Callouts & quotes from 37,061+ activist slides

"This creates the misleading impression that the cycle life trend is flat – that is, battery life is stable and barely degrades over time, under low temperature conditions"

"This version omits the words “successfully” and “an industry first,” and merely notes that the cells had been tested, a non-committal and thus meaningless bit of wording."

"This creates the misleading impression that the cycle life trend is flat – that is, battery life is stable and barely degrades over time, under low temperature conditions"

"The largest holders – venture capitalists like Khosla/Kleiner Perkins – appear to have dumped 100% of their stock within 5 months – presumably right at lockup expiration."

"In the Last 5 Years, Viacom Shareholders Have Paid CEO Philippe Dauman and COO Thomas Dooley a combined $432 million in compensation, Far Ahead of Any Other Media Company"

"An NMA decision will be vitiated by public law error if there has been a material error of law, including in understanding the correct meaning of the planning permission."

"We believe that BXMT will ultimately recognize significant losses in its loan book, ranging from $2.5 billion to $4.5 billion. These losses could wipe out its market cap."

"In October 2023, Meta was named in a new lawsuit brought on by 33 states. The District of Columbia and eight other states filed separate lawsuits alleging similar claims."

"We question why the Board, including new members added between 2018 – 2021, chose to overlook problematic conflicts and keep highly-interconnected directors on the Board?"

"Under Mr. Gallogly's leadership, LyondellBasell created tremendous value for its shareholders and significantly outperformed both the chemicals and broader market indices"

"Implementation starts with a great leader for the brand with a vision for Olive Garden, paired with transformational energy to motivate the people within the organization"

"Arconic reported automotive (including brazing sheet) contributed 11% of 2016 sales; or between $1.3 billion and $1.4 billion (10.5% vs. 11.49%) vs. a $1.5 billion target"

"In the face of poor performance and with thousands of employees losing their jobs, Dr. Kleinfeld thought it was a good idea to recreate the Jetsons for marketing purposes"

"We believe restoring the magic at Disney starts with a focused, aligned and accountable board, intensely committed to returning an 'ownership mentality' to the boardroom."

"We spoke with two medical device regulatory compliance consultants, both of whom believed that, in their opinion, iRhythm’s failure to report complaints was indefensible."

"We believe iRhythm has benefitted from a number of transitory tailwinds. We see a plethora of emerging headwinds and potential investor disappointment in the coming year."

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"PricewaterhouseCoopers LLP has not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to these operational metrics or their components."

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"Twist’s CFO – in his LinkedIn profile – indicates his responsibilities at Televerde included “establishing global operations in Glasgow, Scotland and Cordoba, Argentina.”"

"Two of three executive hires made at the end of 2017 were direct hires from 2U. As former 2U employees leave to go to the disruptors, we think the street should take note"

"GE has exhibited limited margin improvement - despite a beneficial mix shift toward higher-margin services revenue - because equipment margins have significantly declined"

"If the maximum tax-supported debt after a restructuring would be at most $18 billion, it implies losses of over $2 billion on just the tax supported debt AGO has insured."

"As a result of strong side intervention, HK’s Monetary Base increased HKD $671bn or ~200% over two years. HK has effectively no control over the size of its Monetary Base"

"Through the May 2023 filing of Samsara’s audit committee report, its Audit Chairman and “Independent Director” Jonathan Chadwick served on a mind-blowing ten (10) boards!"

"We believe C3.ai has gone through multiple iterations as a company chasing popular technology themes and buzzwords while incorporating them into its formal business name."

"We agree with the goals of the recent proposals for housing finance reform, but believe the proposals are impractical and will work against the goals they seek to achieve"

"Being an S&P 500 index member is a validation of absolutely nothing. It means more financial scrutiny and more due diligence should be applied before investing, not less."

"Inconsistent Methodologies Used: The column titled "P&G Peers" uses a Simple Average, while column titled "Peltz Serving on the Board" uses a Market Cap Weighted Average."

