Callouts & quotes from 37,061+ activist slides

"We find this particularly audacious and preposterous, as Kalo was only formed 2 weeks earlier as an entity, according to its Massachusetts corporate registry filing (shown on p. ___)."

"Ex-employees demystified the “Foundry” hype as little more than miniaturization of well plates, using liquid handling machines from the same suppliers Zymergen and everyone else uses."

"We believe overreliance on revenue without minimum profitability threshold misaligns executives with shareholders and allows for manipulation (e.g., acquisitions or agency transition)"

"When Apple announced HealthKit last summer, its key partner in giving patients access to their records on their mobile device turned out to be Epic – the dinosaur is now in the cloud."

"We strongly believe that Elliott and Commvault can work together collaboratively to implement these recommendations and we are eager to sit down in person to discuss the path forward."

"After achieving significant adoption among UHC customers, Naviguard intends to roll out its services broadly to other insurers. Such a move endangers the remainder of MPLN's revenues."

"If a firm with Deloitte's resources makes mistakes of this magnitude, it is surely evidence of considerable audit risk, confusion in the accounts, and possible financial manipulation."

"Kao has not taken price in Health & Beauty and Cosmetics despite these segments constituting over half of Consumer Products sales combined and with the best overseas growth potential."

"Apple is not appropriately capitalized. It is not minimizing its cost of capital. This is one reason why we believe Apple’s shares trade at a valuation well below its intrinsic value."

"While Disney has blamed the pandemic for poor film quality and results, its competitors managed to release some of the most successful animated films of all-time within the last year."

"NV5 was valued at 10x forward Adj. EBITDA in the deal, a roughly 50% discount to Limbach's current valuation, raising further concerns about the sustainability of Limbach's valuation."

"TransMedics is pressuring hospitals to utilize their more expensive aircraft, not only for transportation of organs, but also for the convenient movement of their staff and equipment."

"Extortion occurs through the practice of “coercive tying” where the buyer is compelled to accept the tied service to accept the tying product, leading to higher costs and less choice."

"This forces UCSD to eat the $50,000 transport cost to Seattle if the donor doesn't expire and no organ is available – pure extortion to punish TransMedics if it doesn't use their jets"

"Most organs placed on the TransMedics pump, we believe based upon research interviews, fail to meet the labeled criteria of organ viability – rendering the entire DCD use case a scam."

"Due to favourable market conditions today, we believe that interest expense savings would more than offset the additional upfront costs of redeeming or repurchasing the existing bonds"

"SBUX's share price including dividends increased 80% from our average cost at re-establishment of the position in March 2020 to December 31, 2020 and decreased 1% year-to-date in 2021"

"BRK's share price decreased 15% since inception through our share sale in May 2020. We made the decision to sell the position to deploy the capital into more opportunistic investments"

"While management may have largely exhausted avenues for price increases and efficiency gains, other industry and Company developments threaten to drive up costs through the near term."

"How did IRBT boost its market share in Asia while finally acknowledging ECOVACS, China’s largest player? How will iRobot succeed in a market where it doesn’t have a natural advantage?"

"the biggest threat to the company is that doctors are going to figure out that you can just prescribe generic diazoxide oral suspension off-label without all the problems of a tablet."

"The ex-employee stated that GLP-1’s have already made Vykat irrelevant and erased its commercial opportunity, indicating that half of PWS physicians are already trying to use GLP-1’s."

"Our investigators visited 28 Fila stores throughout Beijing. Of these, only eleven displayed business licenses. All eleven were either Ding Dong (Beijing) or Beijing Jiyuan Ding Dong."

"Lightspeed has all the elements of a stock promotion. The sell-side analysts are resoundingly bullish with 76% giving the Company the equivalent of a “Buy”, 12% “Hold” and 12% “Sell”."

"To make FIGS LTM Gross Margin more comparable with peers, we deduct “Selling Expenses”. By our estimate, FIGS’ LTM Gross Margin is inflated by 2,040 basis points, from 50.7% to 71.0%."

"The press release for Ginkgo’s Antheia partnership on Aug 12, 2021 makes no mention of the fact that Viking led Antheia’s $73MM financing a few weeks prior to the Ginkgo announcement."

"In nearly every prior campaign, AOC pushed for capital raises, board overhauls, or operational restructurings, only to see target companies underperform and shareholders disappointed."

"In fact, GSX and its platform Gaotu have consistently been underperforming its major competitors ever since 2018. However, its stock performance has been steadily outpacing its peers."

"In a comment letter from the SEC on April 14, 2023 it asked ENFN to disclose more details about Remaining Performance Obligation. Subsequently, ENFN provided RPO by date through 2027."

