Callouts & quotes from 26,677+ activist slides

"Normally, we wouldn't feel it was necessary to remind investors of basic business disclosure found in a Company's SEC filings, but investors are ascribing Heska a 9x 2022E revenue multiple."

"Aerojet positions itself as innovate technology-based manufacturer of aerospace and defense products and systems, with a real estate segment related to excess real estate assets ("Easton")."

"At Best SLS Will Provide No Near-Term Upside To Aerojet's Business Based On The Overall Program Budget Projections BUT At Worst, A Shift In Tone By NASA To Consider Commercial Rockets Could"

"Spruce Point does not favor investing in companies with multiple share classes that provide the opportunity for management and insiders to treat public shareholders in an unfriendly manner."

"Kao lags in hiring experienced mid-career talent domestically too, with only 18.0% of managers being external hires in 2023 - down from the previous year - compare this to Unicharm's 33.5%."

"ONP's inventory turn claims of 32.5 times and 16.8 times in 2008 and 2009, respectively, are without credibility when compared to the inventory turns of industry leaders (4.3 to 7.7 times)."

"Spruce Point believes under a best-case scenario there is 50% downside for Danimer’s share price, and worse case the Company is a zero should it follow the fate of its PLA/PHA predecessors."

"More concerning though, Matanya’s cash flow statement, which shows all movements from its inception on December 17, 2017 through December 31, 2018, shows zero lending or borrowing activity."

"While many technology companies claim to be industry disruptors, Spruce Point prides itself on identifying those companies with notable business failures and constant business model pivots."

"The proxy advisors highlight troubling governance practices at Phillips 66, including selective or misleading communications and a leadership structure that prevents proper Board oversight."

"Nova’s control over Snow Lake Resources has a controversial history. A subsidiary Manitoba Minerals Pty Ltd is linked to an ASIC insider trading case against Nova’s former CEO Mr. Kimelman."

"Spruce Point believes that analysts overvalue AOS because they believe its margins are superior, sustainable, and that the recent growth setback is "temporary" and not of long-term concern."

"Massachusetts General indicated the lung product has no use case and that cold storage is superior – universal feedback across our customer calls; and that the device is dangerous to hearts"

"As the currency hedge benefit has reversed through the last two years, underlying gross margins have purportedly risen by *EXACTLY ENOUGH* to keep total gross margins steady between 39-40%."

"Booz Allen acknowledges the Amazon recruitment threat and has reported recent challenges. Using LinkedIn data we see that Leidos new hire growth has been marginally worse than Booz Allen's."

"The problem for Soleno: a combination trial of its tablet and diuretics would have made the risk of PH/CHF obvious and killed its chances, not to mention scaring off physicians and parents."

"BEA HK has a relatively lower proportion of customer deposits as compared with its peers, the bulk of which are more expensive time deposits, which in turn leads to a higher cost-of-funding"

"That would indicate a problem somewhere in the business. If your take rate was stable and transaction size fell or vice versa, that would indicate something's getting worse in the business."

"I don't want to have to keep asking the same questions and I don't want to be standing here till midnight. But I can tell you I won't be leaving until I receive acceptable answers from you."

"This leaves CoreWeave in a structurally disadvantaged position: it must price at a steep discount to win business but cannot achieve hyperscaler-like efficiencies to offset those discounts."

"The FDA relied upon an absurdly small Harmony PK study in CYP2D6 poor metabolizers (n=3) to conclude that steady-state plasma levels in such patients are twice those of normal metabolizers."

"We have been able to find none of this between Shenzhen Moxian and Shenzhen Moyi, leading us to the conclusion that there is no legally binding or enforceable VIE structure in place at all."

"Thus, we expect that one of the SDAX companies will officially replace HelloFresh in the MDAX in the next index review announcement on December 3, 2025 with effective date on December 22nd."

"Archer has failed to keep aircraft mass below 6,000 lbs and this example is one of many instances where Archer downplays Joby's accomplishments in order to falsely elevate its own standing."

"We estimate a grand total of 58% of IONQ’s total bookings reported in 2024, $54.6 million, were unfunded portions of federal contracts that had been awarded via a secret earmarking process."

"The loss of the PPB will be financially devastating for SGH. By downplaying the recent developments in Brazil, management has avoided serious questions about the long-term viability of SGH."

"Wir vermuten stark, dass es sich dabei um Notfallreaktionen auf Margin Calls handelte, die jeweils auf einen deutlichen Kursrückgang folgten und mit einer sofortigen Zusage verbunden waren."

"Misclassifying and improperly valuing inventory to evade impairment charges that would wipe out historical earnings is a tactic common to some of the most significant fraud cases over time."

