Callouts & quotes from 37,061+ activist slides

"L&B TO VOTE “AGAINST” HILTON GRAND VACATIONS’ (“HGV”) ACQUISITION OF DIAMOND RESORTS INTERNATIONAL (“DIAMOND”)"

"Inogen's distribution channel has become a collection of rogue operators whose business is based on deception."

"The first slide of Bunge's presentation to announce its acquisition of Viterra reads incredibly bearish to us."

"Bodies are probably still being uncovered from the closet of certain systems or aspects that need to be fixed."

"Our ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH"

"The absence of a fairness opinion is telling because fairness opinions are notoriously favorable to acquirers."

"1H total revenue growth of 180%, Foundry revenue +41% - no mention of related party contribution or cash flows"

"DSO have grown significantly faster than peers and is 1 of 2 companies with 4 years in a row of increasing DSO"

"It is very likely that Pernod shifted production away from MGPI's Lawrenceburg, Indiana distillery to Arkansas"

"In total, we believe that at least 11.4% of Adj. EBITDA are attributable to unusual and unjustified add-backs."

"Allowing management to receive vested stock faster, is a strong signal that insider want to unload stock fast."

"Mobis, HMC and Kia share prices fell 8.4%, 5.3%, and 6.1%, respectively in the two days after the announcement"

"Yes, it went from 100 to 2, which is down 98%, but then it went from 2 to 4, which is up 100%—so you're ahead."

"We believe German entity revenues declined approximately 23% in 2020 based on disclosure in Heska's 2020 10-K."

"Darden’s Board Recommends Darden Shareholders Vote the BLUE Proxy Card “FOR ALL” of Darden’s Director Nominees"

"The lack of impairment supports our contention that the company is misleading investors about its performance."

"Shareholders cannot trust Deckers' Board and management to deliver on short-term and long-term financial goals"

"A stock with a low P/E that raises its dividend often remains a low P/E stock with a more attractive dividend."

"Disney's recently-announced strategic initiatives are lacking in detail to sufficiently evaluate their merits."

"Mr. Rasulo’s experience as CFO and running the Parks & Resorts business has never been more relevant to Disney"

"Laurel Krzeminski and Michael McNally are not the only Limbach directors with connections to accounting fraud."

"In total, we estimate that your non-core acquisition spree cost shareholders more than $12 per share in value."

"All of the above statements are referred to as Convincing Statements and are strongly correlated to deception."

"It's like you're basically being asked to engage in the practice of medicine after a week's worth of training."

"TransMedics speaks a lot of garbage about NRP...they talk trash because it’s a big competitor and way cheaper."

"Norfolk Southern’s shares have underperformed the Company’s Class I railroad peers over every relevant period."

"National Express vs. FirstGroup stock performance since Mr Finch became National Express CEO in February 2010:"

"Our ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH"

"Without the omitted material information, it is impossible to determine the value of the awarded compensation."

"We see New Sony growing EBIT at +10% CAGR or better, driven primarily by secular tailwinds in gaming and music"

"Vykat’s mechanism of action is fundamentally incompatible with PWS patient physiology from a safety standpoint"

"Trial was essentially unblinded from side effects; investigators correctly deduced who was on drug vs. placebo"

"When we asked if the edema-related treatment unblinded these patients, the physician replied “yes...for sure.”"

"How did Lightspeed get an additional 5,000 customer locations in the span of 20 days at the end of March 2021?"

"Implied EV / Closing LTM EBITDA of 14.4x (13.3x NTM(1)) represents discount to historical food average of ~16x"

">Thirteen deaths during the pitolisant development program; case narratives are consistent with known toxicity"

"After 11 days on drug, patient was hospitalized for mania, psychotic disorder, bipolar disorder, and insomnia."

"38% of study participants were in Russia, which along with Ukraine, Turkey, Serbia and Hungary comprised ~90%."

"If I were to try and describe our approach – I think it is not so much transformation, but rather transaction."

">Wakix’s only selling point – that it’s not a controlled substance – was dismissed by physicians as irrelevant"

"We exited our investment in S&P because we were unable to establish a full-sized position at attractive prices"

"GreenPower has a fully diluted share count of 24M shares. That puts GP’s value at: $37M/24M = $1.54 per share."

"We are highly concerned that Sinch may be consciously turning a blind eye to fraudulent users of its services."

"The program will effectively become a stage for Joby to solidify its market dominance for several key reasons."

"We think ISRG’s decision to move drape purchases away from UFPT forces the company into negative sales growth."

"Assuming Brook Mine has an ace 60% recoverability rate, we believe Brook Mine will only yield $5.13 per tonne."

"We think the wisest thing any investor can do is imitate management and sell this stock while it is still hot."

"We cannot help but wonder: Are Accor’s anti-human trafficking policies just a marketing charade for investors?"

"If the bad debt allowance is being manipulated, it stands to reason that revenues may also be manipulated too."

"PHILLIPS 66 "HAS NOT GENERATED COMPETITIVE VALUE DURING THE SPAN OF [CEO MARK] LASHIER'S EXECUTIVE SERVICE...""

"Problems are caused by corrupting incentives at the original issuance of a security or derivative by an issuer"

"Lasertec valuation is “kind of nuts”; viewed as the “junior brother” to ASML or “the Japanese version of ASML”"

"While soda ash is categorized as a commodity chemical, it is much less volatile than overall commodity prices."

"We believe we have been very conservate by only taking the hold rate down to 7.2% in our most aggressive case."

"Up to 15 Potential Blockbusters Approved by 2022 (Subject to Attrition) — Pfizer Q1 2019 Investor Presentation"

"The entire Union Pacific team recognizes that 2022 did not beat expectations. — UNP on its Q4'22 earnings call"

"significantly shorter lead times while ensuring high levels of value and reliability — Mercury Systems website"

""The Company retired a significant level of substantially depreciated assets in the current year." — 2023 10-K"

"Even Janet Yellen warned that commercial real estate prices are "quite high relative to rents." — Janet Yellen"

"“Don't even try,” one person told N'sangou, she said. “They don't hire Black girls.” — Arizona Central Article"