Callouts & quotes from 3,960+ activist slides

"we believe the remaining regulated utility business, once the unregulated business is sold, should be highly attractive to public market investors."

"We believe the wide range of issues Activision encountered with PGNY highlights the risks to PGNY as more clients roll off their initial contracts."

"We believe there are significant cost over-runs in the Amcor / Bemis transaction. In particular, the Company forecasted $125m of transaction costs."

"WE BELIEVE FULLY CONVERTING ANY OF DARDEN’S BRANDS TO A FRANCHISE MODEL PUTS THE DIVIDEND AT RISK AND WOULD LIKELY RESULT IN A LOSS OF BRAND EQUITY"

"Spruce Point believes CLEAR is reaching full penetration in all the higher volume airports given American Airlines is reluctant to partner with it."

"Spruce Point believes this all a smoke screen to cover for the maturation of the MBP business and difficulty in expanding Flex or Enhanced Markets."

"Spruce Point believes that lenders are implicitly communicating that they see just as much, if not more risk in PLUG than in its penny-stock peers."

"Therefore, we believe iKentoo had very little growth from 2017-2019, and we estimate its ARPU was $100 per month, or 50% below LSPD's ARPU of $200."

"Recall That Mr. Shi Cashed Out Big Time During/Pre-IPO. Of The Remaining Shares He Still Owns, We Believe He Has Pledged Most Of Them As Collateral"

"Recall That Mr. Shi Cashed Out Big Time During/Pre-IPO. Of The Remaining Shares He Still Owns, We Believe He Has Pledged Most Of Them As Collateral"

"We believe a key mechanism that GSX employs to hide expenses from investors, auditors, and regulators is the use of unconsolidated related parties."

"Third Point has identified potential board members who we believe would make essential contributions to the Company's Board at this critical time."

"All of the people we spoke with knowledgeable about Avery believe that flexible packaging growth is real and a disruptive factor for its business."

"The NEOD001 “Best Response Analysis” is misleading in our view as to efficacy, and we further believe it has led to undue optimism about the drug."

"We strongly believe that change is necessary at the Company given its terrible performance over the past several years, across almost any measure."

"We believe we must replace the Board promptly to strengthen and secure the Community Proposal and to enhance investor understanding and confidence"

"Spruce Point believes that Xylem's root problem is that organic order growth is drying up and has shown accelerated decline for multiple quarters."

"We believe deconsolidating both NetCo and Sparkle could allow TIM to maximise the value of its assets as well as bring leverage in line with peers"

"NVDA failed to release a single traditional benchmark, leading many to believe the ray-tracing technology came at the cost of overall performance."

"We do not believe that this is a healthy, sustainable source of cash flow for a company experiencing stagnant revenue growth and financial strain."

"Through a separation of these businesses and improved operating performance, Elliott believes that Marathon can unlock $22 – $40 billion of value."

"According to Mettler, it has 130,000 sellable products, and yet are we to believe it has never discontinued or written down a single product line?"

"Sales are under pressure today, but we believe better product from existing new brands and the shop build-out will lead to meaningful sales growth"

"In order to understand what actually went wrong, we embarked on what we believe to the most intensive and thorough investigation of Nevro to date."

"With a shrinking government and industrial business, we believe IRBT is better viewed as a narrowly focused consumer discretionary product company"

"What's worth noting is that ICC Holdings LLC and Ascend Barry LLC had the exact same address. We have reason to believe they are the same company."

"We took advantage of price declines at the beginning of the year to add to our position and believe QSR remains a compelling long-term investment"

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

"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."

"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."

"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"

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

"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."

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

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

"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."

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

"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."

"We believe that most – to all – of that deferred revenue fell to the pretax income line. We also believe that most – to all – it – is fraudulent."

"Another year of empty rhetoric and broken promises is unacceptable. We believe that Phillips must pursue the following initiatives without delay:"

"Hilton is in the early stages of a multi-year recovery which we believe will deliver long-term earnings meaningfully greater than pre-2020 levels"

"We believe WUBA should have already incurred a massive impairment charge to its goodwill due to Ganji’s underperformance over the past few years."

"We took advantage of price declines at the beginning of the year to add to our position and believe QSR remains a compelling long-term investment"

"We believe that management and the Board may be more interested in entrenching themselves than in delivering maximum value for all shareholders."

"However, we believe the overall valuation gains taken during this period are well in excess of realistic views of the market for its properties."

"If Riot can monetize its power in-line with recent precedent transactions, we believe it could generate more than $1.6 billion of annual EBITDA."

"While the shareholding of these two companies is different, we believe that they are intertwined, both with each other and with ANTA’s insiders."

"Trian believes that DuPont’s Board should ask whether the Lead Director has the capacity to effectively serve DuPont’s stockholders in that role"

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"We believe that CSTE is either not properly maintaining its assets, or overstating its sales volume and revenue while PPE remains underutilized."

"Spruce Point believes that if product flexibility and ease of use were not an issue, MSCI ONE would not have to be developed in the first place."

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"We believe there are significant benefits to executing Fannie’s smaller IPO first, followed by Freddie’s larger IPO approximately one year later"

"We believe PSH's preferred investment is highly compelling both on its own merits and in the significant value creation it will catalyze for HHH"

"We believe Heska's silence is deafening. Given financial struggles and changes in ownership, we suspect Heska may be at risk of being displaced."