become more competitive by analyzing hardware margins. Whereas before, it could make money on the POS systems, now they are sustaining losses."

"Those items are just warnings. You're not going to run into those issues hardly ever. I mean, to date, I've never ordered an EKG on a patient. That's what I tell doctors; these are just warnings."

"Thus, in our view, the forestry business is only a 95% failure. Regardless, the forestry business seems like a stunning success compared to all of Superb Summit’s other announced ventures though."

"According to deed records, prior to IIPR purchasing the property for $6.7M on 02/11/2019 from Sacre Holdings LLC, Sacre Holdings LLC purchased it for merely $2.6M from Conrad Ethan on 06/15/2017."

"This delay in advancing additional hotspot mutation programs and the shift in strategy to focus on alternate pathways to improve wild-type p53 activity can only be seen as an additional red flag."

"As we can observe, cultivation area has increased significantly in the past, especially from Q1 to Q2 2019. Meanwhile, plant yield has surprisingly been maintained at a relatively constant level."

"Daher gehen wir davon aus, dass eines der SDAX-Unternehmen HelloFresh im MDAX in der nächsten Indexüberprüfung ankündigung am 3. Dezember 2025 mit Stichtag am 22. Dezember offiziell ablösen wird."

"However, we found several job postings that spanned from 2017 to recent that show the actual business address of Beijing Youlian is at the same address where GSX and its subsidiaries are located."

"Lasertec’s inventory balance has no plausible explanation when compared to the five largest semicap equipment players – it is triple or quadruple as a percent of revenue in the last 2 to 3 years."

"This "purchase of preemptive rights" seems more to be a cover that allowed the companies tied the problematic party to obtain the government's interest in the joint venture at a massive discount."

"The most obvious problem in this table is that Chairman Liu told us categorically that ONP has no finished goods inventory because customers pick up finished product as it comes off of the lines."

"Lincoln S&L Figure Pleads Guilty to Fraud : Crime: Ernest C. Garcia II admits acting to help the thrift hide its ownership of some risky desert land in Arizona. — Los Angeles Times (Oct 31, 1990)"

"FACT: This claim relies entirely on anecdotal evidence. Under our contracts, bus operators are not allowed to remove our players and display content not provided by our company. — CCME Management"

""I would follow Rich into battle. New leadership at SU is clearly paying proverbial dividends with continued operational improvements in both the upstream and downstream." — Raymond James, 2/6/25"

"1/11/10: “We have been able to show that we stick to our commitments. The track record of last year shows it very clearly. We are able to deliver value for our shareholders.” — Arconic Management"

""I would follow Rich into battle. New leadership at SU is clearly paying proverbial dividends with continued operational improvements in both the upstream and downstream." — Raymond James, 2/6/25"

"You are right, I mean the distributors are the left hand of the boss. Only the left hand is managed by this company called Yundong. This company is a private co, not a part of the ListCo. — Mr. C"

"Latest Custom Array “chip” has 800% the throughput of Twist’s array, shown next to its “Oligo Synthesizer” where up to “32 million oligos can be synthesized simultaneously” — Custom Array website"

"HIMS was kind of a hot potato early on... My guess is no self-respecting specialist wanted to have their name affiliated with HIMS at the time. — Spruce Point Interview With Former HIMS Physician"

"We said to our investors, in return for the privilege of having slightly lower but stable margins, you should expect some very strong, industry-leading revenue growth. — Cognizant, September 2015"

"TWX 'has the financial flexibility, within the current Baa1 debt rating, to absorb the larger share repurchase [i.e., the Management Repurchase Plan] in the time allotted by management' — Moody's"

"Nearly all survey respondents (78%) evinced dissatisfaction with management; most (69%) would support an activist slate of BOD nominees including 80% of current shareholders. — Bernstein Research"

"Nearly all survey respondents (78%) evinced dissatisfaction with management; most (69%) would support an activist slate of BOD nominees including 80% of current shareholders. — Bernstein Research"

"Higher Interest income is a result of higher balances in marketable securities and other short-term investments related to funding strategies in Argentina in the current year. — Bunge SEC filings"

""Since the financial crisis, U.S. savers alone have lost roughly USD 470 billion in interest rate income, net of lower debt costs." — Swiss Re, "Financial repression: The unintended consequences""

"So CLEAR does not have access to secure flight. So the TSA officers responsible for directing that passenger to the appropriate level of screening... CLEAR cannot do. — Former Senior TSA Employee"

"Delivering listings via the Internet enables customers to control their search process and educate themselves about the real estate market in their area on their schedule — The settlement stated."

