Callouts & quotes from 37,061+ activist slides

"“... I have not gotten a single sale from someone who has seen my ad on Patch, so I can’t say I’m very happy with the prices I’ve had to pay to advertise....” — Local advertiser on Patch, March 2012; “... It has been two months and I haven’t gotten any results from Patch. If I do not see any return in the next month, I’m going to stop using Patch.” — Local advertiser on Patch, March 2012"

"NEW YORK -- The leader of a secretive group in upstate New York turned female followers into brainwashed "slaves" who were branded with his initials and coerced into having sex, authorities alleged on Monday in a criminal complaint charging him with sex-trafficking. Keith Raniere, co-founder of the group called Nxivm, was arrested in Mexico and returned to Texas Monday, authorities said."

"There are features of this study that may limit generalizability. For example, identification and AST were mostly performed using the MicroScan WalkAway-96 plus system (University of Texas Southwestern [UTSW] did switch to MALDI-TOF during the study). Also, the MicroScan panels were set up and batched every morning (not put on the instrument for 24 h per day). — J Clin Microbiol 2019; 58"

"“they don’t have it now, without giving too much info on that – they don’t have it...it will require replacement of their optics because...if they open up the aperture, the optics will block....they cannot do it right now...they need...a different curvature, different figure elements – it’s a massive upgrade.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“the optics are much more complicated and they need significantly more light...that’s why they are struggling...they moved to Ushio...they’re still struggling...they have to move to something else.” — Leading figure in the development of Cymer/ASML’s EUV light source; headed EUV source effort at one of the largest semicap equipment companies; one of the top scientist/experts in the field"

"“they placed an order, I think, for 10 tools, so they cannot come out with any negative papers [about Lasertec]”; “even upper management who accepted the purchase order will be put in an awkward situation...TSMC is a very hierarchical company...you don’t want to make any superior people look bad.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO"

"A combination of carrier need and technological advances are enabling carriers to greatly consolidate their tower-based network equipment, share network equipment with one another (the next logical step after sharing towers), circumvent towers altogether through the use of small cells and Wi-Fi, and increase data capacity by one thousand times with minimal additional use of cell towers."

"The WFG Convention brought in an estimated 33,000 attendees in 2024. Ticket prices went for $300+ per person, thus the convention likely grossed ~$10 million. We have concerns about whether senior WFG leaders are financially incentivized to increase convention attendance, which would lead us to question whether the convention is merely another way to extract money from low-level agents."

"Petitioner believes that given the recent i) fatality, ii) hospitalization and near-fatality, iii) 13 fatalities in the pitolisant development program, and iv) the inherent and unavoidable toxicity of H3 receptor antagonists/inverse agonists as a drug class, as indicated supra, it would be a grave mistake to repeat the incremental approach that marked the eventual withdrawal of Seldane."

"Send volume increased to $12.1 billion for 2020, compared to $7.1 billion for 2019, largely due to higher transaction volumes from new and existing customers, partially offset by lower average send amount per active customers as a result of increasing geographic diversification, and in particular a mix shift toward corridors with lower average send amounts. — Remitly IPO Prospectus 2020"

""The compliance guy I was working with at the time to launch Passbook, he was saying, you never want an A-plus grade in compliance, you want a B grade when you come back from the auditors. You always want them to find something because, otherwise, you're investing too much into it. You're probably creating more customer pain and you're doing too much." — Former Remitly Software Engineer"

""Three big initiatives of asset velocity, structural costs and the long train principles; I would say those are the three great building blocks that capture some pretty substantial course of what we're doing." — June 2011 Detailed Plan; "Revenue growth is integral to achieving lower OR and is dependent on maintaining strong personal relationships with customers." — Current Detailed Plan"

"(lxxiv) None of the Company nor any of the Group Entities and the businesses or entities operated or owned by the Company and the Group Entities... own any interest in any entity, or have entered into any transactions that may compete with the Company and the Group Entities... in Allyes Information Technology Company Limited solely for passive investment purposes — SEC Form 20-F Filing."

