Callouts & quotes from 26,677+ activist slides

"The SEC seems more likely to bring a case against an individual investor over a small crime than it is to prosecute a large corporation that fudges its numbers for years on end."

"the organization is deemed a pyramid scheme if the participants obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers"

"Herbalife’s deceptive characterization of the settlement has been accepted by the media and is being promoted by senior HLF distributors in an attempt to stop distributor flight"

"We first called each of the three telephone numbers twice, two hours apart during the middle of business hours on a weekday and found that none of the phone numbers were active."

"Archer’s tangible engagement with the U.S. DoD appears superficial. Headline contract values mask a reality of minimal funding and a lack of substantive operational integration."

"We believe this so called "merger" is just a scheme by two desperate companies to boost AGBA’s share price and sell shares into the pump to uniformed investors to raise capital."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). They will What kind of bed do you have?"

"We see it as no coincidence that gross margin, operating margin and net margin all peaked in Q3 2018, the same quarter that Brazil peaked as a percentage of SGH’s total revenue."

"However, according to a source who claims to be a former GSX employee, GSX actually hires cheap teachers that just graduated and also allows applicants to make up their profile."

"We urge you to democratize this experience and to continue to embrace the future of home entertainment with the utmost urgency in executing the company's digital transformation."

"The 16-page SEC complaint reads like a manual for how to cook the books if you’re a semiconductor company, detailing the accounting tricks and levers applicable to the industry."

"The A300 uses newly designed optics and high-brightness light source 'URASHIMA'. It achieves significant improvement in defect detection performance compares to the A150 series."

"Lasertec tries to keep Ushio “in the dark” about Urashima light source problems; has just “as much downtime; Ushio engineers can see the basically two light sources side by side"

"Unfortunately, despite each of these opportunities remaining, over the last 18 months we have been disappointed by GoDaddy's operational, financial, and stock price performance."

"The foregoing sample makes clear that ONP's asset values in its PRC financial statements are inflated by many millions of dollars – and likely by at least five times as of 2003."

"Amateur Hour at ONP. Note the water on the folding tables – and even on the paper being folded. Once paper is exposed to water, it is unsuitable for printing and loses strength."

"The broadened description is a marked customer shift that puts Remitly up against greater competition and may be indicative of challenges with its core immigrant customer base."

"We believe GoDaddy has a significant opportunity to improve margins and drive shareholder value through a disciplined approach to operational efficiency and capital allocation."

"We believe this incident illustrates both the Company’s cultural issues as well as the Board’s failure to instill accountability and provide effective oversight of the Company."

"The 800-pound gorillas in the room are the NFL and FanDuel. And Genius or Sportradar are the intermediary. If anyone's going to get squeezed, it's going to be the intermediary."

"Despite our never having taken a public stand on China’s political issues, the CPC is clearly treating Muddy Waters as a threat, and is taking overtly hostile actions toward us"

"Spruce Point believes it’s a major red flag that Avery has ceased disclosing in its 10-Q quarterly filings the nature and breakdown of its operating and finance leases in 2020."

"A senior official of China's Paper Manufacturing Association stated that ONP's claims about the capacity of the corrugating medium line it has ordered are in "no way" accurate."

"Despite Box’s technology leadership and strong competitive positioning, the Company has underperformed its Peer Group by more than 450% since its inception as a public company."

"Without this refinancing income and without excluding the gift expense, management would have missed GPU guidance of $2,300 by ~10%, and GPU would have contracted sequentially."

"I don't know if that would really make much sense now. I'll do my best to answer your questions. But you can spare us the cynical and sometimes misogynous remarks, I think. OK?"

"Monolithic's multiple is expanding at exactly the wrong time: it's financials are signaling extreme pressure, its auditor was just dismissed, and its end markets are weakening."

"We wonder what kind of lawyer would be interested in serving as a legal officer for a business whose entire business model involved operating in a legally-nebulous marketplace."

"We believe that Bob Evans Farms, Inc. ("Bob Evans" or the "Company") is materially undervalued, as its stock price does not reflect the intrinsic value of its underlying assets"

"We submitted a FOIA with Halifax County, VA where IPX’s manufacturing facility is located to request its Machinery & Tools and Tangible Property forms for the last three years."

"Brazenly, despite resorting to an elevated temperature, the CEO recently claimed in an interview to have solved the dendrites problem - without having to raise the temperature."

