Callouts & quotes from 26,677+ activist slides

"Current investors are paying a significant premium to the Company’s historical valuation – and that is on the Company’s suspect adjusted metrics taking them at face value."

"Shareholders should be alarmed that the Board and Mr. Shaw willingly gave up a valuable asset to their closest competitor in exchange for hiring an inferior COO candidate."

"Applying 8x our estimate of 2028E EBIT (incl. stock-based comp), and subtracting year-end 2025E net debt, implies a fair value of $13 per share, representing 88% downside."

"New Sony will benefit from perceived "scarcity value": High growth, low capital intensity, and levered to the most important secular growth drivers across the media space."

"The first publication that we can locate with analyzable HbA1c and fasting glucose data is a May 4, 2024 poster by Gevers, Miller et al. with Soleno's Bhatnagar and Cowen."

"if we're able to have that resource for the suspension versus the tablet, interchanging the dosages, I think that's going to help the docs a lot for prescribing off-label."

"TIP REIT has many of the same features of Treasury Inflation Protected Securities (TIPS). However, TIP REIT has the added benefit of a growth platform and no “Phantom tax”"

"One ex-territory manager explained it as a textbook off-label scheme: “the trick was to get it covered under cataplexy…now, we market it for – I don’t know what we said….”"

"Our literature search going back decades failed to locate a single study demonstrating a correlation or index of histamine levels vs. t-meha, whether in rodents or humans."

"Just Business invested $1.25 million into ABML while Mr. Batstone will receive ~1/5th of that investment back in equity and $120k annually in exchange for this board role."

"We expect litigation in this space to increase in volume and breadth as parents push regulators and legislators to crack down on companies using children's data illegally."

"Another CoreCard employee, Gerald Pereira, was also simultaneously working at Globe Teleservices, New Vision, and CoreCard, up until 2016, according to his LinkedIn below:"

"Our analysis indicates that the CEO and the other pre-IPO members have taken more than $900 million off the table through a combination of different methods since the IPO."

"All four confirmed that the machines were so instable that each one required 3 full-time Lasertec field service engineers, for a total of 9 just in Intel’s mask shop alone"

"Although Lasertec’s entire “monopoly” position in EUV mask inspection is based on its purported ability to inspected masks with a pellicle, the tool cannot reliably do so."

"The combined $601 million of PSH share buybacks and $540 million of cumulative share purchases by PSCM affiliates have reduced the free float of PSH by 32% since the IPO."

"How can AVY have a “disciplined approach” to capital when it has no available cash. Notice that AVY does not list its $232m of “cash and equivalents” as a capital source."

"Generac hasn't given explicit margin guidance but was asked twice. Based on the CFO's response, it appears he materially pushed back EBITDA margin expansion expectations."

"We are concerned that the Board’s actions were not only self-serving but also directly adverse to the best interests of shareholders and their ability to elect directors."

"Yet, already, it seems clear to us that entities related to the Ward family have been active competitors to SandRidge Energy in the acquisition and sale of mineral rights"

"In 1998, the Leizhou Forestry Bureau finally lost its patience and submitted a letter to COFTEC containing numerous grievances, and requesting that the EJV be terminated."

"Then we come to the issue of supervisory board selection. This is one of Muddy Waters' central charges. They say, OK, we have a supervisory board that is not independent."

"Peloton is a unique franchise that can thrive from here. Instead of focusing on growth, management will need to focus on the durable subscription model and profitability."

"We estimate that Monolithic has spent $126m on land and properties, which dwarfs spending on M&A and share repurchases, and is surpassed only by $192m spent on dividends."

"Why does Monolithic need to have so much square footage per employee? MPWR's 381 sqft per employee is the highest among peers, and well above the industry average at 312."

"Our analysis focuses on a "Net Operational Profit Margin" to isolate float income (including the overstated credited yield) and to properly account for corporate expenses"

"Implementation starts with a great leader for the brand with a vision for Olive Garden, paired with transformational energy to motivate the people within the organization"

"Thanks to the comically named 2012 JOBS Act, the “Reg A+ offering” offers a way for dog shit companies to go public while avoiding the stigma of a reverse merger listing."

