Callouts & quotes from 26,677+ activist slides

"From an order of 100 EV Stars in 2018 to Creative, GreenPower has so far only delivered 20 and it doesn't look like there will be any more since it has been over a year."

"We demand transparency. The filings claim cash purchases, but if DSR Ventures had €19 million readily available, why borrow against HelloFresh shares in the first place?"

"However, it is clear that as of March 2019, one month after the purchase, there was no visible improvement to the facility to justify the $4M increase in purchase price."

"We believe Ramaco Carbon's coal to carbon initiative is a glorified science experiment, designed by METC's management as a promotional point to dupe credulous investors."

"It would almost seem like Burnette bought the company at $325,000, used government money and flipped into an instant 4x profit. This looks like a scam transaction to us."

"Хотел бы уточнить о возможности размещения четырех детей из ДНР в вашем отеле 22-27 марта 2026 г. для размещения их в семье. Милые девочки возрастом 14-16 лет. Красотки!"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-16 лет. Красотки!"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-16 лет. Красотки!"

"EH’s “design and testing center” appears to be a narrow area of concrete/brick spanning a couple hundred yards with one landing pad and what appears to be storage space."

"We suspect GSX committed CAPEX fraud in its commercial building purchase, and in reality paid a substantially lower price for the real estate than reported to investors."

"Despite these recent missteps, which have badly damaged the credibility of management and the Board, we believe that Perrigo has a strong franchise with valuable assets."

"Spruce Point is baffled why a “monthly” income fund would own a stock that pays a quarterly dividend, and is hard pressed to see why a paltry 0.18% yield is attractive."

"It appears that WTRG may be inflating revenues by making a stealth change in 2021 that included in revenues the full impact of infrastructure rehabilitation surcharges."

"Doug Cole failed to disclose his involvement with AV Therapeutics. Cole's relationship with Aquino Milling dates to an agreement with Objective Equity in December 2012."

"Elliott has nominated seven highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions."

"We are not surprised to see XPO management starting to engage in more aggressive accounting and business practices now that it has less and less at risk in the venture."

"The fact is that once the families had consolidated their hold on the partnership limited by shares (KGaA), they sold about € 480 million worth of shares. Is that true?"

"The do-it-yourself manufacturing and distribution decisions proved to be ruinous because once the shortage was resolved, it left the company with a high-cost structure."

"Elliott has nominated seven highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions."

"The new Board is doing exactly what they were entrusted to do by shareholders: Holding management accountable and ensuring that the best leaders are running the Company"

"PSH’s long-term debt management strategy is to manage leverage over time by increasing NAV through strong performance and laddering its maturities through new issuances"

"Visibility and quality of Mercury’s backlog appears to be deteriorating. It just reported a multiyear low of backlog expected to be shipped over the next twelve months."

"As we suggested in our initial report, Cash & Equivalents would be double counted if Eurofins failed to net (technically "eliminate") Related Party Pooling Receivables."

"Veterinary drug diversion, while ethically questionable, is technically not illegal in most states - and, where it is, the relevant laws often aren't strictly enforced."

"However, as shown below, Autodesk's projected underlying incremental margins compare poorly to peers when adjusting for the estimated impact of the workforce reduction."

"We spoke with someone at the neighboring business who said they never see anyone there and that security often puts packages piling up outside the door into the office."

"The first archived version of Blacksand's website appeared a month after the commercial announcement that TAO Commodities (now IPX) would explore its commercialization."

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

"In our experience, poor performing companies commonly blame weak operating performance on asset quality when it is, in fact, driven by an ineffective operating culture."

"Quantumscape claims their battery can be charged 1,000 times, equal to 300k miles, with >80% energy retention – once again based on a small, single-layer lab prototype."

"Red flag 2: The battery life chart appears to be fabricated, as it shows a cell being discharged at over 100% of its energy, which common sense indicates is impossible."

"In 2008, Target’s bad debt expense as a % of average receivables increased to 14.4% from 6.6% the year prior. This compares to 7.3% for Target’s credit card competitors"

"Now, as emergency funds are running out, district leaders across the U.S. are facing difficult choices on how to prioritize spending their increasingly limited budgets."

"PWSC trades at 25x its guidance for FY24 EBITDA, adjusted for capitalized software development costs, which is a significant premium to the education technology sector."

"Another former senior Xylem executive warned to be careful of the digital story. We learned that Pure Technologies does not make money and has no path to profitability."

"Deliberate overproduction of K-cups and refusal to ship from multiple locations gave cover for a “shell game that Green Mountain was playing across all its facilities.”"

"Part of the improved economics comes from cherry picking. In the current low price environment, Pioneer and others are drilling their best, lowest-cost prospects first."

"The reality: the economics of clear aligners are on the precipice of a radical shift – and it has little to do with SmileDirectClub or other direct-to-consumer players."

"Since 2014, the average delta between cost and pricing percent increase is now 16% for LTL peers compared to the Company's core Expedited LTL's delta of negative (13%)."

"Over nearly two years, Elliott has spoken with hundreds of current and former Arconic employees: key talent is leaving, plants are demoralized and pensioners are scared"

"Arconic’s $228 million EBITDA target in 2019 is more than $200 million below original target and, even if achieved, would result in an unacceptable return on investment"

"Management's monologue is like an essay from a college student who has read the Cliffs' Notes and knows the buzzwords, but has not read and does not understand the book"

"In our experience, poor performing companies commonly blame weak operating performance on asset quality when it is, in fact, driven by an ineffective operating culture."

"We believe this PU activity was all or substantially all from bots, likely conducted via a server whose real location was masked behind a VPN or other similar software."

"If one of the malls dies, equity value is nearly wiped out. Given the covenants associated with recourse debt, the destruction of value would likely be even more severe"

"Increases alignment with shareholders (i) represents substantial incremental investment by management, and (ii) fees to investment manager reduced by approximately 8.5%"

"Ms. Moorehead and her Board’s actions indicated that they were willing to go to great lengths to maintain power and prevent shareholders from having their voices heard."

"NMC is clearly the 80% customer because of the shareholding relationship we detail below, as well as the number of NMC-related projects Modular Concepts has undertaken."

"If churn is truly stable, or improving, it appears at odds with the fact that the “Most Liked Topics” in the Dropbox forum is customer complaints about price increases."

"Technology opinion leaders in respected magazines, along with experts we spoke to, believe that Dropbox has limitations and challenges in serving the Enterprise market."

"The expert believes that product replacement cycles are very long in machine vision, which may dampen investor optimism for a near term recovery in the Matrox business."

"An ex-director-level employee stated that the chip is just “some sales pitch,” and that “when promoting that it sounds good but in reality” it’s not “anything special.”"

"Elliott Has Nominated Seven Highly Qualified Candidates with Best-in-Class Experience in Refining and Midstream Operations, Capital Allocation, and Complex Transactions"

"Based on Norfolk Southern's worst-in-class results in recent years, there is no evidence to support the claim that Mr. Shaw best positions the Company to integrate PSR."

"We believe HIMS is exposed to material operational and reputational risks from the third-party pharmacies that comprise nearly 50% of its current pharmacy supply chain."

"We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth."

"Sumitomo Realty is the only company in its peer group that does not have a Return on Equity ("ROE") target, nor any clear strategy for maintaining or improving its ROE."

"As part of our research process, Spruce Point consulted a former Saputo executive familiar with its U.S. finance and operations, with an emphasis on the dairy business."

"Independence will allow MPLX to compete on equal footing alongside other large cap midstream providers for opportunities with all market participants, not just Marathon"

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"