Callouts & quotes from 432+ activist slides

"Based on the review of our 2004 financial statements following our initial release of unaudited financial statements on March 10, 2004, we announced on May 10, 2004 that we had determined to make adjustments to our 2004 financial statements, including the following: [list of adjustments] — Descartes 2004 Annual Report"

"…launching without a liver REMS would certainly be a potential area of differentiation [from sparsentan], and we do think we have a strong scientific rationale to support that for atrasentan… So we'll begin that dialogue. It's likely ultimately to be a review issue. — Chinook Company Conference Presentation, May 10."

"The Audit Committee of the Board of Directors concluded that the Company has a material weakness in its internal control over financial reporting as of September 30, 2019 and December 31, 2019 related to a design deficiency in the Company's review controls over unusual or non-recurring and significant transactions."

"Fears that PwC Australia's burgeoning conflict-of-interest controversy over retirement payments made to former partners will spread to overseas member firms is piling pressure on local leadership to resolve the widening issue. — Australian Financial Review "PwC Fears Payments Issue Will Go Global", March 22, 2019"

"The Committee is responsible for “periodically reviewing and advising the Board on the Company’s strategic direction and investment in research and development and technology (“R&D”). Such oversight shall include key aspects of internal and external investments.” — Charter for the Science and Technology Committee"

"As an immediate first step, we call on management and the board to initiate an in-depth, open and truly independent review of BHP’s petroleum business, to be overseen by a committee which includes management, shareholder representatives and outside experts, with full disclosure of all results on a timely basis"

"As an immediate first step, we call on management and the Board to initiate an in-depth, open and truly independent review of BHP's petroleum business, to be overseen by a committee which includes management, shareholder representatives and outside experts, with full disclosure of all results on a timely basis"

"‘the Subpoena sought communications and other documents concerning potential issues related to the Company’s Zio Systems, including that the Zio Systems were failing to timely transmit patient cardiac data to physicians for review after the occurrence of a cardiac event.’ — DOJ Petition for Order to Show Cause"

"In a separate action, the board voted to reduce for 2003 the management fee rate to 24 percent from the current 25 percent... this action was taken after the board's consideration and review of the relative financial position of the Erie Insurance Exchange and the Erie Indemnity Company. — Company Transcripts"

"Elliott believes that there is an opportunity for stockholders to realize value SIGNIFICANTLY greater than BMC's current stock price through the addition of thoughtful and experienced technology executives who will encourage a full strategic and operational review with the aim of maximizing stockholder value"

"The CEO said very offensive and culturally derogatory statements to multiple of my female coworkers of color. — Glassdoor Review. No one speaks about the cult that the CEOs and Head of HR were apart of, which is interesting because several tactics from the cult are used to run the agency. — Glassdoor Review."

"User Black_seo offers “Boost your online reputation with our premium Trustpilot review services. We provide both Verified Trustpilot Reviews ($10) and Non-Verified Trustpilot Reviews ($5). Perfect for businesses looking to increase credibility, attract more customers, and rank higher in search engines.”"

"Billing is an absolute nightmare and causing many frustrations with clients - the issue is left on the AM team to chase billing for updates — Glassdoor Review (May 2022). The billing function is understaffed and clients and team members are leaving due to the incompetence — Glassdoor Review (Jan 2022)."

"Independent Board representatives that will: Run a process to hire the best CEO and executive team, Set proper performance targets and incentivize and compensate management appropriately, Monitor and review the performance & strategy of the new leadership team, Hold the new leadership team accountable"

""They have even been known to sell technology that has not been invented yet" — Recent reviews; "Sometimes programs are underbid and understaffed" — Recent reviews; "We often find ourselves out of depth (agreeing to contracts with not enough time or money to execute, planning, etc.)" — Recent reviews."

"We believe the spin-off, which is the result of an in-depth review of strategic alternatives by our Board and management, will allow both companies to enhance value by allocating capital and deploying resources in a more focused way, while preserving and increasing synergies within their businesses."

"The majority of 5-star reviews for BankFive come from spurious accounts with generic first names and often several perfect reviews to BankFive, e.g. Holly, (7 5-star reviews to BankFive), Lorraine (6), Elsa (5), Kevin (5), Charlotte (4), Fernando (4), Susan (4), Linda (3), Hilda (3), and Russel (3)."

"“Our approach to investing in franchise acquisitions is strategic and opportunistic...We have a rigorous, diligent review process. Only when the return metrics are attractive and we see long-term value creation opportunities do we consider a purchase” — Sally Smith, Chief Executive Officer, 8/16/16"

"Low compensation levels as indicated by Carvana’s filings is confirmed by employee reviews posted online: it appears that management is trying to attract talent without offering attractive compensation by creating a “fun” startup-like culture and hiring young people with low salary expectations."

