Callouts & quotes from 37,061+ activist slides

"The share-price underperformance and operational issues highlighted in our letter clearly demonstrate that Commvault requires fundamental change."

"Collectively, we believe our director nominees have the necessary experience and independence to oversee a value-enhancing transformation of Box."

"Within Revenue Marketing, Customer Marketing remains the biggest immediate opportunity, and it aligns and focuses strategy & customer-centricity."

"The NEO001 “Best Response Analysis” is misleading in our view as to efficacy, and we further believe it has led to undue optimism about the drug."

"AMT's disclosures regarding the amounts and timing of money it purports to have paid make clear that its accounts contain material misstatements."

"Bo Hu was thinly capitalized at the time of entering into the agreement - its registered capital was only $135,000 (RMB one million) at the time."

"Shareholders should ask themselves, if management thinks it is a better trade to sell Riot shares and HODL bitcoin, why should I not do the same?"

"We believe this is all very achievable, and that in fact, the interim CEOs are setting a low bar for a new incoming CEO to show success early on."

"Where is the $100-$136m of year end inventory reported at the consolidated level if none of it is being reported to the tax authorities in China?"

"Where is the $100-$136m of year end inventory reported at the consolidated level if none of it is being reported to the tax authorities in China?"

"Sub-scale and rapidly growing peers have significant operating expense burdens in their P&L – margins improve with greater scale and lower growth"

"In July 2016, ADP announced its “Service Alignment Initiative” but has made no commitments regarding improved efficiency or client service levels"

"Greenlight observes that a portion of Allied’s stated accounting policy in its 10-K appears to reflect SBA rather than SEC accounting principles."

"We believe that, as brick-and-mortar clinics renting space from retailers, these wellness centers should designate rental expense as a COGS item."

"We believe our plan can be achieved while not only maintaining the Company’s investment grade rating and current dividend, but strengthening both"

"Darden launched a major R&M initiative in 2012 to centralize R&M with a savings target of $15 - $20 million, but these savings were not realized."

"$722.9 million works out to $1.50 million per owned restaurant, which is significantly below the Company's stated cost to build a new restaurant."

"We respectfully ask BP's Board of Director to urgently review and revise the 2023-2030 plan, by implementing the following six corrective actions"

"This fact pattern suggests to us that IPX may not have received enough private sector commercial customer buy-in to commence a feasibility study."

"Former employee explains that widening gaps toward top right of staircase curves show longer rest periods between pulses as current density rises"

"QS lab tests are based on a small pouch cell. For some tests, QS doesn't even disclose the size, suggesting it's even smaller than the one below."

"We believe that Target’s substantial negative returns to its shareholders are reflective of its operating underperformance compared with Wal-Mart"

"We note that these comments flatly contradict the QCWare quotes used in a recent IonQ press release, which one of the execs actually pointed out."

"Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap (partially caused by Bakken build-out)"

"Our slate consists of four highly qualified and motivated individuals who are fully prepared to explore all options to maximize shareholder value"

"We think Acutus's AcQMap, a 3D mapping catheter that was first developed and used in humans in 2013, will revolutionize mechanism-based ablation."

"McDonald's has the lowest score possible on the BBFAW Impact Rating, which evaluates how companies demonstrate progress on animal welfare impact."

"The lawsuit, which was eventually settled, alleged that Uptake had a "ruthless scheme" to poach its executives and improperly obtain information."

"We believe the Board's ineffectiveness may be in part due to the unchecked power of the founder, Rob LoCascio, who serves as CEO and Board Chair."

"BOOT recently increased its promotional activity in late April (denim sale) and then a 60% off (spring sale) which encompasses over 10,700 items."

"Since Starboard’s public engagement with Corteva, the Company has outperformed the S&P 500 by 41% and created significant value for shareholders."

"We believe our plan can be achieved while not only maintaining the Company’s investment grade rating and current dividend, but strengthening both"

"In a majority of the cases, the share price has met or exceeded our downside estimate of intrinsic value. The average share price decline is 57%."

"In light of the abundance of revenue inflation evidence we uncovered, we believe such contribution patterns are hallmarks of yet more fake sales."

"The Annual Meeting – the most basic expectation of any public company – was only scheduled before year-end because of Blacksheep Fund Management."

"Director Ms. Wagner has had professional relationships lasting decades with 15 out of the 24 members of the BlackRock Global Executive Committee."

"We arrive at our price targets by normalizing Oatly’s stratospheric sales multiple and adjusting its Gross Profit to conform with industry peers."

"Spruce Point believes Dropbox's pivot and rebranding as the "New Dropbox" focused more on enterprise collaboration spaces is too little too late."

"Spruce Point believes EBITDA does not accurately reflect Sunnova's financial performance and paints an overly optimistic picture of the business."

"Spruce Point observes that after 2021, WSP's Executive Clawback Policy omits condition (c) which appears to weaken the conditions for recoupment."

"There will be no changes. A franchisee's day-to-day interaction with McDonald's will not be affected by the creation of a publicly traded McOpCo."

"We applaud Goldman Sachs for being the lone skeptic and below market price target on O Realty. We expect other brokers to follow with downgrades."

"In 2021 and the most recent call in Aug 2022, timelines are now simply dispensed with, replaced by rambling monologues of intention and potential"

"Yet in today’s market, the share of conversation in the news media and among the public has BNY coming in behind the majority of its competitors."

"The Standalone Plan (described below) offers a clear path to NAV of more than ¥40,000 per share by 2028 – more than double the Revised TOB price."

"In order to give the appearance of high gross margins, the Company has reclassified a material amount of expenses from cost of goods sold to R&D."

"The range of implied recoveries generate a net present value loss between $2.7 billion to $4.5 billion, with a midpoint estimate of $3.6 billion."

"Investors need to take a step back and realize that Ballard and its management have virtually nothing at risk if its China growth ambitions fail."

"A policy of consistent 14% discounted off-market share buybacks would be the most efficient mechanism to release excess cash flow to shareholders"

"We believe Samsara (IOT), like the examples below, promotes itself to retail yet fails to have a sustainable path to profitability and cash flow."

"Canadian National achieved a 69.6% operating ratio in 2000, utilizing Precision Scheduled Railroading, on the way to the low 60s by the mid-2000s"

"Over the last 30 years, Fannie and Freddie have played an increasingly vital role in providing borrowers with access to an ample supply of credit"

"HIMS would have us believe that two physicians provide all practice management duties for the entire nationwide operation of over 600 physicians."

"We believe FND’s share price reflects false hope that its challenges are cyclical, but we believe they are structural and cannot be easily fixed."

"ProSource Wholesale is a fast-growing home improvement chain that we also believe is chipping away at FND’s customer base with a franchise model."

"Spruce Point believes it is a major red flag that FND recently made significant modifications to its 10-K around the description of its industry."

"Acquired businesses not fully brought into the fold at Amdocs – still operating their separate websites and calling themselves “Amdocs companies”"

"we find it indefensible and utterly outrageous that, after more than twelve months in office, Mr. Auchincloss has yet to produce an updated plan."

"Monster has historically concentrated the CFO, CAO and COO role with Mr. Schlosberg despite separation of duties being a good corporate practice."

"Spruce Point finds a large deviation between our estimated ending gross PP&E and actual PP&E in 2023 which is the period the auditor was changed."