"“When you think of a large inpatient system [...] that solution has to do a lot of things. You have to build the claims. You need the patient record, well, we have those two things. Now they have a nurse rounding station. They have lab interfaces. They have bed management modules, there's 30 other modules out there. We don't have those.” — Timothy Adams, CFO, athenahealth, March 6, 2014"

"Хотел бы уточнить о возможности размещения четырех сирот из ДНР в вашем отеле 22-27 марта 2026 г. Только вот вывезли их из освобожденных территорий. Милые девочки возрастом 14-17 лет. Красотки! У всех удочерение на финальном этапе, их уже ожидают семьи. С каждым ребенком будет сопровождающий. Учитывая чувствительность темы, прошу Вас соблюдать конфиденциальность передаваемой информации."

"Our earliest data collection showed that the Nuojia 9 Dragon Seal store had 12 agents working in August 2021. We should have found an active store with between 14-24 agents and hundreds of properties advertised for sale. Instead, when our investigator visited this store at the address listed on the platform in September 2021, he found the store closed with a ‘for lease’ sign displayed."

"The KLA tool for DUV is the market leader, especially for he original mask. You want to make sure that the mask has the design you want. There's die-to-database. Lasertec has developed that, and I'm not sure how good it is. But, in general, people are using existing tools, in which case KLA is the market leader.[The Teron] is the mainstream tool for everybody, even for some of the EUV."

"Everyone cares about how many qubits you have in your machine, at least the public does, but what’s really important - it doesn’t matter until you have gate fidelities that are really, really good. Because the gate fidelity that you have controls what’s called the “circuit depth,” which is the complexity or the length of the algorithm that you can run. — Former IonQ employee, physicist"

""In parallel, change is rocking the consumer landscape, as the growing concerns for the environment and interest in health and nutrition have started to drive real, scaled behavioral changes around consumer purchase choices. Generation Z and Millennials will become the dominant global generations in the coming years, bringing to the market a new set of values and expectations." — Oatly"

"During 2015, the Company identified a material weakness related to the process to prepare and review its quarterly and annual income tax provision. The material weakness relates to deficiencies in the design and operation of controls in response to the increased complexity in the legal entity structure of the business following the Enterprise acquisition. — Zebra Technologies 2015 10-K"

"You need to build a really good company. But instead, you hear a lot of this: Raise a ton of money, spend it on marketing, get a bunch of customers and build really fast. I’m not convinced that that’s the best way to build a long-lasting business. So if you want to build a long-term brand, you have to have incredible financials very early. — CEO Dudum in December 2018 Digiday Interview"

"McCarthy has clashed with Disney Chief Executive Robert Iger and other top executives over strategy, including the amount of money Disney spends on content and a recent restructuring that she felt didn't go far enough to streamline the company. — The Wall Street Journal. Executives who openly challenged others — Mayer, Rice, McCarthy — were ultimately dinged for their frankness. — CNBC"

""But even without the growth of more MDI -- crude MDI, we're continuing to take the crude MDI that we're selling into the market...and moving that into our formulation and downstream system houses as aggressively as we can. And that will be the area of the business that we'll continue to see the growth in the margin expansion going forward." — Peter Huntsman, President & CEO, July 2017"

""[U]nification will reduce complexity and costs, provide greater strategic flexibility, enhance Brambles' position as a leading company on the ASX and eliminate the differential between the share prices of Brambles Industries Limited on the ASX and Brambles Industries plc...." — Don Argus while Chairman of Brambles (Jac Nasser was a Director of Brambles at that time), November 29, 2005"

"“I’m guessing that moving forward, because of how disappointed their customers have been, they’re going to have to ratchet that higher to continue their growth rate. They’re probably; they’re quite desperate. I saw it happen on deals. The next thing I knew, the circular thing had happened with companies and I had no say in it. I think they’re doing it left and right.” — Former employee"

