Callouts & quotes from 3,960+ activist slides

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65 – 95.90/share, or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom's common shares could trade at between $65-95.90/share, or up to 135% above current levels."

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"Spruce Point believes that WD-40 (Nasdaq: WDFC or “the Company”) is widely misunderstood and believed to be defensive, but in reality, is facing both long and short-term secular pressures."

"Herbalife believes the majority of its distributors are discount buyers, who become distributors in order to purchase their favorite Herbalife products at a minimum discount of 25 percent."

"Spruce Point believes the timing of CEO Gerstel’s announced departure on February 8, 2023 is alarming and that his successor, who led CodeFuel the search business, is foreshadowing issues."

"With sales growth from new products set to plateau and margin expansion opportunities largely exhausted, we believe that Hill-Rom growth and earnings will underperform sell-side estimates."

"Spruce Point believes that investors should carefully research many of Porch's recent acquisitions. We believe the biggest red flag is Porch recently being accused of fraud by Kandela....."

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"We believe TFS intentionally uses misleading statements, biased research and seriously questionable accounting practices to inflate the value of both the sandalwood and the company itself."

"As discussed in our January 16th presentation, “The Art of the Deal”, we believe the likely privatization path will result in 5x to 6x upside for FNMA and FMCC shares in two to three years"

"Even if we assume that DSP can achieve its lofty and seemingly unrealistic expectations, we believe the Company still would be losing money in its VOIP business on a fully allocated basis."

"Remitly has a majority of “Buy” recommendations from analysts whom we believe fail to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company."

"Spruce Point cautions investors to be wary of companies that go through frequent name changes and corporate “re-branding” as we believe it is a tactic to cover a dark history of problems."

"When combined with the improved free cash flow generation of Dollar Tree and improved capital allocation policies, we believe Dollar Tree could ultimately be worth $150 per share or more."

"We believe CCI should embrace its previously communicated payout structure now rather than artificially deferring it to 2018-2020 – don't wait to get where the Company is eventually going"

"Spruce Point believes that this is an egregious overestimate, and we are stunned that the CEO of a near-billion-dollar public company could be so far off on one of his own business lines."

"We believe investors should exercise caution because the shares may be significantly overvalued, with potential downside risk of 70% - 95% under certain scenarios outlined in this report."

"With an early lockup expiration that we believe is fast approaching and insiders so achingly close to the final lap, the CEO seems to be furiously pumping the stock on TV at every chance."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom's common shares could trade at between $65-95.90/share, or up to 70% above current levels."

"With lower capital intensity, a focused board of directors, a streamlined portfolio and a credibly reduced exploration budget, we believe Hess International can achieve a premium multiple"

"Zebra made a subtle change to recharacterize "warehouse" to "robotics" automation. We believe this is a tacit admission that Fetch Robotics offering is struggling to penetrate the market."

"It is natural for growth to be relatively higher in acquisition periods, but these figures suggest that Amdocs' organic growth rate is lower than management suggests and analysts believe."

"We believe Intuit has been slow to introduce synergistic offerings and that integration has been hamstrung by cultural issues (perhaps it was doomed?) and Mailchimp’s Atlanta HQ location."

"We believe the combination of underspending on capital expenditures and R&D has benefited PBH’s historic cash flow but will result in increasing financial struggles as acquisitions stall."

"We believe sustained, long-term success in the HCM market requires great technology, deep domain expertise and world-class services. To win in today’s HCM market, you have to have it all…"

"We believe compensation cooperation rules act as an artificial lift to commission rates and without them, commissions could compress over time to levels seen in other developed economies."

"Online chatter leads us to believe his affiliation with Stanford may have ended due to inflammatory statements on Twitter/X: “she’s a cunt,” referring to CNN reporter Christiane Amanpour."

"Starboard believes Mr. Taffe’s extensive experience as a senior executive and Board member at leading semiconductor companies will enable him to provide invaluable oversight to the Board."

