Callouts & quotes from 166+ activist slides

"All of the SCS devices at the five-year mark really start to drop off. I'm always curious about what it is that happens after a year or two for these patients...No one has really studied that. That's the problem. For all SCS devices, I would say 50% have reached the point at 5 years where it's no longer helpful enough to keep using them and maybe even consider an explant. At 5 years they're explants or they move on to a different therapy but continue to use the stim, or they may even stop using the stim. We've seen patients say I am using the stim but I still need injections every three months. Or I need oral opioids. Some go on to have pumps. SCS was originally sold as a good opportunity to avoid having to return to ongoing injections or opioids. There was a retrospective review of changes in opioid use with stim because many companies would say "Oh, you know, you just how to solve the opioid crisis", but they found that you know with stim opioids don't necessarily go down. — High volume Nevro implanter; Long term, stimulators don't work as well. Patient are desperate, say it works, then say it doesn't work. It's usually a misleading trial in a patient. The published data says stim doesn't work in 30% of patients. — High volume implanter and moderate Nevro user; There were less than 10 neuromodulation studies in 50 years, only 6 even worth quoting. There's not much evidence. — Longtime Medtronic executive in SCS"

"I don't think misleading. However, I think, certain divisions look like they perform better because they're grouped into certain segments. Spine is an example. Now they disclose and its separate. A while ago it wasn't. It was struggling and before actually was losing money and they thought K2M was gonna fix it. Because the goal of K2M was to acquire market share. There was significant overlap and redundancies between K2M and Stryker spine. But the idea was to do a pure spine play and acquire market share. But because of the redundancies and the cost and, and ironically, K2M became the surviving entity, and the headquarters moved to Leesburg. Pricing pressures were significantly hurting Stryker when I was there. Spine was probably experiencing high single digits. One maybe two percent is probably (company) average. There were so many competitors in spine with lower overhead cost that they could drive the price down. Hospitals want single source suppliers. Stryker doesn't leverage the fact that it can sell so many different types of products. Divisions don't communicate or work well together, they're very competitive with each other. — Former Stryker M&A Professional"

""Joseph Bonanno has had significant economic and transactional involvement over a substantial period of years with several Canadian cheese companies owned by the members of the Saputo family and by Lino Saputo in particular." — Investigative report. "Lino Saputo has attempted to conceal from the Department his and his company's involvement with Bonanno...and has made material statements that are false, misleading, and deceitful." — Investigative report. "We respected the law, kept our distance from criminal organizations and avoided crossing the wrong people." — Lino Saputo's autobiography. "I can guarantee that the mafia has never, in any way shape or form, been involved with Saputo, the Saputo family, nor anyone close to the Saputo's." — Lino Saputo (2007 interview)."

""Casino has become aware, through a press agency wire, of a report issued by Muddy Waters Capital on December 16, 2015, with the obvious intent to harm Casino, its employees and its shareholders. This accusatory report contains grossly erroneous allegations that the Group will answer in detail." — Casino Group; "Muddy Waters Capital’s report contains a number of false and misleading allegations, intended to negatively impact the trading prices of Casino’s stock and debt, for the benefit of the report’s author who, in his own words, should be assumed to have “a short position in all stocks (...) and bonds covered [in the report], and therefore stands to realize significant gains in the event that the price of either declines.”" — Casino Group"

"With respect to the Restructuring line item in particular, the Company believes its exclusion from the Company's calculation of Adjusted Gross Profit and Adjusted EBITDA is appropriate and not misleading because (i) it adjusts for expense items that are unusual, non-recurring, and in some cases non-cash operating expenses, (ii) the expenses reflected in the Restructuring line item have not been incurred at scale in the past and are not reasonably expected to be incurred at scale in the next two years and thereafter and (iii) the expenses reflected in the Restructuring line item are separate and distinct from the normal recurring cash expenses the Company expects to incur as a public company. — SEC Correspondence, April 6, 2021"

""It’s disgusting": Legal professionals outraged as Dye & Durham sharply hikes prices for critical software — The Globe and Mail. "They’re all about the money and not about the customer," said Tiah Workman. "There’s not one lawyer I know of in the real estate business who’s not opposed to this." — Tony Spagnuolo. "Dye & Durham accused in class-action lawsuit of misleading customers on price freeze" — The Globe and Mail. "They gave our firm one month notice that they were raising the cost from $25/file to $125/file." — Reddit user. "I'm never purchasing a Dye and Durham product so long as I'm in business." — Facebook user."

