Callouts & quotes from 37,061+ activist slides

"Leidos ceased explaining what drove the increase in deferred revenues in the past two 10-Qs, and changed its explanation for the increase in unbilled receivables."

"It looks like a substantial percentage of patients became diabetic or pre-diabetic. It almost seems like the mechanism of action of this drug is induced diabetes."

"We also use LSPD’s $200 per month ARPU claim to back into an estimate of unique customers. We calculate 26,664 which is close to the 27,200 estimate in Method #1."

"Something appears to be very wrong. LSPD made an unusual financial statement showing negative cash spent for acquisitions in the three months ended Sept 30, 2020."

"FDA review incorrectly infers QT safety margins, stating they are based upon "steady state Cmax" when they are actually based on plasma levels after a single dose"

"Using a linear Y-axis shows bulk of purported treatment effect occurred instantly, with no further separation vs. placebo during final 4-week stable dosing period"

"This is highly alarming – shareholders need to trust that management will provide equal access to sell-side analysts and that sell-side analysts will be unbiased."

"Fairfax effectively repo'ed these seven investments to remove the losses from its income statement, effectively giving the European runoff business away for free."

"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."

"We believe the Digital ID model would not be economically viable for CLEAR given it would potentially be on a per transaction basis vs. the annual membership fee."

"Our analysis reveals Inteliquent to be the single biggest enabler of scam and robocalls in the Western Hemisphere, with the business facing a regulatory scrutiny."

"Sinch seems to be set up to enable scam and Robocallers while making it harder for consumers to alert Sinch of the scam or robocalls being made on their networks."

"Discounted 2020’s rent by 58% due to evidence provided by historical google earth photos. We find it hard to believe a complete building was built within 34 days."

"Furthermore, we think Charlie's brother, METC CEO Randall Atkins, was aware of these charges as early as 2019 when Charlie's home was subject to a search warrant."

"Adjusted EBITDA ended up DECLINING at an ~11% CAGR between 2017 and 2020, resulting in a figure that was 50% BELOW the Company's initial 2018 Investor Day target."

"While Ferguson has expanded EBITDA margins over the last 5 years, Trian believes there is an opportunity to better leverage growth and improve margin flow through"

"However, as of Monday Night Football on September 29, 2025, Kalshi has enabled users to build their own parlays, a direct threat to DKNG's most lucrative segment."

"Box “is in the strongest financial position in the company’s history” and “better positioned than ever to drive [its] next phase of growth.” — Company transcripts"

"(Mr. Klein: Mr. Vilanek, am I being impertinent if I ask you the date of this letter? It was submitted on November 2; what is the date in the latter?) — Mr. Klein"

"Müller: Yes, I can attest to that in every respect. I think that in any case we answered most of the questions, it feels like five to ten times over. — Udo Müller"

""[Tabletop tablets] have helped our customers expedite and control their experience more, which in turn is good for our business." — Wyman Roberts, CEO of Brinker"

"“It's not real” — Expert/Former Employee; “a common trick” — Expert/Former Employee; “shell game” — Expert/Former Employee; “sandbagging” — Expert/Former Employee"

"two former EHTH employees informed us that the company instructs agents to make outreach calls to prevent members from switching. — EHTH Former Executives A and C"

""[Tabletop tablets] have helped our customers expedite and control their experience more, which in turn is good for our business." — Wyman Roberts, CEO of Brinker"

"“realizing synergies from the transfer of technical skills and operating capabilities globally” — Hess's “Delivering Shareholder Value” presentation March 4, 2013"

"“Ginkgo loves them because it allows them to be sloppy with their work, too.” — Ex-senior executive of a key Twist competitor and longtime expert in Twist’s space"

""We hope to leverage our industrial resources and work with China's top teams to change the current situation of foreign AI chip makers' monopolization." — Source"

"DuPont’s Written Statement: “Trian’s analysis relies on a 2011 EPS of $4.32 that is not reported in DuPont’s public filings…” — DuPont presentation, February 2015"

"Management and the Board's conclusion that the "current structure maximizes value" is at odds with many years of subpar operating results. — Trian Fund Management"

"We have more tools at our disposal that make us more relevant to a broader set of constituents than the days when I was at Samsung or Motorola. — Omar Sharif Khan"

"“You're talking probably the top-50 biotech and pharma companies. It's going to be somewhere between 1 and 5 machines per each.” — Bristol Meyers Squibb expert #2"

"perpetrated a scheme...to defraud its customers...with the knowledge, encouragement, and participation of supervisors — US Department of Justice regarding Nomura."