"May 2011: Auditor KPMG resigned and noted concerns about management's representations. CBEH shares were delisted and the SEC revoked its registration in Dec 2014 — Spruce Point Capital Management"

"“historically, DCD livers were utilized, in a gray area, maybe 8% of the time...so very, very low utilization.” — Transplant surgeon and surgical director at a high volume academic center in Utah"

"“drug takes a long time to work” – “in the first three months...there isn't a change...probably more towards 12 weeks...plateaus at about 35, 40 weeks...it's a slow drug.” — Trial investigator #8"

"As you'd expect, we pay a higher designer. Now they have a much higher ticket, better gross margin, better customer interaction, so you get a good return on those investments. — CFO Lang, Q3 2022"

"We experience seasonality in our business. Our revenues are typically lower during the holidays in China, particularly during the Chinese New Year, which occurs in the first quarter. — 20-F, WUBA"

"According to the FTC, fraud has become a nearly $16 billion industry in the USA and continues to grow, as stated by Lois Greisman, Associate Director of the FTC's Division of Marketing Practices."

"Glad to confirm below booking based on below offer with ref. QFBHCHKH confirmation letter to be send directly to your mail , and below payment link to complete the full payment as per below offer"

"“invested in the company” — Former Hadassah radiologist; “nothing convincing” — Former Hadassah radiologist; “there’s not much evidence that it’s a working machine” — Former Hadassah radiologist."

"Remitly recently changed its TAM and stopped sourcing World Bank and IMF Fund data. The Company now shows a “Consumer Cross-Border TAM” of $1.8 trillion, up from $1.6 trillion two years earlier."

"Our price target is based on the nature of a business unlikely to meet the market's overly optimistic expectations of captured market share, GGR revenue share and inflated target EBITDA margins."

"WTRG recently cut its acquisition pipeline from 430,000 to 400,000 (-7%) between January and February 2023. Notice carefully too that it has changed its classification twice since November 2022."

"Spruce Point finds clear evidence that Generac's portable generator business is under pricing pressures, and management has failed to disclose any price issues associated with the business line."

"From the beginning, the SEC challenged Generac to give more disclosures about net sales, and to quantify price and volume effects. The SEC called Generac's revenue reporting "general and vague.""

"Commvault’s underperformance has been so profound that an investor would have been better off buying the NASDAQ index instead of Commvault’s stock on 99% of trading days in the last eight years."

"Anchoring Carvana’s valuation closer to the reality that traditional (money-making) auto dealers receive at best 1x and generally 0.50x revenue multiples would result in 50% - 70% downside risk."

"Valeant's share price has increased 28% (including dividends) from inception of our position in February 2015, and 5% from our average cost basis prior to the position being made public, to date"

"Continually communicate internally to employees and externally to shareholders with near, medium, and long-term targets with which shareholders can hold management and the Board accountable for."

"The reason JFT has not grown into a substantial company is the same reason why your neighborhood tailor has not developed into a world famous fashion brand – there is no scalable business there."

"Dycom does not regularly report wireless revenue but is often asked by analysts. Based on our analysis, we estimate annual revenues have fallen from ~$300 million (2020) to ~$185 million (2024)."

"Recall on the previous slide that in the September 2024 quarter, IPX said it counted ~100 active potential customer programs but now it is showing just 22 active engagements across four sectors."

"When we reported the details to the stock market regulator, we didn't report the number of vehicles we quoted you. The number we reported is multiplied by two, or doubled. Do you understand now?"

"Muddy Waters, LLC hereby offers to engage, at our own expense, an independent and qualified accounting firm to evaluate the independent committee's investigation into whether NQ Mobile is fraud."

"Former employees explained why the particular prototype used – which lacks the basic anode-separator-cathode structure of a battery – isn't a real cell and why the data is therefore meaningless."

"After trying to evade the question with vague statements only to be challenged again, he looked like a deer stuck in the headlights and punted to IONQ co-founder Kim, who looked equally nervous."

"Once we calculate the incremental operating profit from the Mexico turnkey contract, we divide it by the incremental revenue from the contract. The result is an operating profit margin of 31.9%."

"However, if performance fails to improve, we believe changes must be considered, which should include a thoughtful examination of whether Match’s best path forward would be as a private company."

"Based on data from the FOIA revealing PowerSchool's top 5 customers, we believe PowerSchool may be forced to give significant discounts to be competitive when seeking deals with large customers."

"In both presentations, with the exception of one non-core segment (i.e. TiO2 in 2007 and Textile Effects in 2022) the Company otherwise portrays itself as a 100% differentiated chemicals company"

"that the assessment of you and your team, as it relates to the challenges with Buffalo Wild Wings, are spot-on and things that literally we have been talking about and trying to change for years"