Callouts & quotes from 37,061+ activist slides

"Spruce Point finds that WSP's working capital to LTM gross revenues has been on a steady increase which we believe is a sign of increasing financial strain."

"Zebra made an unusual change to its organic revenue reporting at the end of 2019 which management did not draw attention to on the year end conference call."

"Twist is faced with large, longtime players ready to undercut on price; cheap Asian competitors will underprice any quote and throw cheap labor at the order"

"Twist launched with a price dumping strategy at least 50% lower than the competition, forcing an industry price war and putting “a squeeze” on other vendors"

"Former employees stated the claims are false and described a fatally flawed, manual, labor-intensive process plagued by errors, delays, and horrific losses."

"I don’t even think they’re getting a positive margin on the product if you exclude R&D and G&A. That’s my personal opinion from looking at their financials."

"Twist is going through the same set of issues since it’s basically the same technology as Agilent...when we were trying to create oligonucleotides for Gen9."

"Twist’s losses indicate identical struggles to those that doomed other companies that used the same Agilent “chip” as the foundation of their manufacturing."

"I don’t even think they’re getting a positive margin on the product if you exclude R&D and G&A. That’s my personal opinion from looking at their financials."

"Televerde, an integrated sales and marketing technology organization, pays prisoners the state minimum wage. But after deductions, prisoners earn much less."

"While macroeconomic factors and regulatory compliance have pressured headcount and costs for all G-SIB banks, BK has responded least forcefully to headcount"

"We note that in 2006, Goldman Sachs performed a DCF of Kukui'ula, valuing the project at $288m, before ALEX increased its project ownership from 60% to 77%."

"Year to date, RBCs share price has significantly underperformed all comparable companies and indices. It is among the worst performers in the NZX All-Index."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"It’s unclear what the CEO meant when he said its business was “sideways” during the last crisis. All of its key financial metrics declined by single digits."

"However, looking forward, the litigation has been mostly resolved and there is little mark-to-market liability for CDS left on the balance sheet to reverse."

"Our research suggests that apart from a small cooperation with Feichi, Broad Ocean is only really working with Dongfeng on a project of any commercial scale"

"We discussed earlier that we understand ELF generally always purchased EXW or FOB Origin, and that this supposed change is therefore a significant red flag."

"Spruce Point has targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"Apples vs. oranges? Of course HIMS will outperform traditional healthcare. The Company is very efficient at getting prescription drugs into customers hands."

"Specifically, we believe that Cognizant can achieve a value of $80–$90+ per share by the end of 2017, representing upside of 50% to 69% in just over a year."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"Spruce Point is concerned that inflation will be sticky and cause a material impact on Saputo’s U.K. Dairy Defined Benefit Pension Fund (“Fund”) obligation."

"One thing that has grown consistently in the past 5 years at Saputo are its debt obligations, with increasing dependency on short-term unsecured bank loans."

"Total Company performance has continued to deteriorate despite a single year of improvement in SCC, which still remains far below its optimal profitability."

"SMCI has a history with problematic accounting for inventories. This formed part of the basis for the restatement of accounts affecting years prior to 2017."

"The Percentage of Disney Films That Are Sequels, Prequels, Spin-Offs or Remakes Has Dramatically Increased – Suggesting a Creative Engine That is Sputtering"

"Given that Disney's plan for ESPN involves products that have yet to be launched, we see two potential paths for ESPN that Disney should evaluate in detail:"

"Incredibly, after incurring the expense of opening its network to rival broadband access providers, TWX failed to launch a bundled AOL/TWX service offering."

"Publishing, with an investment grade rating, could deliver a dividend of approximately $170 million per annum, reflecting an initial dividend yield of 2.0%."

"Exhibit 3.38 provides a summary of the credit of Publishing with leverage of 6.0x total debt/OIBDA (which assumes a non-investment grade rating of Ba1/BB+)."

"Spruce Point believes that Momo has a demonstrated track record of monetizing and hyping product applications only to see interest levels plateau over time."

"These targets are fast approaching their due dates, and they defy not only PeptiDream’s own track record, but also industry success rates and our forecasts."

"IUL's are a type of permanent life insurance that offer both a death benefit and a cash value component whose performance is linked to a stock market index."

"McGraw-Hill's business segments lack clear commercial or cost synergies. In particular, MH Education and Info. & Media enjoy no benefits from the structure."

"Wolfe Clinic recognized complications in 1 in 28 per injection. His conclusion that Syfovre should immediately get a warning label or get paused altogether."

"Not one of Lowe’s customer service representatives we spoke to were able to locate Caesarstone’s Transform™ product! (Or any Caesarstone product whatsoever)"

"Shareholders should be appalled that management (enabled by a sleepy Compensation Committee) are reaping bonuses for a failed deal and an accounting change."

"Kornit’s current valuation multiples are stretched to all-time highs on the misplaced belief that its recent financial performance in 2018 can be sustained."

"Spruce Point repeatedly finds that companies that modify goodwill testing procedures do so ahead of revealing broader troubles and issues with the business."

"Spruce Point finds additional evidence that either MSCI exaggerated historical claims about its ESG and Climate business or has a weakening market position."

"MSCI trades at the highest valuation among its financial services peer group despite clear evidence of business and financial challenges facing the Company."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"In 2021, Pisach executed a second same-day flip (that did not involve CPI PG). This further indicates that CPI PG’s deal with Pisach was highly problematic."

"Green Dot has a checkered past that strikes us as unbefitting of a company such as Intuit and presents real business risks for both Intuit and its customers"

"We expect that China will grow nearly twice as fast as Starbucks' overall earnings and represent an increasingly larger percentage of the company's earnings"

"Fannie’s $5bn IPO is readily achievable given its scale and return profile. Freddie’s larger IPO will benefit from the learnings from Fannie’s capital raise"

"An operation along the west rim is expanding, likely intended to remove weight (and therefore stress) to prevent another large or even catastrophic failure."

"The Nkran extension was also quietly dropped. The deposit was supposed to be mined in Q1 2017, then pushed to H1 2017, and later dropped from the mine plan."

"If management and the Board are left unchecked, shareholders will not have an opportunity to have their voices formally heard on the Red Lobster Separation."

"To the contrary, we believe this analysis is critical for shareholders to fully review as part of any constructive discussion about the proposed separation."

"This is unacceptable. By making the above statement, while simultaneously ignoring serious interest, you are sending potentially destructive mixed messages."

"We believe this is a major input into the growth story. According to industry experts, the value of a customer lead may be closer to $14 - $15 or 40% lower."

"When we asked about New Pacific he came back with what sounded like an unsolicited offer to help pass or block the contract between New Pacific and COMIBOL."

"Therefore, if Parkland wants to be valued like a pure play fuel and convenience retailer, it should simply become a pure play fuel and convenience retailer."

"We do not believe executives should earn any TSR-related performance share units (“PSUs”) unless Parkland’s relative TSR is at or above the 50th percentile."

"The outcome of the ballot on Item 6 is also a test on the coherence and integrity of the Asset Management industry, which is BlackRock's leading shareholder"

"Despite the CEO claiming in late 2018 and in 2021 that the story would change dramatically for Stryker’s spine business, the numbers tell a different story."

"Why would Stryker waste its time and shareholder capital on an acquisition of a legacy product that is experiencing an accelerated rate of patient injuries?"