Callouts & quotes from 37,061+ activist slides

"Harmony’s sales are dependent on a handful of physicians, paid via a speakers program that ex-employees described as a blatant kickback scheme"

"“Threat” of being disciplined if not enough speaker programs; quid pro quo; prescriptions correlated to being put on or off a speakers program"

"Can you possibly stretch? Can you possibly make excessive sleepiness narcolepsy? Can you possibly make it cataplexy? Can you possibly do that?"

"BEA shareholders have long suffered from poor returns as a result of an entrenched executive management team which has mismanaged the business"

"We believe that a realistic range for Net Earning Assets is $426 million to $1.0 billion, an adjustment downward of between -77.5% and -90.4%."

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"KHC's stock fell 27.5% on the day that $15.44 billion in impairment charges were recorded against the company's goodwill and intangible assets"

"CMG’s share price declined 7% from our average cost to year end 2016, and is approximately flat from our average cost through January 20, 2017"

"But why is it that Archer is not as open about noise as Joby? The deliberate muting of videos strongly suggests there is something to conceal."

"We suspect that this rapid increase in sales may be due to UFPT's notoriously aggressive revenue recognition method, bill-and-hold accounting."

"YM Jia owned 70% of Leno at its incorporation. Yuefang Jia (a.k.a. YF Jia, who is YT's older sister) is currently the 98% shareholder of Leno."

"We interpret this to mean that with PFA in the atrium, both micro-second and nano-second work, there's no big advantage to one over the other."

"When we explicitly inquired, all Russian hotels agreed to keep the arrangement confidential, including from the Accor’s head office in France."

"I'd like to take 4 superior rooms with king beds. Can you add a bottle of champaign and roses to each room please? Do you have spa? Thank you!"

"Fannie Mae and Freddie Mac stock prices have decreased 24% and 24%, respectively, from our average cost at announcement date to April 21, 2016"

"CTO did not disclose a default in its annual report, which we find highly unusual considering this tenant appears to have stopped paying rent."

"It appears that the only thing noteworthy about GSX is its stock price. If this is not a bubble destined to pop, we really don’t know what is."

"Generally speaking, we are cautious on the company when employees/insiders are selling stocks and multiple co-founders are leaving so quickly."

"D-Wave's financial performance exemplifies the worst hype of the SPAC bubble era, with 2024 revenue coming in -88% below original projections."

"Yet, the windows for Fab 4A are filthy and covered in dust. The HVAC equipment visible behind the windows appears caked in rust and/or debris."

"Investors in Ferguson's U.S.-listed peers benefit from higher trading volumes and increased liquidity as compared with Ferguson's shareholders"

"Vote AGAINST Chair and President if ROE has been below 5% and in the bottom 1/3 of the industry for the past 3 years — Nomura Asset Management"

"“monster that’s lurking” and that “with enough cycles it will just burst out” like “that monster in Alien in the ’80’s....” — QuantumScape CEO"

"“cornerstone in the journey,” a “vital stepping stone,” and “culmination of two decades” — IonQ (referring to the 2020 32-qubit announcement)."

"“...We do believe, as you mentioned, that we can achieve OTA-like margins over the longer term [at Viator].” — Tripadvisor CFO, September 2025"

"In BK's 11/14/11 Investor Day, CEO Gerald Hassell provided a roadmap for 7 – 11% EPS growth between 2011 and 2014 — Marcato Capital Management"

"Earlier in his tenure, Fred Green privately told numerous investors that CP’s “structural disadvantage” vs. CN was benchmarked at ~200-300 bps"

""Reiterate Buy on 'self-help' headlines; we see 30% upside" — Sloan Bohlen and Conor Fennerty; The Goldman Sachs Group, Inc.; August 18, 2011."

