Callouts & quotes from 37,061+ activist slides

"The trial showed that pitolisant was inferior to modafinil in reducing excessive daytime sleepiness (EDS), the primary endpoint, and also inferior in cataplexy."

"So this Jinjiang Yundong is managing the HR and the finance of the subs, right? Yes, that's right. Finance, retail (零售), right, right, all of these subsidiaries"

"The Draft Guidance provides several examples of uncontrolled risks. One examples is strikingly similar to the vulnerabilities and attacks MedSec has discovered:"

"FTAI Management Claims to be Immune From a Significant Supply-Demand Shift in the Market. But if This Were True, Why Would EBITDA Margins Be Falling So Quickly?"

"Based on analyst estimates for 2018 EBITDA, PAH shares would be valued at more than $19, nearly 75% above current levels, if it traded at current peer multiples"

"A positive working capital means there's a cash surplus from the company's working capital needs while a negative working capital means there's a cash shortage."

"Secondly, the company's gross margin declined sequentially in Q3 2019, reaching its second lowest level since the company started reporting earnings in Q3 2013."

"We weren't able to locate previous transaction history of the property and give the company benefit of the doubt and do not allocate a discount for overpayment."

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"If the GSEs increase their capital levels and become pure mortgage guarantors, they can be a simple, low-risk, and effective solution for housing finance reform"

"The simpler explanation is that Archer silences all videos because the noise levels for Midnight are unsatisfactory and would undermine their marketing efforts."

"Adding multiple different demos together to create the impression the design can accomplish all capabilities simultaneously is both misleading and disingenuous."

"If the GSEs increase their capital levels and become pure mortgage guarantors, they can be a simple, low-risk, and effective solution for housing finance reform"

"We believe the company is hiding a flawed business model with abysmally small revenue potential behind a façade of big-name announcements and lofty projections."

"PMV’s website and investor communications are filled with general p53 information designed to intrigue retail investors but lacks current data and hard science."

"We believe that in just a matter of a few days, PMV Pharma will head down the same path as Aprea, its stock dropped 77% on the Phase 3 failure in December 2020."

"In addition, after removing the biological asset adjustment effects on gross profits, we see that there is actually nothing special about Trulieve’s operations."

"Chapman even offered a testimonial to Clark Street for its website, declaring its lobbying positioned “us for substantial funding that has been transformative.”"

"When you read DVLT’s press release, it sounds to us like they own or lease the building, or at least a few floors, but we went and visited and that is not true."

"TSMC would theoretically require 110 of the Lasertec tools at $50MM each to cover their daily mask throughput of 550 – implying an absurd $5.5 billion of spend."

"NNOX appear to be less than transparent about this troubling fact pattern, as the October 28, 2019 agreement is not referenced anywhere in the Final Prospectus."

"Companies listed on the Prime Market should therefore appoint at least one-third of their directors as independent directors — Japan's Corporate Governance Code"

"Dexcom filed a weak patent infringement case against AgaMatrix that became objectively baseless following the Court's Markman order. — Court Motion, May 9, 2018"

"I direct that no official shorthand note shall be taken of this Judgment and that copies of this version as handed down may be treated as authentic. — FORDHAM J"

"Azure CDN will be retiring Azure CDN Standard from Akamai on 31 October 2023 – transition to another CDN profile to avoid service interruption — Microsoft Azure"

""I think then we are creating substantial shareholder value. That's the main driver that we will continue to follow here." — Dr. Klaus Kleinfeld, April 10, 2012"

"With a strong factory supervision background, [Mark Donegan] spends a majority of his time visiting [PCC] facilities around the world. — Citi, December 13, 2010"

""NFDL Rate is a standard established by the Mine Safety and Health Administration and is widely used by coal companies to judge their safety performance." — AMR"

"We continue to expect additions to capital lease lines to be high single digits as a percentage of revenue going forward. — Dropbox Guidance For 2019 (Feb 2019)"

"In terms of your last question, there is nothing in terms of our results that was impacted in any way by any anonymous report that was released. — Yusuf Alireza"

"Based on challenging macroeconomic conditions, our class of 2022 and class of 2023 new stores are estimated to be below these targets. — Floor & Decor 2023 10-K"

"We know that when one of our designers becomes involved with a project, the average ticket can be 4x larger than the ones where they are not involved. — Q4 2018"