"This creates the misleading impression that the cycle life trend is flat – that is, battery life is stable and barely degrades over time, under low temperature conditions"

"This version omits the words “successfully” and “an industry first,” and merely notes that the cells had been tested, a non-committal and thus meaningless bit of wording."

"This creates the misleading impression that the cycle life trend is flat – that is, battery life is stable and barely degrades over time, under low temperature conditions"

"The largest holders – venture capitalists like Khosla/Kleiner Perkins – appear to have dumped 100% of their stock within 5 months – presumably right at lockup expiration."

"In the Last 5 Years, Viacom Shareholders Have Paid CEO Philippe Dauman and COO Thomas Dooley a combined $432 million in compensation, Far Ahead of Any Other Media Company"

"An NMA decision will be vitiated by public law error if there has been a material error of law, including in understanding the correct meaning of the planning permission."

"We believe that BXMT will ultimately recognize significant losses in its loan book, ranging from $2.5 billion to $4.5 billion. These losses could wipe out its market cap."

"In October 2023, Meta was named in a new lawsuit brought on by 33 states. The District of Columbia and eight other states filed separate lawsuits alleging similar claims."

"We question why the Board, including new members added between 2018 – 2021, chose to overlook problematic conflicts and keep highly-interconnected directors on the Board?"

"Under Mr. Gallogly's leadership, LyondellBasell created tremendous value for its shareholders and significantly outperformed both the chemicals and broader market indices"

"Implementation starts with a great leader for the brand with a vision for Olive Garden, paired with transformational energy to motivate the people within the organization"

"Arconic reported automotive (including brazing sheet) contributed 11% of 2016 sales; or between $1.3 billion and $1.4 billion (10.5% vs. 11.49%) vs. a $1.5 billion target"

"In the face of poor performance and with thousands of employees losing their jobs, Dr. Kleinfeld thought it was a good idea to recreate the Jetsons for marketing purposes"

"We believe restoring the magic at Disney starts with a focused, aligned and accountable board, intensely committed to returning an 'ownership mentality' to the boardroom."

"We spoke with two medical device regulatory compliance consultants, both of whom believed that, in their opinion, iRhythm’s failure to report complaints was indefensible."

"We believe iRhythm has benefitted from a number of transitory tailwinds. We see a plethora of emerging headwinds and potential investor disappointment in the coming year."

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"PricewaterhouseCoopers LLP has not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to these operational metrics or their components."

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"Twist’s CFO – in his LinkedIn profile – indicates his responsibilities at Televerde included “establishing global operations in Glasgow, Scotland and Cordoba, Argentina.”"

"Two of three executive hires made at the end of 2017 were direct hires from 2U. As former 2U employees leave to go to the disruptors, we think the street should take note"

"GE has exhibited limited margin improvement - despite a beneficial mix shift toward higher-margin services revenue - because equipment margins have significantly declined"

"If the maximum tax-supported debt after a restructuring would be at most $18 billion, it implies losses of over $2 billion on just the tax supported debt AGO has insured."

"As a result of strong side intervention, HK’s Monetary Base increased HKD $671bn or ~200% over two years. HK has effectively no control over the size of its Monetary Base"

"Through the May 2023 filing of Samsara’s audit committee report, its Audit Chairman and “Independent Director” Jonathan Chadwick served on a mind-blowing ten (10) boards!"

"We believe C3.ai has gone through multiple iterations as a company chasing popular technology themes and buzzwords while incorporating them into its formal business name."

"We agree with the goals of the recent proposals for housing finance reform, but believe the proposals are impractical and will work against the goals they seek to achieve"

"Being an S&P 500 index member is a validation of absolutely nothing. It means more financial scrutiny and more due diligence should be applied before investing, not less."

"Inconsistent Methodologies Used: The column titled "P&G Peers" uses a Simple Average, while column titled "Peltz Serving on the Board" uses a Market Cap Weighted Average."

"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"

"Our simple regression analysis linking valuation to organic growth rate among IT outsourcing peers suggests 40% to 50% downside (approximately $24.50 to $29.50 per share)"

"Dr. Beckerle is a beneficiary of substantial donations from the Huntsman family. Despite this fact, the Board shockingly claims Dr. Beckerle is an “independent” director."