Callouts & quotes from 37,061+ activist slides

"RILY’s NAV is Far Below the $1.1 Billion Minimum NAV Requirement That Is Required for the Nomura Credit Agreement Putting RILY at Risk of Collapse in 2023"

"We find the structure and results of the following transactions very concerning as it seemed to have enriched insiders at the cost of public shareholders."

"This bid represented a 46% premium to Disney’s original offer and a 104% premium to the Unaffected Sky share price – another example of poor M&A judgement"

"Key performance metrics such as Net Dollar Retention (NRR) are going the wrong direction and now ENFN will stop providing NRR including involuntary churn."

"The TSMC exec derided their EUV system as just an irrelevant niche: “we call it a lab tool, R&D tool...not a production tool” that is useful inside a fab."

"MagnaChip recognized revenue on sales of incomplete or unshipped products...and delayed booking obsolete or aged inventory to manipulate its gross margin."

"It's different issues, but the same results happen on their inspections. They get a dark frame or they get a false defect...it's light source fluctuation."

"Lasertec “will struggle” to compete with KLA; “extremely hard to compete”; Lasertec “will disappear in five year” is they don’t fix their product problems"

"in a context of that I want to point out that since I became CEO in 2015, my team and I have always met the guidance we provided to the street. — WTRG CEO"

"in a context of that I want to point out that since I became CEO in 2015, my team and I have always met the guidance we provided to the street. — WTRG CEO"

"Our scalable commercial lithium-ion battery recycling facility will be fully operational in the second half of 2020. — Press Release Dated January 7, 2020"

"Ultimate Software expects to achieve ~35% – 40% operating margins when it reaches scale and as growth decelerates from ~20%+ per annum — Ultimate Software"

""[Senior executive] pushed for changes, [he/she] wanted us to become a tech company, then the corporate immune system kicked in." — Former SVP, Technology"

""They [Goodyear] had no strategy for SKUs or anything like that other than just their top movers." — Former TireHub employee, Public Interview, March 2023"

"I cannot accept this first line of challenge. There are two independent reasons why. First, I cannot accept premise (3) (see §60 above). — UK Court Ruling"

"「彼らはインテルから製品化するようにプレッシャーをかけられて、ひどい間違いを犯しました。光源の詳細と粒子などのデブリを十分に理解しないで、光源を決めてしまった。しかし、レーザーテックにとって、そのときは選択肢がそれしかなかったのでデブリによる被害の問題です」 — KLAで極端紫外線マスク検査を担当した元幹部"

""They don't exist. We could replicate them with contracts. That's nonsense." — John (referencing Marathon's former CEO Mike Hennigan regarding synergies)."

"Chambers USA noted in 2012 that Mr. Epstein "is venerated for his ongoing contribution to the development of concepts such as managed care" — Chambers USA"

"Accordingly, our YE24 equity price target is lifted to $105, predicated on a blend of 1.1x BV and 10x forward P/E. — JPM's coverage of Aercap, May 8, 2024"

"Overall, adherence to each specific SART guideline for reporting IVF clinic success rate ranged from 10.5% to 68.4%. — Sauerbrun-Cutler, et al, 10/14/2020"

"“Huue will leverage Ginkgo’s platform to optimize microbe strains to accelerate production of its sustainable indigo dye.” — Ginkgo Bioworks Press Release"

"The NGO, Transport & Environment - T&E (www.transportenvironment.org) estimates that only 10% of aviation fuel demand can be met from this source by 2050."

""We are pleased to have Verint, a recognized global leader in the security industry, join NowForce as a strategic investor." — Assaf Shafran, NowForce CEO"

"The University of Georgia possesses professors with very unique skills and abilities that are extremely beneficial to our company — Paul Pereira, MHG CEO."

"「先方はさらにA150装置を買わないか、と売り込んでいました。当社の競合他社が一旦購入しかけたけれど、あとになって『やっぱり要らない』と言ったため、余っているようです。当社がA150を追加で買えば、大きく値下げして売ってもらえる、とのことでした。」 — Marvell Technology employee"

"“... any healthy content business, media business would have margins attached to it that are attractive.” — CEO Tim Armstrong 1Q11 conference call, 5/4/11"

"Chambers USA noted in 2012 that Mr. Epstein "is venerated for his ongoing contribution to the development of concepts such as managed care" — Chambers USA"

"For the year ended December 31, 2020, the Company used $ 13.6 million of the pre-paid research and development expenses. — Synlogic 10K filed Mar 25, 2021"

"I was proud to help secure the necessary funding — Rep. Dutch Ruppersberger. I will keep working to bring investments to Maryland — Sen. Chris Van Hollen."