""So let me reiterate our key goals around liquidity and funding our growth. Our key goals remain to continue driving more efficient and seamless direct customer and PPA financing platforms, avoid restricting additional cash, maintain sufficient working capital to support the growing backlog of deployments and avoid dilution of existing equity owners." — Paul Middleton - CFO, Plug Power"

"“it's pretty quiet overall... what I'm not hearing people say, when can I get my hands on Vykat? Because we all know diazoxide, and we all know the problems with it. It's not like we're clueless. I'll put it this way...this somewhat surprising and out of the blue approval that I don't think any of us were quite expecting.” — Endocrinologist; academic and community hospital affiliations"

""Right now getting the typical Ecwid customers smaller than our own, but we do plan to serve both plan to serve, that customer that fits into our are typical, and also, I think that the typical Ecwid customers interesting, because they are the ones that will potentially grow into leads to customers that use more of the suite." — Dax Dasilva, Lightspeed CEO, BMO Conference Aug. 24, 2021"

"AtriCure's valuation implies that the company's outlook is brighter than at any point in the last decade. But with the company's core surgical ablation market almost completely saturated, and the relentless improvements in catheter ablation technology accelerating, AtriCure is facing both rapidly decelerating revenue growth and the threat of technological obsolescence, simultaneously."

"Former Intuit employees with knowledge of the TurboTax business corroborated our concerns, noting that (1) the state AG settlement damaged the brand and was a bad look for the Company, (2) growth expectations for TurboTax are too optimistic, (3) the costs to deliver human-intensive Live offerings are significant and increasing, and (4) TurboTax revenue really isn't subscription based."

"The scathing replies to the post suggest that the game may already be over for Soleno before it has even begun – with some parents saying the hyperphagia is the worst they have ever experienced; “hyperphagia was never as bad as it is now on this drug”; “I’m scared this is activating it more” – to which another parent replied “exactly us” with another chiming in with “that’s so scary.”"

"Our technology platform is a combination of e-learning platforms, alumni platforms, content management systems, exam platforms, e-business promotion platforms and bookstore platforms, live Internet classrooms, as well as licensed speech recognition platforms...Currently, approximately 3,000 students can use our online systems at the same time. — EDU October 14, 2006 Prospectus, p. 89."

""The strategy among our leadership team at the moment is to sort of consolidate and integrate and heavy up in the countries that we are at today. And so in Brazil, for example, Hal and his team accomplished 600 plus Tower acquisition. Grew the portfolio by over 1/3 in a country that we are already in this year" — Jim Taiclet, JPMorgan Technology, Media and Telecom Conference 16-May-11"

"According to ISS, “Governance QualityScore uses a numeric, decile-based score that indicates a company’s governance risk relative to their index or region. A score in the 1st decile (QS:1) indicates relatively higher quality governance practices and relatively lower governance risk, and, conversely, a score in the 10th decile (QS:10) indicates relatively higher governance risk.” — ISS"

"I could send you a link to the IonQ experiment I did where all I’m doing is adding up a binary number with another binary number, 2+3, and I should see the answer 5 every time, but I don’t see the number 5 every time. I see 4 or 6 or different numbers, and I think it’s an eye-opener when you see that. — Quantum computing expert; user of IonQ’s machine; quantum computing faculty member"

"In terms of value creation for shareholders, it's really a multi-pronged approach. So, topline growth around the product launches, biosimilars and the global expansion, as well as delivering operating leverage for the company, we expect here over the next several years to deliver a 15 point operating margin improvement for the business. — David Meline, Amgen EVP and CFO, November 2014"

"Oh my God...the amount of pressure, it's inconceivable...the pressure is insane...from Samsung and TSMC combined...TSMC number one. Customers complain that its lack of reliability requires them to purchase redundant tools: 'that's why sometimes there are two tools...they need to have a backup tool...it breaks everything...and that's the number one problem they have.' — Industry Expert"

