Callouts & quotes from 26,677+ activist slides

"Along with many issues we identified in prior years financial statements, we encourage FMCN's auditor, Deloitte Touche Tohmatsu, to closely examine the Shengtai transactions for improprieties."

"We believe these highly concerning actions demonstrate that the Board is beholden to management, and is not strong enough nor independent enough to represent the interests of ALL stockholders."

"In REZI's short public life since late 2018 of just seven years, the Company's CFO and CAO roles have been a virtual revolving door with turnover in the function approximately every two years."

"We spoke with several former employees who indicated that they had been terminated for refusing to play along with the scheme, and who stated they knew of others pushed out for similar reasons"

"Biotech Labs has virtually zero public presence that we can find. No press releases, product announcements, or Facebook posts since 2019? This doesn't look like the efforts of a global leader."

"The sense one gets from Facebook posts is not of HF10 programming as a scientific process, but of something akin to shamanism, divination, or witchcraft – in other words, quackery or a hustle."

"We believe Nevro sales hit the wall because of a covered-up explants crisis, and that fatal flaws specific to its high frequency mechanism of action are an albatross that dooms its trajectory."

"Ms. Velando has both C-suite level experience at a global cosmetics company; and held Global Vice President/Managing Director roles at key international competitors of Kao (Coty, L'Oreal etc)."

"Like Zillow's Flex model, the CEO of Redfin is basing the success of the Redfin Next model on its ability to attract high-caliber agents who have the experience and wherewithal to close leads."

"Phillips is far from achieving its 2025 mid-cycle EBITDA target, with analyst's 2026 estimates signaling a major shortfall – despite consensus assuming a reasonable mid-cycle price environment"

"Mr. Lamphere is a railroad and transportation industry veteran credited as the original financier of PSR, the strategy that revolutionized how freight railroads are run in the U.S. and Canada."

"In fact, we believe many acquisitions have been companies that have peaked, restructured, and/or seen declining growth. Thus, we would classify many as "legacy" platforms that failed to scale."

"In reviewing alternatives for Target, Pershing Square’s objective was to eliminate the stock market’s ascribed discount to the intrinsic value of Target’s real estate and allow the Company to:"

"Based upon our research in China and our examination of Herbalife's SEC filings and internal documents, we conclude that Herbalife violates China's directing-selling and pyramid-sales laws by:"

"He was evasive. We asked again and he mumbled and froze like a deer, at which point the CEO terminated the 1x1 and escorted us to the door - the only time we have been kicked out of a meeting."

"Most pharma companies with an H3 receptor program documented their struggles and failures in published papers, and others announced trials and then went radio silent – an indicator of failure."

"Early in OSIS’s bid for the concession (late 2011), former Prime Minister Berisha added a bonus of eight percentage points to OSIS’s bid, which obviously advantaged OSIS vis-à-vis competitors."

"Investors are confused with Phillips 66. There's no natural shareholder base. Refining investors want to own refining assets. Midstream want own midstream, and chemicals want to own chemicals."

"We went back to compare its actual Capex spend vs. forecasted, particularly as it relates to its China capacity expansion, and found a consistent and repeated pattern of over-estimating Capex."

"CP's share price increased 429% (including dividends) since inception of our investment in September 2011, and 335% from our average cost basis prior to the position being made public, to date"

"Restaurant Brands International’s share price increased 176% (including dividends) since it merged with Justice Holdings and from our average cost basis prior to the position being made public"

"Limiting compensation to verifiable, “Profitable Retail Sales” is a problem for Herbalife because: “Defendants’ program does not offer participants a viable retail-based business opportunity.”"

"Any volume thresholds/requirements for compensation, discounts, and advancement in the Marketing Plan must be met exclusively through “Profitable Retail Sales” and Sales to Preferred Customers"

"MOXC's main operating subsidiary in China, Moxian Shenzhen, and its purported VIE, Moyi Shenzhen, do not have the national licenses required to operate an online advertising business in China."

"Effective October 29th, 2015, CVS Caremark, Express Scripts and UnitedHealth/Optum announced the termination of their relationship with Philidor, comprising the vast majority of the PBM market"

"We are not convinced that PC14586 can raise wild-type p53 activity high enough, for long enough, to effectively restore normal cell function or to result in durable tumor regression in humans."

"Above is a screen shot of another repetitive comment, review. This time, Liang identified as many as 25 comments that were identical and repeated by different users in different WeChat groups."

"Selling the Company is the best and (at this point) the most viable pathway forward to solve its prolonged market issues and deliver an optimal outcome to all with a stake in Alexion’s future."

"The actual percentage is likely lower, as we suspect Intel’s price is even less; and as the average is driven by earlier years ~2020/2021, we think ACTIS today is <10% of sales – if not below."

