Callouts & quotes from 432+ activist slides

"In the circumstances, we believe that the best way forward is for you, the members of the Capricorn Board, to immediately withdraw your recommendation for the Proposed Merger and instead to initiate a transparent and meaningful strategic review"

"We reviewed each profile, and consistent with the CFO's comments, they strike us as either remote workers to support its California-based manufacturing, or as low-level positions with generally inexperienced employees straight out of school."

""[The accounts] had been reviewed and scrubbed quarterly since they were put in place by Arthur Andersen. We thought all that had become history, and it was now news." — Former Enron Corp. Chairman Kenneth Lay during his 2006 criminal trial"

"“the complicated pharmacology of H3R” and “over 20 existing hH3R isoforms, with some having a different pharmacological profile.” — New developments around histamine H3 receptor antagonists/inverse agonists: a patent review (2010 - present)"

"In December 2019, we reviewed the 96,432 YY Live PUs that XHL tracks. Our analysis found that 24.9% of these PUs were controlled by YY. We further found that their gift contributions accounted for 48.0% of the gift revenue in our sample."

"Warning: Oatly’s Gross Margin is overstated because it fails to include outbound shipping and handling costs. After a review of many public companies in the dairy, frozen and packaged foods space, we find this to be industry standard."

"This target represents the level of margin expansion we would expect any company to strive to achieve in the normal course of business, not the result of a publicly announced Operating Review that took almost eight months to complete."

"We’re calling on the Audit Committee, led by Harvard Business School Dean Srikant Datar, to review our report with an independent forensic investigator. We believe it’s time for CEO Lobo and CFO Boehnlein to resign or be terminated."

"85% of WFG agents reviewed had best practice issues, which most commonly included agents not taking notes when speaking with clients, insufficient disclosures, and insufficient information given to clients about potential policies."

"Vadara appear to address quality issues Spruce Point have previously raised and that plague Caesarstone's online reviews (cracking/chipping, staining & using chemicals), which appear to be a deterrent to purchasing CSTE's worktops."

"Spruce Point has conducted a thorough forensic review of the Amcor / Bemis transaction, including management’s bold claims for the transaction. Our analysis either disproves, or calls into question, each of the main selling points."

"Spruce Point has conducted a thorough forensic review of the Amcor / Bemis transaction, including management's bold claims for the transaction. Our analysis either disproves, or calls into question, each of the main selling points"

"After reviewing PR Industrial’s Italian filings there is a reference to a reclassification to the income statement without adequate explanation. As of the date of this report publication, PR Industrial has not filed 2021 results."

"You bring up a very good points, but if you review the studies and look at the studies, this information is not suggested in the study. Correct. I have that correct. You are hearing information that a lot of people haven't heard."

"Notice carefully that Remitly is now footnoting that its app store reviews vary by user location and device type. We believe this may be a signaling effect by the Company to warn about changing dynamics among its customer base."

"Reviewing social media as an indicator of brand development and engagement of Smart2Pay, we find limited social media followers, or evidence that the Company was growing headcount rapidly leading up to its acquisition by Nuvei."

"The Shareholder Slate recommends curtailing the use of fractional commissions and, at the very least, completing a detailed review of the practice since it does not appear to be generating sufficient incremental auction volumes"

"A review of large REITs indicates that these businesses support investment grade ratings with a debt to enterprise value of 36% on average, as compared to Pro Forma McDonald's which would have a debt to enterprise value of 25%."

"This leads us to conclude that Trustpilot is not only accepting but fostering fake review services as it gives Trustpilot the opportunity for selective enforcement that benefits paying clients and hurts non-paying businesses."

"We give credit to Generac’s CEO for relentlessly promoting and evangelizing the investment story. The public should review his seven most recent CNBC appearances, especially his three “Mad Money” appearances with Jim Cramer."

"A review of other project tenders at the Oklahoma DOT reveals that Overland Corp. recently lost an additional tender to APAC-Central (CRH plc). Its lone win was a small asphalt resurfacing project that it won by just $5,000."

"Dropbox is approaching the collaboration software space behind the curve, with numerous review sites not even considering it amongst the “best” software services. Dropbox has to prove itself in an already competitive space."

"SCT should therefore collaborate with affiliates to undertake a comprehensive and transparent strategic review of the current corporate structure and options for the future in the interests of all Samsung Group stakeholders"

"Elevated DSOs signal cash flow collection issues. The problem is also suggested by an accounts payable specialist posting on the company review website Glassdoor. Kratos is now expanding discussion about DSO in its 10-K."

"Based on a forensic review of Amcor and Bemis' statements on capex, we believe it is materially underspending either to boost near-term cash flow, or in support of our view, that its business is in rapid organic decline."

"“The first year we had lots of wonderful one-qubit machines popping up all over the place,” he says. “Now at IBM we have a three-qubit computer, and we’re planning even larger computers.” — Chuang (MIT Technology Review)"

"If this were incorrect, why wouldn't Mr. Fayer have corrected it over the span of 18 months? A review of Palm Beach County court public records reveal that a Philip Fayer was arrested in a criminal traffic case in 1998."

"However, a current review of these supermarket websites does not show the product available. At larger supermarket chains that are stocking the product, we find consistent discounting to as low as $0.71 cents per ounce."

"How is Billy Taubman, Taubman's Chief Operating Officer, supposed to provide an independent review when the Company's operating performance - which he is responsible for - massively underperforms its Class A Mall Peers?"