"In frauds there is a limit and eventually the bubble must burst - one cannot outrun the fundamental accounting equation between the income statement, balance sheet, and cash flow statement."

"They did not show anything – I am really skeptical about that source from Isteq or from the Russians. As is, it would not work. It's nothing but a lab prototype, slightly more than an idea."

"In our view, residential, self-storage and warehouses provide attractive inflation hedges, while office and net lease real estate are likely to be poor stores of wealth amid high inflation."

"GoDaddy is a scale-leading infrastructure business trading at 11x FCF; replaying Starboard's Splunk/Wix/Salesforce margin-expansion playbook can close a 37% peer gap and re-rate the stock."

"We believe the time has come for Yahoo’s management and Board to narrow Yahoo’s focus to areas where it can demonstrate a high return on investment and a sustainable competitive advantage."

"Sipex's shares fell >70% post disclosure of an investigation into revenue restatement. Revenues were restated 35% lower and gross margin was revised from -8.9% to -24.8% or 1,590bps lower."

"Phillips 66 has materially overstated the costs associated with a spin or sale of its Midstream business to cloud the simple, clear math showing the potential value unlock of a separation."

"UMG’s current valuation represents a significant discount to intrinsic value and does not reflect the company’s attractive business characteristics and runway for sustained earnings growth"

"ANTA undertook a series of transactions shortly after its IPO that convince us that ANTA insiders always intended to defraud outside investors, and enrich themselves at investors’ expense."

"While there could be an innocent explanation for this, we believe this illustrates the hundreds of dials Eurofins could turn to create revenue and expenses were senior management inclined."

"However, as we show in the following slides, we find that the history of the business extends almost ten years earlier - and that it has been mired in legal controversy from the beginning."

"Not surprisingly, there have been many attempts to displace the Kroll process with a few making it to the pilot plant stage, but all failing to achieve scalability and widespread adoption."

"After Vitek Seemingly Creamed ~€36.7 Million in Cash Gains by Round-Tripping Land Plots, CPI PG Took Highly Questionable Fair Value Gains on Them, Padding Reported Asset Values and Profits"

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65 – 95.90/share, or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom's common shares could trade at between $65-95.90/share, or up to 135% above current levels."

"These companies' stock prices have dramatically outperformed their competition because traditional multiple-of-earnings or cash-flow based valuations do not properly reflect Platform Value"

"Unfortunately, these were not identified or addressed by the Developer, in its communications with the Council; and they were not identified by anyone in the papers prepared for the Court."

"If PowerSchool was previously ignoring discounts in reporting its revenue, this could suggest that previously recorded revenue has been overstated and future revenue growth may disappoint."

"Over the past year, SE has traded down 5% versus comps which were up 21% - a 26% underperformance. Over a 3 year period, SE's underperformance has been much more dramatic - 72% below comps"

"The final tranche of Class B shares is due to vest on Sep 30, 2020 - the day before Premier's seven-year contracts expire (perhaps explaining why these hospitals haven't canceled already)."

"Since Martin Franklin joined Jarden in 2001, the company has achieved success as a well-managed consolidator of consumer products assets, generating a ~45x total shareholder return to-date"

"After more than a year of supposedly running a sale process for non-core assets and just weeks before the Annual Meeting, the Board suddenly received an offer. What a timely coincidence..."

"BlackRock proclaims itself as a defender of governance for the benefit of its clients, but does not concern itself with having below-average governance to the detriment of its shareholders"

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"According to this expert's words, the Company's revenues were in the range of $4 to $8 million in 2018. This is substantially lower than the $12 million of revenue Oatly recently reported."

"There needs to be real tight connection between the commercial organization and the refining organization...that's something that Phillips 66 seems to have taken their eye off the ball on."

"Spruce Point has a track record of prescient calls with both robotics and hardware technology companies promoting to be capable of transforming their business with more software solutions."

"However, after subtracting Blackout Bingo’s revenue from the top three games’ total revenue, we estimate that Tether’s top two games sequentially declined by -5.9% sequentially in Q3 2020."

"We are short Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) because its accounting is so complex and misleading that its financial statements are effectively meaningless."

"We show additional photos of the loading dock, which suggests no activity ahead of a purported ramp-up, as well as various angles of the parking lot that indicate it is basically deserted."

"In other words, DGW would be delaying or refusing new orders for a period of approximately three months. Based on our discussions with competitors, this would be atypical for the industry."

"Spruce Point believes that WD-40 (Nasdaq: WDFC or “the Company”) is widely misunderstood and believed to be defensive, but in reality, is facing both long and short-term secular pressures."