Callouts & quotes from 526+ activist slides

"The new dataset contains both HbA1c and fasting glucose charts, but it appears someone forgot to alter the fasting glucose one - which suggests to us that the HbA1c data is a fabrication."

"The address Beijing City Haidian District, Northwest Wangdong Rd No.10, East District Building 7 is called Beyondsoft Building (博彦科技大厦), and it appears to us it is a three-floor building."

"We believe this repeated behavior is the outcome of broader and more systemic problems, including a poor corporate culture that appears to reward loyalty to the founder over performance."

"Their main role, again, appears to be to tell everyone that things are fine, until a real crisis emerges at which point they will pile-on credit downgrades at the least opportune moment."

"Structuring the acquisition of new frequencies or spectrum as a loan as opposed to an outright purchase and opting to leave their counterparty undisclosed is unusual and appears suspect."

"Looking at EH’s unaudited quarterly earnings reports, we noticed in Q2 2020, a new liability line-item worth RMB 40 million appears as “mandatorily redeemable non-controlling interest.”"

"TWX appears better served by immediately initiating actions to bolster its stock price (through a dutch auction and other initiatives) to create a more attractive acquisition currency."

"It appears that CPI PG’s debt for equity swap enabled Vitek to pocket approximately ~€118 million in cash. Meanwhile CPI PG apparently assumed over €220 million of Vitek’s liabilities."

"It appears obvious that the Board’s true intention with respect to the Preferred Financing was to “buy the vote” ahead of a potential election contest with Starboard. — Starboard Value"

"2017 was a significant year for the MOC and SARFT in terms of establishing live streaming guidelines. However, it appears enforcement activity has escalated significantly in mid 2018."

"PowerSchool appears to be losing momentum in its core SIS product. Recent data confirms PowerSchool has been losing share to competitors such as FACTS SIS, Gradelink SIS, and others."

"In this situation, unlike a typical M&A process, it appears that the buyer forced a rushed process with limited due diligence, in order to complete the deal by an arbitrary deadline."

"It appears that TASK is minimizing its growing competition. It fails to say that it competes with Concentrix, Majorel and Sitel according to a former employee and competitor filings."

"Spruce Point's reservation about valuation appears to be mirrored in the current majority of recommendations from sell-side analysts with a "Neutral / Hold / Market Perform opinion."

"MSCI already appears to have made a key retraction of a claim on its website referencing RCA as the industry's only global real-time database of commercial real estate transactions."

"On December 11, 2020, CPI PG bought the Metrogate House in a same-day property flip that appears to have been a "layering" and "integration" transaction typical of money laundering."

"Our channel checks suggest CSTE is meeting their demand straight from the production line, and reseller built up inventory appears to be unpopular stock which is difficult to sell."

"On the surface, PERI's revenue multiple appears in-line with its small cap advertising technology peers. However, it likely trades at a premium because of inflated revenue results."

"DNMR appears to be trying to give investors the impression that by acquiring Novomer, its new planned capacity will exceed that of its old plan – while costing significantly less."

"Recall Gerstel's earlier biography says he was in charge of worldwide IT at ESC Medical Systems. It appears the IT system needed major improvements before he departed in Aug 1999."

"A former DV executive interviewed by Tegus said he/she worked on the product development and wasn't a believer that it would drive performance. That opinion appears to have merit."

"It appears that HTA is starting to de-emphasis SPNOI growth. Looking carefully at its key intro slide, we find it just removed the historical average 3.1% SPNOI growth reference."

"Oklo appears to be shifting focus to meeting demand for a 50 MWe reactor (coincidentally, the same output NuScale found to be inefficient 4 years ago and later scaled to 77 MWe)."

"Below are the dividends Dr. Martin’s real estate holding subsidiary, International Assets Finance S.à r. l., appears to have received from Kalamazoo Quality Way One Inc. in 2021:"

"However, based on our assessment, it appears that Monster didn't embrace the SEC's request and provided no quantitative disclosure on factors that affected gross profit in 2023."

"Archer’s tangible engagement with the U.S. DoD appears superficial. Headline contract values mask a reality of minimal funding and a lack of substantive operational integration."

"INSTEAD, management proposed what appears to be a hurried, reactive attempt, in the face of shareholder pressure, to cast off the weight of the struggling Red Lobster business."

"CEO Cole appears to have “selectively disclosed” his work history. The companies that are omitted don’t appear to have succeeded, and at least one has been charged with fraud."

"It appears the Board and Mr. Shaw have given Norfolk Southern’s competitors a bridge across the Company’s moat in exchange for boosting their prospects in an election contest."