""One way out of the dilemma of uncorrelated ratings is to use the one with the most predictive power, which they found to be MSCI ESG Ratings" — Linda-Eling Lee"

"「当社はレーザーテック製のA150装置を使っています。5ナノメートルのウェハーに使います。2021年に購入したので、2年以上使っています。また、レーザーテックの新しいA300装置のことを知っています。1台のA150を所有しているほか、もう2台の処理能力をリースで利用しています。」 — マーベル・テクノロジーの上席従業員"

"「レーザーテックは危ないと思います。同社には完成品の在庫が滞留していますが、KLAは各社に向けて次のように予告しています。『発注を2025年の中旬まで待っていただけるなら、新しいシステムを商業的に提供できます』。KLAはレーザーテックのマーケットシェアに食い込みます。当然です。」 — グローバルファウンドリーズの元幹部"

"「はい、見逃している欠陥がないことを確認するために。もし欠陥を見逃せば、生産される各々の半導体装置に転写されます。致命的な問題があれば、問題のウェハーを出荷できなくなります。下手をすれば何十億ドルもの損失を招くことになるのです」 — 半導体製造装置企業の上席幹部として長年の経験を持ち、レーザーテックのCEOに親しい人物"

"I direct that no official shorthand note shall be taken of this Judgment and that copies of this version as handed down may be treated as authentic. — FORDHAM J"

"“We’re basically selling our identity soul to a private company, who’s then going to be the gatekeeper ... everywhere one goes.” — Kaliya Young, identity expert"

"“Disney has overcome one of the most challenging periods in its history and a new era of building is well underway...” — Disney Letter to Shareholders, 02/01/24"

"“In summary, [Elliott] has assembled a strong slate, which has the experience and independence that PSX requires.” — Institutional Shareholder Services, 5/12/25"

"Please combine the specific gameplay of the game operated by PLTK and game rules settings, etc., to further explain whether PLTK is suspected of gambling — CSRC"

"“The first 3. The last one was a different light source.” — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab"

"“it’s not stable…it’s just not stable…it doesn’t work all the time…it just dies.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"Three CFOs within the past five years; Three heads of technology within the past five years; Switched head of sales four times over within the past five years."

"At a minimum, there is a misconception that Genius provides betting data for NCAA events. At worse, Genius is violating the terms of its NCAA media partnership"

"Based on our review of FIGS stated competitive and product advantages, we believe that practically none of them are sustainable and most are easily replicated."

"Since the IPO on the London Stock Exchange in May 2013, Platform’s share price has increased 144%, including the attached warrants associated with the offering"

"Across a selection of popular models, Carvana cars are 1.5% more expensive than CarMax cars on average, and have 0.6% less mileage than CarMax cars on average."

"From 2009 to 2012, Tessera's revenue declined 21.8% while total operating expenses actually increased 40.7% resulting in a massive decline in operating income."

"1.10x Coverage Scenario would place CCI #8 in the S&P 500 in terms of dividend yield – a severe valuation disconnect which simply could not persist in our view"

"The narrative that Phillips has sub-par assets is the result of recent operational shortcomings, with the market previously viewing the assets as best-in-class"

"This “Anta Group Self-Operated” online store is clearly NOT being run by an “in-house team”, but by a private, non-ANTA company, owned by one of its employees."

"I would ask them to plot two different graphs - what's the actual capacity you've charged within 15 minutes? What's the absolute number in terms of watt-hours?"

"We believe the machine doesn't exist and that the announcement was part of an ongoing pattern of fraud that its CEO and co-founders are now trying to cover up."

"Luxor's error is further reflected in its quarterly dividend estimation of $3.70 per share – significantly higher than the actual dividend of $1.836 per share."

"We believe that the conflicts and private sector corruption often present in China business will include most to all foreign firms that offer similar services."

"The process improvements most often cited by physicians were mapping speed and informative visualization, which changed the way they treat complex arrhythmias."

"Tecovas has moved into many of BOOT's markets while staking early moves in other large metro areas such as Atlanta, GA and Charlotte, NC ahead of BOOT's entry."

"We Believe PowerSchool’s Revenue And Adjusted Financials Are Inflated By Aggressive Accounting Practices And That It Is Materially More Levered Than It Appears"

"To counter revenue pressure, Fixed-Satellite Service (FSS) operators have started to aggressively cut capex and will likely make additional cuts going forward."