Callouts & quotes from 3,960+ activist slides

"While Oatly does warn investors about a Material Weakness of its internal control over financial reporting, we believe it does not adequately explain the exact impact to its financials."

"We find the two-year period notable insofar it is closer to where we believe current contract lengths (and device useful lives) are in the market, and not 5 years as assumed by Samsara."

"Of the 27 new product introductions, 12 direct consumers to purchase the product on Amazon through Monster’s website which we believe is a lower contribution margin distribution outlet."

"When Disney launched its streaming strategy, we believe it made many decisions to maximize distribution quickly that run counter to the core tenets of running a successful DTC platform."

"Should these directors not receive a majority of the votes cast at the Annual Meeting, we believe it would clearly be inappropriate for such directors to continue to serve on the Board."

"We believe that REZI's pre-tax income in the YTD 2025 period is inflated by 8-12% as a result of overly aggressive assumptions about the average customer life from the Snap transaction."

"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."

"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."

"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."

"After adjusting HLF’s reported data to fully account for realistic retail-related profits and all recruiting-related rewards, we believe ~92% of participants’ income is from recruiting."

"When Disney launched its streaming strategy, we believe it made many decisions to maximize distribution quickly that run counter to the core tenets of running a successful DTC platform."

"We believe the timeline of these events is not a coincidence and simply the company had to find a way to pay back the debt facility, having to pay it back in full in the next 10 months."

"Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program. — TD Cowen, 12/4/23"

""They're basically claiming they could do everything for everything. I wouldn't believe that if Siemens told me that, with all of their money as well as their research." — Radiologist D"

"We believe that in RUN’s structure, the Company is effectively selling the PV Systems to itself at inflated prices using a financing partner, even though selling ITCs is not permitted."

"We believe MDLZ’s enormous efficiency opportunity exists because MDLZ was created through a series of acquisitions made by legacy Kraft that were never properly optimized or integrated"

"Based on extensive research and discussions with culinary experts and suppliers, we believe we can accomplish these goals at Olive Garden’s current price points without hurting margins"

"we believe all €68.1 million in gains booked prior to any construction start (2017-2021) at both Polygon and MQM seriously abuse if not directly contradict its own accounting policies."

"We believe our plan, if implemented, would increase the profit before tax from the current JPY4.5bn to JPY11.4bn in 2024, and result in nearly 100% upside from the current stock price."

"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"

"Based on extensive research and discussions with culinary experts and suppliers, we believe we can accomplish these goals at Olive Garden’s current price points without hurting margins"

"Warning: While oat milk is trying to gain share amongst established plant-based milks such as soy and almond, we believe capital is already flowing into the next hot plant trend: peas."

"When P&G acquired Gillette in 2005, previous leadership believed P&G could achieve a 24% EBIT margin. We still believe P&G can approach that profitability level under strong leadership"

"Relative to the significant uncertainty regarding future revenue potential for Celgene’s five near-term product launches, we believe Bristol-Myers’ revenue expectations seem aggressive"

"We believe that in recent years, Nidec misleadingly and artificially boosted its reported profitability and growth in profits through highly questionable write-offs it took in FY 2012."

"Based on our analysis of the project economics underlying the UBS Wealth Management partnership, we believe the project should be impaired and that BR’s earnings are vastly overstated."

"We believe that REZI's pre-tax income in the YTD 2025 period is inflated by 8-12% by making overly aggressive assumptions about the average customer life from the Snap One transaction."

"If Kao focused on its Cosmetics and Health & Beauty Segments and improved marketing, Oasis believes its stock price would exceed JPY10,000 per share, a +76% upside from current levels."

"Given the substantial percentage of ad slots on Patch that we believe are sold at steep discounts to rate card pricing, we would also question whether national advertisers value Patch."

"We believe MDLZ’s enormous efficiency opportunity exists because MDLZ was created through a series of acquisitions made by legacy Kraft that were never properly optimized or integrated"

"In this report, we will detail our analysis of the available information and the reasons why believe that GSX is what most companies that are too good to be true end up being: a fraud."

"We believe that the issuance of the 2039 bonds established a favorable benchmark spread which will assist PSH over time in refinancing, and/or extending the maturity of the 2022 bonds"

"Beyond these survey results, we believe a sampling of the Glassdoor reviews from anonymous employees of LivePerson provides ample evidence of the severe issues with corporate culture."

