Callouts & quotes from 26,677+ activist slides

"As this was a single dose, the steady state level after 7 days (with an accumulation ratio 2.3) is 122 ng/mL +/- 54 ng/mL, far higher than both the 73 ng/mL on the label and the 101 ng/mL in the 2007 pilot study - and indicates patients with 230 ng/mL and 284 ng/mL within two and three standard deviations."

"While Nuvei was promoting the acquisition of SafeCharge as transformative and creating a global leader with "massive scale and reach", the CEO of SafeCharge made statements to the local Israeli media saying the "market was saturated with competition and regulation", and that consolidation was a good move."

"Looking carefully, we see the UK subsidiary added a new "key source of estimation uncertainty" related to trade receivables. The Company disclosed a bad debt provision amounting to 5.5% of gross receivables. We observe this is materially higher than Generac's consolidated bad debts provision of just 1.5%."

"Mr. Winfield's investing track record also includes investing in Feihe International (also known as American Dairy, Inc - Nasdaq: ADY). Shortly after, ADY disclosed an SEC investigation, dismissed its public accountant, suspended its S-1 statement, and announced results from 2004-2006 would be re-audited."

"Because we believe that IPX may be challenged to meet the revenue expectations set by analysts (and they may never produce any revenue in one possible scenario), we believe the best way to evaluate the valuation is price to book value. On this metric, IPX’s share price appears to be materially overvalued."

"The former NRC Commissioner we interviewed described senior management as "Nuke Bros.," individuals who overhype the benefits of SMRs and possess Silicon Valley mindsets more suited to software development versus the challenges of navigating an uncompromising, capital intensive, highly technical industry."

"Unlike most bankruptcies where equity holders lose most, if not all, of their value, we believe GGP’s bankruptcy provides the ideal opportunity for a fair and equitable restructuring of the Company that preserves value for all constituents: secured lenders, unsecured lenders, employees, and equity holders"

"At DuPont’s 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change. Were DuPont’s independent directors aware of this? Trian’s nominees will seek to ensure that the board holds management accountable."

"At DuPont's 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change. Were DuPont's independent directors aware of this? Trian's nominees will seek to ensure that the board holds management accountable."

"By committing to purchase the Bertelsmann stake two years in the future at such a high value relative to the then-current economic performance of the business, AOL left itself exposed to both any potential shortfall in operating performance relative to such high expectations, as well as market volatility."

"Given the shifting nature of the Live Video strategy and very limited financial and KPI transparency for the segment, Spruce Point relied on 50 detailed Mandarin based interviews with members of the Live Stream Ecosystem (Agency/Broadcaster/Users/Advertisers) to develop a forward view of Momo’s prospects."

"Spruce Point believes that investors should take the CEO’s claims that SORT® will be a major contributor to revenue and EBITDA with a grain of salt. It is currently being given away for free. We believe that converting users accustomed to paying nothing into customers paying something is an uphill battle."

"At DuPont’s 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change. Were DuPont’s independent directors aware of this? Trian’s nominees will seek to ensure that the board holds management accountable."

"Stryker commands among the highest valuations in the medical device and technology space, reflecting investors belief that it is a proven acquiror worthy of a premium. However, we have provided ample evidence why we believe that narrative is no longer a defensible reason to own shares at this price level."

"In the following presentation Citron will show how Inogen along with its distribution network through legal and illegal tactics are committing elder abuse to sell portable oxygen concentrators for the highest price without proper disclosure of benefits to seniors at the most vulnerable time of their life."

"The analysis underscores the advice of multiple former Carvana executives we have interviewed to not confuse the company as anything other than "just a dealership" subject to the same (if not worse) constraints on growth as others within the industry now that it's being held accountable for profitability."

"Soleno has done a pretty good job of drumming that up with their informercials or whatever you want to call them...once it gets out there for a little bit and we get some more real-world data...who aren't screened and vetted...like a perfect fit for a clinical trial...I don't know what we're going to see."

"As a prescribing clinician, it is extra work, which is always a pain for us, which sounds weird as doctors, but to go through all this data and do that. No, you're absolutely right. In retrospect, could they be doing a better job with it? Absolutely correct. I can't argue with you. I can't argue with you."

"In other words, while Archer has been touting their relationship with the Air Force and a contract worth up to $148 million, the only verifiable amount that has been awarded is a total of approximately $34 million, with only $1.3 million out of a potential $110 million awarded from their biggest contract."

"Ares Capital marked Soil Safe's equity at zero and booked a $13m “net realized gain”. This suggests the deal was close to the value of the debt's fair value. The double digit interest rates paid by Soil Safe at a time of ultra low borrowing costs illustrate that Soil Safe was a deeply distressed company."

"Using the Wayback Machine, we see that Generac's PWRcell used to directly compare itself against Tesla's Powerwall, and made claims of having the largest storage capacity. The table below was depicted on its website at least through June 2021, but was omitted in Jan 2022 according to the Wayback Machine."

