Callouts & quotes from 37,061+ activist slides

"Ng: “With our technology and their technology combined, who can say no to that (the merger)?” — Wing Fai Ng"

"One former senior executive bluntly characterized the company as the "redheaded stepchild" of the industry."

"Spruce Point has a track record of short calls with publicly traded companies promoting payment solutions."

"Spruce Point questions why Remitly appointed Peggy Smyth to its Board of Directors and as its Audit Chair."

"Agilent’s margins are significantly below its closest peer, Waters, despite being more than twice its size"

"Declining new gross member adds, coupled with constant churn, has caused the total member base to flatline"

"There is a major disconnect between Avery's retail business struggling and its shares near all-time highs."

"Selling product online is not unique to FIGS. There are many DTC brands and major online shopping options."

"From the inception of our short position on May 1, 2012, HLF stock has declined by 41% including dividends"

"Therefore, HBOP's profits and tax situations are the key to determining whether ONP falsified its results."

"Box’s Board has overseen severe deficiencies in compensation, governance, and capital allocation practices"

"Despite claims of “cost optimization” programs, Box has not been able to deliver gross margin improvements"

"Despite “driving infrastructure efficiencies”, Box’s gross margin has deteriorated by 700bps since its IPO"

"We are confident in our ability to identify high-quality directors committed to creating stockholder value"

"We are short PRTA. The publicly-available data, in our opinion, does not show that NEOD001 is efficacious."

"We see the days of carriers blowing through their built-in escalators as largely a phenomenon of the past."

"Charging more to customers who do not elect GAP coverage to make up for loss of 100% gross margin revenue?"

"Oil and gas production targets are obviously considered key price-sensitive information for oil companies."

"We demand that BP immediately issue a press release confirming or denying the 'rumor' reported by Reuters."

"Supply/demand balance will remain very tight given 5 to 7-year lead time needed to bring on new ore mines."

"Energy infrastructure GPs trade at a 4.2% 2015E dividend yield on average, with high teens dividend growth"

"DY's Recent Chief Accounting Officers And New Board Appointment Are No Strangers To Financial Restatements"

"ADP is not achieving leverage on its overall associate headcount, particularly in its service organization"

"PSH’s discount to NAV widened by 5.3% from 23.0% in the beginning of 2021 to 28.3% as of December 31, 2021"

"Disclose details of Eurofins’ operations at, and spending for, each real estate asset owned by Dr. Martin."

"An oversized non-synergistic US$5.0bn stake in OLC – accounting for c.63% of the Company's intrinsic value"

"The peer group that the Board has chosen to compensate management off of does not even pass the smell test"

"Allow us to improve Darden for the benefit of all shareholders. Vote on Starboard's WHITE proxy card today"

"Though Darden has largely ignored the international market, it represents a significant growth opportunity"

"BP lacks financial discipline and appears more concerned with gaining scale, as opposed to creating value."

"We believe GoDaddy should target Adj. EBITDA margins increasing from 28% exiting 2023 to 33%+ exiting 2024"

"Infinera strikes us as a classic VC pump and dump, and it appears the band is back together for an encore."

"This cascading sequence of events ultimately has the potential to cause the insurer to become insolvent..."

"Closed-loop systems are used primarily by Type 1 diabetics. Most CGM users do not use closed-loop systems."

"Elliott Put Forward a Proposal in January: Hess Reacted Defensively and Has Failed to Address Its Problems"

"NPV of shifting 4 years of declining deductions out to the years when Bakken is taxpayer is ~$0.13 / share"

"Mike Pearson and his team own significant stock in Valeant, further aligning management with shareholders."

"A 150-250bps reduction by scaling back sales and marketing effort is in line with declining growth outlook"

"Why has Autodesk underperformed despite its advantageous market position and strong business fundamentals?"

"How has the $2.4 billion of acquisition spend benefitted shareholder value creation over the last 5 years?"

"We believe Fluor is well positioned within the EPCM landscape and should trade at least in line with peers"

"A former tech darling that’s become tired and legacy, the purest thing about PSTG shares is pure downside."

"This suggests that the partnership that would be nearly impossible to beat would be NVIDIA and BlackBerry."

"Our research indicates that, not only is BOOT deemphasizing omnichannel, but also acknowledging struggles."

"While other BDC(1) median prices have recovered to NAV or above, ACAS has remained at a pervasive discount"

"We believe Huntsman’s claims of beating its 2020 Adjusted EBITDA target is blatantly misleading and false."

"Contrary to information TRE released on June 17, 2011, Huaihua Yuda, appears to be closely related to TRE."

"The peer group that the Board has chosen to compensate management off of does not even pass the smell test"

"Though Darden has largely ignored the international market, it represents a significant growth opportunity"

"Just as with the oil frackers, we believe the most accurate way to measure value is to do a long-term DCF."

"Ms. Harker is no longer on the Board, but we cannot find any evidence that Stride disclosed her departure."

"Given an inability to generate consistent cash flow, and weakening end markets, Maxar is a potential zero."

"When we allocate this, the adjusted Capex for the horizontal drilling program works out to $20.66 per BOE."

"22 of Dr. Kleinfeld's 34 quarterly earnings releases as CEO of Alcoa have seemingly disappointed investors"

"However, Arconic has simply been unable to close the gap with Precision Castparts under current management"

"TCS wheels sales were down 2% since 2013, while aluminum penetration grew at a ~10% CAGR from 2010 to 2015"

"The Shareholder Slate would bring the expertise and fresh perspectives necessary to move Sotheby's forward"

"ONP and its attendant hype opened our eyes to the massive need for due diligence in China equity research."

"For brevity, we note that the government eviscerated this defense (see Case 3:24-cv-03967-AMO document 5)."

"We have Smoking Gun evidence that ANTA secretly controls a significant portion of its Tier 1 distributors."