Callouts & quotes from 37,061+ activist slides

"Floor & Decor Appears To Be A Replay of Scandal-Ridden And Bankrupt Linens ‘N Things; Capex Is Anomalous And New Store Operating Costs Are Exploding"

"Spruce Point is dissatisfied with the Company's response, and notes that Saputo fails to provide hard numbers or sources to substantiate its claims."

"While Saputo was claiming few players in the space in early 2021, a recent product review of Vegan Cheeses included eighty (80) different varieties."

"Monster did not show the Amazon data by Stackline in its two most recent investor presentations. We suspect the reason is because it has lost share."

"It is indisputable that FMCN routinely overpays for acquisitions. It has written off $1.1 billion out of approximately $1.6 billion in acquisitions."

"It is indisputable that FMCN routinely overpays for acquisitions. It has written off $1.1 billion out of approximately $1.6 billion in acquisitions."

"Ancora estimates the combined company will have improved EBITDA margins and free cash flow generation which should lead to a re-rating in valuation."

"Huntsman sold its remaining stake in Venator for only $140 million, which was $860 million LESS than what shareholders had been promised in 2018.(1)"

"TWX's annual corporate costs exceed those of its peers, with a vast scope of headquarters at One Time Warner Center symbolic of unnecessary expense."

"The analysis suggests that one of the better uses of TWX funds at this point in the investment cycle is to aggressively repurchase its common stock."

"Herbalife’s accounting attempts to conceal the total amount of commissions paid to distributors and increase the amount of so-called “Retail Profit”"

"A standalone Information & Media business could better optimize operational performance, garner investor attention and participate in consolidation."

"Management has not demonstrated it is a disciplined acquirer of businesses, nor should it be rewarded for overpaying for its own stock to boost EPS."

"Separating into a “Global Architectural” company and “Industrial” company could enable PPG to unlock value by creating leading, pure play businesses"

"We request a meeting with members of the Board at your earliest convenience to discuss the matters and initiatives we have set forth in this letter."

"Can PERI’s Numbers Be Trusted?: Five Things That Should Raise Suspicions That Its Financials Are “Too Good To Be True” And Don’t Pass The Smell Test"

"We believe there is an elegant solution to achieve these objectives through administrative action, utilizing authorities already granted by Congress"

"Spruce Point believes that the Aspen-related goodwill should be written down to reflect the value destroyed by management over the last seven years."

"A more appropriate comparable for New Pacific is likely Bear Creek Mining (TSX: BCM), which currently has a market capitalization of US$145 million."

"We see Nidec as wanting to increasingly control investors’ perceptions of the company’s performance, rather than presenting unvarnished information."

"If you're using it two or three times a month and it takes a few hours, so the machine is basically only used at 5-10% capacity utilization at most?"

"BLI's claim that the machine speeds up cell line development is false – key part of the value proposition; BLI claims 5 days but 3 months in reality"

"Spruce Point believes management should address the following important questions pertaining to suspect financial reporting and accounting practices"

"In effect, Stryker ignored the $45.5m inventory allowance last reported by K2M Group and assumed its finished goods of $130.8m reflected fair value."

"In effect, Stryker ignored the $45.5m inventory allowance last required by K2M Group and assumed its finished goods of $130.8m reflected fair value."

"When Olam bought CFM on January 12, 2010, it valued the PP&E at S$168.6 million, which was a 25% increase over CFM’s carrying value in only 13 days."

"Olam’s repeated failure to manage small projects provides investors vital clues about its ability to manage more complicated and expensive projects."

"Could you please answer the following questions to help clarify bp's approach to sustainability, corporate culture, and senior management oversight:"

"Of these 26 Approved Plans, there are two which are of particular centrality. The first is PDL-08 (§26 above). The second is “PNL-6839” (§27 above)."

"The use of similar but different store names and the extremely vague store location descriptions and addresses is a common theme on BEKE's platform."

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"Contends the Dual-Class Structure and Croatti Family's Control over UniFirst is a Textbook Example of How Poor Governance Destroys Shareholder Value"

"Precedent private ground lease transactions support cap rates of approximately 5.50% – 6.25% for a typical ground lease with no development pipeline"

"Regardless, it appears either that (1) AFAM is in decline as a stand-alone business or (2) management is seriously mismanaging the AFAM integration."

"While Epic moves into the cloud, athena’s board seems somewhat more grounded, and – excluding Bush – have sold 58% of their shares in the last year."

"HLT’s share price including dividend reinvestment increased 317% (4.2x) from the inception of our investment to our final exit date in February 2026"

"It would appear, then, that Eurofins effectively paid £15 million for a property that had been purchased for £11.5 million less than a year earlier."

"We note that one executive after another we spoke with described Grossman as a quick-flip artist who now finds himself in an uncomfortable position."

"A KOL stated that reps are incentivized to manipulate patients during the trial phase with leading questions and coach them to provide false answers"

"This is a very serious matter: BP acting unlawfully represents a clear breach of the fiduciary relationship between the Board and BP’s shareholders."

"The segment has significant excess capacity, which is pressuring margins today, but will allow for explosive growth when the housing markets recover"

"We believe there is an elegant solution to achieve these objectives through administrative action, utilizing authorities already granted by Congress"

"Since inception of the position, BN's share price including dividend reinvestment increased 47% in 2024 and has increased 3% year-to-date in 2025(1)"

"The sell-side analyst at PLUG’s lead underwriter is effectively telling investors that there is no upside to the issuance as it is currently priced."

"Moreover, even high-volume users told us the “clinical benefit” is just a charade so they can get away with using it for scheduling and convenience."

"Despite delivering the worst operating performance in the industry and (5.1%) TSR over his CEO tenure, Mr. Shaw has been paid more than $23 million."

"What metrics was the Board looking at to justify these increases in spending on Patch? Did the Board have any oversight or control around budgeting?"

"Autodesk’s recent statement is emblematic of a company that is unwilling to face reality and is instead looking to fight to maintain the status quo."

"Public shareholders in a circular structure similar to BOL's end up receiving greater economic value than their ostensible ownership of the company."

"It appears that the products being marked as defective are core to Leidos' offering and critical to detecting explosives in airport baggage systems."

"Trial was functionally unblinded due to hair growth and edema, as well as tablet smell; families were in touch via social media; impossible to blind"

"Trial was functionally unblinded due to hair growth and edema, as well as tablet smell; families were in touch via social media; impossible to blind"

"Using the Wayback Machine and looking carefully at LSPD’s value of customer transactions processed claims for 2013, we see three different versions."

"Precedent private ground lease transactions support cap rates of approximately 5.50% – 6.25% for a typical ground lease with no development pipeline"

"This screen shot from an internal document from 2010 shows how Herbalife calculates “China Royalty Overrides” - also called “China Sales Employees.”"

"Project Zero had to do with the breaches. But it was discontinued at once as soon as the breaches committed by the group's management came to light."

"Peanut Butter is also an auto parts supplier, but it focuses on components for electric vehicles, particularly technologically advanced powertrains."

"IT IS CLEAR THAT PHILLIPS 66'S CURRENT LEADERSHIP IS EITHER UNWILLING OR UNABLE TO ENACT THE BOLD CHANGES REQUIRED TO SET THE COMPANY BACK ON TRACK."

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"One can only wonder why INS would let the managing director of their Indian subsidiary and a finance manager start several shell companies in India."