Callouts & quotes from 26,677+ activist slides

"So when it comes to long-term storage of product, you're going to have to either compromise on your product quality, which sometimes it's unsafe, or reduce your shelf life."

"If the $25bn of excess payments were returned to Fannie and Freddie, Fannie would not need to raise any private capital, while Freddie’s capital raise would be much smaller"

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"One leading center after another indicated that the OCS platform is a commodity with no value proposition, detailing why it failed in heart and lung, and why liver is next."

"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."

"Can AST do it in a way that people expect their cellphones to work and how AST itself promotes its technology solution? Not according to the guy who wrote a textbook on it."

"While each individual error is listed as immaterial, we wonder if in aggregate, all of the issues we’ve presented are material to the integrity of the financial statements."

"With many questionable financial issues (warranty reversals, exploding DSO/DSI, reclassifications, errors, and more), we believe a closer look into IRBT’s CFO is justified."

"If negative 32 percent is what this board and management can produce after a bankruptcy eliminated most of their legacy issues, it may well be time to let someone else try."

"Each time a major new gaming medium has emerged in the past, there have been predictions that it would ultimately disrupt the console gaming industry and render it obsolete"

"That's why Muddy Waters started spreading rumors that are factually totally inaccurate. There was no pre-acquisition, or even an interim acquisition or God only knows what."

"An industry executive highly familiar with Sunnova's business model suggested that by evaluating Sunnova's position with Porter's Five Forces its positioning would be weak."

"BLI's marketing revolves around the notion that its machine is faster, not that its technology enables radically different capabilities than currently used lab instruments."

"DSR Ventures presents itself as an angel investor, yet we found no public record of meaningful startup investments, no company website, and no employees listed on LinkedIn."

"Nearly 40% of the operating companies in B. Riley Financial, Inc.’s 13-F either issued going concern warnings or discussed going concerns in their respective Q3 2022 10-Qs."

"We view missing interest income as a reliable indicator of missing cash and a more than reasonable basis for questioning the legitimacy of QTT’s cash balance and liquidity."

"The market value of Southwest’s aircraft ($17B) exceeds the TEV of Southwest, implying no value from operating the largest domestic airline beyond the value of the aircraft"

"INOD’s executive team utilizes a veritable library of AI buzzwords in earnings calls and press releases, but our research shows their AI platform is more fiction than fact."

"As shown below, a picture taken of Trulieve's “Dutch Hawaiian” cultivar by a Florida medical patient shows that contaminated flower has been sold as-is to Florida patients."

"For every dollar in biological assets, Trulieve is able to generate the least amount of dollar sales. This strongly suggests that the mark-up on these assets is overstated."

"This seems like an outright lie, given that the signing ceremony was covered by local news in Korea and that Goldrone itself made a special announcement about the contract."

"The Cymer scientist stated that it is impossible for Lasertec to replicate a tin plasma-based LPP source similar to ASML’s, as it claims with its new “Urashima” technology."

"The world's largest chipmaker's experience with Lasertec has been a disaster, not only with its ACTIS EUV systems but also with its outdated, previous-generation DUV tools."

"In other words, if DKNG pivots into exchanges in the coming years, the TAM expansion opportunity touted by sell-side equity analysts and others might not meet expectations."

"I have spoken to our legal and HR department; it’s actually tricky to provide any employee details without approval from the employees and German law is quite strict here."

"Nuvei only reports revenue in one operating segment, and at a most basic level, does not give much insight into the mix of its merchant revenue across "complex" verticals."

"In our opinion, the currently existing policies evidently reflect the fact that public schools and private schools enjoy the same unified standard of tax policy treatment."

"To provide the real change Campbell shareholders deserve, Third Point seeks to replace the entire incumbent Board with an attractive new slate of highly qualified nominees"

"A Partner At Joy’s firm, Herman Turkstra, was a Director of Philip Services and the law firm received fees of C$769K, C$921k and C$516K from 1995-1997 (Source: prospectus)"

"When we type in “Generac Power Systems” on Facebook, the first advertisement we saw was for Geneverse products. Scrolling down further, we saw advertisements for Goal Zero"

"There is clear evidence that ecobee's revenues were greatly diminished in the past few years and have fallen wildly short of its goal to hit $1 billion of revenue by 2020."