"“So some analysts have forecast at this stage of an improvement from a level [of FCF] which is close today to a 0,...” — Mr. Giscard D'Estaing"

"「A300の存在を知っているし、購入を視野に入れて評価することになるでしょう。しかし、それは2025年の初めになるでしょう。半導体装置がたくさん搭載されるハードの製品に対する需要が低迷しているので、評価に踏み切るべきタイミングではないでしょう」 — マーベル・テクノロジーの上席従業員"

"“...We do believe, as you mentioned, that we can achieve OTA-like margins over the longer term [at Viator].” — Tripadvisor CFO, September 2025"

"Es como jugar en una máquina tragamonedas. Ah, una vez que comienzas, siempre piensas que la siguiente ronda será la gran ganadora. — HOMBRE 6"

"‘The BoD regularly reviews its leadership structure’: failure to correct confirms lack of independent oversight — BlackRock Board of Directors"

"We're losing a big chunk of the hits of the B cell. We can't really afford that. We don't like losing that many candidates. — AbbVie scientist"

"Question: "The 2012 numbers for guidance exclude the meaningful use payments?" HMA CFO: "That’s correct." — Q4 Investor Call, January 13, 2013"

"So, but on average, the average transaction averages out to two modules per transaction. — FTAI Aviation Q1 2024 Earnings Call April 26, 2024."

"“北越は著しく過小評価をされており、バイオマス発電という次世代の機会を有しています。北越のステークホルダーと従業員はすでに13年間に及ぶ業績不振を経験しており、大胆な行動と変革に取り組むリーダーシップを必要としています。” — セス・フィッシャー (Oasis Management)"

"There is huge risk the SEC will shut it down. — Thomas Gorman, Partner at Dorsey & Whitney, former Senior Counsel, SEC Division of Enforcement"

"Dr. Sandeep Guleria – who trained in the UK...was named by recipients and agents as the surgeon who conducted the transplants. — The Telegraph"

"a preponderance of self-selected peers that are larger than the subject company may drive up compensation without regard to performance. — ISS"

"Garcia stated the company could cover interest expense assuming “long-term EBITDA targets even at today’s units.” — Carvana 3Q22 earnings call"

"PRAC recommends suspension of diacerein-containing medicines — Committee cites concerns over gastro-intestinal side effects and liver toxicity"

"“there is no safety margin using the actual data and anticipated steady state level....” — Pharmacology consultant engaged by Scorpion Capital"

"A female patient in her mid-30’s who was being treated with an unknown dose of pitolisant “showed signs of psychosis.” — FDA FAERS Case Report"

"“non-cash items increasing Consolidated Net Income” and “any extraordinary, unusual, or non-recurring cash income or gains” — Credit Agreement"

"Es como jugar en una máquina tragamonedas. Ah, una vez que comienzas, siempre piensas que la siguiente ronda será la gran ganadora. — HOMBRE 6"

"enforce sanctions to deter businesses that try to benefit from fake reviews and sanction those that write fake or misleading reviews. — Google"

"“Can Lasertec make you happy?”; “Is Lasertec leading the way for the next 100 years?”; “Can Lasertec outdo itself?” — Lasertec corporate video"

"The Stronger Southwest plan calls for clear steps to improve performance for the benefit of customers, employees and shareholders, including:"

"We decided to exit our position at a small profit and redeploy our capital elsewhere rather than fight the transaction and replace management"

"Multiple compression driven by growth deceleration, margin compression, and store repurchases that earn a return below BWLD's cost of capital"

"The last mention of the word “shrink sleeve” Avery made was on a conference call in 2010 and has never mentioned the word in any SEC filings."

"From Spruce Point's experience, a classic sign of financial overstatement is when financial results defy industry and competitor performance."

"Between 2017-2019, AVY portrays Free Cash Flow as having grown by approximately $91m, whereas Spruce Point believes it has declined by $118m."

"Spear seems to point the finger at Hasson as being the FIGS employee accountable for the interpretation of SILVADUR’s technical capabilities."

"Allergan stock increased 80% including dividends from inception of our position to date, or 71% including dividends from inception to YE 2014"

"Sunrun is valued based on an aggregation of 30-year subscriber models with highly aggressive assumptions and inflated Investment Tax Credits."

"Spruce Point conducts a sum-of-the-parts valuation for WTRG’s water and gas businesses which are distinct and separately reported businesses."