"“...if you're looking at diagnosis codes, so guys that have the N40.1 or the subcodes beneath that who have a diagnosis of symptomatic BPH...that's a really misleading number, because that code will get dropped in all kinds of situations that really may not mean this guy has symptomatic BPH. It's just a function of how a lot of PSA tests are ordered; people just use that code for that. So there's probably a significant overestimation of total disease burden.” — Spruce Point Interview with Private Practice Urologist, Dec 2024"

"A number of Elliott's nominees have close personal ties to Mr. Goff, including decades of direct work experience. Much like everything related to Elliott's Amber Energy, these relationships call into question Elliott's nominees' independence. Given Amber Energy's role in the campaign against Phillips 66 and Mr. Goff's highly misleading public solicitation, should shareholders have concerns about the honesty of Elliott's disclosures or the independence of Elliott's nominees? — Phillips 66's April 24 Letter"

"A number of Elliott's nominees have close personal ties to Mr. Goff, including decades of direct work experience. Much like everything related to Elliott's Amber Energy, these relationships call into question Elliott's nominees' independence. Given Amber Energy's role in the campaign against Phillips 66 and Mr. Goff's highly misleading public solicitation, should shareholders have concerns about the honesty of Elliott's disclosures or the independence of Elliott's nominees? — Phillips 66's April 24 Letter"

"“Basic PK – since the half-life of Pitolisant is approximately 20 hours about half the drug levels will be circulating when the 2nd dose is administered so this is added to the new peak plasma levels on Day 2, and again on day 3, day 4 etc., until steady state plasma levels are reached... Thus, the QTcT study is intentionally misleading, and the statements made about safety margins are therefore overestimated and incorrect.” — Pharmacology consultant engaged by Scorpion Capital"

"SandRidge claims TPG-Axon has "engaged in a false and misleading campaign and "consent solicitation" filled with half-truths and unsubstantiated statements regarding management, the Board and the Company. TPG-Axon has repeatedly made inflammatory and false statements with one simple goal – they want to distract you from the facts regarding SandRidge and its strategy for creating value..." — SandRidge Energy"

""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."

"“…We find many of your responses to the shareholders’ concerns to be misleading, self serving, and defensive…Given the inconsistencies in many of your recent communications, we expect that the shareholders would welcome Elliott’s nominees to the Board to ensure proper and timely execution and to avoid risk of backsliding.” — David H. Batchelder, Relational Investors LLC, March 2013"

"In light of our findings that: 1) Generac's core and clean energy business dealership growth is slowing and it has lost partners, 2) Its PWRcell solar competitive advantage vis-à-vis Tesla's Powerwall has diminished, and 3) Some Generac dealers are engaging in allegedly misleading and deceptive marketing practices, we believe the CMO's departure should be a serious red flag."

""As the SEC's order finds, by making misleading statements about order management practices, VMware deprived investors of important information about its financial performance," said Mark Cave, Associate Director in the Division of Enforcement. "Such conduct is incompatible with an issuer's disclosure obligations under the federal securities laws." — SEC Press Release"

"19. Throughout the Relevant Period, the Individual Defendants breached their fiduciary duties by causing the Company to make materially false and misleading public statements and/or fail to disclose material information to investors concerning the true nature of the Company's business, operations and prospects. — Brandon Boll v. Darren R. Jamison, et al."

"Another undercover investigation in the Southeast in May 2022 involving two Generac solar distributors, Powerhome Solar (now Pink Energy), the largest home solar company in the Southeast, and Solar Titan expressed concerns that consumers were being shown potentially misleading economic realities about installing the solar systems and being overcharged."

"…We find many of your responses to the shareholders’ concerns to be misleading, self serving, and defensive…Given the inconsistencies in many of your recent communications, we expect that the shareholders would welcome Elliott’s nominees to the Board to ensure proper and timely execution and to avoid risk of backsliding."