"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"

"Our simple regression analysis linking valuation to organic growth rate among IT outsourcing peers suggests 40% to 50% downside (approximately $24.50 to $29.50 per share)"

"Dr. Beckerle is a beneficiary of substantial donations from the Huntsman family. Despite this fact, the Board shockingly claims Dr. Beckerle is an “independent” director."

"We believe the Board conducted an incomplete analysis of Dr. Beckerle’s independence and a consideration of all the facts suggests Dr. Beckerle is clearly not independent"

"We question why the Board, including new members added between 2018 – 2021, chose to overlook problematic conflicts and keep highly-interconnected directors on the Board?"

"Under Mr. Gallogly's leadership, LyondellBasell created tremendous value for its shareholders and significantly outperformed both the chemicals and broader market indices"

"TWX appears to have a more conservative financial policy and leverage targets than many of its competitors in the media sector (both diversified media and cable credits)."

"Four of the agencies gave the unsolicited opinion that Momo has a reputation as a (sex) cam site. We believe that this has directly contributed to Momo’s advertising woes"

"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"

"Caesarstone has also sold the 13mm quartz in North America before in some of the same colour ranges as the Transform product but as bathroom splashbacks, not countertops."

"We believe in-home communication compatible Cardiac Devices should be recalled, either voluntarily by STJ or mandatorily by the U.S. Food and Drug Administration ("FDA")."

"Perhaps most shocking about STJ's lack of security is that it has distributed hundreds of thousands of devices that are apparently so easily analyzed for vulnerabilities."

"Phillips 66 (NYSE: PSX) needs bold solutions to reverse a decade of underperformance, including simplifying an inefficient structure and restoring management credibility."

"Marathon has excelled since its board carried out a series of crucial changes that we recommended, resulting in a ~150% relative outperformance by Marathon's share price."

"The subsequent proxy statements do not state the Olivier was also the Head of Process Analytics, but rather state his role as Head of Global Sales, Service and Marketing."

"In contrast to Vivendi's poor stewardship and frayed relationships, Elliott's Independent Nominees will prioritise improving relationships with regulators and authorities"

"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"

"If the synergies were apparent, you would see them in the financial statements. The stock would be trading better. And to put it bluntly, we'd be picking on someone else."

"Spruce Point finds evidence Porch has a promoted partnership with Cinch. We called Cinch to verify its partnership with Porch, but customer service had never heard of it."

"Many contracts were either bid or executed poorly, and it led to significant cost overruns. The result was a loss of investor confidence, with the stock falling below $4."

"Nidec's auditor probably offers little safeguard against misleading accounts - in our opinion, Nidec's auditor is to audit failures what Michael Jordan was to basketball."

"Ever since the deal has closed, Stryker has walked back revenue growth targets for Wright, and now talks about Wright as growing revenues 6%, or 50% lower than projected."

"At the very onset of merger, management was clear that both businesses were “quite different” and would function as two separate business units on two separate platforms."

"Similarweb’s data notably shows that Terminix is increasing paid search. This appears consistent with our increased observance of more sponsored activity on social media."

"The GAAP reporting understates Core's foreign exposure because when Core sends fluids from a well in offshore Angola to its labs in Houston, it counts it as U.S. revenue."

"While a 1,000 foot core from deepwater offshore West Africa is a $2-$3 million opportunity, a similar core from North American shale generates only one-tenth the revenue."

"We adjust the book value down by the difference between the take-private price and the ~$10 price it traded at prior to the take-out, reducing book value by $251 million."

"BEKE claimed 21,000 agents in Shanghai, while SAIC data for its two Shanghai brokerage subsidiaries show only 9,996 employees and 199 employees in its other subsidiaries."

"In reality, the 1st Class Medical / Inogen scheme is operated by Gary Luckner who was recently sentenced to 90 months in prison for running a fraudulent online operation."

"PGNY has often stated that there is “nobody” that is competitive with them. We find these claims to be highly questionable, as numerous credible competitors have emerged."

"In the market for 25 years, WINFertility leads PGNY in clients and lives and has exceptionally strong payer relationships, which differentiates it from other competitors."