"“By far the worst merchant company. Not honest at all for anything” — Rana K. (BBB Review). “Horrible Company, Unprofessional, Rude.” “Has no business ethics whatsoever” — Krisha B. (BBB Review). “They also don't tell their clients when the machines need to be updated” — Charity C. (BBB Review)."

"“Boost your online reputation with our premium Trustpilot review services. We provide both Verified Trustpilot Reviews ($10) and Non-Verified Trustpilot Reviews ($5). Perfect for businesses looking to increase credibility, attract more customers, and rank higher in search engines.” — Black_seo"

"We report our financial results as one operating segment. Our consolidated operating results are regularly reviewed by our chief operating decision maker, principally to make decisions about how we allocate our resources and to measure our consolidated operating performance. — Magnite, Inc."

"The internet is littered with websites promoting their “best” or “top” pest control companies. Not all rankings are necessarily independent, and many are advertising supported. However, upon a recent review we found five out of six rankings promoting Terminix as the best overall company."

"How can HIMS claim “clinical excellence” when most interactions involve automated chart reviews followed by a check by a physician. Also, a former executive corroborated that the HIMS systems simply allowed users to change any questionnaire answers that resulted in prescription denial."

"A consistent theme among recent employee reviews of Mettler is that the company’s “operating systems are dated”, computer programs are “outdated”, and “growing pains” related to SAP. This should be an extreme concern to investors given $660m+ of capitalized software over twelve year."

""A Company For Carrying Out An Undertaking Of Great Advantage, But Nobody To Know What It Is" — South Sea Bubble. "No offense, but we don't really care what you think" — Jagdeep Singh, MIT Technology Review. "Disclosure, [Singh] suggested, reflects weakness" — Marker/Medium article."

"Overmatured market -every loan officer has been called on in the state of Texas and most of them will never do business with Goosehead again because at some point the ball was dropped, their agent quit, or because we keep on calling them. — Glassdoor review from Texas-based employee"

"We have serious concerns with the Company's management of the formal review of strategic alternatives it announced on November 30, 2015, only a month after a consent solicitation was launched by a dissident seeking to remove and replace four of the incumbent directors on the Board"

"“the development and druggability of tiprolisant (BF2.649) has been questioned, since it had limited oral bioavailability, was a potent inhibitor of CYP2D6 and hERG, and also had a high potential for inducing phospholipidosis….” — 2010 review paper on H3 receptor compound programs"

"swift-financeltd.com has recently come under fire for operating as an unlicensed and fraudulent online trading platform. Marketed as a legitimate broker, this website is in fact part of an elaborate scam that targets especially inexperienced and novice traders. — Forexbrandreviews"

"Lazard also reviewed other approaches such as the (1) repurchase of shares only and (2) the separation of TWC and repurchase of shares. Both approaches appear to provide significantly fewer corporate benefits and create less value compared to the value created through Separation."

"Going forward, post-closing, we will convert all DigitalGlobe financials into IFRS and also ensure the financial presentations are consistent with MDA’s. Our preliminary review did not reveal any material inconsistencies in DG’s financials between GAAP and IFRS. — CFO Wirasekara"

"Through Our Capital Allocation and Financial Policy Review Process, We Have Established Key Principles to Determine Amounts and Process for Returning Excess Capital to Shareholders on an Ongoing Basis — Sotheby's Capital Allocation and Financial Policy Review, January 2014."

"In our opinion, MAXR’s 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results. Based on our forensic review, we estimate EBITDA and EPS are overstated by 17% and 79%, respectively"

"Washington state terminated coverage after a lengthy 2018 evidence review by 11 clinicians, slamming stimulators as unsafe with sky-high complication rates of 42-60%, and concluding that they fail to provide pain relief or reduce the need for pain medication like opioids."

"“Although in some scenarios it is possible that some bonds might have to be redeemed depending on what transaction occurs, we think the Company and even agitating shareholders might be overestimating the likelihood of that occurring.” — Covenant Review, February 28, 2014"

"Our review of the emerging markets which American Tower has entered (India, Ghana, Uganda, South Africa, Brazil, Mexico, Columbia, Chile, Peru) has revealed a multitude of operational risks with strong potential to negatively impact the Company’s long-term performance."

"There were 298 blood cultures included in the study, and the Accelerate Pheno system provided a definitive identification result in 218 instances (73.2%). The Accelerate Pheno system provided a definitive and correct result for 173 runs (58.1%). — Peer-reviewed article"

"Investors should be attuned to Aerojet’s large revenue miss in Q4’18 that disappointed investors by nearly 15%. Given our fundamental review of its program and revenue opportunities, we believe this is just the beginning of the revenue disappointment story unfolding."