"In addition, Herbalife’s SEC filings misleadingly report its sales-based royalties and commissions as an expense called “China Sales Employees” in SG&A (not as Royalty Overrides, as it does for other markets), even though China commissions are calculated using the same sales-based royalty percentages as elsewhere"

"In view of the apparent discrepancy between these public representations and the alleged unlawful practices occurring on the ground, there is a risk that Accor SA could be considered to have disseminated misleading information to consumers regarding the scope and effectiveness of its human rights commitments."

"In August 2025 HelloFresh paid US$7.5 million in a settlement due to a complaint by the Los Angeles County District Attorney's Consumer Protection Division about misleading “dark pattern” marketing, failure to obtain affirmative consent for auto-renewals, and inadequate cancellation processes."

"Eurofins' claim in its response that "Eurofins commissions statutory audits covering nearly 100% of its external sales, EBITDA and total assets, even when this is not required by local regulation. These are performed mostly by Tier 1 and Tier 2 audit firms" sounds good, but is misleading."

"Doug Cole failed to disclose his involvement with Longwei. During Cole’s tenure, Longwei’s CFO “routinely” made misleading statements, ran a fraudulent scheme to induce the exercise of warrants to generate much-needed cash, and executed a sham purchase of LPIH stock to inflate its price."

"Since Soleno appears to have forgotten to change the fasting glucose graph from the original dataset, we can calculate associated HbA1c values - which suggests to us that the new HbA1c numbers are simply made up to fit a misleading narrative that entry ITT were already prediabetic."

"Spruce Point believes that Evoqua made potentially misleading statements by dismissing sales concerns about Mar Cor, while continuing to increase the earnout asset value, an implicit reflection that it expected to receive the earnout back from its failure to meet sales targets."

"“intentionally misleading” and “sneaky,” — Two consultants (a pharmacology specialist and a leading figure in drug-induced cardiotoxicity). “The postmarketing data should also be monitored for sudden deaths and cardiovascular and respiratory adverse reactions.” — The FDA."

"Per our estimates, and excluding external financings, it is increasingly likely Anthony Noto would lose substantially all of his $10+ million PSU performance bonus if not for the intellectually dishonest and misleading financial reporting we have outlined in this report."

"Consolidated multiples are misleading due to large minority interests in much higher-multiple MLPs. Blending MPLX and MPC valuations together obscures MPC’s dramatic undervaluation. Marathon’s accounting treatment of turnaround costs further hides its undervaluation."

"Nuvei (formerly Pivotal Payments) has a dark history in Canada. An investigation of small businesses across Canada reporting hidden charges and misleading sales practices pointed to Pivotal. A spokesman described its salespeople as "sometimes overzealous.""

"A composite outcome consists of two or more component outcomes. Patients who have experienced any one of the events specified by the components are considered to have experienced the composite outcome... Unfortunately, composite outcomes can be misleading."

"MSCI either made misleading or erroneous claims about its ESG business by originally stating that its origins were from 1972 and later revising the statement to 1988. MSCI also no longer claims that ESG is "Better investments for a better world"."

"Weis gives a misleading view of its underlying sales performance in 2017. The Company says it attributes it sales growth "primarily" to acquisitions, but based on our analysis, all of its sales growth (and more) was attributable to acquisitions."

"In our opinion, Aerojet Rocketdyne (NYSE: AJRD) – formerly Gencorp (NYSE: GY) – is facing fundamental pressures, masked by complicated and aggressive accounting, which gives investors a potentially misleading impression of stability and growth."

"Tellingly, HASI chooses to paint a misleadingly positive financial picture. HASI is permitted two tools that would clarify its reported financials: EMI balance impairments and adjustments to the liquidation basis. HASI chooses not to use them."

""The SEC maintains an enforcement task force to examine ESG practices and disclosures by public companies and investment managers and identify inaccurate or misleading statements, often referred to as 'greenwashing.'" — Blackstone 2023 10K"

""The SEC maintains an enforcement task force to examine ESG practices and disclosures by public companies and investment managers and identify inaccurate or misleading statements, often referred to as 'greenwashing.'" — Blackstone 2023 10K"

"Rather than admitting that the Urashima light source is simply an old, re-packaged Russian EUV source no one else wanted, Lasertec appears to be misleading investors with a new name and claims that it is a Japanese-developed technology."

