Callouts & quotes from 902+ activist slides

"By closely examining the composition of WD-40's inventory accounts, we observe that Finished Goods make up an increasing percentage of the overall balance, and more than prior to entering the last crisis. In our opinion, this suggests that inventory is building up and not selling-through to customers."

""They have even been known to sell technology that has not been invented yet" — Recent reviews; "Sometimes programs are underbid and understaffed" — Recent reviews; "We often find ourselves out of depth (agreeing to contracts with not enough time or money to execute, planning, etc.)" — Recent reviews."

"“Carving out [...] NetCo [...] and then selling it, is, according to us, incorrect, misguided, and would destabilize the future of TIM [...] Employees will suffer. Suppliers will suffer. The whole country will suffer since the NRRP will not be relentlessly executed” — Merlyn CEO Designate (27/10/2023)"

"For the 2020 financial year, we are planning an 8% decline in sales. The scil International Group is planning an 11% decline in sales in 2020 compared to the previous year. The reason for this is the expected discontinuation of a supplier, as he wants to sell his products directly. — Heska 2019 Report"

"Genius essentially barters its technology for league data, which it then sells to sportsbooks. Given the subjectivity and managerial discretion on placing values for exchanged services in barter transactions, they have often been heavily scrutinized by the SEC and are susceptible to accounting fraud."

"In 2008, while Guillermo was employed by World Group Securities (an entity that previously existed under the WFG umbrella), he was charged with violating antifraud provisions of US securities laws and was eventually banned by the SEC from associating with any firm that sells securities to the public."

"“We estimate Zillow participated in approximately 360,000 customer transactions with both buyers and sellers in 2021, which is the first time we reported this metric. We anticipate providing this metric for 2022 in a future quarter.” — Zillow 2022 10-K; “Oh, my, so much blue ocean.” — CEO Rich Barton"

"In December 2016, the Company entered into a master purchase and sale agreement... pursuant to which it sells finance receivables meeting certain underwriting criteria to certain third party purchasers, including Ally Bank and Ally Financial (the “Ally Parties”). — CVNA S-1 (Apr 23, 2018), Pg. F-24"

"With shareholder's and sell-side analyst's constant focus on 1) real estate and 2) share price, we believe the Board's approval of executive package with no relationship to these two inputs demonstrates a complete breakdown of Director accountability to shareholders, the true owners of the Company"

"[It's] sad: a (formerly iconic) US company selling control to a Japanese company.... But there is a Joint Venture Agreement...which made it practically impossible for Xerox to sell to anyone else.... A really amazing problem” — Charles Prince (Xerox director), in a personal email, February 1, 2018"

""I think they sell between 60 and 80 engines a year and they report 95% into the Aerospace business." — Source C, former Senior FTAI executive. "...I think it's 80/20, right. So, I think they do 80 [whole] engine sales a year that they count as modules." — Source C, former Senior FTAI executive."

"We hope that all listed Chinese companies in the U.S. will form an anti-Muddy-Waters group, to fight against short-selling firms like Muddy Waters. It is hard for one company alone to fight with many short-selling firms, but will be a lot easier when we unite and support each other. — NQ Yu Lin"

"Off Grid's history dates to 2000, and it assumed its name in 2010. Its website hasn't been updated since 2019 despite being acquired by Generac in Sept 2021. Despite this long operating history, its largest customer appears to be a related-party located right next door that sells its products."

"Spruce Point believes that changes in Executive and Board leadership at Enfusion are highly troubling. Notably, at least two members have served at companies targeted recently by other short sellers while the CEO was Chief Risk Officer at a firm that settled with the SEC for illegal trading."

"Form EIA-861M is a mandatory report for most investor owned electric utilities, all energy service provider including Third Party Owners of solar PV (TPO) and other selected electric utilities and distribution companies that sell or distribute electric power to end users on a monthly basis."

"TASK is trying to sell investors on COVID-19 related expenses as adjustments to EBITDA and EPS. This might be perfectly acceptable if it were common practice for public company peers to do so. However, we don't believe that to be the case. As a result, we adjust TASK's EBITDA lower by ~$8m."

"The table below showing Casino's market share versus its "Real" EBITDA (i.e., excluding our estimate of gains on sale in 2014 and 2015) strongly casts doubt on the notion that there's any relationship between Casino's present market share and EBITDA generated by selling products in stores."

"We believe that the ability of the trust to sell stock in a short time frame after being contributed is a red flag, particularly in context of Aerojet’s audit chair resigning, its COO entering into a retention agreement, and IRS and California tax audits being disclosed shortly thereafter."

"Our research indicates that Biotech Labs has not received the requisite USDA licenses to sell its products in the U.S. This is confirmed by the LinkedIn company description of one of its foreign distributors, Biotech Diagnostics, Maryland-domiciled entity that raises additional questions."

