Callouts & quotes from 26,677+ activist slides

"Details of the Zentrick transaction buried in the notes reveal that targets were being missed and the deferred compensation accrued liabilities were being revised lower."

"Images below represent questionable recent content found on Momo which may not be in the spirit of the recent SARFT requirements. This exposes Momo to regulatory action."

"Looking carefully at disclosures, we see that TASK does not report interest income earned on cash and equivalents despite carrying large amounts of cash and equivalents."

"Spruce Point believes there is significant upside to Majorel's share price as it also transitions to higher value-added clients with differentiated technology solutions."

"McGraw-Hill's diversification did not insulate shareholders during the financial crisis. McGraw-Hill's total return was 18% worse than the weighted average of its peers."

"To entice Amazon, Kornit Digital agreed to grant Amazon warrants to acquire over a five-year period up to 2,932,176 of Kornit Digital's common shares at $13.03 per share"

"MedSec has demonstrated a Battery Drain attack that generates signals from the Merlin@home device to run down batteries in Cardiac Devices at a greatly accelerated rate."

"In the context of our findings about unusual revenue reporting and margins, we are alarmed to see that MSCI's Chief Accounting Officer (CAO) resigned on August 18, 2023."

"Given the deteriorating small business credit environment, we believe these disclosures may be a harbinger of potential adverse future disclosures regarding loan losses."

"Mettler has exceeded sell-side quarterly EPS targets 100% of the time since 2008, and by no coincidence, management has always met 100% of its annual cash bonus targets."

"We don't believe Mettler's share repurchase strategy is disciplined, particularly as it buys its stock at 26x EBITDA and 37x book value, and while insiders rapidly sell."

"Spruce Point warns that PERI's advertising publisher counts don't make sense. While they report new publishers, they are potentially failing to disclose lost publishers."

"Spruce Point estimates that, even if management were to exhaust its stated M&A capacity, Hill-Rom would still materially underperform consensus top-line growth estimates"

"Spruce Point estimates that, even if management were to exhaust its stated M&A capacity, Hill-Rom would still materially underperform consensus top-line growth estimates"

"Yet, remarkably, the market seems oblivious to Vishay Precision Group (VPG), the critical "picks-and-shovels" supplier quietly powering Tesla's ambitious humanoid plans."

"The Special Meeting will provide an alternative forum for shareholders to show the Board that Darden’s shareholders will not stand to be silenced on this critical issue."

"If this company (Alcira/Jungie) sold areas that had already been revoked and reverted to the state then that would be very serious, quite simply be an act of corruption."

"On the Q3 2012 call, management acknowledges conditions do not necessitate the impairments, and indicates to us that they view impairments as a matter of its discretion."

"Instrument is plagued by false hits and error rates of 50-100% that render it as undependable; sometimes unable to confirm a single antibody and runs are total failures."

"Instrument remains prone to frustrating, frequent errors which requires staff to resort to other manual processes; example of ongoing problems with the machine’s needles"

"As the data stands and as the reliability stands, you wouldn't really use the data to file with the FDA or any other reputable agencies to prove your scientific finding."

"An ex-executive indicated that BLI is an extreme price outlier among lab instruments, perhaps 99th percentile, and that competitors like 10X Genomics are 95-97% cheaper."

"Stryker's recent proxy statement revealed that operating income from acquisitions that occurred in 2021 was just $1 million on a total acquisition spend of $339 million."

"We believe it is illogical to assume consumers will continue to pay the same inflated price for a product if supply increases 5x, with no obvious demand growth segments."

"From the private equity side, they'll continue to push dollars into the space, but it's yet to be seen if there's a tipping point if they'll get more involved from here."

"While backlog does not have a standardized definition, based on our review, we believe that ROAD incorporates extremely liberal and aggressive interpretation of backlog."

"The post-spin tax carryforwards along with cash tax planning opportunities will allow ADT to sustain a single-digit cash tax rate consistent with pre-spin cash tax rates"

"The agent confirmed that the letter designation of Lianjia stores on the platform represent the number of mangers or teams that Lianjia has, not the actual store counts."

