Callouts & quotes from 26,677+ activist slides

"Ultimately, if FFIN is treated as a subsidiary rather than a related party, FRHC would be required to restate all financials and would be in violation of Russian War Sanctions, which could result"

"Said differently, how could new member lives have a utilization that was +6x versus the legacy member lives? This does not pass our sanity check and we call on PGNY management for an explanation."

"Spruce Point has a track record in agribusiness. Bunge was a large supplier to MGP Ingredients (MGPI) recently and that relationship may be under pressure because MGPI no longer references Bunge."

"We believe the Rating Agencies will adopt one of two possible analytical approaches when assessing the credit profiles of the ‘new’ Target Corp and TIP REIT – ‘Consolidated’ vs. ‘De-consolidated’"

"We do not believe an individual that has demonstrated such hostility towards stockholders attempting to exercise their fundamental rights is suitable for serving as our Lead Independent Director."

"Our analysis indicates that First Alert revenue may be challenged in the near term by abnormal retail performance and reliance on one product introduction, which may create difficult comparisons."

"Not only is the overall addressable market Astra has promoted vastly overstated – Astra's development path is on the wrong side of key trends within the industry: larger payloads and reusability."

"As we think the company’s revenue is fictitious – accounting hocus-pocus where investments in related-parties are round-tripped back as “revenue” - the actual price to sales multiple is infinity."

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"Given that this business has demonstrated to be conducting fraudulent inspections, and new competitors are circling to displace Cintas, we believe it should be valued lower than other businesses."

"Two material weaknesses, costs exceeding expectations, worsening working capital, and aggressive cash flow interpretation but insiders (notably the CEO/CFO) got paid very nice short-term bonuses."

"The CEO touted cost synergies in G&A heavily while selling the transaction. Yet, as evidenced by the audit fees pre- and post-acquisition, costs soared beyond what investors should have expected."

"However, after analyzing Company disclosures, Spruce Point finds that the momentum seemingly demonstrated by Almost Family either may not have been what it appeared or might have since dissolved."

"Heska says it has dramatically increased its level of innovation and product development and frequently embellishes its capabilities, but the evidence we’ve reviewed does not support these claims"

"Heska has spent well below $2 million over the past two years on capital expenditures. We find this disclosure inconsistent with the Company's statements that it is manufacturing the Element AIM."

"The history of transactions related to Cuattro is “old news” at this point, but we believe it is important to understand in order to appreciate the history of conflicts and self-dealing at Heska."

"Juniper has an incredible opportunity to deliver long-overdue value to shareholders through the above simple and achievable steps, which can lead to a stock price of $35-$40 per share in our view"

"But the stimulators — devices that use electrical currents to block pain signals before they reach the brain — are more dangerous than many patients know, an Associated Press investigation found."

"We consider the use of Ströer resources for the primary benefit of insiders to be improper, and we doubt there are many corporate governance experts in the world who would disagree with our view."

"We think this creates a major conflict of interest, especially since Kao has not disclosed its 18-year fee history with Ethisphere or whether the company factors into third-party ESG evaluations."

"Armor eventually agreed to pay over $15 million in penalties and disgorged profits, accept responsibility for its payment of bribes, and acknowledge a failure in its internal accounting controls."

"In 2017, CPI PG bought back the two landbank assets for €50.9 million, a profit to Vitek of €30.9 million. No construction had begun, and no significant improvements had been made to either site."

"When we were going through their methodology, it needs to do two things. First, it needs to start when Mark Lashier became CEO. And we'll come back to why that is actually extremely disingenuous."

"USCR's former CFO outlined expectations for continued EBITDA to Free Cash Flow expectations of 60% in late Oct 2016. Ever since making that forecast, USCR has fallen increasingly short of target."

"We believe TransMedics is operating an organ trafficking scheme, shopping and steering rejected organs to its top users as a quid pro quo for accepting them on its device and via its NOP service."

"The physician described how unscrupulous centers are boosting their organ volumes via suspicious “hotlines” coming from certain areas like Tennessee – basically a gray or black market for livers."

"The clinical literature is unequivocal, per another study: "steatotis in the donor liver has been identified as a predictor of graft failure...so these livers are often considered...marginal....""

"Stagecoach, which we believe is widely recognised to have the strongest management in the sector, is the only company to have managed a complex portfolio of businesses without significant hiccups"

"Since its IPO, it's evident that LSPD's business has become more competitive by analyzing hardware margins. Whereas before, it could make money on the POS systems, now they are sustaining losses."

"Those items are just warnings. You're not going to run into those issues hardly ever. I mean, to date, I've never ordered an EKG on a patient. That's what I tell doctors; these are just warnings."

"Thus, in our view, the forestry business is only a 95% failure. Regardless, the forestry business seems like a stunning success compared to all of Superb Summit’s other announced ventures though."

