Callouts & quotes from 26,677+ activist slides

"We believe Nelson Peltz's turnaround expertise and strategic mindset is far more relevant than Mr. Froman's government experience to the problems Disney faces today."

"We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow."

"We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow."

"the cost is going to go down...you are going to have other competitors...people are going to start shifting gears...to a different pump because it's not sustainable."

"Spruce Point has assembled a preponderance of evidence to suggest that Leidos management is concealing significant problems with the $1.0bn levered SD&A acquisition."

"Trial investigator #6 stated that regular diazoxide suspension is “always going to be better” than Vykat tablets and stated the formulations are freely substitutable"

"In the same period of suspiciously increasing its GTV claims, LSPD materially changed its number of “Certified Resellers” from 200+ to 150+ in the month of Feb 2014."

"TIP REIT is better able to access capital for future land acquisitions than Target today, given TIP REIT's immense security, stability, and unleveraged balance sheet"

"Beverage valuations have been declining in absolute terms and relative to snacks since the early 2000s (when the lines crossed and snacks began trading at a premium)"

"The pages ahead will highlight red flags, statistical tricks, and omissions in the principal trials upon which FDA approval was based – HARMONY 1, 1-bis, CTP, and 3."

"Sales reps left because of alleged pressure to push off-label scrips; given small number of narcolepsy patients, couldn’t hit quota without being “a little creative”"

"We believe Nelson Peltz’s turnaround expertise and strategic mindset is far more relevant than Mr. Froman’s government experience to the problems Disney faces today."

"this was our experience too! Massive fluid overload cause fluid around my sons heart and lungs. Weve been working a month now to get the fluid off with lasix and pt."

"Enterprise Value represents value to both debt and equity holders. On the other hand, Net Income represents profit that the company earned solely for equity holders."

"Over $200 Million of the Goodwill and Intangible Assets on RILY’s Balance Sheet is Attributable to its Telecom Rollup, which is Centered on Dial-up and DSL Internet:"

"In 2019, it appears that the jobs market is experiencing slower momentum than previous years, according to WUBA's management in its Q4 2018 earnings conference call."

"Ramaco's technology challenge, with its partners, is to drop the price of CF made from coal below $5 per pound. At this level CF is completely disruptive. Game Over."

"CarNewsChina compared the interior of the Wey Gaoshan with the official pictures shared by Faraday Future, and the interior is the same, with only the logos changed."

"We Believe YT Lied When He Told the Bankruptcy Court He Had No Remaining Interest in the Entities Holding the Lucid Shares (They Were Controlled by Close Associates)"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет."

"Off-gassing coats the collector and other key optics components; cost millions to replace; KLA executive witnessed Lasertec optics having to be “repeatedly replaced”"

"~75% of Sampo’s Insurance Net Income is generated in the stable Nordic P&C market, where Sampo owns top quality assets that deliver consistent and growing dividends"

"We adjust RUN’s balance sheet and non-GAAP metrics due to its failure to reserve for panel removal liabilities, which we estimate are at present value $668 million."

"HSIC shareholders are well positioned to benefit from both the tremendous growth opportunity associated with Vets First Corp and a refocused Henry Schein (RemainCo)"

"The 2024 refining environment was above the 2012 - 19 average used by PSX to set their mid-cycle refining EBITDA target of $4bn. PSX 2024 refining EBITDA was ~$1bn."

"Right or wrong, the waste management business has often been associated with organized crime and illegal activity, a fact that GFL’s CEO acknowledges and downplays."

"This consistent delta implies that Sunrun’s (non-GAAP) Subscriber numbers materially exceed additions of PV systems from which Sunrun generates Subscriber revenues."

"The responses from Burford management contain a significant volume and density of deceptive behavior across all of the issues identified in the Muddy Waters report."

"Doug Cole failed to disclose his role at TWL. Doug Cole began working with TWL to promote the stock under a contract that names other undisclosed business entities."

"These new ‘heterogeneous’ networks are ad-hoc and unplanned compared to the first generation, but they succeed where it matters: they can meet consumer data demand."

"We believe that AMT has placed such an extreme emphasis on growth that they went for quantity over quality and this is evident in acquisitions such as Vivo in 2012."