"State prison populations are projected to increase by more than 90,000 over the next three years. If CXW can capture ~13% of this demand, it could achieve 100% occupancy"

"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."

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

"The Transaction creates immense and instant value because 22% of Target's current EBITDA will be valued at a significantly higher multiple than where Target trades today"

"Given TIP REIT’s de minimis maintenance capital requirements, TIP REIT’s free cash flow should be compared to a real estate investment trust’s AFFO, not the “FFO” metric"

"We view this program as a negative development with ADI having to be more promotional to stimulate revenue. As a result, we would expect this to weigh on future margins."

"Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in."

"A former executive involved in a key collaboration left because he was asked to do something that made him uncomfortable; others former employees had similar experiences"

"Ackman’s Last Minute Approach, Ever-Changing Demands and Refusal to Engage Demonstrate a Clear Disregard for Responsible and Effective Shareholder / Corporate Engagement"

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"We heard a first hand opinion that the Company is aggressive with suppliers, and has already picked "low hanging fruit" on the Amcor side of the business over the years."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"You borrow money to buy planes from the manufacturers and lease them to the airlines at locked-in monthly payments, usually for an initial period of ten to twelve years."

"Based on our conversation with industry experts, the loss to Blue Origin was the “death blow” to Aerojet and will impair its relationship with ULA – a material customer."

"One can easily search online for insurance authorization forms, which already include PDN as a typical indication and reimbursement category for spinal cord stimulation."

"That is a remarkable reversal of fortune for a company that in just five months in 2013 contributed, by our calculation, €3.3 million in revenue to Ströer’s performance."

"When looks at holistically this is NOT anywhere near the 'robust recovery' management claims. In fact, Overseas Cosmetic Sales have FALLEN 8.8% since K27 was introduced."

"In July 2025, when announcing their deal together, Datasection included a description of NNJ’s business and amusingly it included a whole new set of business activities."

"So how does Herbalife sell so much of its unadvertised, commodity products at such inflated prices? Answer: Herbalife bundles its products with a ‘business opportunity.’"

"Recent legal claims against Vitek support or complement our own findings, including allegations of hidden related parties and the use of close relatives as confederates."

"Spruce Point believes it is only a matter of time until MBP agents leave the platform in these coexist markets due to lack of transparency and questionable lead quality."

"Does management not understand its own business well enough to judge when it will finally become profitable? Or is it simply trying to drum up confidence in the Company?"

"Our key assumptions involve uncertainties and there are a variety of things that could go right for Nova and would be beneficial for upside potential to its share price."

"The OCS Specialist resigned because the company was “entirely unethical,” and described a “weird secretive culture” with CEO conduct suggestive of a racket and cover-up."

"they literally took the sternal saw and sawed straight through the liver for another center's recipient...yeah, I saw the picture...like, I could do it better than this."

"Because of the cost, people are going to start shifting gears, and they're going to be changing to a different pump because it's not sustainable for a transplant center."

"We can locate no peer-reviewed publication for the withdrawal study – a troubling and unusual fact – but Miller’s name is once again on the title page of its slide deck."

"Clearly, one of these statements cannot be true – either ANTA lied when it said that Mr. Su is not its proxy, or ANTA has been lying about owning all of its Fila stores."

"The Transaction creates immense and instant value because 22% of Target's current EBITDA will be valued at a significantly higher multiple than where Target trades today"

"Vantage Payments LLC and Dustin Sparman were named in the TelexFree Ponzi Scheme case, a multibillion dollar Ponzi Scheme disguised as an internet phone service company."

"For example, you just took the elevator from the lower level elevator, and at the entrance of the elevators there are three LCD screens, this is considered one location."

"Vocera issued long-term revenue growth commitments of 25%. However, by the time Stryker acquired the Company, its top line growth compounded at just 11.4% over a decade."