"According to deed records, prior to IIPR purchasing the property for $6.7M on 02/11/2019 from Sacre Holdings LLC, Sacre Holdings LLC purchased it for merely $2.6M from Conrad Ethan on 06/15/2017."

"This delay in advancing additional hotspot mutation programs and the shift in strategy to focus on alternate pathways to improve wild-type p53 activity can only be seen as an additional red flag."

"As we can observe, cultivation area has increased significantly in the past, especially from Q1 to Q2 2019. Meanwhile, plant yield has surprisingly been maintained at a relatively constant level."

"Daher gehen wir davon aus, dass eines der SDAX-Unternehmen HelloFresh im MDAX in der nächsten Indexüberprüfung ankündigung am 3. Dezember 2025 mit Stichtag am 22. Dezember offiziell ablösen wird."

"However, we found several job postings that spanned from 2017 to recent that show the actual business address of Beijing Youlian is at the same address where GSX and its subsidiaries are located."

"Lasertec’s inventory balance has no plausible explanation when compared to the five largest semicap equipment players – it is triple or quadruple as a percent of revenue in the last 2 to 3 years."

"This "purchase of preemptive rights" seems more to be a cover that allowed the companies tied the problematic party to obtain the government's interest in the joint venture at a massive discount."

"The most obvious problem in this table is that Chairman Liu told us categorically that ONP has no finished goods inventory because customers pick up finished product as it comes off of the lines."

"Remitly recently changed its TAM and stopped sourcing World Bank and IMF Fund data. The Company now shows a “Consumer Cross-Border TAM” of $1.8 trillion, up from $1.6 trillion two years earlier."

"Our price target is based on the nature of a business unlikely to meet the market's overly optimistic expectations of captured market share, GGR revenue share and inflated target EBITDA margins."

"WTRG recently cut its acquisition pipeline from 430,000 to 400,000 (-7%) between January and February 2023. Notice carefully too that it has changed its classification twice since November 2022."

"Spruce Point finds clear evidence that Generac's portable generator business is under pricing pressures, and management has failed to disclose any price issues associated with the business line."

"From the beginning, the SEC challenged Generac to give more disclosures about net sales, and to quantify price and volume effects. The SEC called Generac's revenue reporting "general and vague.""

"Commvault’s underperformance has been so profound that an investor would have been better off buying the NASDAQ index instead of Commvault’s stock on 99% of trading days in the last eight years."

"Anchoring Carvana’s valuation closer to the reality that traditional (money-making) auto dealers receive at best 1x and generally 0.50x revenue multiples would result in 50% - 70% downside risk."

"Valeant's share price has increased 28% (including dividends) from inception of our position in February 2015, and 5% from our average cost basis prior to the position being made public, to date"

"Continually communicate internally to employees and externally to shareholders with near, medium, and long-term targets with which shareholders can hold management and the Board accountable for."

"The reason JFT has not grown into a substantial company is the same reason why your neighborhood tailor has not developed into a world famous fashion brand – there is no scalable business there."

"Dycom does not regularly report wireless revenue but is often asked by analysts. Based on our analysis, we estimate annual revenues have fallen from ~$300 million (2020) to ~$185 million (2024)."

"Recall on the previous slide that in the September 2024 quarter, IPX said it counted ~100 active potential customer programs but now it is showing just 22 active engagements across four sectors."

"When we reported the details to the stock market regulator, we didn't report the number of vehicles we quoted you. The number we reported is multiplied by two, or doubled. Do you understand now?"

"Muddy Waters, LLC hereby offers to engage, at our own expense, an independent and qualified accounting firm to evaluate the independent committee's investigation into whether NQ Mobile is fraud."

"Former employees explained why the particular prototype used – which lacks the basic anode-separator-cathode structure of a battery – isn't a real cell and why the data is therefore meaningless."

"After trying to evade the question with vague statements only to be challenged again, he looked like a deer stuck in the headlights and punted to IONQ co-founder Kim, who looked equally nervous."

"Once we calculate the incremental operating profit from the Mexico turnkey contract, we divide it by the incremental revenue from the contract. The result is an operating profit margin of 31.9%."

"However, if performance fails to improve, we believe changes must be considered, which should include a thoughtful examination of whether Match’s best path forward would be as a private company."

"Based on data from the FOIA revealing PowerSchool's top 5 customers, we believe PowerSchool may be forced to give significant discounts to be competitive when seeking deals with large customers."

"In both presentations, with the exception of one non-core segment (i.e. TiO2 in 2007 and Textile Effects in 2022) the Company otherwise portrays itself as a 100% differentiated chemicals company"

"that the assessment of you and your team, as it relates to the challenges with Buffalo Wild Wings, are spot-on and things that literally we have been talking about and trying to change for years"