"The opportunity to acquire Netflix at an attractive valuation emerged when investors reacted negatively to the recent quarter’s subscriber growth and management’s short-term guidance."

"We have never seen a company make the largest capital expenditure in its history, and then agree to not use it for a year – especially if it was meant to "respond to customer demand.""

"In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail below."

"“Ultimately, our goal was to make this neutral or accretive to investors and not have an impact from a shareholder standpoint except for a positive one…” — CEO Aaron Levie, April 2021"

"The company supposedly incurred transaction costs in the amount of € 2.5 million. The [dis]proportion to the transaction volume and the amount involved are questionable. — Dr. Weimann"

"In a somewhat surprising tactic, PSX management talked down the potential [sum-of-the-parts] upside (i.e., [stating that the Company is] fairly valued).... — Piper Sandler, March 2025"

"“When I use a word” Humpty Dumpty said, in rather a scornful tone, “it means just what I choose it to mean - neither more nor less.” — Lewis Carroll, Through the Looking Glass (1872)."

"The ability to elect directors is the single most important use of the shareholder franchise, and all directors should be accountable on an annual basis. — ISS Proxy Advisory Services"

"The ability to elect directors is the single most important use of the shareholder franchise, and all directors should be accountable on an annual basis. — ISS Proxy Advisory Services"

"Once again, we expect to maintain our full-price selling philosophy and do not anticipate a material change in promotions or markdowns going forward. — CEO Conroy, Q2'23: Oct 26, 2022"

"The ability to elect directors is the single most important use of the shareholder franchise, and all directors should be accountable on an annual basis. — ISS Proxy Advisory Services"

"“I think they were innovative 5-10 years ago... It's no longer something special. Everyone does PCR. Now, it's NGS.” — Novartis, a large Twist customer, scientist in a leadership role"

"As an effect of acquisition of Pietroni (see Note 3.4), the Group reports two new bank loans of EUR 35.5 million maturing between 2020 and 2030. — CPI PG Annual Management Report 2019"

"“When faced with a patent slope/cliff, our biopharma comps group has historically traded at a multiple range of roughly ~6x-9x going into a patent expiry period.” — UBS, February 2019"

""Reporting revenue in the wrong period gives investors a distorted view of a company's financial condition" — Melissa Hodgman, Associate Director in the SEC's Division of Enforcement."

""...an investment on steroids" — WFG Recruiters. "...13, 14, sometimes 20, 25, 30% interest" — WFG Recruiters. "...there's a guarantee that you won't lose any money" — WFG Recruiters."

"Thank you for sharing your offer to withdraw your proposal (Appendix 1). We are not accepting the terms you have offered and will let your proposal go to a vote at our annual meeting."

"Management touts that, taken together, its new products launched since 2015 have been wildly successful and a powerful driver of core revenue growth — Spruce Point Capital Management."

"“Yes exactly that’s true and that’s exactly what I wanted to say. And so we’d have to work with the technical experts (of the senate) and something could be done.” — Bolivian Lawmaker"

"After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct."

"“Weighted average covered lives increased by more than 200,000 driven by the launch of nine new clients at various points during the quarter.” -- Mark Livingston, CFO, 3Q22 Transcript"

"Such costs are included in Cost of goods sold and amount to $139 million, $105 million and $120 million for the years ended December 31, 2019, 2018 and 2017, respectively. — 2019 10-K"

"'Your company stinks': Resident confronts Norfolk Southern CEO — CNN. 'Evacuate Us!' Fear and Anxiety Boil Over as Residents Confront Train Company on Derailment — The New York Times."

"AOL's existing peer group, which serves as the foundation for benchmarking executive compensation, consists of companies that are too large. — Independent compensation consulting firm"

"AOL's existing peer group, which serves as the foundation for benchmarking executive compensation, consists of companies that are too large — Independent compensation consulting firm."

"“I will be careful with patients that have impaired glucose tolerance because then type 2 diabetes, I think, is quite an issue.” — Trial investigator/author, pediatric endocrinologist"

"Elevated plasma levels (> 150 ng/ml) were observed in 5 patients, in some cases related to the experience of adverse events occurring a few hours after drug intake. — 2007 pilot study"

"capital cost required to restart its two offline de-hydro assets sum to a total greater than the market cap of TPC Group and more than 20% higher than our prior estimation — Macquarie"

"We believe that RUN uses disallowed costs as part of its tax basis. Our Adjusted Cost Approach valuation suggests that RUN’s Cost Approach Tax Model valuation is overstated by 25.7%."

"Spin-offs have historically outperformed the broader market by a large margin as the transaction allows for the individual segments of a parent company to be more efficiently valued."

"Nuvei currently has a $14 billion enterprise value. We believe current market data providers fail to adjust its enterprise value for a recent equity raise and other debt adjustments."