Callouts & quotes from 37,061+ activist slides

"The Bolloré group indicted for "corruption" in the African ports case — Europe 1. Vincent Bolloré under formal investigation for suspected bribery — FINANCIAL TIMES."

"“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” — Sam Walton"

"“The market is implying that the underlying assets are worth far less under ACAS management than they would be on a stand-alone basis.” — Wells Fargo, August 7, 2015"

"“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” — Sam Walton"

"reorganizations we were going through in Indonesia relating to some of our mining activities. — Bloomberg final transcript, Q3 2011 Earnings Call, November 9th 2011."

"An attorney from a leading PRC law firm that is highly experienced in working with VIEs said that he and his partners had never seen any private — Anonymous Attorney"

"Our directors are not permitted to serve on more than four additional public company boards without the approval of the Board of Directors. — Samsara Proxy Statement"

"Refer to RINO's SAIC Financial Statements Show 2009 Revenue of $11 million in which we show the 2009 SAIC income statement for Innomind, which shows no 2009 revenue."

"The University of California does not endorse specific products or services as a matter of policy — Footnote in Herbalife Independent Distributor Presentation (2007)"

"a cybersecurity vulnerability might impact all of the medical devices in a manufacturer's portfolio based on how their products are developed... — FDA Draft Guidance"

"the allowances for credit losses, amount of charge-offs recorded, and amount of recoveries on term loans to small businesses were not material. — Intuit FY 2024 10-K"

"The valuation has been substantially and mainly based upon the information supplied to us by Lianeo. — Vivion Investments, €300 million bond prospectus, October 2019"

"“Burford also has a strong cash position, with approximately $400 million in cash and cash equivalents on hand presently.” — Response to Short Attack, August 8, 2019"

"「アクティニックの検査装置は1台につき、光源、チャンバー、諸々の部品を整備するために、少なくとも4名の熟練のフィールド・サービス・エンジニアを配備しなければいけません」 — 半導体製造装置業界に20年以上の経験があり、レーザーテックの元プロダクト・エンジニア、3大半導体装置メーカーの1社で極端紫外線の部隊に参画した経験のある人物"

"「非常に複雑な構造でとてもとても高価です。購入価格は数百ドルでなくて、『数百万ドル』。もうひとつの問題で、もっと重要なのは、圧力をかけたあと、吸い戻すことです。そもそも光学系の空洞に粒子を放出するわけです。レーザーテック製の装置においては、それが最大の粒子の発生源となっています」 — KLAで極端紫外線マスク検査を担当した元幹部"

"「TSMCの基準で性能を向上するように、レーザーテックを説得することです。性能を変えるように働きかけています。『品質を下げてもいいから、検査数を増やしてくれ』というふうに」。しかし、「結局、堂々巡りの交渉になります」。 — TSMCの元幹部で長年購買の責任者を務め、同社へレーザーテック製の検査装置の導入を担当した人物、現大学教員"

"“And no finished goods in there, right?” The IR rep replied “No. All work in process.” while smiling with a knowing wink. — Local consultant meeting with Lasertec IR"

"The Financial Times December 20, 2019 report on NMC’s attempted off-balance sheet debt financing hints at hidden debt secured by share pledges. — The Financial Times"

"「花王の経営陣は成長に対してアレルギーがある。中期経営計画『K27』では、ヘルス＆ビューティーケア事業や同社の化粧品ブランドを通じて実現可能な大きな成長機会について十分に取り上げていません。成長意欲が欠落しており、花王の経営陣には事業成長に対するアレルギーがあるように見えて仕方ありません。」 — Oasis Management"

"I'd say it if it were a stand-alone company, Frito-Lay North America might well be the best consumer products company — Indra Nooyi, Q2 2011 Earnings Call, 7/21/2011"

"Table 4 (excerpts) :Deaths in the Pitolisant Development Program (All Indications) by 120-Day Safety Update, FDA CDER Clinical Review (Solages, Sep 28, 2020), p10-11"

"The main drivers of accretion dilution in the M&A model are i) Purchase Price, ii) Acquisition Currencies, and iii) Synergies. — Financial Modeling Course References"

""It is beyond me, my capability, I was just listening to the doctors of physics explaining to me a qubit and how quantum computing is a real thing." — Kate Arrington"

"The sales reported in this Form 4 were made by a broker, without instruction by the Reporting Person, to satisfy a margin call. — SEC Form 4 Explanation of Responses"

"~75% of Sampo’s Insurance Net Income is generated in the stable Nordic P&C market, where Sampo owns top quality assets that deliver consistent and growing dividends"

"We adjust RUN’s balance sheet and non-GAAP metrics due to its failure to reserve for panel removal liabilities, which we estimate are at present value $668 million."

