Callouts & quotes from 526+ activist slides

"The sell-side analyst community appears equally divided on ENFN's share price outlook. However, we believe the biggest bulls on the name are wrong in their assessments and have failed to conduct a rigorous forensic analysis of the Company's reporting."

"DV investors should be intensely worried about the lack of patent protection of its technology products and solutions. In fact, it appears that DV recently lost two European patents and its application pipeline is shrinking with no new patent growth."

"It appears that PepsiCo views structural change as a sign of weakness, an admission of failure and an untenable break with past traditions. Trian views structural change as the best path forward to generate sustainable increases in shareholder value."

"It appears as though a significant chunk of the €4.08 million consideration Media Ventures “paid” for freeXmedia was actually in the form of advertising on Ströer’s network - meaning that Ströer appears to have subsidized Media Ventures’s purchase."

"Therefore, Müller’s statement at the beginning of the call “At no time has Muddy Waters Capital attempted to make contact with Ströer, let alone held a telephone conversation or personal conversation with Ströer” appears to be a knowing falsehood."

"DV ceased a key disclosure about revenue facilitated through programmatic partnerships. It appears they've become increasingly dependent on two partnerships, which we believe is adding greater business risk and financial pressures to its business."

"The center appears to be spending recklessly on anything “new” because it has to; appears to have done no diligence on BLI; and became nervous and asked us for details about other customers’ experience: “we just spend money; we don’t make money.”"

"On the earlier slide, ROAD referenced its #22 position on ENR’s “The Top 50 Domestic Heavy Contractors” list. Spruce Point discovered why ROAD stopped referencing its position in subsequent presentations: because it no longer appears on the list."

"We do not like the fact that insiders have been selling into share buybacks while the Company levers itself up with short-term debt to support those repurchases. It appears that the execs are levering up the business in part to enrich themselves."

"Miller appears to have a pattern of association with questionable PWS therapies, as evidenced by her recent efforts on behalf of Tryptamine Therapeutics (ASX:TYP), an Australian microcap stock promotion focused on “precision psychedelic therapy.”"

"The conduct appears to be an open secret inside the company, with ex-employees conveying skepticism at highly unusual prescription volumes and patterns in various territories, where reps were "finding" far more narcolepsy patients than plausible."

"Analysts model revenues beginning in FY 2026 and accelerating in the out years. We believe these assumptions are aggressive. Given the large current discount to the consensus analyst price target, the market appears to be expressing skepticism."

"The architect of this egregious stock promotion appears to be a small Israeli banking firm named A-Labs Finance and Advisory Ltd, which, according to a newspaper report, is secretly controlled by a convicted Israeli fraudster named Eli Reifman."

"We could locate no such exhibit, and it appears Twist didn't want investors to see it, and seems to have gotten away with "supplementally providing it" only to the SEC – presumably a busy staffer who didn't even notice the lack of an exhibit."

"Once again, Amdocs appears to be taking the same steps which management allegedly took in the early 2000s to cover up potential evidence of business contraction: report consistent growth in Company headcount to corroborate claims of growth."

"Without explaining why or how, Morgan Stanley assumes that the average athena doctor will catch up to the national average, and that athena won't offer sliding scale discounts to higher-billing doctors. This appears to be a modelling error."

"TMDX’s entire “inner circle” appears to have done all of part of their medical training at these two schools: the CEO, the Chief Commercial Officer; the head of its liver program and “Medical Director” who oversees its surgeons; and others."

"Monroe – the real heavy – appears to want his cake and eat it too: trying to preserve his scientific reputation by allegedly privately blaming the CEO and “financial types,” while publicly playing along as the scientific promoter-in-chief."

"Amdocs appears to be engaging in the same behavior today as was described in the 2002 lawsuit – and, with turnover at Amdocs relatively low at the top, these practices are being put into place by many of the same executives and directors."