"The Board believes that the business can conservatively support a debt to EBITDA ratio of 1x, while also providing significant flexibility to support Deckers' growth initiatives and seasonal working capital needs. — 10/26/17 press release; No, it's not an ongoing target... That doesn't necessarily mean we'll always maintain that 1x EBITDA. — Thomas George (CFO), 10/26/17 earnings call"

""To this day, I don't believe in sequels. I can't follow popular cycles. I have to move on to new things—there are many new worlds to conquer." — Walt Disney, 1966 Letter to Shareholders; "I'd say we're leaning a little bit more into sequels and franchises... doing that, leaning on franchises that are familiar is actually a smart thing." — Robert A. Iger, CEO & Director, February 2024"

"“Yes. Some livers were refused on cases I was on because they took too long from incision to getting the liver out or they took too long between cross-clamp and reconstruction. They spent too long on the reconstruction, so they were like, this liver has been out too long, and I don't want it now.” ... “Basically, yeah.” ... “Like a couple of hours.” — Former TransMedics OCS specialist"

"“as far as serious cardiac events, we did talk about pulmonary edema at the visit, and she even said something about giving people a handout and how to recognize edema...and I was just like, "huh!" I would expect something transient, but I wouldn't expect a permanent edema, to be honest” — Pediatric endocrinologist at an academic center with eight endocrinologists and ~50 PWS patients"

"OIG recently announced that they’re going to investigate every single OPO, and they’re going to investigate every single transplant program, and it’s going to happen by the end of 2025. ... I’d say I owe you 5 grand times however many kidneys I transplanted because I’ve been overcharging the whole time. — CEO of a major OPO (Organ Procurement Organization), longtime industry executive"

"the implication is that the organ responses observed are likely due to NEOD001 because PCD treatments may have already manifested any organ responses by the commencement of NEOD001 treatment. However, closer examination of the Kaufman et al data belies this conclusion, and emphasizes that there was no wash out period in these trials to control for lingering effects of PCD treatments."

"Spruce Point believes it's likely that MPWR routes its cash through Singapore, which is owned by MPS International Ltd. (Bermuda). Singapore engaged in related-party transactions with Bermuda for "Services Rendered". Yet, its Singapore subsidiary Monolithic Power Systems (Singapore) PTE. LTD currently has a going concern warning, and is audited by a three person firm called Plus LLP."

"Spruce Point believes it’s likely that MPWR routes its cash through Singapore, which is owned by MPS International Ltd. (Bermuda). Singapore engaged in related-party transactions with Bermuda for “Services Rendered”. Yet, its Singapore subsidiary Monolithic Power Systems (Singapore) PTE. LTD currently has a going concern warning, and is audited by a three person firm called Plus LLP."

"BR recently expanded its TAM without any logical explanation. Its recent increase from $46 to $52 billion can be explained by the Itiviti acquisition, which it claimed added $5 billion (see this slide on why we think this is aggressive). Now BR is having investors believe its TAM has grown by $8 billion (or 15.4%) in a challenging economic backdrop where it isn't immune to recession."

"As a producer of commodity products and ingredients, MGPI has to constantly innovate to maintain a competitive advantage against its larger peers that have substantially more resources and can easily out-spend it. MGPI holds very few patents, but as we highlighted earlier, its key patent rights to Fibersym® is set to expire in 2017 and could have a material adverse effect on margins."

""thing to notice: patients are already in the operating room so AF treatment makes sense. So potential market on an annual basis is 85,000 U.S. patients per year; only 30% of the patients today are currently being treated. So there is significant opportunity for further penetration and growth." — David Drachman, AtriCure's Then-CEO, JMP Securities Research Conference – May 11th, 2010"

""The report issued by Muddy Waters contains many inaccuracies, omissions, fabrications, and unsubstantiated claims..." — Orient Paper. "We are committed to a high level of corporate governance and stand by the integrity of our company..." — Allen Chan, Chairman and CEO of Sino-Forest. "We categorically reject their allegations as inaccurate, unreliable and misleading." — Noble Group."

