Callouts & quotes from 37,061+ activist slides

"Of note, on its recent Q2 2025 earnings call, management noted that its outperformance versus expectations is largely being driven by the legacy LTCM market rather than new products or markets."

"In addition, there are two Luxembourg-listed debt instruments arranged by Channel Finance and secured by NMC Healthcare. As seen in the prospectus, this debt is expressly for reverse factoring:"

"Warning: "Be Honest" and "Don't Be Evil"....right? Since at least 2019, Oatly has tried to shape the narrative that there's a national oat milk shortage, and this should be viewed as a success."

"We are unsure what benefit Noble would have received by abetting what seems to be questionable accounting treatment by PT Atlas; but, little about this series of transactions seems above board."

"There are two implications. First, why on earth has BUR constantly talked about Realized Gains, if not to confuse investors and cause them to misunderstand the extent of BUR's Fair Value Gains?"

"RFID could be a ~$200 million business that was growing double digits for Zebra in the past few years. Zebra has pivoted its talk from being a leader in "RFID solutions" to just "RFID readers"."

"Within asset management, JP Morgan is delivering strong actual margins for shareholders, as opposed to adjusted, "pro-forma" illustrative margins that do not ultimately create shareholder value"

"Positive sales momentum has culminated in rising consensus revenue estimates for mall-based retailers. Wall Street is now forecasting 2.6% and 3.5% revenue growth in 2010 and 2011, respectively"

"As you can see, the table in the 10-Q does not match the conference call. There is no reasonable explanation as to how the numbers could move like this between the conference call and the 10-Q."

"Selling into the dollar store channel presents significant challenges for WD-40. We found house and generic lubricant brands at Family Dollar and Dollar General at approximately 33% - 60% less."

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals relative to the S&P 500 in the five years following the completion of each respective acquisition."

"In order to build an appropriate appreciation for Ballard's China HDM opportunity we engaged a China based research firm to perform key site visits and deeply diligence Synergy and Broad Ocean."

"Ballard’s sells-side supporters, all based in the US and likely challenged in staying on top of a quickly evolving and complex Chinese market dynamics, see nearly 47% upside to $5.60 per share."

"We also believe it's vital that the Company not be allowed to unilaterally appoint a new Board member without shareholder input, which would only serve to further the entrenchment of the Board."

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."

"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 QSR."

"Because ELF's imported inventory values should have remained roughly constant, if we start reconciling inventory from Q3 FY24, which we'll assume is not overstated, we see a hole quickly build."

"If Amdocs is artificially manipulating its balance sheet to avoid PFIC status, it is not unthinkable that this action could be viewed by the IRS as a form of tax evasion on behalf of investors."

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."

"We believe that GCP can improve its EBIT margin by ~600 bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years."

"We believe that Mr. Kiefaber’s substantive experience from serving in a variety of senior executive positions as well as his industry specific knowledge makes him a valuable asset to the Board."

"Now is the time for Marathon's Board to take action and Remake Marathon by unlocking the value trapped in the current structure and realizing the full potential of three world-class businesses."

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"DuPont’s inability to deliver on Kullman’s agenda suggests that she needs more help to overcome the 100+ years of history and the inertia that comes with that; Trian can be Kullman’s best ally."

"The business units of TWX, if separated, should have the ability to manage even more debt (estimated at up to $23 billion) without jeopardizing their ability to secure investment grade ratings."

"The company forecasts revenue will grow to $1.4 billion by 2024E, with half of that coming from full-EV and heavy-duty vehicles upfits that don't exist yet, which we view as typical XL bluster."

"Spruce Point believes that increased competition amongst platforms and consolidation amongst agencies will force Momo to lower virtual gift retention and increase cost of revenues going forward"

"My belief is that shifting trillions of dollars from active management to passive management meant shifting money from strategies that generally at least consider valuation to those that don’t."

"Petitioner's analysis indicates that the post-marketing safety signal from Wakix, particularly with regard to cardiotoxicity, is exponentially worse than that which led to terfenadine's recall."