"The Company raised money from GS Capital Partners in late October 2020. Don’t be fooled: Goldman Sachs isn’t headquartered in a condo townhome in Brooklyn. “GS” stands for Gabriel Sayegh, who lent money at 10% on terms that were convertible into ABML shares at steep 40-60% discounts to the trading price."

"This anomaly raises a number of questions, not least as to what is the true value of the assets? Why would MTN sell AMT 51% of the assets for just 42% of the value, it does not appear that they were desperate to do so as there would have been other bidders? Could this mean that the assets are overstated?"

"Far from being the self-appointed gold standard in safety, the Federal Railroad Administration's August 2023 safety report found that Norfolk Southern frequently did the minimum to comply with required standards, its training programs/resources were struggling and its communication and culture were poor."

"While clear aligner producers can ship anywhere, their increasingly broad distribution across the US highlights the fact that, collectively, individual labs are quickly growing capacity and achieving national scale. Even individual orthodontists with in-house printers are offering capacity at the margin."

"The structure relies on a web of “straight line / dotted line” reporting relationships that obfuscates “ownership” of decisions and reduces organizational agility, exacerbated by the fact there are three dimensions to the matrix between Category, Sales and Functions – from global, to regional, to country"

"Spruce Point believes it is time for significant change at Kratos (Nasdaq: KTOS). Based on our research suggesting abysmal financial and compliance failures leading to a recent criminal conviction of a senior Kratos Director, we are calling for the resignation of its CEO Eric Demarco and CFO Deanna Lund."

"Based on our analysis of VIE charges for services rendered, average physician hourly rates, and disclosed annual consultations, we estimate that the average physician consultation in 2022 was under five minutes, even after the introduction of mental health counseling services that generally last an hour."

"We believe that Ms. Welty’s extensive global industrial experience, including her C-suite executive leadership roles in the chemical, natural resource and energy industries, will allow Ms. Welty to provide strategic, financial and corporate governance insight, making her a valuable addition to the Board."

"Turner's affiliate efficiency(a) (affiliate revenues per primetime households delivered) is at the high end of the range amongst the peer group primarily due to TNT, which benefits from sports programming, and CNN which had a head start as the first all-news channel, but is facing increasing competition."

"We intend to vote all of our shares against the proposals related to the proposed acquisition, and, should the transaction be voted down by shareholders at the Company’s upcoming Special Meeting of Shareholders scheduled to be held on April 12, 2019, we have also nominated a slate of director candidates."

"NOVARTIS cell and gene therapy (cont’d): Came to view machine as too high-risk for operational use; other groups beyond cell and gene therapy, such as antibody discovery, evaluated the instrument and rejected it; reliability and stability issues led to machine being barely used, around 3-4 times a month."

"In two of the biggest areas of investment, Nigeria and Gabon, the World Bank offers the following statistics: the time to recover funds in Nigeria is an average of two years, with recoveries of 28 cents on the dollar; and, the time to recover funds in Gabon averages five years for 15 cents on the dollar."

"Spruce Point believes that Rollins' gross margins reporting is also opaque. Recently in 2022, the Company provided no qualitative discussion at all about factors affecting its performance. While we applaud recent efforts for more transparency, we believe gross margin discussion could be enhanced further."

"If we adjust Ströer's 2015 organic growth formula to i) eliminate the cherry picking adjustment Ströer made, ii) reverse the reclassification of public video as Digital, and iii) use the 2014 organic growth calculation methodology, then Ströer's 2015 Digital organic growth rate would have been only 2.5%."

"Assuming on a housing recovery over the next several years, we believe FBHS is worth ~$18 to $27 per share today. The midpoint valuation is $22/share today, which is up ~70% from the recent share price of $13. If the housing market never recovers, we believe FBHS is still worth nearly $14 per share today"

"Endocrinologist #4 stated that over-the-top Vykat marketing to endocrinologists is falling flat; that it’s “not worth” the price, which they’re upset about, for what at best “may be a nice adjunct for a couple of kids”; and that the Vykat rep disingenuously tried to pretend that she didn’t know the price"

"John Hughes has multiple LinkedIn profiles. Hughes appeared as part of the Pivotal Payments management team up until March 2019 as SVP, Strategic Accounts Group. His biography says he was CEO/Co-Founder of Base Commerce. We find it unusual that he was no longer a part of the top management team pre-IPO."

"At an average sensor and transmitter revenue per patient per day of $2.00 – close to the Libre’s current level of $2.04 – Abbott would realize a gross margin of 59% on the Libre 2 (vs. our estimate of 60% today), while Dexcom would realize a gross margin of -7% on the G6 (vs. our estimate of 70% today)."

"Poor Controls over Equity Grants: That the board did not become aware until several years after the fact that multiple grants to the CEO were in violation of the Company's incentive plans indicates that it did not have adequate controls in place to monitor the Company's executive compensation practices."

