Callouts & quotes from 37,061+ activist slides

"The TAM numbers that BLI promotes are "ridiculous" and implied the company is misleading investors — Ex-employee."

""Due to achieved objectives, we received the media budget on top of the financing" — Nik Myftari, CEO of Spotted."

"Miss, I'm sorry, this account, um, this company is not one of our partnering merchants. — Alipay Customer Service"

"We continue to believe that a reformed Fannie and Freddie is the only viable solution for mortgage finance reform"

"We continue to believe that a reformed Fannie and Freddie is the only viable solution for mortgage finance reform"

"Remitly provides vastly less commentary about factors driving its send volume than it did in its IPO prospectus."

"Despite weak operating performance, robust multiple expansion drove significant share price appreciation in 2015"

"Nuvei didn't disclose any material restructuring charges that would lead us to believe it cut significant labor."

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"The more important point though is that (registered or not), EDU has already proven that the pledge is cosmetic."

"The franchise fee is generally 600,000-800,000, and it remains the same regardless of how many branches we open."

"We believe this supports our concerns that AVY’s Free Cash Flow is overstated and cannot be taken at face value."

"Sunrun has consistently reported higher Subscribers than EIA Net Metering and Sales & Revenue by ~20% on average"

"We believe that WTRG implicitly recognizes that its ability to pay its dividend is dependent on outside capital."

"Yet, Per the Board's own assessment below, Mr. Jagdfeld lacks strengths both in M&A and the clean energy market."

"A MacLellan company accused of fraud, completed financing with a fraudulent fund, and later declared bankruptcy."

"Since 2008, SandRidge has disclosed $9.5 million of payments to entities related to Tom Ward and the Ward family"

"Two months later, on April 3, 2012, Manhattan EnergyOne assigned mineral rights to SandRidge in adjacent acreage"

"Being a superficial “tech business” does not insulate Carvana from the harsh economics of the used car industry."

"Procept highlights the “high” value as opposed to the materially lower risk implied by the low end of the range."

"Herbert Chang was the biggest shareholder at IPO of Oplink and of Monolithic, and is still on Monolithic's Board"

"ADP’s Focus on “Hitting the Numbers” Has Led to Value-Destructive Decisions with Negative Long-Term Consequences"

"Under Lance Fritz's eight-year tenure as CEO, UNP has repeatedly and significantly failed to reach its potential"

"Including pro-rata distributed warrants, PSTH declined 31% in 2021, and has increased 1% year-to-date in 2022(1)"

"Despite an adverse Supreme Court ruling in June, we believe Fannie and Freddie remain valuable perpetual options"

"We believe achieving 10%+ ROIC is overly optimistic given Retail's declining margins and increasing competition."

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Significantly increase shareholder value by establishing momentum in strong top-line and bottom-line performance"

"Thickness negates the entire rationale for a solid-state cell – without it, all key QS claims go out the window."

"IonQ’s homepage leads with a picture of what its quantum computers actually look like – a sleek, standalone box."

"As we shall detail, we believe that the UMD Q-Lab deal is a sham to manufacture bookings growth out of thin air."

"It claims to have "bookings" of $17MM, having magically tripled in September 2021 right before it began trading."

"AC installed export capacity should not be seen as an appropriate tool to constrain the impacts of a solar farm."

"McDonald's lacks comprehensive welfare indicators across all significant animal protein sources for its business"

"BOOT's Executives Have A Troubling History Mired In Controversy Spanning Educational And Financial Misstatements"

"Spruce Point never likes when executives and directors have little skin in the game when evaluating investments."

"Spruce Point does not believe the market appreciates how quickly competitors are growing at Boot Barn's expense."

"This high level of leverage highlights the lenders' confidence in the business and its free cash flow generation"

"We believe Huntsman is trying to fool its shareholders, operating expense ratio is not the same as profitability"

"Significantly increase shareholder value by establishing momentum in strong top-line and bottom-line performance"

"Even under conservative projections, 20 years from now coal will still provide 25% of the country's electricity."

"We believe that Bigo’s corrupted origin story and grossly overstated revenues make it YY’s most rotten business."

"The ill-conceived Convergent procedure will fail to gain any traction against catheter ablation in persistent AF"

"Yundong’s General Manager is Wang Huayou (王华友), who was listed in ANTA’s prospectus as a senior company manager."

"A common financial shenanigan is to overstate inventory to understate Cost of Goods Sold and inflate Net Income."

"Spruce Point has uncovered schematics of Oatly's wastewater treatment facility. They are using Bosco Architects."

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"We believe Salesforce can reach the Rule of 50 and generate more than $20 of free cash flow per share in FY2028."

"It Is Time for the Board to Announce a Strategic Alternatives Process Aimed at Maximizing Value for Shareholders"

"Spruce Point estimates that after a period of growth, WSP's organic employee headcount was flat to down in 2023."

"The most logical conclusion by far is that ANTA intended to lie to investors about its ownership of Fila stores."

"Spruce Point has identified three recent REITS that revised organic growth lower > Share prices declined 40%-50%"

"Twist is nothing more than an oligo manufacturing company, and claims it can make one million oligos per “chip.”"

"Lead times due to quality issues, forcing rework and multiple builds, resulting in “losing money on every order”"

"BK's loan portfolio has consistently experienced less charge-offs through a cycle than a typical commercial bank"

"Kratos has historically used a very aggressive definition of backlog to sell investors on its investment merits."

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"This effectively ended the rating arbitrage and the opportunity to insure a large number of new municipal bonds."

"Synergies cannot be greater than costs! Therefore, the synergies cannot be fully allocated to marketed products."

"A peg depends on confidence and credibility. Any hint of devaluation would compromise the integrity of the link:"