"We Believe Current GFL Investors Are Left “Betting” On The Uncertain Outcome Of These Three Things, Yet Most Sell-Side Analysts Have Already Given GFL Credit For Successful Completion"

"With multiple Buy/Hold ratings and only one Sell recommendation, we believe the market is overlooking the most critical and material risks to Canadian Tire’s business and share price."

"We believe that if the business is properly managed over this period, you should easily be able to achieve approximately $4.00 per share of Adjusted Free Cash Flow by the end of 2020."

"We believe overreliance on revenue without minimum profitability threshold misaligns executives with shareholders and allows for manipulation (e.g., acquisitions or agency transition)"

"Beyond these survey results, we believe a sampling of the Glassdoor reviews from anonymous employees of LivePerson provides ample evidence of the severe issues with corporate culture:"

"We believe the law is very clear: operators of K-12 software platforms are PROHIBITED from using information gathered on their platform to build profiles on or target ads to students."

"Spruce Point believes that anyone holding, or considering, an investment in Momo must get comfortable with the risks and unknown ramifications associated with the following red flags."

"We believe the Board's choice of the S&P 600 as the Company's reference index may have been primarily driven by its underperformance relative to all other relevant comparable indices."

"We believe BR is a misunderstood company that has a mediocre and capital-intensive business process outsourcing business involving distribution of proxies and investor communications."

"In conclusion, we believe eBay is deeply undervalued, with opportunities to create significant value for shareholders that are directly within the control of management and the Board."

"We believe overreliance on revenue without minimum profitability threshold misaligns executives with shareholders and allows for manipulation (e.g., acquisitions or agency transition)"

"We strongly believe that Elliott and Commvault can work together collaboratively to implement these recommendations and we are eager to sit down in person to discuss the path forward."

"Apple is not appropriately capitalized. It is not minimizing its cost of capital. This is one reason why we believe Apple’s shares trade at a valuation well below its intrinsic value."

"Most organs placed on the TransMedics pump, we believe based upon research interviews, fail to meet the labeled criteria of organ viability – rendering the entire DCD use case a scam."

"Due to favourable market conditions today, we believe that interest expense savings would more than offset the additional upfront costs of redeeming or repurchasing the existing bonds"

"We believe that RUN uses disallowed costs as part of its tax basis. Our Adjusted Cost Approach valuation suggests that RUN’s Cost Approach Tax Model valuation is overstated by 25.7%."

"Nuvei currently has a $14 billion enterprise value. We believe current market data providers fail to adjust its enterprise value for a recent equity raise and other debt adjustments."

"Given these precedent accounting case studies in the REIT sector, we believe HTA's stock could trade to a range between $15 and $20 which represents approximately 20% to 40% downside"

"By ruling vascular access patients out of Penumbra's target market, we believe that the U.S. TAM for Penumbra's peripheral thrombectomy business is 33% lower than the Street believes"

"Spruce Point believes that BOOT shareholders should be outraged that CEO Conroy was quietly elected to the Board of Sally Beauty Holdings (NYSE: SBH), which is a struggling retailer."

"We believe this plan is unlikely to succeed and is an attempt by management to gloss over the fact that its core North American market will likely experience major headwinds in 2025."

"Google's recent moves highlight their growing interest in the ed-tech space. We believe PowerSchool will struggle to compete against Google's brand name and near limitless resources."

"AtriCure's contentions regarding the addressable patient population and penetration rates are so inflated, it's hard to believe the company is not intentionally misleading investors."

"While investors have cheered WSP's ability to meet net revenue and Adj. EBITDA targets the past few years, we believe investors should scrutinize persistent missed net capex targets."

"If P&G could achieve 3.5% annual COGS productivity over the course of its restructuring program from FY 2011 to 2016, we believe the Company would easily generate 51.5% gross margins"

"We assume an attorney deliberately chose those words. We believe this language may be an early indication that 2U's executive team sees greater risks to its graduate business segment"

"We believe ALEX's leased commercial real estate on the mainland is worth close to $500m today, and could be worth more as rents and occupancy improve from cyclically depressed levels"