"Chinook, however, says that AbbVie's research showed an "acceptable safety profile" for atrasentan, with "no severe adverse events related to study drug to date"."

"The Company currently anticipates the independent fiduciary will dispose of the contributed shares over the next 6 months. — Aerojet Rocketdyne Holdings, Inc. 8-K"

"[We] believe that our integrated business model generates the highest long-term value... So we're committed to that. — Phillips 66 CEO Mark Lashier, March 6, 2025"

"“They approached my CEO. My CEO and their CEO have known each other a long time. And this was something that they’re going to try out.” — Transplant surgeon, Utah"

"that he had conversations with Orr about CN's decision to transfer [the executive] to Memphis because he was Black. — Testimony of an executive regarding John Orr"

"A 2018 Forbes article suggests a total CPAP population of 8 million, growing at 8-9% a year. This would imply between 600k and 700k new CPAP prescriptions a year."

"I stopped getting the boxes now, but I have a big folder with over 100 recipes my family loves and real confidence that I can cook good dishes. — @herbststern2378"

"I stopped getting the boxes now, but I have a big folder with over 100 recipes my family loves and real confidence that I can cook good dishes. — @herbststern2378"

"Despite meaningful share price appreciation since our investment, HLT continues to offer a compelling return profile given high levels of durable earnings growth"

"Spruce Point observes an alarming departure between revenue growth and inventory growth, which is often a harbinger of material margin compression in the future."

"WTRG has repeatedly set 2%-3% customer growth targets annually. However, based on recent results, we see that growth has come at the low end of its target range."

"We believe the time has come for material changes in leadership here as BOX remains in a “no-man’s land” for investors – not enough growth and not enough margin."

"If Solventum Can Restore Performance to Historical Levels, Trian Believes the Company’s Shares Could be Worth $140 by Year-End 2027 vs. its $69 Share Price Today"

"We believe there is a tremendous opportunity at Mellanox, but it will require substantial change, well beyond just the Company's recently announced 2018 targets."

"ADP’s total reported bookings suggest a ~7% CAGR since FY 2011. This is not heroic in light of industry tailwinds and an 8% CAGR increase in ADP’s sales force(1)"

"Any action to delay the 2018 Annual Meeting should and will be viewed as an entrenchment tactic by the current Board and should not be tolerated by shareholders."

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"Darden has been mismanaged for years and is now a conglomerate of restaurant concepts – the largest of which, Olive Garden, is in desperate need of a turnaround."

"Olive Garden is famous for its unlimited breadsticks, but poor execution around this signature item we believe both increased costs and hurt the guest experience"

"A real estate separation and an SRG spinoff would create substantial shareholder value while enabling Darden to maintain its investment grade rating and dividend"

"Mr. Davis has presided over the Company during many years of relative stock price under-performance, including the aforementioned 3-year and 5-year time periods."

"IPX claims that a furnace costs in the range of $2.7 - $5.0 million. However, IPX's import records suggest a furnace system is in the $369,000 to $405,000 range."

"Imagine you're trying to sell this battery to Apple. We want you to put it in your phone, but when you charge the phone, the battery is going to get 40% thicker."

"Marathon does not get credit for a more diversified business mix and instead trades at virtually the same multiple as merchant refiners Valero and HollyFrontier."

"Given the stock market’s discounted valuation of Target’s vast real estate holdings, shouldn’t the board be willing to investigate opportunities to create value?"

"Numerous industry articles on ion-traps describe the cornucopia of optical components as a key reason one can't “take these systems out of the lab for real use.”"

"Compensation paid by John Hess’s family estate for serving as executor(1): $8 million directly to Board members $3 million directly to Lead Independent Directors"

"Since Martin Franklin joined Jarden in 2001, the company has achieved success as a consumer products platform, generating a ~33x total shareholder return to-date"