"Direct-to-consumer ready-to-eat meals are a nascent food vertical that we believe has the potential to grow into a multi-billion-dollar category over time. — Uwe Voss, HelloFresh U.S. CEO"

""the customer has indicated that further work is required to finalize the arrangements" and therefore now "believes this could be concluded in February or March 2026" — EOS Q4 2025 update"

"We believe this repeated behavior is the outcome of broader and more systemic problems, including a poor corporate culture that appears to reward loyalty to the founder over performance."

"We Believe WTRG’s $4.3 Billion Dollar Levered Acquisition of Peoples Natural Gas Was Done In Desperation, Has Financial Reporting Anomalies, And Is Already Being Evaluated For Impairment"

"We believe the restaurant General Managers are the most important individuals in a casual dining company – they should have a compensation structure that promotes an ownership mentality."

"Ancora believes the reconstituted Board will be well-suited to support management through this critical period and position the combined company for long-term shareholder value creation."

"We believe the restaurant General Managers are the most important individuals in a casual dining company – they should have a compensation structure that promotes an ownership mentality."

"Despite all our evidence that Xylem has failed investors, we believe its rubber-stamping Board approved short-term annual incentive target changes that are beneficial towards management."

"The Shareholder Slate believes shareholders should not stand for the Company awarding such generous compensation packages without transparency and seemingly any connection to performance"

"We believe Saputo's inventory accounts are signaling severe financial strain. Inventory has grown 16.4% per annum over the same five year period that sales have increased 6.1% per annum."

"We see no reason why and believe it will ultimately revert to its long-term average as investors cope with more disappointment with SCMI's inability to generate recurring free cash flow."

"Spruce Point believes that ELF's recent success is directly correlated with its creative TikTok and Gen Z viral marketing campaigns led by a relatively small agency named Movers+Shakers."

"Give the apparent materiality of this new product to recent financial results according to the CEO, we also believe it should provide enhanced disclosure to investors in its SEC filings."

"Spruce Point believes that the proposed Forescout deal unjustly enriches management and long-time VCs stuck in dinosaur investment, while putting public employee pension dollars at risk."

"Spruce Point believes there is significant downside risk to Rollins’ share price as its premium multiple is reconsidered by institutional investors in the face of increasing competition."

"We believe Lamb Weston should target approximately $500 million in total cost reductions, representing roughly $250 million of incremental savings beyond the currently announced program."

"Spruce Point believes Weis Markets, Inc. (NYSE: WMK), a struggling supermarket, is obfuscating its financial pressures with aggressive accounting changes, and vastly reduced disclosures."

"In its inefficient conglomerate structure, we believe that Phillips will continue to trade near the multiple of its lowest-valued segments and at a discount to its sum-of-the-parts value"

"Over 1/3rd of WFG agents responded that they received no monitoring or supervision during their business activities, which we believe can explain the lack of discipline among WFG agents."

"In conclusion, our analysis leads us to believe that WUBA is a fraud vehicle that primarily exists to enrich insiders and to raise money from US investors on the back of fake financials."

"Given the issues we have identified with founders Hasson and Spear and the deleterious impact they have had on FIGS' culture, we believe FIGS has succeeded, to date, in spite of itself."

"Given her vastly more limited work experience compared with previous CFO Lawrence, we believe the appointment of Daniella Turenshine represents a material downgrade in CFO capabilities."

"We believe a majority of Monolithic's end markets are tied to cyclical industries, with the exception perhaps of communications, which MPWR has been diversifying away from, and storage."

"We believe that 3% SSS is conservative - it is in-line with better-performing peers, and 3 years of 3% SSS would just get Olive Garden's AUV back to the $4.8 million of a few years ago."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65-95.90/share or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65-95.90/share or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65-95.90/share or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom's common shares may trade at between $65-95.90/share or up to 135% above current levels."

"Over the last several years, Autodesk’s management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Spruce Point believes the earnout structure allowed Evoqua to book Adjusted EBITDA and earnings for a transaction where management implied a high probability of failing to meet targets."

"Spruce Point believes that the aggressive entry of third-party 3D printing labs into the clear aligner space could quickly render the aligner a low-value-added commodity in short order."