"And thus Soleno and Gevers, Miller et al are caught red-handed: the new dataset contains both HbA1c and fasting glucose charts, but it appears they forgot to alter the fasting glucose one - which shows the new HbA1c data is a fabrication."

"We are surprised that after a decade of R&D and hundreds of millions of dollars spent, that Quantumscape is showing fast charge data for a single-layer lab-scale prototype that appears to have a fraction of the capacity of a hearing aid."

"The selection for this channel for the more detailed reply appears intended to help Chairman Larry Chen protect his personal reputation in China, rather than provide more or useful information to international investors and shareholders."

"Spruce Point questions why MSCI bought Fabric which appears to have limited growth, is powered by its own Factor models, and whose co-Founder warned of dangers with indexing (MSCI's core business) – both since scrubbed from the website."

"CPI Hotels, following its transfer to CPI PG, assigned its receivable from MGI of €16.1 million to Vitek, seemingly extinguishing it. However, as discussed infra, Vitek appears to have then sold this receivable for money back to CPI PG!"

"Rather than admitting that the Urashima light source is simply an old, re-packaged Russian EUV source no one else wanted, Lasertec appears to be misleading investors with a new name and claims that it is a Japanese-developed technology."

"How does Mettler attract and retain the most talented employees when its stock compensation expense per employee is the lowest in its industry by a significant margin, and it appears to avoid granting equity to rank and file employees?"

"This view appears to completely contravene U.S. GAAP, which provides that “if a business is expected to lose money for a sustained period, the inventory shall not be written down to offset a loss inherent in the subsequent operations.”"

"WTRG's appears to be shifting its discussion in references to unit customer additions to its business from "customer connections", to "equivalent dwelling units", and finally "equivalent retail customers or equivalent dwelling units"."

"Disney's supposed "progress" appears elusive - the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company's "transformation" began in February 2023."

"Disney’s supposed “progress” appears elusive – the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company’s “transformation” began in February 2023."

"Wise also appears to have convinced artificial intelligence models that it is the #1 money remittance company. As adoption of these models to inform decisions increases, we believe Remitly will be challenged to attract new customers."

"This appears suspiciously convenient to us. If these inconsistencies represent honestly misreported numbers which were ultimately revised on the 20-F, it is extremely unlikely that the independent discrepancies would offset exactly."

"TransMedics strikes us as textbook case whereby it appears that customers are 1) forced to pay for a NOP service they do not want... and 2) to do so at a higher price than if they purchased each service themselves versus a bundle."

"It appears that YT transferred 4.5 million shares to a creditor via Blitz in April 2020 after the bankruptcy had already begun and one month after he had stated to the bankruptcy court that he had no interest whatsoever in Blitz."

"We are concerned by the apparent divergence of cash costs related to capex and amounts recorded on the balance sheet within PP&E. Through 2023, the reported amounts reconciled, but in 2024 and 2025 it appears that they diverged."

"Our investigator visited the property in March 2020 and confirmed that minimal improvements have been made. We see construction to the right of the greenhouses, of what appears to be the early construction of an empty warehouse."

"INOD was nowhere to be found in this fundraising blitz. Instead, it appears INOD's management was busy crafting press releases to pump its stock price and trying to convince shareholders it offered a top-of-the-line AI platform."

"As it appears that management could be putting the 1999-2002 playbook back into play, we worry that the Company may be engaging in some of the above activities in addition to the observed behaviors noted throughout this report."

"We believe the controls may be insufficient by design, as Inteliquent appears to profit significantly from illicit scam and robocall activity by selling blocks of phone numbers to bad actors and routing the calls they generate."

"The "Deadman Switch" video that is speculated to be linked to deceased Hollywood actor Isaac Kappy and to indicate pedophilic crimes shows a group of prepubescent girls in bikinis at Rixos resort spa in Turkey, which appears to"

"Warning: There's a 40% delta between Porch's claimed customer lead economics from ISN vs. expert's opinions. $25 vs. $14-$15. Porch's assumed average revenue of $4 per inspection also appears impossible given volume discounts."