"In fact, the only time Dr. Kleinfeld discusses utilization appears to be in responses to questions in which he quickly pivots from utilization to talking about "sexier" topics"

"We find it interesting that VW appears to agree with the skepticism of Quantumscape’s claims in recent investigative articles, tweets by battery researchers and experts, etc."

"Despite the history of past glaring executive incompetence, Edgio's product suite appears in good shape, showing sizable revenue growth in 2023, approaching breakeven EBITDA."

"The Richter real estate structure appears severely cash-constrained. Holding illiquid assets while facing liquidity demands during a margin call creates a dangerous mismatch."

"Although the purported UMD Q-Lab already appears to be IonQ’s key source of revenue and bookings, he indicated the lab remains in the planning stages and is not operational."

"Importantly, analysts appear to anticipate steady growth through the near-to-medium term, despite the challenges which Dexcom appears set to face from mid-FY19 through FY20."

"This appears to be the extent of Skymoons' technical capabilities – if this company is actually worth more than RMB 2 billion, then the world is much richer than we thought."

"This Deyou store registered in the location of a missing Lianjia store appears to be pulling double duty – doubling up as a Lianjia store and being counted as a Deyou store."

"Aerojet is significantly more levered and valued than appears on its surface. We believe the market is ignoring significant environmental and post-retirement benefit costs."

"Generac hasn't given explicit margin guidance but was asked twice. Based on the CFO's response, it appears he materially pushed back EBITDA margin expansion expectations."

"TWX appears to have a more conservative financial policy and leverage targets than many of its competitors in the media sector (both diversified media and cable credits)."

"Similarweb’s data notably shows that Terminix is increasing paid search. This appears consistent with our increased observance of more sponsored activity on social media."

"It appears that Solvency II did not anticipate negative bond yields, as holding debt with locked in negative yields can’t possibly be safer than selling and holding cash."

"Disney appears to have paid 26.5x 2018A EBITDA for Fox’s traditional media assets (excl. Hulu) whereas comparable media transactions were completed at 11.9x LTM EBITDA(1)"

"Mr. van der Zalm appears to be doing backflips to avoid admitting that the $46.4 million gain arose solely from negative goodwill Noble booked on the PT ALH acquisition."

"In 2023 after the auditor switch, Monster Energy UK no longer provided a discussion about its cost of sales under principal risks which appears below in the 2022 report."

"EH’s “design and testing center” appears to be a narrow area of concrete/brick spanning a couple hundred yards with one landing pad and what appears to be storage space."

"Kalshi appears to have a "build your combo" parlay feature for tonight's Bengals-Broncos game in its new app update released an hour ago — Dan Bernstein (@dan_bernstein)"

"It appears that WTRG may be inflating revenues by making a stealth change in 2021 that included in revenues the full impact of infrastructure rehabilitation surcharges."

"Visibility and quality of Mercury’s backlog appears to be deteriorating. It just reported a multiyear low of backlog expected to be shipped over the next twelve months."

"Red flag 2: The battery life chart appears to be fabricated, as it shows a cell being discharged at over 100% of its energy, which common sense indicates is impossible."

"If churn is truly stable, or improving, it appears at odds with the fact that the “Most Liked Topics” in the Dropbox forum is customer complaints about price increases."

"Given the lack of meaningful profitability or growth throughout this brand portfolio, the remaining goodwill of €257.5M on HelloFresh’s balance sheet appears excessive."

"RILY essentially paid ~$50 million to close the deal so that it could receive ~$50 million in fees on its income statement in what appears to be a circular transaction."

"The Ghanaian investment appears to be overvalued particularly when compared to their discounted cash flow model valuation and the unjustified increased purchase price."

"There appears to be clear evidence linking L3/Leidos' Thailand distributor, M.I.T Solutions, to an individual named Mr. Anek Jongsathien and the companies of MMP Corp."

"Since 2002, management spent over US$8 billion on petroleum exploration – when compared to current broker valuation, this appears to have resulted in a near 100% loss"

"In 2019, it appears that the jobs market is experiencing slower momentum than previous years, according to WUBA's management in its Q4 2018 earnings conference call."

"Archer is a start-up company led by an inexperienced individual who has publicly demonstrated he appears to not fully understand the road to FAA Type Certification."

"ERIE appears significantly overvalued, with its current price-to-earnings (P/E) ratio at approximately 46x on our 2025E EPS, far surpassing the peer group average."

"It appears Darden’s strategy was simply to add menu items rather than working hard to develop a reasonably-sized menu and guest experience that satisfies customers"