Callouts & quotes from 37,061+ activist slides

"Not only do we have serious concerns about the independence of AOL's Board, but AOL's "independent" Board members have little vested interest in the performance of the Company."

"Leading proxy governance firms have also raised serious concern about compensation practices at Motorola, during Mr. Stengel’s tenure as a member of its compensation committee."

"Unfortunately, in less than two years, Newell’s management team has made critical missteps in integrating and operating the businesses, resulting in poor financial performance."

"Matt’s experience, expertise, and familiarity with SandRidge and its assets will be integral to our outreach and the execution of next steps after the company's annual meeting."

"Compared Vykat to the Aduhelm debacle as taking on a tremendous risk for dubious benefit, and concurred when we asked why anyone would prescribe the drug vs. generic diazoxide."

"Historically, the CEO has not been held to stringent financial performance. In FY 2020, only 25% of his short-term incentive compensation was linked to "fiscal responsibility"."

"The vertical axis shows adverse events per million daily doses sold, which we shall next calculate for pitolisant to demonstrate its danger vs. both terfenadine and astemizole."

"there are far better H3 antagonists out there if this works. So, if an H3 antagonist works with Prader-Willi, then there are better compounds out there that are probably safer."

"We believe that these material undisclosed related party transactions cast doubt on the integrity of INS’s financial statements. Accordingly, we assign INS a price target of $5"

"Realizing that AXDX struggles to break $10M two years after a full commercial launch, one would value AXDX as a $65M market cap business, a 95% drop from its current valuation."

"Management is spinning the planned $9-$12 million in capex as some massive opportunity to drive new NOI. Maybe it will, but this does not appear to have been the original plan."

"A visual representation of inventory as percent of revenue versus the five largest semicap equipment companies makes clear how unusual Lasertec’s reported inventory balance is."

"We believe a multiple re-rating is warranted given the tectonic shift in the competitive landscape. DKNG has previously traded as low as 1.7x revenues in late 2022 / early 2023"

""Awards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle." — Legal & General Investment Management, May 15, 2024"

"The SEC filed an emergency action on August 17, 2012 to halt what it called a Ponzi and Pyramid Scheme perpetuated by RVG d/b/a as ZeekRewards. — SEC vs. Rex Venture Group, LLC"

"Your current silence and the failure to implement the measures announced suggest to me that everything you have made known was clearly nothing but hot air. — Shareholder at AGM"

""It was obvious to open on the East coast and not anywhere else. The sky is blue, the people are nice. Can't be better, right?" — Oatly CEO Peterson, Vice Interview, March 2019"

"UK rejects Gilead's CAR-T cancer cell therapy as too expensive — Ben Hirschler. Patient Advocate Says Novartis' $475,000 Breakthrough Should Cost Just $160,000 — Matthew Herper"

"Parkland announced its determination that a strategic review is unnecessary and does not consider the best interests of the majority of our shareholders. — Parkland Corporation"

"The Securities and Exchange Commission opened a formal inquiry into “product disclosures and trading in Guidant stock”. — Eliot Spitzer, New York's attorney general at the time"

"direct responsibility for the largest portion of the finance organization and firmwide accounting, financial reporting, financial and treasury operations — MSCI Job Description"

"Former Chief Executive Officer And Chief Operating Officer Of Publicly Traded Biopharmaceutical Company Charged With Accounting Fraud — U.S. Department of Justice Press Release"

"As you saw from the first quarter impact, we are not immune from COVID-19, especially since roughly half of our business is exposed to elective surgery. — CEO Lobo, May 5, 2020"

""Consistent with the pricing environment we experienced in previous years, we would expect continued unfavorable price reductions of approximately 1%." — Stryker (Jan 27, 2022)"

"“molten tin that splashes everywhere” with “puddles in the air” that “coat everything,” with “no way out” of the problem via attempts at “debris mitigation.” — Ex-KLA executive"

"Note 3,2 - Produits provenant d'entreprises liées Au 31 décembre 2021, le montant des produits provenant de participations est de 1.452.552,43 EUR et est décomposé comme suit :"

"These objective measurements, collected in a double-blind randomised controlled trial, provide a level of evidence that is unmatched in this field. — Evoke Study Group (Lancet)"

"“See those woods over there, well in the South, we take people out there that don’t understand our way and behave good.” — Smith (as cited in MEREDIAN HOLDINGS v. PAUL PEREIRA)"

"BUR's reporting of Napo Pharmaceuticals Inc. v. Salix Pharmaceuticals Inc. (“Napo”, BUR case no. 111290) should make BUR investors want to take a shower. — Muddy Waters Capital"