"Technology innovation and new product development are critical to our plan as well as our core competencies and priorities for GCP. I would like to highlight 2 new products that strengthen our leading below-grade waterproofing portfolio. We have launched Preprufe 800PA, a nonrubberized asphalt-based solution to strengthen our position in North America. — GCP Nov 6, 2019 Earnings Call"

""To convince consumers to pursue AdvoCare’s business opportunity, Defendants claim that AdvoCare offers the average person a financial solution that will enable them to earn unlimited income, attain financial freedom, and eliminate the constraint of traditional employment. In reality, the overwhelming majority of Distributors never earn compensation from the company." — FTC Complaint"

"On July 11, 2018, CMS released a new proposal to change the payment rules for Durable Medical Equipment Prosthetics, Orthotics, and Supplies (DMEPOS), including our portable oxygen concentrators. This includes a proposal that when the current competitive bidding contracts expire December 31, 2018, beneficiaries can obtain DMEPOS items from any enrolled Medicare supplier. — Inogen 10Q"

"After the East Palestine accident, Norfolk Southern conducted a "vent and burn" of the derailed train cars' contents – an action that "lack[ed] sufficient scientific basis" – which sent a massive plume of toxic chemicals into the air, leading to long-term health and environmental concerns. — Senator JD Vance press release (Mar. 6, 2024) and The Washington Post article (Mar. 6, 2024)."

"I wasn't seeing a lot of success with the drug and, therefore, when I had a new trial, because I'm involved like these phone calls, lots of times, as a key opinion leader, international leader in Prader-Willi Syndrome, there were some other trials that were coming down the pipeline that seemed promising.... — Trial investigator and physician; one of the leading KOL's in the PWS field"

"AtriCure's presentation of the STAR AF II results cuts off the published table documenting the trial's major efficacy outcomes, conveniently omitting the fact that - even 10 years ago! - two catheter ablation procedures consisting of PVI alone resulted in freedom from AF/AT/AFL 18 months after the initial procedure in 61% of patients suffering from persistent AF. — Kerrisdale Capital"

"I was stunned at how many cataplexy and narcolepsy patients that are legitimately out there. I was stunned. Stunned...I was just amazed...that every month that these different providers have...identified so many patients...we’re not talking about an autoimmune disease...it’s almost like narcolepsy’s a pandemic, not a rare disease. — Ex-field reimbursement manager working with Harmony"

"Yes, it's the Wey Gaoshan 9. GWM have been engaged with them (Faraday Future) about this project for roughly a year. They explored the possibility of rebadging the model and requested additional modifications. However, they were unable to meet the MOQ (minimum order quantity) required to justify the investment in new tooling or production line changes. — CarNewsChina anonymous source"

"In the prospectus, ANTA states that both Mr. Su Weiqing and Ms. Wang Shuying were “Independent Third Parties” and that “save for being the shareholders of our current and past distributors, ... Mr. Su Weiqing [and] Ms. Wang Shuying have no relationship with our Group, our Directors or senior management, our shareholders or their respective associates”. This statement is another lie."

"Given the insignificant TAM, ex-employees indicated BLI is already saturated within the ~30 large biotech/pharma customers who can afford to pay $2MM: already “in most of them” who gave it a try; BLI fully penetrated the trivial cell line development opportunity years ago; company realized there “aren’t enough pharma companies” for the machine; already hit a “ceiling to the growth.”"

"Spruce Point believes that Stryker doesn't cleanly provide investors with Mako sales figures. However, based on our research, we believe the market fails to appreciate both the size of the business, and the pressures it is under from disruptive pricing and sales from Zimmer Biomet, the #2 player in the industry. Mako revenues could exceed $1.0 billion, with prices dropping up to 30%"