"Red flag 1: The slide’s fine print shows a battery life of only ~110 cycles, or a measly ~30K cumulative miles, contradicting its earlier claim of 1,000+ cycles and 300K miles."

"Similar to Pershing Square's large ownership interest in HHH post-transaction, Brookfield Corporation (NYSE: BN), the sponsor, holds large ownership stakes in BIP, BEP, and BBU"

"This gold plated chip is the heart of our quantum computer. This is a picture of an ion trap chip. It's the size of many other chips, easily manufactured, and with high yields."

"Does Hess think this washes clean John Mullin’s relationship with the Hess family? Such closeness ought to be inappropriate for board membership, let alone lead directorship..."

"Was the decision to withhold the March 31st TCV figure a deliberate attempt to avoid disclosing a lower number prior to the closing of the headline AstraZeneca/Pathos contract?"

"Under his leadership as CEO, total shareholder returns have been abysmal, and Mr. Simmons has done nothing other than to reiterate that the Company is at “an inflection point.”"

"Starboard engaged with GCP to protect shareholders suffering from consistently poor operational execution, poor governance, lack of Board oversight, and lack of accountability."

"How does DNMR stretch 250 million to 390 million? We have no idea, but see this as another example of DNMR management brazenly manipulating investors into buying its narrative."

"We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)"

"While low prices pressure supply, recent demand has been strong, up mid-single digits, driven primarily by electricity usage. Longer-term demand should grow almost 3% per year."

"Does Hess think that washes clean John Mullin's relationship with the Hess family? Such closeness ought to be inappropriate for board membership, let alone lead directorship..."

"Ancora believes these calculations directly confirm the crux of our thesis that management and the Board have and continue to pursue revenue growth over profitability and ROIC."

"Collectively, the group showed a net cash outflow of RMB 12.0 million. Yet, YY would have recorded RMB 17.1 million in revenues from gifts given to Ruitiantian, as shown below."

"GGP owns 35% of Aliansce, a Brazilian mall developer, which went public in January. Pershing Square is the second largest owner with roughly 14% of the total shares outstanding"

"PF GGP will have the added benefit of near-term growth as it refocuses on its operations post-emergence and corrects for the under-performance that resulted from its bankruptcy"

"As stated in the 2023 ACC/AHA/ACCP/HRS Guideline for the Diagnosis and Management of Atrial Fibrillation, "Brief episodes of subclinical AF are at low risk of clinical events.""

"In part because of the involvement of ANTA proxies Lin Sankuan and Su Weiqing, we believe Li Yuxiong is in substance another manager from ANTA, and is not an independent party."

"Warning: Oatly's own rapeseed supplier sheds light on multiple factors elevating prices, but doesn't articulate a clear reason as to why they should come down in the near term."

"Spruce Point finds Oatly's research and development spending as a percentage of sales is materially lower than its high growth, high multiple plant-based food peer Beyond Meat."

"Instead of honoring the wishes of shareholders and calling the Special Meeting, the Board decided it knew best and chose to completely ignore the will of Darden's shareholders."

"Pershing believes that McDonald's, pro forma for the McOpCo 20% IPO, would have a 2006E Free Cash Flow yield of 4.3 % - 4.7% at stock price in the range of $46 - $50 per share."

"Investors should strongly evaluate O’s Board of Directors, and in particular, its audit committee members tasked with overseeing management’s accounting and financial policies."

"Genscript is also a money-losing dumpster fire, so the announcement doesn’t validate Twist’s space, but merely highlights that Twist is not even the tallest midget in the room."

"Adjusting for the combined effects of all of these dynamics, it becomes clear that GY is trading at 8.2x the recurring cash earnings power of its aerospace and defense business"

"If you grow your Industrial EPS...4% a year over the next couple of years, that gets you to $2.00 [EPS in 2018]...Now I'm going to run the company to a higher number than that."

"Management frequently points to Frigo Cheese developments, but we observe that Saputo has changed the tone and strength of its language around the Frigo cheese brand over time."

"We note that Sequa has previously had a supply arrangement with Calgon Carbon, a Company where GCP's current CEO, Randy Dearth, has previously served as a Board member and CEO."

"ELF’s share price commands a premium to peers as revenue growth has recently been more than double the industry average and it has avoided slower growing international markets."

"Any continued underperformance of AOL advertising sales is particularly of concern, as the mainstay of AOL's new strategy is advertising from its content sites on the Internet."