""FTAI is roughly selling 22 CFM[-56] engines (i.e., Narrowbody engines) a quarter. They've sold 82 to date [2024], and they still have some closing before the end of the year... I called all the major [traders], all the big guys... I'm averaging around that 22 a quarter." — Consultant A."

""[the Procept rep and I] have coffee after the [procedure] and I'm like 'You selling any robots?', and what they said to me is, 'well, we're renting them out now.' Renting is slang. It could mean they're giving them away...That was nine months ago." — Major Hospital Urologist, Nov 2024"

"Competitors haven't succeeded because they make better products than Kao. They have succeeded because they are better at understanding the needs and aspirations of their customers, then selling and marketing those needs and aspirations to their customers through their products. — Oasis"

"RINO claims to be the leader in selling desulfurization (“FGD”) and other environmental equipment to Chinese steel mills. It reported 2009 revenue of $193 million. In reality its revenue is under $15 million, and its management has diverted tens of millions of dollars for its own use."

"Spruce Point believes current sell-side analyst price targets are wildly optimistic. The consensus estimate projects 74% upside to Generac’s share price. Almost 90% of its stock promoters have a “Buy” recommendation or equivalent. 11% are “Hold” and not a single analyst says “Sell”."

"Spruce Point questions the heavy insider selling in Q4 2021 around the time we find both: 1) Unusual international revenue declining and, 2) Underestimation of the Zentrick termination payout by 2x that would have drastically reduced the Company’s 29% earnings beat for the quarter."

"Competitors with radically cheaper machines have already taken share in each segment BLI has targeted; same capabilities “for a substantially lower capital expenditure”; Abcellera ($5B market cap) is biggest competitor, has a “full stack” solution vs. just selling a screening tool."

"It is unconscionable that the Darden Board would allow the Company to sell its Red Lobster business for what amounts to a 'fire sale' price after shareholders clearly indicated that they did not want the Company to enter into a transaction unless it was subject to their approval."

"He indicated that Twist's lack of quality control would be “a disaster for a pharma company,” suggesting its quality was inferior to even Chinese players – and that the product issues preventing it from selling into pharma were unique to Twist, as its competitors all sell there."

"The Seller hereby sells to the Purchaser and the Purchaser hereby purchases from the Seller 490 Quota in the Company with a total nominal value of ALL 490 representing 49% of the entire registered capital of the Company in consideration for the Purchase Price ("Target Quotas")."

"In Russia, PepsiCo had an advantage selling beverages beginning in the early 1970s when PepsiCo's CEO (Don Kendall) negotiated a barter agreement that gave PepsiCo the exclusive right to sell cola in the Soviet Union, which lasted until the mid-1980s. — PepsiCo Company History"

"The sell side values VRNT on a P/E basis against Non-GAAP EPS. This approach fails to take into account Verint's poor organic growth, the widening disparity between GAAP EPS and (low-quality) Non-GAAP EPS, and the Company's failure to grow cash flow despite a flood of M&A."

"Instrument overwhelms the user with unusable and unanalyzable amounts of data; can't figure out how to optimize an assay; no time savings (one of the machine's most important selling points) for cell therapy; just an “exploratory” tool that provides some incremental data."

"However, we are now unveiling the dirty secrets that we have discovered through months of research. In this report, we will expose Inogen's dirty reseller network, the systematic abuse of elders by Inogen and resellers, and why the stock will quickly rerate lower to $46."

"If Medtronic's claims regarding its current share and share trajectory are at all credible – and we have no reason to believe that they are not – then sell-side market share estimates for Penumbra, and sales growth estimates by extension, are off by a tremendous margin."

"Spruce Point is amazed that not a single analyst is willing to offer a “Sell” opinion on HIMS. We do not believe the analysts have conducted a critical evaluation of the Company’s business prospects with the same analytical rigor and skepticism applied by Spruce Point."

"With Penumbra more penetrated than the sell side believes in the peripheral thrombectomy market – a market which is already more crowded and competitive than the neuro market – we believe the Company's runway for growth is far more limited than is generally perceived."

"IQE sells to CSC at purportedly arms-length / market valuations (e.g., PP&E transferred at 4.6x estimated carrying value), but IQE buys from CSC at non arms-length / market prices - at cash cost, with no profit margin or reimbursement for depreciation and amortization"

"Current FND investors should carefully evaluate the insider selling behavior. FND's two private equity sponsors, Freeman Spogli and Ares, completely cashed out before it even reached 160 stores or ~30% of the 500 stores that the Company currently claims it can reach."

"The OPO executive emphasized the exploitation of “Reasonable Cost” as the heart of TransMedics scam – without it, we note that traditional kidney pumps sell for a mere $2,000 – and its game over now that government is about to define what reasonable cost actually is."

