Callouts & quotes from 26,677+ activist slides

"Could stretched financials give the impression of stronger underlying earnings and sales growth as Penumbra faces increasingly strong fundamental headwinds?"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"We believe the push of the financing program is the major root of CTC's credit risk and it is evident by the growth of higher risk loans in CTC's portfolio."

"Hannon Armstrong has still failed to publicly acknowledge – or deny – that in 2021, it booked ~$300 million of non-cash income that will never be collected."

"The actual change in the audit guide occurred in 1996/1997. This cannot explain why the 2001 audit letter should be worded differently from the 2000 letter."

"We believe that without these controlled entities, ANTA’s financials would show materially lower margins, belying the notion that ANTA is a strong operator."

"We have assembled a comprehensive operational turnaround plan and a team with vast experience in the casual dining industry and at Olive Garden specifically"

"Nothing – FDO trades at nearly the same consensus forward EBIT multiple as DG (~9x), a company with similar growth prospects, excluding the productivity gap"

"We would welcome the opportunity to schedule a meeting with you, at your earliest convenience, to have a constructive discussion on the topics raised above."

"Engine has engaged with more than 50 boards of directors over the last decade, and we have never encountered a situation where one has been so unresponsive."

"There is a clear pattern of fraud and scandals permeating the battery startup world, with key examples like Envia, Satki3, and most recently, Nikola Motors."

"Due to its extensive transactional experience and reputational equity, Pershing Square is well-positioned to pursue privately negotiated control investments"

"We look forward to the day when we can see Mario and Luigi on our smartphones, the same devices that we use to keep in touch with all our other old friends."

"We believe dual-class share structures are NOT in the best interests of shareholders and are NOT reflective of best-in-class corporate governance practices."

"We are left to ponder his mysterious background - did Chapman even attend college, does the child prodigy have a computer science degree; if so, from where?"

"CTR stated that CCME’s LCD network had 2,127 buses in Shanghai with 5,114 screens. In reality, CCME had no more than 296 buses with 315 screens in Shanghai."

"Unlike Autodesk, ServiceNow disclosed both the actual magnitude of the mid-year adjustment & the original targets and capped payouts on the adjusted targets"

"If this multi-faceted process is carried out by Messrs. Barber and Boychuk, Norfolk Southern can reduce its operating ratio to the low 60s within 12 months."

"Tempus insiders have not waited long since the IPO in April 2024 to start selling stock. In fact, each of the top 5% stockholders have recently sold shares."

"Spruce Point believes the Street is structurally too bullish on PowerSchool's prospects, which is reflected by the Company's lack of "sell" recommendations."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"A correct classification would identify SOFI as the primary beneficiary of an undisclosed VIE, requiring consolidation of the assets it claims to have sold."

"To a person – everyone we spoke with stated that leaving NYC is an important potential initial step to improving the connection with employees in the field."

"Since Engine has been involved and pushing management to do less M&A and focus on FCF, transaction-related costs have decreased, and free cash has increased"

"Oatly's CFO Christian Hanke provides an incomplete biography that obscures his role as Manager of Financial Reporting at Stratus Technologies (1999 - 2005)."

"Oatly’s price was cut by $0.50. In addition, we find that it lost a SKU among the top 12 offerings. Silk increased its promotion and is the low-cost leader."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"In a highly competitive industry where all players compete for each incremental customer, we find it unlikely for companies to pass through increased costs."

"Spruce Point believes the need for cost driven mergers, rather than revenue driven synergies, is a bearish sign of the competitive pressure in the industry."

"Spruce Point finds that WSP's working capital to LTM gross revenues has been on a steady increase which we believe is a sign of increasing financial strain."

"Zebra made an unusual change to its organic revenue reporting at the end of 2019 which management did not draw attention to on the year end conference call."

"Twist is faced with large, longtime players ready to undercut on price; cheap Asian competitors will underprice any quote and throw cheap labor at the order"

"Twist launched with a price dumping strategy at least 50% lower than the competition, forcing an industry price war and putting “a squeeze” on other vendors"

"Former employees stated the claims are false and described a fatally flawed, manual, labor-intensive process plagued by errors, delays, and horrific losses."

"I don’t even think they’re getting a positive margin on the product if you exclude R&D and G&A. That’s my personal opinion from looking at their financials."

"Twist is going through the same set of issues since it’s basically the same technology as Agilent...when we were trying to create oligonucleotides for Gen9."

"Twist’s losses indicate identical struggles to those that doomed other companies that used the same Agilent “chip” as the foundation of their manufacturing."

"I don’t even think they’re getting a positive margin on the product if you exclude R&D and G&A. That’s my personal opinion from looking at their financials."

"Televerde, an integrated sales and marketing technology organization, pays prisoners the state minimum wage. But after deductions, prisoners earn much less."

"While macroeconomic factors and regulatory compliance have pressured headcount and costs for all G-SIB banks, BK has responded least forcefully to headcount"

"We note that in 2006, Goldman Sachs performed a DCF of Kukui'ula, valuing the project at $288m, before ALEX increased its project ownership from 60% to 77%."

"Year to date, RBCs share price has significantly underperformed all comparable companies and indices. It is among the worst performers in the NZX All-Index."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"It’s unclear what the CEO meant when he said its business was “sideways” during the last crisis. All of its key financial metrics declined by single digits."

"However, looking forward, the litigation has been mostly resolved and there is little mark-to-market liability for CDS left on the balance sheet to reverse."

"Our research suggests that apart from a small cooperation with Feichi, Broad Ocean is only really working with Dongfeng on a project of any commercial scale"

"We discussed earlier that we understand ELF generally always purchased EXW or FOB Origin, and that this supposed change is therefore a significant red flag."

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

"Apples vs. oranges? Of course HIMS will outperform traditional healthcare. The Company is very efficient at getting prescription drugs into customers hands."

"Specifically, we believe that Cognizant can achieve a value of $80–$90+ per share by the end of 2017, representing upside of 50% to 69% in just over a year."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"Spruce Point is concerned that inflation will be sticky and cause a material impact on Saputo’s U.K. Dairy Defined Benefit Pension Fund (“Fund”) obligation."

"One thing that has grown consistently in the past 5 years at Saputo are its debt obligations, with increasing dependency on short-term unsecured bank loans."

"Total Company performance has continued to deteriorate despite a single year of improvement in SCC, which still remains far below its optimal profitability."

"SMCI has a history with problematic accounting for inventories. This formed part of the basis for the restatement of accounts affecting years prior to 2017."

"The Percentage of Disney Films That Are Sequels, Prequels, Spin-Offs or Remakes Has Dramatically Increased – Suggesting a Creative Engine That is Sputtering"

"Given that Disney's plan for ESPN involves products that have yet to be launched, we see two potential paths for ESPN that Disney should evaluate in detail:"

"Incredibly, after incurring the expense of opening its network to rival broadband access providers, TWX failed to launch a bundled AOL/TWX service offering."