"HSIC shareholders are well positioned to benefit from both the tremendous growth opportunity associated with Vets First Corp and a refocused Henry Schein (RemainCo)"

"The 2024 refining environment was above the 2012 - 19 average used by PSX to set their mid-cycle refining EBITDA target of $4bn. PSX 2024 refining EBITDA was ~$1bn."

"Right or wrong, the waste management business has often been associated with organized crime and illegal activity, a fact that GFL’s CEO acknowledges and downplays."

"This consistent delta implies that Sunrun’s (non-GAAP) Subscriber numbers materially exceed additions of PV systems from which Sunrun generates Subscriber revenues."

"The responses from Burford management contain a significant volume and density of deceptive behavior across all of the issues identified in the Muddy Waters report."

"Doug Cole failed to disclose his role at TWL. Doug Cole began working with TWL to promote the stock under a contract that names other undisclosed business entities."

"These new ‘heterogeneous’ networks are ad-hoc and unplanned compared to the first generation, but they succeed where it matters: they can meet consumer data demand."

"We believe that AMT has placed such an extreme emphasis on growth that they went for quantity over quality and this is evident in acquisitions such as Vivo in 2012."

"As a shareholder, we are asking Nintendo - for the sake of the company and for the sake of its IP remaining relevant - to embrace the change underway in the sector."

"Box attempted to use these financings and the related self-tender scheme to “buy the vote” and tip the balance of power in the Company’s favor during this election."

"XPO made a subtle change in Q3 2018 to move gains and losses from property and equipment from "other expenses (income)" into the direct operating expense line item."

"Despite having zero patents, there are signs of XPO embellishing its technology prowess with buzz words and greater use of the word “technology” in its SEC filings."

"We do not believe this capital allocation scenario would increase CCI's risk profile or materially reduce operating flexibility – minimal execution risk in our view"

"For 25 years, we have not paid one single cent of dividends. We personally got into very high debts in order to move the company forward to the position it has now."

"Mercury's current inventory and planned inventory purchase obligations relative to its next 12 months of backlog continue to remain elevated above historical norms."

"BY FOLLOWING MARATHON’S PATH AND USING SALE PROCEEDS TO REPURCHASE SHARES, PHILLIPS COULD RETIRE A MAJORITY OF ITS SHARES AND INCREASE THE SHARE PRICE SIGNIFICANTLY"

"The list of scandals and bankruptcies involving much-hyped battery companies is long, in spite of their "validation" from large automakers and other major partners."

"He initially evaded our question and then stated “it’s a free partnership,” adding that none of the four “customers” they have introduced to IonQ are paying either."

"Breaking with industry best practices, Hess drilled 80+% working interest wells in numerous regions. The result was destruction of 20+% of its market capitalization"

"The common denominator between the CONVERGE trial and the PRECEPT trial was that they both were designed to test ablation of AF triggers beyond the pulmonary veins."

"Despite it being incontrovertible that Mr. Sator and S30 were misrepresenting the nature of the reviews, S30 continued to publicly mischaracterize them as “audits.”"

"The sheer number of seniors leaving EHTH is evidenced by the company's growing churn rate, which surpassed 50% in Q1 2019 for the first time since ASC 606 adoption."

"We believe that if expanding the physical footprint were as lucrative and attractive as BOOT claims, that competitors would simply mimic BOOT's aggressive strategy."

"Shifting the focus from the C-level management and Board of Directors’ sideshow drama will allow Yahoo’s core assets and overlooked businesses to take the spotlight"

"Spruce Point believes that very recent and underappreciated developments in the clear aligner landscape undermine most of the key tenets of the bull case for Align."

"Why is management suddenly listing its SmartTrack material as its #1 key competitive factor after not even disclosing it as a competitive factor at all in the past?"

"BY FOLLOWING MARATHON'S PATH AND USING SALE PROCEEDS TO REPURCHASE SHARES, PHILLIPS COULD RETIRE A MAJORITY OF ITS SHARES AND INCREASE THE SHARE PRICE SIGNIFICANTLY"

"In a recent presentation, the current Board actively misled investors about Mr. Loeb’s credentials and Third Point’s track record of creating value for shareholders"

"Overall, we believe ~85% or more of the XHL-reported RMB 18.2 million in gifts Big Li received to win the December 2019 annual competition originated from YY’s FUs."

"This pattern is indicative of a VPN or other IP disguising software being used to hide the address of the real origin of the gifts, which was YY's own local server."

"AMR Has Poorly Positioned Coal Assets Experiencing Increased Signs of Mounting Financial Stress Including “Hidden Borrowing”, Cash Shortfalls, And Cash Misreporting"

"It is Time for the Current Board to be Held Accountable for Years of Poor Performance, Egregious Corporate Governance, and Substantial Shareholder Value Destruction"

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."