Callouts & quotes from 37,061+ activist slides

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Beverly Center is currently undergoing a $500 million renovation; it is unique among all Taubman malls in that it is not a dominant mall in its trade area"

"Given the current lending environment, TWX should have ample access to capital at extremely attractive rates to finance a larger share repurchase program."

"AOL with $4.8 billion in debt would be positioned against a broader group of investment grade and non-investment grade media and communications companies."

"DV promotes its structure with regional leadership. Two of the key international executives in EMEA and APAC have both recently departed from the Company."

"The literature documented in Petitioner's report indicates that cardiotoxicity is an unsolvable flaw and Catch-22 for a histamine H3 drug like pitolisant."

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Phillip & Thomas Smith (Father & Son) were sued for securities fraud; purported to be paying off police agencies, and shortly thereafter left the Company."

"PepsiCo cannot continue to oscillate investment dollars between snacks and beverages (i.e., “robbing Peter to pay Paul”) or it risks impairing its brands."

"The Israeli tax authority reportedly suspects that Amir and Itzik Dayan used the aforementioned trust as a means of concealing income from tax collectors."

"Perion shows a different version of the performance slide on the Undertone website, but without a scale and a microscopic reference to the internal study."

"Perion said CTV grew 108% in 2022, implying $13.7m in 2021, which doesn't match annual results implied from 2021 quarterly figures which equates to $15.7m"

"If a large chunk of the sale went to a Burford-managed fund, then Burford could have “painted the tape” and influenced the third-party buyers’ valuations."

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Spruce Point believes that each of these factors – whether fundamental, accounting-driven, or otherwise – are nearing the end of their respective runways."

"Despite committing to these targets repeatedly over the course of multiple years, the Company ultimately missed the midpoint of all of its FY2023 targets."

"Without spending ~$200 million on acquisitions, GCP's revenue would have declined $115 million or ~11% between 2016 and 2019, an alarmingly large decline!"

"We believe GoDaddy has an opportunity to drive significant value creation through a combination of improved growth, profitability, and capital allocation."

"We view the disappearance of approximately $250 million from one acquisition as alarming – particularly because this could be more than a one-off problem."

"Our interviews painted a consistent picture of a one-product company conceived on a fundamentally flawed premise and which never found product-market fit."

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"K2M Group’s CFO was SVP and Corporate Treasurer of InPhonic (Nasdaq: INPC) during a period a major corporate scandal emerged with six material weaknesses."

"If the reported deferred revenue number is not fraudulent, it implies that the business was ramping with a large number of new student tutoring contracts."

"We at Bluebell Capital Partners (“Bluebell”) would like to congratulate you on your appointment as Senior Independent Director at BP (also the “Company”)."

"APP's ads just aren't the original source of most so-called incremental sales; rather it's mainly claim jumping, taking the last click attribution credit."

"Each of PGNY's major customers has a potential pathway for defection and about one-half of PGNY's clients face a renewal decision in the coming two years."

"We believe the market's current evaluation of REZI's capital structure is incorrect as it fails to treat the convertible preferred as in-the-money equity."

"For this reason, along with our forensic analysis detailing multiple reporting concerns, we believe REZI should be valued at a discount to industry peers."

"The employee indicated that comparable vendors charge 40% of what Ginkgo does – which mathematically means that Ginkgo was overcharging them by 2.5 times."

"Huishan’s expectation of rising prices appears to be at odds with that of their competitor Yili, which is also its largest external customer for raw milk."

"Macro-driven market volatility, rapidly changing investor narratives, and idiosyncratic, misunderstood situations create opportunities for Pershing Square"

"1/28/26: META reports strong Q4 results and provides better-than-expected 2026E revenue growth guidance, as well as clarity around operating income growth"

"We underestimated the problems created by prior management, both in our initial diligence and in the impact of actions required to effectuate a turnaround"

"If Remaining Darden attempted to maintain the same payout ratio, the dividend would be reduced by ~$40 million or a ~$0.32 reduction in dividend per share"

"The relationship with CLEAR has always been a little bit contentious from a TSA perspective and a little bit contentious from a congressional perspective."

"Poor M&A and slow response to consumer trends has reduced margins from high teens to single digits over the last four years with no clear turnaround plan."

"Although the value of the common equity is now lower, if you add the value that the shareholder gets from the iPrefs he receives, the total is a net gain."

"What has been driving this exceptional share performance? The chart suggests enormous financial progress to justify the explosive re-rating of the shares."

"Does a tiny company like NNJ really have the engineering expertise necessary to build an AI Cloud Service System? We doubt it, but Tencent certainly does."

"We believe GoDaddy has an opportunity to drive significant value creation through a combination of improved growth, profitability, and capital allocation."

"Spruce Point believes that since bioplastics still require compost recycling, the technology is not the answer to solve the world's environmental problem."

"Despite substantial business progress and a high-quality board & management team, the company's share price has underperformed since its spin-off from GGP"

"At 0.4% of gross A/R, Limbach's allowance for credit losses is among the lowest relative to peers, which may be inflating the Company's reported earnings."

"In our view, BUR investors are effectively paying a roughly 9% fund expense ratio. We believe that return metrics excluding these expenses are misleading."

"We estimate by depreciating trucks too slowly, USCR is understating depreciation by approximately $12.5 million, thereby benefiting EPS by $0.51 cents (1)"

"Nova’s SEC filings say that Louie Siemens and Christopher Gerteisen are also shareholders of AK Minerals which makes them related party deals in our view."

"We immediately noticed that the total payments reported by TransMedics are unusually low, which suggests a company trying to cover-up the amounts it pays."

"Norfolk Southern has averaged more than 4.3x the number of unplanned recrews relative to CSX, despite having >800 more train and engine service employees."

"Mr. Dealy’s vast industry experience and PSR expertise can help inform how Norfolk Southern can effectively implement a responsible, balanced PSR program."

"we felt it was worth showing that simply using realistic estimates, Inspire's best-case TAM falls by ~80%, to 104,125 units versus their claim of 500,000."

"A key slide on IRBT’s competitive positioning last seen its Dec 3, 2013 investor presentation has entirely disappeared from recent investor presentations."

"We presume the purported safety data tipped the balance, and therein lies the rub: the safety data obscured the risks in a manner we find to be nefarious."

"Probably the liquid because of the problem with choking on that big pill. I'm concerned about choking, particularly younger patients. I think that's true."

"While it could be unclear to an OSIS shareholder whether you own all, or part, of S2 Albania, it seems pretty clear in Albania that someone else owns 49%."

"Factoring in an additional 1.1m warrants, Diluted EPS would have been $0.34 and made its Q4'18 and full year earnings miss vs. Street estimates even worse"

"However, as we pointed out, we have serious concerns with Nova's consulting geologist and believe the resource estimates should be viewed with skepticism."

"An investment in Valeant shares on the day Mike Pearson became CEO has appreciated to 42x its initial value in seven years including dividend reinvestment"

"Failure to publish the annual report within the time limit specified in Article 8 of the "Interim Regulations on the Disclosure of Enterprise Information""

"This pattern suggests insiders with advanced knowledge of the poor results shorted the stock late on October 29 and covered aggressively the next morning."