Callouts & quotes from 37,061+ activist slides

"“The big one is hyperglycemia. I know there can be some dizziness, nausea. The biggest ones, we talked about sodium and water retention, hyperglycemia. I think rarely there can be some hematologic problems, but one is the sugar issues and swelling.” — Endocrinologist at Massachusetts General Hospital"

"“The biggest problem with this class is with the CYP3A4 having a very narrow therapeutic margin, and metabolism is the biggest problem you have here. That's the enzyme that actually degrades it.” — Senior pharmaceutical executive/scientist, previously at Abbott and now at another major pharma company"

"The established media industry has only limited time to develop new business models based on radically changed media consumption. Traditional business models, which refer mainly to the two first development stages of changing media consumption, will necessarily disappear in the mid-term. — Udo Müller"

"Pursuant to the G&A Services Agreement, Ginkgo will perform its obligations as an independent contractor and the Company will pay Ginkgo for services at the fully burdened full time equivalent cost, plus pass-through costs, materials and services. — Soaring Eagle Acquisition Corp prospectus 8/13/2021"

"With third-party 3D printing labs only just now entering the clear aligner industry in size, Spruce Point believes that this head-to-head comparison is similar to the kind of cost comparisons which will increasingly be conducted by orthodontists and dentists as third-party labs enter the mainstream."

"AMR's CFO and management has a poor track record of capital allocation when it comes to dividends and share repurchases. Notably, during the last capital return policy in late 2017, not long before coal prices weakened and the stock price collapsed, insiders sold while the Company repurchased stock."

"FND made a slight change to describe its customer conversion rate from visit to purchase in 2021 by including the website as a visit. This change increased the reported conversion rate from 77% to 84%. However, for the first time on apples-to-apples basis, the conversion rate declined in 2023 by 4%."

"Given our discussions with former employees and forensic analysis of Stryker’s historical inability to deal with its SG&A and cost bloat, along with rising supply chain and inflation challenges, we view it unlikely that its free cash flow will increase 4.4% in 2022 and that earnings will grow 25.2%."

"Given all the evidence we've presented of REZI's struggles, we argue that its multiple expansion is unwarranted. We believe management should not be given the benefit of the doubt that it can engineer a remarkable improvement by splitting up a complex entity that it previously failed to rationalize."

"A number of KOL’s indicated why the 33% explants rate in the NANS paper actually underestimates how often Nevro’s device fails: many patients just turn the device off and don’t bother to have it surgically removed because “they don’t want to go back to their doctor because he sold them on the idea.”"

"We believe the spin-off, which is the result of an in-depth review of strategic alternatives by our Board and management, will allow both companies to enhance value by allocating capital and deploying resources in a more focused way, while preserving and increasing synergies within their businesses."

"We believe a relevant publically traded peer set to compare IRBT should include small cap consumer electronic and household product companies such as: Sodastream (SODA), Leapfrog (LF), Skullcandy (SKUL), Zagg (ZAGG), NetGear (NTGR), Voxx (VOXX), Universal Electronics (UEIC) and Select Comfort (SCSS)"

"Brendan Porter lost his medical license for conducting unsanctioned research studies on NXIVM members. In one study, dubbed the "Fright Study," Porter was alleged to have forced his subjects to watch violent and "horrific" video clips including footage of four women being dismembered with a machete."

"Heska's audit partner, Brad Richard McQueen, has only served as audit partner for one other recent public company according to the PCAOB website. That company is MusclePharm Corp (OTC: MSLP), a once high-flying microcap company charged by the SEC for a series of accounting and disclosure violations."

"When Republicans took majorities in the House and Senate in 2024 and President Trump took the White House, IONQ must have known that it was at risk of losing its secret earmarks as the members of Congress and the prior administration it had been cultivating no longer had access to the purse strings."