"MAXR appears “cheap” on its inflated Non-IFRS metrics. However, Spruce Point’s forensic analysis unravels its aggressive accounting methods used to inflate EBITDA and EPS. Furthermore, when its debt is adjusted for standard credit agency adjustments, we find leverage to be in excess of its 5.8x covenant"

"SMCI is currently trading at the highest revenue multiple in its sector, likely a reflection of investors perception that it is growing revenues the fastest. However, unlike its peers which have historically solid free cash flow generation, SMCI has not demonstrated any long-term free cash flow ability."

"These discrepancies indicate that at best the auditor has not checked the relationship between this subsidiary and Beijing Momo. At worst, it is further evidence that the murky undisclosed relationship between Momo and agents may well be used for transactions other than the claimed broadcaster activity."

"Late through the IPO process, and a month before finally IPO'ing, TASK revised its financial statements that impacted CFO and Capex. But beware, TASK has not always been so forthcoming with its revisions, and has shown a pattern of sloppy and inconstant reporting that should put investors on high alert."

"We believe that the most recent (February 2017) MRE contains flaws similar in scope and form to those of earlier Nkran estimates. There are indications the models have been smeared, which means to overweight positive results – extrapolating them out broadly – but underweight or ignore “zero intercepts.”"

"The fact that Skymoons was not the true originator of the design of its only successful game and depended upon both creativity and talent of others as well as IQ’s investments and marketing power to promote and commercialize the game completely undermines the ridiculous valuation that IQ ascribed to it."

"User Black_seo offers “Boost your online reputation with our premium Trustpilot review services. We provide both Verified Trustpilot Reviews ($10) and Non-Verified Trustpilot Reviews ($5). Perfect for businesses looking to increase credibility, attract more customers, and rank higher in search engines.”"

"But don't worry, the underwriters who have promoted GFL’s stock to investors have “reputational risk” committees which vet clients. In the case of Goldman Sachs, did that stop them from funding 1MDB and Jho Low? And Did J.P. Morgan’s risk committee weigh in on dealing with sex offender Jeffery Epstein?"

"If the court deems Mosten's arguments to be valid, Mosten would be able to deposit an unlimited amount of premiums into the tax-exempt account before November 18 of each year, receive a 0.85% bonus on that amount on November 19 of each year and almost immediately withdraw the funds including the bonus."

"Amazon has been rumored to enter the pharmacy business (Bloomberg.com) and the Whole Foods acquisition implies that the expansion of the Amazon eco-system could pose secular risks to a significant portion of what historically has been deemed safe haven real estate assets for the triple-net lease space."

"Spruce Point is concerned that long-time fundamental growth owners have either given up or rotated out of Kratos, and have not returned despite the renewed optimism for Unmanned Systems. Instead, we find the disturbing reality that Kratos’ share price has been driven by rules-based index and ETF buying"

"Kao’s management is aware that it has brands and the products to compete internationally, and knows what needs to be done, yet, they have decided not to do so. Management is lacking the ambition and strategic vision to achieve its true potential. Kao has top decile brands, but bottom decile management."

"Signatories for each sequential amendment seem to have moved down the food chain. Baker Hughes signatories began with its Chief Marketing & Technology Officer while the last amendment was just signed by a VP of Operations. Further, Derek Mathieson and Uwem Ukpong are no longer employed by Baker Hughes."

"The HIMS care model is seemingly optimized for the high-volume issuance of prescriptions. Whether or not that is appropriate for more discretionary issues like ED, we believe it limits the new indications HIMS can target and conflicts with the story HIMS tells investors about its business and strategy."

"HIMS crafts a narrative that it is a healthcare company. We believe the Company has done this to both distract from the fact that its products are highly commoditized and to present a larger TAM to investors, not to mention attempt to get the higher valuation multiples ascribed to healthcare companies."

"Disney's non-management Directors comprise current and former CEOs of some of the largest companies in the world, but they collectively own only ~$15 million of Disney stock – representing just 0.008% of Disney's shares outstanding and much of which was received as Director's fees paid in Disney shares"

"DV has created more confusion by referencing on its website that only "hundreds of companies" turn to DV for its services. If this is the case, can one company represent multiple customers? Furthermore, the cover of its prospectus, last filed November 2021, references "1,000+ Advertisers and Partners.""

"So India is not -- it's teetering on the top ten market for us. We went into India ten years ago. And we went in and it was a big -- it's called pop and drop. You go in. A lot of distributors come in. They recruit and you get a lot of volume. Those distributors leave the country and you get a big drop."

"For many years, management has been diverting capital to share repurchases, up until recently when it levered itself to acquire Itiviti. Throughout its public history, insiders have been consistently selling stock. Total insider ownership has declined every year since 2016, down to just 1.6% from 3.5%."

"Former BLI scientist details how universities and research institutions had experiences as disastrous as commercial pharma/biotech customers: UCSF and NIH both returned the equipment after 6-9 months; couldn't get publishable data of the system; chose cheaper, faster boxes from 10X Genomics and others."