"We prepared the estimates of reserves which were audited by MM&A, and MM&A reviewed our methodology, assumptions and reserve factors utilized in calculations...MM&A relied on their independent pro-forma economic analysis for ultimate reserve determination — 10-K p.48"

"Upon a close review of the text of the provided acquisition timeline, Spruce Point concludes that, per the deal proxy, it appears that neither the (2) "Preliminary Alternate Plan" nor the (4) "Illustrative Guidance" was ever provided directly to potential acquirers."

"Machines made specifically for inspecting photomasks have been Lasertec’s bread and butter since the 1970’s – a small niche versus other segments of the tools market like wafer inspection, defect review, or metrology, hence its historical market cap of $100-200MM."

"Notably, our review of 3rd party app analytics data on Bigo’s overseas revenues showed the gifting activity was heavily skewed to a limited number of geographies, with approximately three quarters of its revenue associated with the top ten countries. — Footnote 52"

"While some reviews on Glassdoor need to be taken with a grain of salt, we find relatively consistent messaging regarding the popularity, perceived integrity, and decision-making of the team installed by Blackford, many of which were former associates from Dexcom."

"On February 2, 2018, Michael Dell and Silver Lake made their threats explicit by announcing a strategic review of the business, shamelessly adding to their press release "we do this from a position of strength" – a subtle but clear message to DVMT shareholders."

"「この製品はまさに魔法です(...) とても癒され、成分豊富で、かつ潤いも与えてくれます」 — MakeupAlley (Curél, US). 「実に革新的な製品です」 — Try&Review (freeplus, Singapore). 「食べられるのなら食べてしまいたいほど、最高！使うことが楽しくなるご褒美です」 — Cult Beauty (Molton Brown, UK). 「この日焼け止めが大好き！日焼け止めを毎日使うのはこの製品が初めてです」 — Kokoro (Bioré, Japan)."

"A majority of the BR stock promoters are neutral / hold with their BR recommendations. Yet, we don't believe any of the analysts have conducted a rigorous forensic review of the Company to stress test its accounting and claims of being a SaaS-like fintech."

"The claim for judicial review is allowed. (7) The non-material amendment (reference DM/23/03147/NMA) made by the Council on 7th November 2023 is quashed. (8) The Council do pay Mr Galloway’s costs of the proceedings summarily assessed in the sum of £9,000."

"Based on a review of the transactions listed in Exhibit 4.49, the unique strategic franchises and the competitive position of Networks, private market valuation is estimated at 16x - 18x 2005PF OIBDA, implying an enterprise value of $47.6 - $53.6 billion."

"Wats, K, et al, The Convergent AF Ablation Procedure: Evolution of a Multidisciplinary Approach to AF Management We extensively reviewed the references used in this study and believe that the characterization of many references was sloppy. — Footnote 13"

"Investors cheered iRhythm's Q2 2025 results, as the Company's shares rallied 18% the day after the earnings release. Based on our review of the results, including information that was conveniently saved for the 10-Q, we question the positive reaction."

"In June of 2007, Wendy’s announced that it was pursuing a sale of the Company. Since then, amidst the fallout in the credit markets and concerns about the failure of the strategic review process, the stock traded down from $38 to a low of nearly $22."

"Our approach to investing in franchise acquisitions is strategic and opportunistic...We have a rigorous, diligent review process. Only when the return metrics are attractive and we see long-term value creation opportunities do we consider a purchase"

"Prestige Brands is described as a graveyard for dying brands on an employee review website. We believe this is an accurate depiction, and that management is taking aggressive actions to make it appear as if there is still life left in the portfolio."

"“There are multiple 5-star fake reviews for freecash.com listed on trustpilot. I've tried contacting freecash support numerous times and was temporarily banned today from their subreddit for "defamation" after posting the screenshots.” — Reddit user"

"While Remitly steers investors to Trustpilot and the app store reviews, there are a plethora of other sites that review Remitly unfavorably. Even recent comments on its Facebook page indicate significant negative sentiment around customer support."

"Informed by the online reviews from anonymous current and former employees on Glassdoor, we believe the Board’s lack of diversity has permeated throughout the Company, resulting in broader issues which exacerbate the Company’s cultural problems."

"Thirteen deaths during the pitolisant development program, in the pre-approval period, of which 12 occurred in the foreign clinical trials. The deaths were briefly summarized in a table in the CDER review but otherwise dismissed – a grave error."

"The product comes directly from Japan (a confirmation for the authenticity of the product), which is why it takes a long time to ship and the seller is unfortunately not able to give tracking number but it's very helpful. — Amazon Italy Reviewer"

"nine deaths occurred in the pitolisant development program; all occurred in patients receiving pitolisant — that is,100% of fatalities were in the treatment arm and none for patients on placebo. — FDA CDER Clinical Review (Solages, Sep 28, 2020)"