"The majority of 5-star reviews for BankFive come from spurious accounts with generic first names and often several perfect reviews to BankFive, e.g. Holly, (7 5-star reviews to BankFive), Lorraine (6), Elsa (5), Kevin (5), Charlotte (4), Fernando (4), Susan (4), Linda (3), Hilda (3), and Russel (3)."

"We seek to safeguard shareholder value by giving shareholders an opportunity to vote on resolutions (the “Resolutions”) which, if passed in their entirety, will immediately: (i) remove seven directors from the Capricorn board... (ii) appoint as directors six highly qualified, independent candidates."

"“We are well on track in establishing the product, distribution, services, support, and marketing foundations to enable us to achieve our FY 2015 objectives, and over the next three years, to achieve our billion-dollar plan and maintain mid-20s operating margin objectives” — Commvault, January 2014."

"Unfortunately, some of the most credible studies on the likely trajectory of the pandemic - including the Imperial College London (ICL) study which most western nations are using to inform their action plans - predict that the disease could continue to linger for at least another 18 months at least."

"The majority of our registered user base as well as the majority of the total addressable market falls within work. We are a business software company, and that's where you'll see us continue to invest as we go forward in the smart workspace category. — Yamini Rangan, Chief Customer Officer, Dropbox"

""the cost of goods are pretty horrendous"; the gross margins "were pretty shitty...yeah, they were negative." — Gen9 executive; "you’re definitely going bankrupt"; "you’re going to lose money...it’s something I don’t think [investors] get...you’re not long for this world." — DNA manufacturing expert"

"“Yes, there are tons of players. If you don't want to manufacture on a global scale, there's a very low barrier to entry. There's always someone willing to do it for less margin than you'd like to make, so you have to do something to differentiate it.” — Ex-employee in senior product and sales roles"

""Our Foundry wraps proprietary software and automation around core cell engineering workflows—designing DNA, writing DNA, inserting that DNA into cells, testing to measure cell performance—and leverages data analytics and data science to inform each iteration of design." — Ginkgo Bioworks Prospectus"

""...and that is a topic of concern because when OEM's get into this space, which they are trying to, and they'll be very efficient if they want to just be aggressive with that to strike away these turnkey providers on larger key accounts and then just have the cake for themselves." — Industry Expert"

"“there were a few patients that were already on Vykat that were referred for edema and proteinuria”; “we weren’t sure if it was a side effect of the drug, but that was the presumed mechanism”; “one patient was about 12 years old, another patient was about 8.” — Nephrologist who manages PWS patients."

"The Company finalized the Neurio purchase price allocation during the first quarter of 2020 based upon its estimates of the fair value of the acquired assets and assumed liabilities. The finalization did not result in material adjustments to the Company's preliminary estimates. — Generac SEC filings"

"“The quantum device in Monroe’s lab is the size of a small room. It uses lasers of various colors to activate the quantum particles. There are so many pieces of equipment that we hold together, not literally with duct tape and glue, but sort of with that mentality,” — Washington Post article in 2014"

"I'd like to comment on our upcoming transition around logistics... We will provide additional information and updates during the year as we make progress on the transition. Chris will provide additional details on the financial aspects of this change as well. — Ronald Lombardi, Q1 2020 Earnings Call"

"One of the key conditions [of qualifying as a Business Representative] is that you need to purchase Herbalife products up to a certain quantity; and such a disguised form of ‘recruitment fees’ may constitute a violation of the relevant provisions of the State. — First Financial Daily (Aug. 12, 2013)"

"There is more clear evidence of inaccurate restructuring accounts. We observe that Avery can no longer accurately account for restructuring charges among its segments. Whereas total restructuring charges, net of reversals, used to match segment restructuring charges in prior years, now they do not."

"Our YE24 remains $38, based on a sum-of-the-parts analysis. Our SOTP assumes a YE24 net contracted earning assets per share of ~$7, plus ~$30 in value per share for future deployments based on an assigned 13x multiple to expected contracted value creation in FY25 (PV7.5) less incremental financing."