"This estimate does not include harm done to the ~10mm¹ former Non-Sales Leader distributors. As such, we think the true financial damage Herbalife has inflicted is materially higher than $3.8bn"

"McGraw-Hill must move past long overdue "reviews" and finally execute on transforming its corporate structure to improve operating performance and realize the true value potential of its assets"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"In November 2004 Taser executives were reported to have sold $91.5 million of their own stock, raising suspicions that they sought to maximize their own profits before their product lost ground"

"We believe many shares are owned by investment advisers, and up to 10% by retail holders, who have historically thought of CHD as a safe and defensive investment run by conservative management."

"Merlin@home devices and implants now have additional RF capabilities, with a communications range of approximately 50 feet. They now pose a far more significant risk to user safety than before."

"The SEC issued a comment letter to Intuit on 2/23/24 questioning the Company’s lack of transparency on the disclosure of key metrics and the factors driving period changes in financial results."

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"If SGHC's internal South African software is robust enough to run one of their leading markets, it begs the question: why pay €140m+ to consolidate a potentially duplicative asset from Apricot?"

"Darden's stock price has materially underperformed both the broader equity markets, its Proxy Peer Group and its closest direct competitors over the last 1-, 3-, and 5-year measurement periods."

"While we estimate BR has invested $1.0 billion+ in the UBS wealth platform since launching the project in 2018, its end customer, UBS Americas Wealth Advisors, is slowly bleeding in population."

"BLI 2021 guidance of $90-100MM requires all-time record revenue in Q3 and Q4 – an implausibly sharp spike from a flat trend. "Back half weighted" is the usual canard of companies about to miss."

"Stryker claims days inventory has improved. However, based on our analysis, which adjusts for reclassified loaner inventory, we believe days inventory have not changed from pre-COVID-19 levels."

"With the right mindset and an appropriately ambitious turnaround plan, PepsiCo today represents a rare chance to revitalize a leading global enterprise and unlock significant shareholder value."

"Lasertec's light source is "not a well-controlled process...it was painful but we would get some light...if you choose a bad technology you just can't just get there...DPP has inherent issues.""

"We believe that TAL should restate its financials to include the costs to develop Shunshun consolidated as of the date of initial investment in July 2015 or the transfer of DFRL in August 2015."

"Historical intransigence about considering stock repurchases demonstrates a deep seated bias by HMA's Board to even consider share repurchases as an effective tool to increase shareholder value"

"There are no limits to the amount of bundled services tied into home services. For example, masonry and construction services can also be used as an angle towards selling pest control services."

"We think Core is likely to miss. With its dependence on offshore and international capex, Core should underperform some of the same North American oriented peers that it outperformed last time."

"Mr Harwood KC submitted that the Developer fell short of its duty of candid disclosure in failing to explain to the Court how, internally, it calculated the capacity of the proposed solar farm."

"For this reason, we are nominating four exceptional, experienced and highly-qualified nominees for election to the Board at the 2022 Annual Meeting, including a direct Starboard representative."

"This factor, along with REZI now signaling that third party services are being used to develop products, suggests to us that any revenue uplift from new product introductions is likely to slow."

"The platform that Ginkgo is using is Pichia pastoris, which is a yeast; it's well known to produce a lot of protein. The strain engineering that they're doing for us is mostly yeast-based, yes."

"For this reason, we are nominating four exceptional, experienced and highly-qualified nominees for election to the Board at the 2022 Annual Meeting, including a direct Starboard representative."

"Here's Jonathan Bush one last time in November, when the stock was trading at 142, proving that he gets the joke, and that he understands Wall Street even better than he understands healthcare."

"Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips' 2019 “AdvantEdge66” cost-cutting initiative"

"USCR also reports total ready mix volumes annually in its 10-K along with total trucks. By calculating average trucks during the year, we find that volumes per truck are also in modest decline."

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"You are still living with the consequences of that burn, and everyone involved in this failure needs to be held accountable. And frankly, it's a reminder that Norfolk Southern can't be trusted."

"Mr. Orr has been accused of abusive behavior and serious misconduct in the workplace, according to legal filings found by Ancora and interviews Ancora conducted with executives in the industry."