Callouts & quotes from 587+ activist slides

"Spruce Point believes the timing of CEO Gerstel’s announced departure on February 8, 2023 is alarming and that his successor, who led CodeFuel the search business, is foreshadowing issues."

"Spruce Point believes that investors should carefully research many of Porch's recent acquisitions. We believe the biggest red flag is Porch recently being accused of fraud by Kandela....."

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"Spruce Point believes that this is an egregious overestimate, and we are stunned that the CEO of a near-billion-dollar public company could be so far off on one of his own business lines."

"Starboard believes Mr. Taffe’s extensive experience as a senior executive and Board member at leading semiconductor companies will enable him to provide invaluable oversight to the Board."

""the customer has indicated that further work is required to finalize the arrangements" and therefore now "believes this could be concluded in February or March 2026" — EOS Q4 2025 update"

"Ancora believes the reconstituted Board will be well-suited to support management through this critical period and position the combined company for long-term shareholder value creation."

"The Shareholder Slate believes shareholders should not stand for the Company awarding such generous compensation packages without transparency and seemingly any connection to performance"

"Spruce Point believes that ELF's recent success is directly correlated with its creative TikTok and Gen Z viral marketing campaigns led by a relatively small agency named Movers+Shakers."

"Spruce Point believes that the proposed Forescout deal unjustly enriches management and long-time VCs stuck in dinosaur investment, while putting public employee pension dollars at risk."

"Spruce Point believes there is significant downside risk to Rollins’ share price as its premium multiple is reconsidered by institutional investors in the face of increasing competition."

"Spruce Point believes Weis Markets, Inc. (NYSE: WMK), a struggling supermarket, is obfuscating its financial pressures with aggressive accounting changes, and vastly reduced disclosures."

"Spruce Point believes the earnout structure allowed Evoqua to book Adjusted EBITDA and earnings for a transaction where management implied a high probability of failing to meet targets."

"Spruce Point believes that the aggressive entry of third-party 3D printing labs into the clear aligner space could quickly render the aligner a low-value-added commodity in short order."

"If Kao focused on its Cosmetics and Health & Beauty Segments and improved marketing, Oasis believes its stock price would exceed JPY10,000 per share, a +76% upside from current levels."

"Spruce Point believes that anyone holding, or considering, an investment in Momo must get comfortable with the risks and unknown ramifications associated with the following red flags."

"By ruling vascular access patients out of Penumbra's target market, we believe that the U.S. TAM for Penumbra's peripheral thrombectomy business is 33% lower than the Street believes"

"Spruce Point believes that BOOT shareholders should be outraged that CEO Conroy was quietly elected to the Board of Sally Beauty Holdings (NYSE: SBH), which is a struggling retailer."

"Spruce Point believes FND’s actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"Spruce Point believes FND's actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"Spruce Point believes it is a major red flag that DV recently omitted its long-standing Total Addressable Market ("TAM") claims of $20 billion by 2025 with less than 50% penetration."

"Spruce Point believes it is time for significant change at U.S. Concrete Inc (Nasdaq: USCR). Based on our research, we are calling for the immediate resignation of its CEO Sandbrook."

"Based on the request, the Company believes the focus of the inquiry concerns certain revenue recognition practices and the Company’s relationship with one of its fulfillment vendors"

"Spruce Point believes that BR management has destroyed tremendous value from its highly promoted wealth platform that would “Redefine Wealth Management Technology In North America”."

"Spruce Point believes this could be a way for Zillow to mask the true deceleration in Premier Agent especially if they are not going to disclose Premier Agent revenue going forward."

"Spruce Point believes investors should be on red alert given that management’s short term incentive metrics are calculated on fundamentally different results reported to investors."

"Spruce Point believes there is significant upside to Concentrix's share price as it continues its transition to higher value-added clients with differentiated technology solutions."

"Spruce Point believes there is no greater evidence of Weis’ financial struggles than the fact it has systematically stopped disclosing product level comparable store sales metrics."

"Spruce Point believes that the recent “inflection” to profitability is unsustainable, and that growth inevitably comes at the expense of PLUG shareholders through endless dilution."

"Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"Spruce Point believes FND management should provide enhanced disclosure in its SEC filings on the following matters related to its vendor rebates and supply chain finance program."

"Spruce Point believes that Saputo's acquisition of Dairy Crest (U.K.) brought to it a $724m "hidden" pension obligation that the market doesn't properly factor into the valuation."

"Spruce Point believes DV's revenue growth expectations appear to be on the aggressive side. DV is expected to outgrow ad-tech and the global advertising agency space by almost 4x."

"Spruce Point believes shareholders should be outraged that Stryker never warned investors that a Material Risk Factor is that 50% of its business is tied to “elective” procedures."

"Spruce Point believes financial sell-side estimates are too high for Broadridge, and assume there has been no slowdown in business from recent changes in the economic environment."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

""believes that Adjusted EBITDA provides a simple and understandable measure of our recurring profitability and it is highly correlated to our stock price performance" — HMA Proxy"

"As manager of funds that hold a $2.5B+ stake in Phillips 66 (NYSE: PSX), Elliott believes there's a clear path to a stock price of $200+ and regained credibility with investors."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"Trian believes management can achieve at least 16.0% operating margins by 2018 and ultimately reach 18% operating margins over time...gross margins are a substantial opportunity"

"Spruce Point believes investors should be concerned by various claims made by C3 and its management that appear to be exaggerated, or don't reconcile with our research findings."

"Intuit consensus estimates call for 12% revenue growth over the next two fiscal years, suggesting even the sell-side believes the boom from services adoption has run its course."

"Spruce Point believes it’s a major red flag that Avery has ceased disclosing in its 10-Q quarterly filings the nature and breakdown of its operating and finance leases in 2020."

"Ancora believes these calculations directly confirm the crux of our thesis that management and the Board have and continue to pursue revenue growth over profitability and ROIC."

"Pershing believes that McDonald's, pro forma for the McOpCo 20% IPO, would have a 2006E Free Cash Flow yield of 4.3 % - 4.7% at stock price in the range of $46 - $50 per share."

"Spruce Point believes that Hill-Rom's underlying sales growth has been effectively flat at best, versus management's reported "core growth" of 2%-6% through the past two years."

"Spruce Point believes there is significant downside to C3’s share price as investors begin to discount the value and continuation of the Baker Hughes relationship beyond 2025."

"Spruce Point believes the ultimate evidence that Stryker is struggling is by observing that its 12 month trailing Operating and Free Cash Flow has not been growing for a year."

"Spruce Point Believes that Axon will likely fail miserably in its attempt to develop the AI capabilities necessary to launch themselves into the RMS, yet alone the CAD space."

"Oasis believes that with a forward-thinking Board, a clear strategic vision, and aligned incentives, Kao can be a global leader in the Cosmetics and Health & Beauty industry."

"Spruce Point believes that Oatly is not practicing what it preaches about being a “good company” and doing the right thing for society before the pursuit of reckless profits."

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Greenlight believes that Allied wants to legislate its own regulatory treatment, where it gets the best benefits of being a RIC or an SBIC on a line item by line item basis."

"Spruce Point believes that much of REZI's dysfunction in financial and operations results from its lingering issues with implementing an Enterprise Resource Planning system."

"Value Proposition: Trian believes Mr. Zatta's extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

""The Board does not intend to issue preferred stock in the future and believes that it is appropriate to eliminate this provision from the Articles." — Apple Proxy Statement"

"Spruce Point believes there is significant downside to DV’s share price as the Company is signaling financial strain and difficulty in hitting lofty revenue growth targets."