"Ronald McCray's biography understates his level of involvement with Career Education Corporation (currently doing business as Perdoceo Education Corp. NYSE:PRDO), a highly controversial operator of for-profit colleges and universities, only noting that he was involved with Career Education in 2015."

"Wrongfully and in breach of the agreement set out in paragraph 7 above the Defendant have failed to pay the Plaintiffs the agreed amount or any further amount at all in respect of the transhipment and the 1st and 2nd Plaintiffs have suffered loss and/or damage as a result of the Defendant's breach."

"It's easy to see how Kratos has destroyed significant value. Since 2008, Kratos spent nearly $1bn on acquisitions that have contributed an estimated $801m and $129m of revenues and EBITDA, respectively. Yet, recent results suggest over $237m and $69m of sales and EBITDA losses, net of divestitures."

"In 2004, McDonald’s company-operated restaurants appeared to contribute 46% of total EBITDA. However, once adjusted for a franchise fee and a market rent fee, McOpCo constituted only 22% of total EBITDA, with the higher multiple Real Estate and Franchise businesses contributing 78% of total EBITDA."

"Given the historical disclosure of quarterly surveillance patients, and recent disclosures regarding the total number of patients who have ever been provided AlloSure results, we calculate an attrition rate for surveillance patients of approximately 20-30% per quarter, or a staggering 70% annually."

"Spruce Point observes that BR updated its Code of Business Conduct and Ethics policy twice in February and August 2020, and yet again in August 2021. The word "Fraud" was added three times, and the 2021 updated policy specifically added eight points regarding accurate period reports and accounting."

"Notice that BR recently included warning language around impairment charges and that a significant non-cash impairment could have a material adverse effect on its operations. Based on our findings and analysis, we struggle to believe BR's explanation that the UBS partnership isn't already impaired."

"Today, Ancora Alternatives President Jim Chadwick and steel industry legend Alan Kestenbaum hosted an investor conference call, “A U.S. Solution for U.S. Steel,” detailing why U.S. Steel does not have the right leadership team in place and how Ancora's slate can turn around a standalone U.S. Steel."

"Limbach’s management has heavily implied that a material portion of its ODR work is recurring in nature. However, we question the validity of this characterization given that less than half of the Company’s initial 2025 revenue guidance is supported by its next-12-month backlog as of year-end 2024."

"There are still several current directors and members of management who oversaw and approved some of Disney’s worst corporate governance and strategic failures, including overpaying for the Fox acquisition, the expanding streaming losses, and “over-the-top” compensation packages granted to Bob Iger"

"The “new” ACTIS A300, announced with fanfare in Nov 2023 as Lasertec’s next-generation EUV product and driver of growth, is a hoax – a cover story to conceal fatal flaws with the Ushio-supplied EUV light source in its flagship tool, the A150, and the resulting, costly recall and replacement effort."

"Looking at our mix, e-commerce represented approximately 80% of our total volume in the fourth quarter, which compares sequentially to 75% in the third quarter and 70% in the second quarter. For the full year 2020, e-commerce accounted for approximately 76% of our total volume. — CEO Fayer, Q4 2020"

"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"

"For Ströer, this acquisition was very important and a clear game-changer in Germany's digital market. The increases in capital against contributions in kind enabled the company to carry out the transaction in such a way as not to impair liquidity and, in view of the advantages connected with the..."

""Now, 75% of what's now a $450 million to $500 million number is a significant number and a significant increase. That leaves 25% of the business to be service-related in that segment that we haven't been in. We're not prepared yet to put any specific numbers out." — McCord Christensen – CEO, PetIQ"

"The Company also receives rebates from vendors based on the volume of purchases of inventory, which is included as a reduction of cost of sales when the related inventory is sold and totaled $21,705,176, $8,710,422, and $5,136,899 for the years ended December 31, 2017, 2016, and 2015, respectively."