"Enfusion's Audit Chairman was the Chief Accounting Officer and Controller at General Electric when the SEC slammed it with a $200 million penalty for misleading investors related to costs, receivables and financial estimates."

"Chinook, improperly in our view, avoids consolidating losses from SanReno by accounting for the JV as investment securities at fair value rather than using the equity method. We suspect that this is intentionally misleading."

"The fact that the Company would refer to this deal as being done at 9x EBITDA demonstrates management and the Board’s fundamental lack of understanding of the assets they sold and a predilection for misleading shareholders."

"We think this is grossly misleading considering that not only does Nature's Miracle not have enough cash to buy $100 million in vehicles from FFAI; it does not even have the cash to preorder 1,000 vehicles at $100 apiece."

"Norfolk Southern's April 2, 2024, statement to shareholders that "John [Orr] shaped and guided PSR initiatives at KCS" is a brazenly misleading interpretation of the facts. — Norfolk Southern press release (April 2, 2024)"

"EHTH uses a misleading large customer pool as the denominator. The company adds New Paying Members to Estimated Members, which does not make sense, as it ignores the customers dropping out over the course of the quarter."

"Unfortunately for investors, the SEC does not appear (at least not yet) to have pieced together how misleading the company's AFFO figures are, since the AFFO numbers are engineered to exclude their most important costs."

"Phillips, rather than engaging on solutions to an arcane and disfavored governance structure, has responded with false and misleading claims that a non-binding proposal regarding a non-binding Board policy is illegal."

"Phillips, rather than engaging on solutions to an arcane and disfavored governance structure, has responded with false and misleading claims that a non-binding proposal regarding a non-binding Board policy is illegal."

"Applied to the present case, Accor SA’s misleading representations relating to social and human rights practices – as described in Grizzly’s findings – may distort consumers’ perception of a company’s ethical conduct."

"Multiple former employees detail Quantumscape’s ongoing problems with dendrites and imply the CEO is misleading investors with “hype”: “twisted the knobs,” “science is not there yet,” problems even at coin cell size"

"The fact that each independent director signed off on a letter full of purposefully misleading statements and accusations has made us more certain than ever that significant change is needed on Phillips 66's Board."

"We believe CORZQ’s management is well aware that its yields will dimmish over time and then get cut in half in 2024, yet it provided the following misleading chart to investors shortly after announcing bankruptcy."

""Filed false and misleading financial statements." "Artificially inflated its revenue and gross margin recognition by fraudulently recognizing revenue on barter transactions..." — The North Face (SEC Filing Quote)"

"Given the nature of the SEC's allegations which relate to misleading core / organic sales and premature revenue recognition, we believe REZI shareholders should be concerned by who it acquired the business from."

"Oklo uses “illustrative unit economics” to promote the anticipated low capital costs and cash returns... We believe there are several problems with Oklo’s unit economics which render them grossly misleading."

"We believe Olam management could be using its desired net income as an input rather than an output when constructing its financials, and that the reported figures might therefore be misleading for investors."

"Another former employee explained the game that QS is playing – declining to show battery life at a fast charge rate, and misleading investors by showing them battery life at a SLOW charge rate instead."

"We are short Datavault AI Inc. (DVLT), a reverse merger which has risen ~800% since early September, because we believe it is a stock promotion that relies on misleading press releases and empty claims."

"The transaction appears to be another de facto lending transaction, making AMT management’s pronouncements about growth potential misleading because additional tenants will not move the needle much."

"In light of our observations about aggressive and potentially misleading financial presentation, investors should not be comforted that the Board ranks itself lowest on "Financial Sophistication"."

"Herbalife recent changes, however, are largely window-dressing - or worse, as they allow Herbalife and its top distributors to keep misleading consumers while claiming to clean up their practices."

"In a vacuum, such selling behavior would be innocuous. However, viewed in the context of BUR's other misleading behavior, this pattern suggests a means by which the company boosts reported income."