"Insiders have been selling aggressively over the last six months, just as Ally cut back on its lending to Carvana and as earnings became more dependent on one-off drivers."

"The EJV never achieved “normal operations”, and neither the plans for the manufacturing facility, nor any additional land utilization or forest acquisitions were executed."

"ADP’s insular, bureaucratic, and staid corporate culture causes the Company to trail competitors in recruiting talent, eroding the Company’s long-term competitive position"

"We believe CTC will be unable to maintain its current level of capital return given its current leverage and need to delever in order to maintain its current credit rating"

"It is unfortunate that you have wasted one and a half years failing to reposition the Company to take advantage of the long-term growth opportunities in transition metals."

"We believe Autodesk can achieve these targets through approximately $350 million of net cost savings and 55% incremental margins on consistent revenue growth expectations."

"We believe adding yet another layer between management and the guest has only exacerbated Darden's #1 problem - a lack of focus on the day-to-day in-restaurant experience."

"Consumables make up a growing percentage of Family Dollar’s sales volume. Growth in consumables is responsible for most of FDO’s recent traffic and same-store sales growth"

"The spread between sell-in and sell-out prices increased $10 per tire, equating to ~$400 million on 40 million U.S. replacement units (~205 basis points on 2023E revenue)."

"Spruce Point is concerned that at IPX's stated production scale goal of 10,000 tpa, we estimate the Company would be ~20% - 30% of the global annual titanium scrap market."

"To the extent this is true, we believe it would create another major challenge for IPX's supply chain in validating that its titanium scrap is authentic and unadulterated."

"Volkswagen employees indicate that engineers and battery experts internally are highly skeptical of Quantumscape’s claims, getting “nice Powerpoint slides” and little else"

"At this point, Ritchie Bros.' share price is essentially unaffected by the transaction announcement – meaning Luxor's hyperbolic and reactionary claim should be dismissed."

"No doubt retail is a tough business, but BOOT's executives and Board members have been associated with an unusually high number of retailers that ultimately went bankrupt."

"We believe adding yet another layer between management and the guest has only exacerbated Darden’s #1 problem – a lack of focus on the day-to-day in-restaurant experience."

"Maxar is expensive relative to peers when considering its declining growth profile and adjusting for its inflated Non-IFRS metrics that analysts give it unjust credit for."

"Yahoo's potential has been diminished by failed management and governance at the highest levels (i.e., CEO and Chairman positions), but new opportunities await new leaders"

"Spruce Point has a successful track record of identifying inflection points in consumer and medical product companies well ahead of sell-side analysts and other investors."

"In our view, there continues to be a clear lack of operating discipline at the management level as well as ineffective oversight from the Board of Directors (the “Board”)."

"Arconic doesn't get it. They describe PCC's cost-focus as coming at the expense of growth. This is a critical mistake. PCC grew because of, not in spite of, its cost-focus"

"Though we have identified that one-quarter of the total number of PUs were connected to YY, it does not mean that three-quarters of PUs and half of gift payments are real."

"We highlight that iRhythm management rushed to sell stock immediately after its recent Q2 results. $4.8 million of the $5.8 million in stock sales came from CEO Blackford."

"However, in the case of CEO Blackford, we find that nearly every company he has been involved with at the senior executive or Board Director level has faced controversies."

"In apparent contradiction to its down-market positioning, NMC's EBITDA margins are significantly higher than those of Aster and Mediclinic, by about ten percentage points."

"Oatly’s own 2019 Sustainability Report shows the Millville, NJ facility consumed 55% more water per liter of oat base produced than its Swedish and Netherlands facilities."

"Yet, Spruce Point finds it baffling that the book vale of Dropbox's patents has not changed at all from $13.0m since first filing financial statements referencing FY 2016."

"Robert lane’s biography does not include his tenure at Madison Williams which is shown on his FINRA Broker Check (source). Madison Williams was backed by dubious investors"

"Robert lane’s biography does not include his tenure at Madison Williams which is shown on his FINRA Broker Check (source). Madison Williams was backed by dubious investors"

"Twist’s fatal flaw is the impossibility of manufacturing DNA strands – oligos, the foundation and building block of its entire product line – without errors and mutations."