"Warning: There's a 40% delta between Porch's claimed customer lead economics from ISN vs. expert's opinions. $25 vs. $14-$15. Porch's assumed average revenue of $4 per inspection also appears impossible given volume discounts."

"Foundations are required to file an IRS form, yet we could locate no evidence of the foundation’s existence on the IRS database, nor of any grants beyond a small, local biotech incubator that appears to be a business activity."

"TO US, IT APPEARS THAT THE REAL REASON PHILLIPS 66 REBUFFED MR. GOFF HAS NOTHING TO DO WITH HIS INDEPENDENCE FROM ELLIOTT, AND EVERYTHING TO DO WITH HIS INDEPENDENCE FROM CEO MARK LASHIER AND THE COMPANY’S BOARD OF DIRECTORS."

"XPO is more expensive than it appears given its highly “adjusted” Non-GAAP results, and analysts’ inability to correctly account for the 10.2m shares that are freely convertible from the Series A Convertible Preferred stock."

"To date the UNDP programs have had very limited impact on the development of the hydrogen fuel cell vehicle industry in China. It also appears that local governments are unwilling or unable to provide the required subsidies."

"Warning: Armand Products Company is not even its legal name! The real legal name is C&D Chemical Products, Inc. C&D = Church & Dwight. This appears to be more evidence that CHD controls Armand Products as a named subsidiary."

"Enrollments for training classes were so low that the business seized to offer courses in 2019. The building now appears to be vacant, the Goldrone sign is gone, and the field is now used by the community to play “Gateball”."

"The CEO appears keenly aware that single layer is a low bar, and has recently begun pushing a disingenuous narrative: we’ve proven single-layer works and NOW - “for the first time” - we’ll finally focus on multilayer cells"

"Spruce Point observes a troubling trend of what appears to be less Board engagement through fewer meetings. Despite 2023 being a challenging year, the Board met just five times, which was a large decrease from prior years."

"As we will illustrate, Stryker has materially missed its Capex estimates in what appears to be an attempt to defer spending. If we normalized Capex for this underspending, 2020 and 2021 FCF would be -$163m and -$125m lower"

"Soleno appears to be worried about permanent edema, as their rep suggested patients remaining on diuretics as “standard of care” with Vykat; physicians “surprised” at the answer; edema is a “known side effect” of diazoxide"

"Soleno appears to be worried about permanent edema, as their rep suggested patients remaining on diuretics as "standard of care" with Vykat; physicians "surprised" at the answer; edema is a "known side effect" of diazoxide"

"As of late 2018, the publicity of the UWO investigations and intent of the UK to aggressively pursue cases appears to have had a cooling effect on the market, reducing demand by despots seeking to clean their dirty money."

"Yangzhou (扬州) is a small city with no existing home and just one new home transaction. It appears to have an agent, but the agent and his associated store Deyou Fenghuang Cheng Flagship store are in neighboring Zhenjiang."

"KLA appears ready to leapfrog and make Lasertec obsolete as the transition to High NA gains momentum in 2024 – Lasertec cannot support High NA, while KLA has patiently prepared for it as the next phase of EUV lithography."

"We note that in half of the six earnings reports that were affected by the accounting “irregularities”, it appears that PPG either “beat” or “met” consensus earnings expectations by way of artificially inflated earnings:"

"HASI appears to have booked non-cash interest income from SunStrong PIKs totaling $26.4 million over 2019-2021 per SunStrong’s cash flow statement, which is approximately 9.5% of HASI’s interest income during this time."

"The current operating model appears to prioritize corporate mandates that show little regard for the day-to-day realities of running a restaurant. This is a problem when your business lives and dies on customer service"

"The current operating model appears to prioritize corporate mandates that show little regard for the day-to-day realities of running a restaurant. This is a problem when your business lives and dies on customer service"