"As a shareholder, we are asking Nintendo - for the sake of the company and for the sake of its IP remaining relevant - to embrace the change underway in the sector."

"Box attempted to use these financings and the related self-tender scheme to “buy the vote” and tip the balance of power in the Company’s favor during this election."

"XPO made a subtle change in Q3 2018 to move gains and losses from property and equipment from "other expenses (income)" into the direct operating expense line item."

"Despite having zero patents, there are signs of XPO embellishing its technology prowess with buzz words and greater use of the word “technology” in its SEC filings."

"We do not believe this capital allocation scenario would increase CCI's risk profile or materially reduce operating flexibility – minimal execution risk in our view"

"For 25 years, we have not paid one single cent of dividends. We personally got into very high debts in order to move the company forward to the position it has now."

"Mercury's current inventory and planned inventory purchase obligations relative to its next 12 months of backlog continue to remain elevated above historical norms."

"BY FOLLOWING MARATHON’S PATH AND USING SALE PROCEEDS TO REPURCHASE SHARES, PHILLIPS COULD RETIRE A MAJORITY OF ITS SHARES AND INCREASE THE SHARE PRICE SIGNIFICANTLY"

"The list of scandals and bankruptcies involving much-hyped battery companies is long, in spite of their "validation" from large automakers and other major partners."

"He initially evaded our question and then stated “it’s a free partnership,” adding that none of the four “customers” they have introduced to IonQ are paying either."

"Breaking with industry best practices, Hess drilled 80+% working interest wells in numerous regions. The result was destruction of 20+% of its market capitalization"

"The common denominator between the CONVERGE trial and the PRECEPT trial was that they both were designed to test ablation of AF triggers beyond the pulmonary veins."

"Despite it being incontrovertible that Mr. Sator and S30 were misrepresenting the nature of the reviews, S30 continued to publicly mischaracterize them as “audits.”"

"The sheer number of seniors leaving EHTH is evidenced by the company's growing churn rate, which surpassed 50% in Q1 2019 for the first time since ASC 606 adoption."

"We believe that if expanding the physical footprint were as lucrative and attractive as BOOT claims, that competitors would simply mimic BOOT's aggressive strategy."

"Shifting the focus from the C-level management and Board of Directors’ sideshow drama will allow Yahoo’s core assets and overlooked businesses to take the spotlight"

"Spruce Point believes that very recent and underappreciated developments in the clear aligner landscape undermine most of the key tenets of the bull case for Align."

"Why is management suddenly listing its SmartTrack material as its #1 key competitive factor after not even disclosing it as a competitive factor at all in the past?"

"BY FOLLOWING MARATHON'S PATH AND USING SALE PROCEEDS TO REPURCHASE SHARES, PHILLIPS COULD RETIRE A MAJORITY OF ITS SHARES AND INCREASE THE SHARE PRICE SIGNIFICANTLY"

"In a recent presentation, the current Board actively misled investors about Mr. Loeb’s credentials and Third Point’s track record of creating value for shareholders"

"Overall, we believe ~85% or more of the XHL-reported RMB 18.2 million in gifts Big Li received to win the December 2019 annual competition originated from YY’s FUs."

"This pattern is indicative of a VPN or other IP disguising software being used to hide the address of the real origin of the gifts, which was YY's own local server."

"AMR Has Poorly Positioned Coal Assets Experiencing Increased Signs of Mounting Financial Stress Including “Hidden Borrowing”, Cash Shortfalls, And Cash Misreporting"

"It is Time for the Current Board to be Held Accountable for Years of Poor Performance, Egregious Corporate Governance, and Substantial Shareholder Value Destruction"

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."

"Spruce Point believes that WSP's Q4 2023 results would be less spectacular if results are adjusted for a reversal of provisions related to the Wood E&I acquisition."

"Pursue Standalone Plan to accelerate TICO’s operating businesses while transforming its capital allocation, translating into NAV of >¥40,000 per share by March 2028"

"1,261 decline in the three biggest segments: manufacturing, retail and transportation and logistics. Yet, Zebra shows its sales mix by vertical unchanged since 2020"