Callouts & quotes from 26,677+ activist slides

"The bottom line is this is going to be a challenge, and an oral solution or even an injection would be preferable to a daily pill of this size that has to be taken whole."

"GLP-1's likely to work better for PWS than Vykat; "really good results"; excited about trials and other options vs. Vykat; Soleno already trying to market against GLP-1's"

"There were no transaction costs associated with acquiring Crank Logic, and none of the acquisition-related compensation expenses was attributed to the acquisition either."

"Harmony Biosciences is a house of cards, built on an extensive scientific, clinical, and commercial fraud designed to exploit every weak link in the US healthcare system."

"Spruce Point believes that a major and growing risk is that as MSCI expands, it is encroaching into more direct competition with BlackRock, which is its biggest customer."

"Investors should carefully consider Nova’s previous side-ventures while evaluating its likelihood of success in developing the Estelle Project and its antimony ambitions."

"We believe the typical distributor earns less than $100 per year before expenses. Only the top ~0.1% of Herbalife distributors earn enough to “achieve financial freedom.”"

"The timing of these acquisitions and the shift in rhetoric suggests management was aware of the impending disaster in Brazil and were now scrambling to dilute its impact."

"In our view, it is fair to conclude that this chain of events a) is unnecessarily complex for an above-board transaction, and b) creates ample opportunity for wrongdoing."

"AOC vermarktet sich selbst als disziplinierter Value-Investor, aber seine Kampagnen fielen immer wieder mit bargeldintensiven Turnarounds und negativen Renditen zusammen."

"Disney appears to have paid 26.5x 2018A EBITDA for Fox’s traditional media assets (excl. Hulu) whereas comparable media transactions were completed at 11.9x LTM EBITDA(1)"

"The lack of any apparent R&D or production activity at the Innovation Park is troubling given Lasertec management’s ongoing claims that it became operational in mid-2023."

"Despite spending approximately $557 million, or $26.65 per share (vs. current price of $8.03), in R&D and acquisitions from 2007 to 2012, enterprise value declined by 77%"

"Cenay Iletisim (after it had already gained the shares and consequently significant dividend payments) pales in comparison to the put option liability incurred by Fintur."

"Sandell intends to vote against the deal, encourages fellow shareholders to do the same and seeks to have the Company run a proper auction to maximize shareholder values."

"The court-appointed special manager of his assets stated that Reifman was a “slippery, clever man who stops at nothing and does not recognize the authority of the court.”"

"The most absurd example of RUN's aggression on the tax side is that its partnerships claim a tax basis for ITC purposes that includes the value of the tax credit itself."

"Nuvei’s High Growth North American eCommerce Being Lead By Moe Tassoudji, A Man With A Checkered Past Linked To A Boiler Room Scheme And The Adult Entertainment Industry"

"Among top-performing restaurant companies, Buffalo Wild Wings is one of the only companies whose compensation is entirely independent of EPS, ROIC or shareholder return."

"Spruce Point finds it incredibly suspicious that Off Grid's sister company and customer subsequently impaired assets in an amount similar to the receivables it was owed."

"It should be noted that this expenditure will not improve ATL’s margins as energy costs are all passed through to carriers who will solely benefit from this expenditure."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"We worry when we read sell-side research that crafts bull case arguments with data points that have been directly contradicted by company management or our own research."

"We believe that TROX post-Exxaro deal ("New TROX") will be the strongest player in its industry with 100% vertical integration and unparalleled free cash flow generation"

"It’s an easily-digested narrative and a superficially attractive story for growth-oriented investors, so long as they’re willing to take management at its word. Boo-yah!"

"Valuing PETQ shares on-par with – or even at a slight premium to – peers in the pharmaceutical distribution and pet care spaces yields 75-90% downside to current levels."

"Darden did not even own the ad space on Google for Olive Garden until recently. When we searched “olive garden” in May 2014, the first sponsored link was for Carrabba’s!"

"The spread sheets linked to the Muddy Waters “report” clearly have significant discrepancies from the Company’s actual advertising kit, as the following charts indicate:"

"Elliott proposes to acquire athenahealth for $160 per share in cash for 100% of the outstanding shares of the Company, representing an enterprise value of ~$6.9 billion."