"Not only the extortion-like tactics employed preceding the privatization, but also the highly unusual deal structure should have been significant red flags for TeliaSonera's board at the time."

"Spruce Point observes that Remitly modified its definition of active customer in a manner that broadens its potential to inflate active customers by considering them over an undefined period."

"We spoke with a Senior NFL Employee who discussed the economics of the deal, that Genius will be committing to invest additional capital in an innovation fund, and potential risks for Genius."

"Avery is expensive relative to its specialty chemical and materials peers, even before our adjustments to its enterprise value for added debts, and normalization of EBITDA and Free Cash Flow."

"SPI alleges FIGS made exaggerated representations regarding its products' antimicrobial properties, at times failing to definitively respond to requests for scientific support for its claims."

"With almost 1.1 million water customers, what benefit does WTRG get from acquiring an asset that both: 1) Has just 2,300 customers that barely moves the needle, and 2) Has no customer growth?"

"If that number he cited was inclusive of the franchises, which constitute 55% of Firstleap's centers but generate little revenue, then the deferred revenue overstatement is even more hideous."

"Zayo is the largest pure-play provider of fiber infrastructure in the U.S. and, consistent with American Tower and SBA, has concluded that many small cell deals are not attractive investments"

"We believe CCI could conservatively trade at a 4.0% dividend yield in this scenario, providing a significantly lower cost of capital and driving 27% upside to the Company's recent share price"

"The carved out entity reported EBITDA that was $229 million higher than what was reported in the same year inside DuPont, meaning 500bps of costs were allocated to Axalta and stayed at DuPont"

"Recent sell-in was a market-driven opportunity as HCM Beyond Payroll gained widespread adoption. Future growth will be challenged without a best-in-class HCM product suite driving “new logos”"

"Keisei executives have the highest fixed pay in the peer group. Fixed pay rose by 10.9% from FY23 to FY24. Keisei have not introduced variable compensation since they began reporting in 2019."

"IPX has been talking about a Japanese customer evaluation with a conglomerate since mid 2023 and that additional lab testing in Australia has been on going since September 2024 (over 1 year)."

"The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential"

"He stated that anybody “tinkering” with IonQ’s device “isn’t really doing anything”; that the type of computation one can do with it is “trivial”; and that the machine is “not really useful.”"

"We find it interesting that management raised the price of G5 transmitters such that the annual cost of continuing to use a hacked G5 is now almost identical to the annual cost of using a G6."

"The stock price reflects concern about ballooning capital costs, chronic lack of free cash flow, a high oil price breakeven, and recent difficulty executing against guidance and expectations."

"Despite McDonald's' hollow attempts to miscast some of our "demands," the reality is our asks are completely reasonable and can help the Board restore its broken credibility with shareholders"

"However, a check online indicates that approximately 78%-95% of the boots are >$100 which suggests that BOOT is stuck with a significant quantity of high-priced inventory that is not selling."

"With its miniscule share count (appx 7.8 million shares outstanding, including Lynrock’s free warrants) any Edge Computing multiple will sweep this stock 6-10x up from current levels or more."

"Only 11 months ago, management said it was “absolutely committed” to driving unit costs down in 2024. Today, management is guiding to a 7-8% increase, representing $1.7B of incremental costs."

"There are numerous examples of accounting errors and scandals tied to misestimating revenues and costs with long-term projects, especially in the Communications, Aerospace and Defense sector."

"Abnormal increase in the Capex / Depreciation and Amortization ratio of SSL pre and post acquisition by MDA in 2012 should be carefully scrutinized and suggest overcapitalization of expenses."

"The online experiences category is expected to grow in the teens, driven by the shift from offline to online channels and growth of the overall category of tours, activities, and attractions."

"If the Company pursues this standalone path, follows our recommendations and makes the necessary changes, we believe the stock could be worth between $22 and $26 per share at the end of 2027."

"But, Cost Curve claims should not be confused with “operational improvement.” The majority of gains on the cost curve have been because of smelter closures and Ma’aden, not better operations."

"The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential"

"AMR’s portrayal of its “Non-GAAP Cost of Coal Sales” is highly liberal when compared with peers. We see observe it is making five beneficial adjustments, whereas most peers make two or three."

"Further inquiries yielded additional red flags: an employee at the Abu Dhabi Health Department related to investigators that the purchase price was “unbelievable” for what was classified as a"

"We estimate she has sold ~$70MM of stock; co-founder and SVP Bill Banyai, ~$42MM; CFO Jim Thorburn, ~$15MM; and President/COO Patrick Finn, ~$11MM – a total of $135MM across these four alone."

"Stopped giving Twist complex orders, only simple, commodity ones; orders take multiples longer than the short lead times Twist advertises; weeks to months vs. days as Twist states on its site"