"Recast the HMG Restructuring Plan to achieve a simpler, more efficient and more transparent holding company structure, and at minimum share the result of any reviews on holding company structure undertaken by the Group"

"The Division acknowledges the limitations of this endpoint, as it relies on patients to provide hypothetical responses about how they would respond in different situations and is vulnerable to recall bias. — FDA Review"

"Elliott engaged a top-tier strategic consulting firm to perform a full review of Marathon's integrated structure in 2016 and 2019. Both times it concluded there were limited dis-synergies from a potential separation."

"Notice that there is a theme among the negative (and even some positive) reviews: clinic managers pay outsized attention to profits over pets, and employees are encouraged to upsell patients to expensive medications."

"We have reviewed your filing and have the following comment. We have limited our review to your financial statements and related disclosures and do not intend to expand our review to other portions of your document."

""PLA-based bioplastics showed a similar biodegradability of PHAs, as quickly degraded under composting and anaerobic digestion" — Biodegradation of Wasted Bioplastics in Natural and Industrial Environments: A Review"

"there was a clear and direct correlation of pitolisant exposure with QTc prolongation. At supratherapeutic doses, QTc increases greater than 10 msec are anticipated — FDA CDER Clinical Pharmacology Review, Dec 2018"

"The robust strategic review did not, however, result in a definitive offer at a price that offered a superior alternative to the long-term stockholder value potentially created by Intermex's current business model"

"a trained cardiologist at the study site will review the ECG output and provide an assessment of the intervals, segments, abnormalities of T-wave or U-wave morphology — Study Protocol and Statistical Analysis Plan"

"C3's apps on Microsoft's Azure marketplace contain just one review since 2019. The core C3 AI Suite is currently being promoted for free. C3 is not even listed as a "Featured" partner under AI + Machine Learning."

"Review data for subscribed businesses on Trustpilot follow in many cases an _I shape, meaning that over 80% of reviews are 5-stars and there is no meaningful pattern of reviews sorting below the 5-star threshold."

"Indicated lack of interest in Vykat at a recent, internal Journal Club meeting to review the phase 3 paper with “20 doctors that were in the room” – “people are a little hesitant when they hear the cost of it.”"

"The Delaware courts are clear that controlling stockholder transactions must be reviewed under the stringent entire fairness standard, not business judgment, unless certain procedural safeguards are satisfied."

"In order to begin addressing the operational issues raised throughout this letter, we believe Commvault should immediately initiate a comprehensive operational review (the “Operating Review”) led by the Board."

""We've reviewed what the costs would be of unifying the DLC, in particular the DLC into Limited, and the tax costs would be in the mid-single digit billions of dollars." — Peter Cunningham, CFO, 31 July 2024"

"Considering shareholders' concerns regarding the proposed transaction, including whether a thorough review process was undertaken, we immediately call on the Board to put the spin-off to a shareholder vote."

"Based on a review of other public company disclosures in the supermarket industry, it is apparent that Weis uses the most aggressive interpretation by allowing itself to include funds in transit up to week."

"The biometrics review provides a chronology of how the FDA reviewer yet again gave Bioprojet a pass despite obvious red flags and accepted HARMONY 1 as a second trial in support of cataplexy along with CTP."

"These results point to obviously illegitimate reviews in large quantities. Leading global service providers don’t care much about their Trustpilot rating, they refuse to pay subscription fees to Trustpilot."

"“Many stakeholders commented that CN was generally more aggressive than CP in pursuing financial objectives, including cost cutting and other efficiency measures” — Rail Freight Service Review, January 2011"

"MRV TO REVIEW HISTORICAL OPTION PRACTICES AND TO REVIEW ACCOUNTING FOR EARNOUTS AND PROFIT SHARING IN TWO EUROPEAN SUBSIDIARIES AND EXPECTS TO RESTATE FINANCIAL STATEMENTS — MRV Communications Press Release"

"“This difference was not clinically relevant as it was lower than the pre-defined threshold of 3 points.” — EMA. “HARMONY 1-bis provides confirmatory evidence of pitolisant’s effect on EDS.” — FDA Reviewer."

"Color us skeptical, but a cursory review of DV’s U.S. patent does not strike us as overly complex. Below are figures from a key patent. In fact, only one of the four patent authors is still employed by DV."

"The FDA’s review exhibited zero awareness of the hypereosinophilia signal and failed to draw any potential link: “No clear association between pitolisant and pulmonary edema is apparent in this narrative.”"

"The level of stonewalling by the CEO – when asked for even the tiniest crumbs on EUV contribution – would alarm any investor who reviews each quarterly Q&A in the 5 years since its ACTIS EUV tool launched."

"Dye & Durham to Consider Sale as Strategic Review Process Expands — The Wall Street Journal. Dye & Durham pauses sale process as big shareholders say they won't support deals on offer — The Globe and Mail."

"Spruce Point believes it may be time for significant change at Healthcare Trust of America, Inc (NYSE: HTA) if the Company’s financial reporting cannot pass the audit review of an independent third party."

"We believe management is playing fast and loose with booking adjustments to EBITDA. Reviewing the footnotes reveals that several of the adjustments are related to the recurring operations of the business."

"Third-party reviews, we are more than happy to do that. So we're more than happy to do that, so if there's really demand for a third-party review of what we're saying today, we're — Udo Müller, Ströer SE"

"According to a supply chain consultant who reviewed an AST bid package for parts critical to unfolding the array, AST's engineering was so "immature" that his highly qualified client no-bid the business."

"Our review of peer company gross margin expansion during their approximate growth from $200 to $400 million of revenue showed that none achieved such expansion, and the median was a gain of just 85 bps."