"Shareholders should not trust the management team or a Board that has overseen financial underperformance, poor capital allocation and unacceptable corporate governance."

"Elliott believes that there are clearly identifiable steps to realize value at ACAS and that a capable Board actively overseeing a strategic review can unlock this value"

"Darden did not even own the ad space on Google for Olive Garden until recently. When we searched “olive garden” in May 2014, the first sponsored link was for Carrabba’s!"

"By aligning advertising spend closer to industry standards at Olive Garden, we estimate Darden could improve EBITDA by $62 million – coupled with an increase in traffic."

"Kroger, Safeway, Super Value, HEB, Wegman’s and Costco have indicated they would be interested, as soon as a private label manufacturer can produce a K-cup with a filter"

"YY has created the illusion of a third-party relationship while allowing the company to maintain control of its Potemkin ecosystem of fake viewers and inflated revenues."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"The Company's entire new plan – pausing M&A, focusing on organic growth opportunities and using cash flows to reduce leverage – is essentially ripped from Engine's plan."

"Management’s disclosure practices are insufficient and foster shareholder mistrust, impairing investors’ ability to evaluate their investment and the business generally."

"There is an opportunity to deeply embed Practice Area Tools within firm-wide Practice Management Software to provide law firms a single platform in each DND jurisdiction"

"BlackRock is simply not in the position to fulfil its stewardship responsibilities. The Board, due to lack of independent oversight, has failed to recognised this issue."

"Warning: How is it that after more than 20 years in business, Oatly does not have in place named executives, or a structure beyond the CEO and CFO in its IPO prospectus?"

"Notice carefully, that Oatly does not report any cash associated with asset sales that should flow through the "Investing Activities" section of the cash flow statement."

"GTT's trailing-twelve-month (“TTM”) cash conversion rate is only 5.1% - significantly worse than most of its peers, whose weighted average cash conversion rate is 21.5%."

"Valuing WSP's shares in-line with industry peers to reflect rising fundamental challenges and financial strains suggests 25%-50% downside risk (C$110 – C$165 per share)."

"Mr. van der Zalm appears to be doing backflips to avoid admitting that the $46.4 million gain arose solely from negative goodwill Noble booked on the PT ALH acquisition."

"Collectively, his deceptive behavior is strongly indicative of a level of concern that is higher than what has been disclosed regarding additional problems with Yancoal."

"Step 1: Disposal of TEN via auction process. The cash proceeds from the Tenon disposal will be used to repay Tenon's debt and finance the ARBRs research and development."

"How can shareholders trust a management team that is executing poorly at Bristol-Myers to now successfully integrate one of the largest pharmaceutical deals of all time?"

"We believe rationalizing Bristol-Myers footprint to improve capacity utilization and streamline geographic cost areas could result in over $100 million in total savings."

"Running a McDonald’s is a 363-day-a-year business and an owner/operator, with his personal interests and incentives, can inherently do a better job than a chain manager."

"Small customers still comprise over half of Samsara ARR, and ARR migration toward larger customers has been modest since this metric was first disclosed three years ago."

"This type of focus on “empire building” – rather than maximizing returns – may be good for Mr. Lashier, but it is dramatically out of sync with what shareholders demand."

"Enhancement Plan would leave Cognizant with a comparable operating margin target of ~21.5% in FY18E – still a highly conservative ~400–500 basis-point discount to peers."

"The competition is intense even in its own state of New York, where competitors are promoting their local buttermilk brand at a price point 30% less than Saputo’s brand."

"In 2023 after the auditor switch, Monster Energy UK no longer provided a discussion about its cost of sales under principal risks which appears below in the 2022 report."

"Google is increasingly incorporating A.I. into search for queries. When we searched for healthy and best tasing energy drinks, Monster was not prioritized in the result."

"We observe that Monster's philanthropic arm filed no tax form in 2020 in a year the parent Company reported almost 10% revenue growth and more than 20% cash flow growth."

"Board members and senior executives have also donated significant funds to HCI / HCF, which we believe creates further financial conflicts of interest with Dr. Beckerle."

"And TWC, one of the premier cable credits based on its footprint and system quality, is only modestly levered compared to its peer group (with the exception of Comcast)."

"Each of the four independent divisions should be a leading company in its sector and provide a straightforward alternative to investors seeking exposure to the industry."