"This implies that Green Peak actually purchased an empty parcel of land for $1.4M. The county’s assessor office gave the land an assessed value of $705,500. We consider this evidence that Green Peak purchased this land at a significant premium before selling to IIPR."

"Ms. Roll responded that the trading market was thin and not representative of where willing buyers and sellers would discover value. Based on its own analysis of Loewen's situation, Allied had concluded that its internally estimated premium valuation was appropriate."

"Investors shouldn't just listen to Spruce Point in our belief that FND's share price is overvalued. A majority of sell-side promoters have a neutral/hold/market perform rating and are waiting to see improvement in the business and believe FND's issues are temporary."

"Spruce Point observes that in addition to making a recent and subtle revision in the line-item from "Selling Costs" to "Other Selling Costs", it is by far the fastest growing operating expense with no discussion from management as to the drivers behind the increase."

"The stage is a critical enabling technology and key factor in ASML’s dominance: “to this day, the electric table, the superior alignment technology...are ASML’s bedrock...its super-fast, super-precise stage and alignment have been unique selling points for decades.”"

"If Dexcom hasn't found a way to sell a competitively-priced down-market CGM profitably after nearly five years of development, we wonder if it will ever find a way to do so, and whether it faces fundamental scale limitations versus Abbott as a one-product company."

"Coincidentally, SKLZ filed an S-1 registering 38,616,576 Shares of Class A Common Stock and 5,016,666 Warrants for selling shareholders the following Monday, February 8, enabling many early investors to sell millions of shares of SKLZ stock at this inflated price."

"In fact, in 2015 and 2016, GNYHA had divested of ~99% of its vested Class B shares. This confirms to us that GNYHA is, in fact, an aggressive seller of Class B shares, and that it has little interest in holding its Class B simply for the associated distributions."

"And secondly, looks like MidOcean is selling this about four years to the day almost from when they bought it, do you guys know what they paid for it and what the EBITDA looked like at that point? — Analyst Altobello; No, we wouldn't comment on that — CEO Farrell"

"Non-IFRS metrics = made up results to sell a lemon. Maxar conveniently inflated acquired intangibles to then have them ignored for its adjusted earnings. Had management accurately maintained its PP&E valuation, adjusted earnings would be weighed down materially."

"We believe this is further evidence that INGN are nearing saturation. Would a company that is selling a market-leading product in a category that is only 11% penetrated really be seeing such significant margin pressure at such an early stage in its growth cycle?"

"“If you mean by “gain on sale” the gain from real estate promotion (i.e. the selling of walls/sites + rights to build attached and one day the option to buy back the walls of the shrunken stores) yes it is included in the EBIT/EBITDA” — Casino Investor Relations"

"In order for [refranchising to 90%] to create value requires...selling nearly 500 stores at multiples higher than we believe are achievable...[and] trading multiple expansion to levels significantly higher than demonstrated on a sustained basis by casual diners"

"Insiders continue to be net sellers of Mercury shares despite having been given the chance to prove Spruce Point wrong: rather than demonstrate confidence in the business by committing more personal capital at depressed prices, they have continued to sell out."

"Technology is nothing special; just an expensive mash-up of cheap, existing lab tools like flow cytometers and fluidics; dismissed it as a glorified cytometer, which sell for $50-$500K; called out lack of data showing any real-world impact from the instrument."

"Direct Sales Regulations: Only "[a] direct selling company and its branches may recruit sales promoters," and "[n]o entity or individual outside any direct selling company and its branches may recruit any sales promoter." (Art. 13.) — Direct Sales Regulations"

"The stock was thinly traded, and petitioner feared that selling it would cause its value to plummet. Petitioner and his stock broker established multiple nominee accounts to sell the stock while also attempting to stabilize the market. — 2009 tax fraud ruling"

"And here's the other thing you have to be very cautious about... when they sell an engine, they're not selling an engine. They're selling [three] modules. So the, The Module Factory numbers are much higher than what real [customer demand for the Factory] is."

"CEO Wilson has sold almost $18 million of Heska stock over the past eight years. Notably, Wilson was a seller at price levels materially lower than where the stock trades today. The CFO has also recently sold 5,000 shares above $260 per share in August 2021."

"Based on our analysis, we find multiple data providers and sell-side analyst reports provide an inaccurate representation of Lightspeed's cash and shares outstanding, and do not account for the Company's two most recent acquisitions and equity capital raise."

"The KALOIKOS company, seller of building I, benefits from a seller's privilege for an amount of 4 million euros in second place behind the PPD and the mortgage allocation (in the amount of €3,545K) for the benefit of Société Générale Private Banking Monaco."