"The Company also receives rebates from vendors based on the volume of purchases of inventory, which is included as a reduction of cost of sales when the related inventory is sold and totaled $21,705,176, $8,710,422, and $5,136,899 for the years ended December 31, 2017, 2016, and 2015, respectively."

"“disturbed” by the “hype”; label it a “quantum Ponzi scheme” to “lure unsuspecting investors” with “fake science”; “a bubble” which may “crash” and take “legitimate” research “down with it”; “crazy headlines” and “false expectations” that are “not based on any research or reality” — UMD Professors."

"DTT has informed the Company in its resignation letter that it was no longer able to rely on the representations of management and that it had lost confidence in the commitment of the Board and the Audit Committee to good governance and reliable financial reporting. — Deloitte Touche Tohmatsu (DTT)"

"Norfolk Southern has brought on John Orr as COO to accelerate the execution of its strategy. John Orr is a Precision Scheduled Railroading expert and comes to Norfolk Southern following a long and successful career at multiple railroads including Canadian National and CPKC. — Norfolk Southern Board"

"“Our approach to investing in franchise acquisitions is strategic and opportunistic...We have a rigorous, diligent review process. Only when the return metrics are attractive and we see long-term value creation opportunities do we consider a purchase” — Sally Smith, Chief Executive Officer, 8/16/16"

"“I don't how this elog is legal in Canada if you need cell coverage for it to detect movement. Motive app is so much better” — Yves Fillion, Trustpilot, 8/18/23; “Their GPS trackers are terrible. I had a 40% failure rate with excuse after excuse, lie after lie!” — Brian Felter, Trustpilot, 10/10/19"

"“When we reduce your fleet’s emissions we work with and invest in projects that have been certified to sequester CO2 from the atmosphere. We follow strict guidelines and protocols and retire certified carbon credits on a leading public registry [American Carbon Registry].” — Clean Advantage website"

"「レーザーテックも、独占で独自という意味で似た立場です。欧州の投資家がASMLの株に殺到して、とんでもなく高いPERまで押し上げてきたように、アジア、特に日本では、レーザーテックは似たような扱いをされています。『ほら、うちは独自の極端紫外線の半導体関連技術で事業を伸ばしているよ。やっているのはうちだけだよ。独占企業だよ、などなど』だから、レーザーテックが卒倒するほど高い評価を得ていてもおかしくはないでしょう。私はそのような評価に賛成はしませんよ。むしろちょっとキチガイ的だと思います。」 — 半導体業界のコンサルタントとして長年の経験を持ち、最近はレーザーテックのコンサルタントを務めているB氏"

"“They have passed on them numerous times for expansion, for buying new machines, yes. Those are the ones that are already engaged with them.” — IQVIA executive; “A couple of them, I'll be honest with you, they have utilized someone else.” — IQVIA executive; “Not at all, actually.” — IQVIA executive"

""Stryker investing in operations would be a watch out for me as well as I think about it. Keep in mind, Stryker has 47 manufacturing locations all across the globe. You take another company like Boston Scientific, they probably have maybe 15 or 16 manufacturing locations." — Former Stryker Employee"

"The Xerox board includes several long-tenured directors – the last vestige of the “old guard” – who are a daily reminder of Xerox’s ignoble past under the leadership of former CEO Ursula Burns (who in 2014 was ranked number 4 on Time Magazine’s list of “9 CEOs With the Absolute Worst Reputations”)."

"“We are well on track in establishing the product, distribution, services, support, and marketing foundations to enable us to achieve our FY 2015 objectives, and over the next three years, to achieve our billion-dollar plan and maintain mid-20s operating margin objectives” — Commvault, January 2014"

"“prohibited transplant centers from training their personnel on the OCS procedure” — Congressman Gosar; “this statement is not correct” — Waleed Hassanein; “it couldn’t be further from the truth” — Waleed Hassanein; “pressuring hospitals to utilize our more expensive logistics.” — Congressman Gosar"