"It is possible that RUN intends its financings to transfer this obligation to ABS investors or, failing recoverability there, the unsuspecting homeowner."

"We believe Remitly's competitors already have a long history of focusing on small and medium-sized businesses and institutional knowledge which it lacks."

"The average vet practice is growing its sales by 53% and 48% in its second and third full calendar years on the Vets First Choice Platform, respectively."

"EDU’s franchising terms seem designed to perpetuate the EDU myth by maximizing store base growth to justify breakneck reported revenue and profit growth."

"Spruce Point believes Generac is caught in a classic over-expansion trap whereby it increased capacity 4x for home standby generators since the pandemic."

"Carvana’s GPU for retail used cars, ignoring the contribution of loan and VSC-related income, is just $1,127 – among the lowest of any major auto dealer."

"There were irregularities. However, these were revealed and corrected at an early stage - even before the consolidated financial statement was completed."

"Organic sales growth over the last twelve months has constituted the Company's slowest LTM growth rate in over a decade, excluding the COVID-19 lockdowns"

"Solventum's corporate cost allocations were much larger than what either Covidien or GE HealthCare were allocated inside of their former parent companies"

"Today, BlackRock is both the absolute leader in passive investments and the undisputed champion in preaching the messianic role of corporate stewardship."

"We believe there is a big divergence between the consensus of analysts’ projections and the Company’s likeliness for a reduction in capital return plans."

"We believe that Darden's remaining real estate is worth $2.5 to $3 billion, and that separating the real estate could create ~$6 - $10 of value per share"

"Although there may be reasons for this, it does not indicate to us that the Company was generating much attention in the market it was trying to address."

"GoDaddy has transformed itself from a domains-only business into a one-stop shop whose solutions have become indispensable for micro and smallbusinesses."

"Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management"

"We believe the simplified transaction delivers a better-capitalized post-closing HHH that will be able to begin executing on its new strategy immediately"

"We believe the proposed transaction offers shareholders a highly compelling alternative to HHH’s limited strategic options as a standalone public company"

"Manhattan U.S. Attorney Preet Bharara alleged that Novartis was a "repeat offender" as the Company was already under a 2010 CIA over kickback allegations"

"We Believe Almost 75% of the VIAB board are not independent by a reasonable definition; ISS recommends a “substantial majority of a board be independent”"

"The Company’s share price has underperformed multiple related indices and the broader market since Mr. Anagnost was appointed permanent CEO in June 2017."

"For these reasons, we believe that the odds that non-Glenview shareholders support a combination of HMA and Community are increased by changing the Board"

"There are industry, economic, technical, policy, and regulatory reasons why PHA – and bioplastics overall – will not be nearly as large as DNMR purports."

"We believe that Darden's remaining real estate is worth $2.5 to $3 billion, and that separating the real estate could create ~$6 - $10 of value per share"

"We observe a worrisome rise in accounts past due by 90 days as of its last disclosure on Dec 31, 2016 prior to announcing the DigitalGlobe deal Feb 2017."

"SOFI's charge-off data seemingly contains a mathematical impossibility that strongly implies loans are being charged off outside SOFI's reported metrics."

"Observers agree: the large franchisee acquisitions of 2015 destroyed value by diluting ROIC and eliminating a highly valuable, high-margin royalty stream"

"Arconic cannot hide behind an old capital base. The Company has a recently refreshed capital stock that is younger than that utilized by most competitors"

"Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management"

"We believe Sotheby's weak performance can be tied back to poor corporate governance, irresponsible cost expenditures, and missed opportunities for growth"

"After a year, a higher proportion of patients in the Convergent arm (68%) compared to the control arm (50%) were totally free from any atrial arrhythmia."

"Warning: Oatly's expansion into other product categories, notably vegan ice cream, is being tested in a brutally competitive and promotional environment."