"“first-in-class molecule with a novel mechanism of action specifically designed to increase histamine signaling the brain by binding to H3 receptors.” — Harmony Biosciences S-1"

"SANSA's initial FDA clearance in 2024 validated accuracy against gold-standard polysomnography in a 340-patient clinical trial conducted at seven institutions. — Huxley Medical"

"More Consistent Free Cash Flow Growth. Transition to annual billings for product subscriptions reduces FY24 FCF, but accelerates FY25 & FY26 FCF — Autodesk Investor Day Excerpt"

"Accor’s Human Rights Policy pledges that Accor upholds “the highest standards of protection” for vulnerable people, with particular attention to human rights in conflict zones."

"Mr. Bradley is Chief Executive Officer and sole director of EOS Technology Holdings Inc. (formerly known as Data Vault Holdings Inc.) and the spouse of Sonia Choi. — Footnote 6"

"MIX OF OPERATIONAL IMPROVEMENT, PORTFOLIO MGMT, AND BALANCE SHEET OPTIMIZATION PROVIDE MULTIPLE PATHS TO DOUBLE EPS BY 2022 AND CREATE SUSTAINABLY BETTER PERFORMANCE OVER TIME"

"We find that Remitly’s competitors are advertising so aggressively on the app stores, that when searching for “Remitly” both Ria and Western Union are prioritized ahead of it."

"Remitly recently ceased disclosing mobile wallets by lumping them together with bank accounts. Yet, it also says that mobile wallets are a key determinant of transaction fees."

"We believe our improved recent performance is a direct result of our renewed focus on our core investment strategy and organizational changes we implemented at Pershing Square"

"These documents plainly show Defendants had direct knowledge that TelexFree was a Ponzi scheme, and yet, continued to service the illicit enterprise until at least March 2014."

"Using an appropriate mix of debt and equity as well as growing cash flow from their franchise operations, they have paid out 210% of their cumulative Free Cash Flow since IPO."

"With fresh food and soup under pressure, Campbell doubled down on snacks in an expensive “bet the company” transaction that brings significant financial and operational risks."

"We believe Generac's capital allocation decisions reflect poor financial judgement and decision-making on the part of management and will weigh down future earnings prospects."

"CEO Cole appears to have “selectively disclosed” his work history. The companies that are omitted don’t appear to have succeeded, and at least one has been charged with fraud."

"Starboard has been pressing for these changes for over a year. It is only under the pressure of this election contest that the company has begun to adopt elements of our plan."

"Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates"

"Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates"

"We believe the combination of lower dealer sales and the slowing of inventory turnover at CTC are clear signs of financial strains emerging in Canadian Tire’s retail business."

"Plan to improve value by ~$19 - $38 per share (resulting in a potential stock price of ~$67 - $86), not including the impact of our Olive Garden turnaround plan or franchising"

"While assessing the food cost and procurement issues could be quick, it will take time to work with suppliers and improve employee training to fully execute on the opportunity"

"The total contract value is listed at $99 million. An IDIQ contract does not require such specifics beyond a preset minimum quantity of goods or service at a negotiated price."

"The SAIC contact phone number for Jin Xin changed in 2015 and again in 2016, but matches exactly the phone number changes of companies in which Lin is one of two shareholders."

"The disconnect between branding and financial reality suggests the name change was more about capitalizing on market trends than reflecting meaningful business transformation."

"A former employee revealed that former CEO Eric Schadt was aware that the company was billing insurance providers for tests without sufficient evidence to support the charges."

"It appears the Board and Mr. Shaw have given Norfolk Southern’s competitors a bridge across the Company’s moat in exchange for boosting their prospects in an election contest."

"As public market equity participants, we have an opportunity through this Consent Solicitation to vote our conscience, and to promote not only maximum value, but strong values"

"Plan to improve value by ~$19 - $38 per share (resulting in a potential stock price of ~$67 - $86), not including the impact of our Olive Garden turnaround plan or franchising"

"While assessing the food cost and procurement issues could be quick, it will take time to work with suppliers and improve employee training to fully execute on the opportunity"

"The research shows that Green Mountain and MBlock are potentially engaged in a variety of shenanigans that appear designed to mislead auditors and to inflate financial results"

"Spruce Point sees 40%-55% downside in ALGN to $80-$115 per share on disappointing case volume growth in FY21 and ongoing ASP pressure amidst an expanded competitive landscape."

"Refer to our comments above and to the assertions on page 27 of the investor presentation to the effect that Boots Capital's claimed buyers and financing sources are illusory."