Callouts & quotes from 26,677+ activist slides

"Spruce Point believes that each of these factors – whether fundamental, accounting-driven, or otherwise – are nearing the end of their respective runways."

"Despite committing to these targets repeatedly over the course of multiple years, the Company ultimately missed the midpoint of all of its FY2023 targets."

"Without spending ~$200 million on acquisitions, GCP's revenue would have declined $115 million or ~11% between 2016 and 2019, an alarmingly large decline!"

"We believe GoDaddy has an opportunity to drive significant value creation through a combination of improved growth, profitability, and capital allocation."

"We view the disappearance of approximately $250 million from one acquisition as alarming – particularly because this could be more than a one-off problem."

"Our interviews painted a consistent picture of a one-product company conceived on a fundamentally flawed premise and which never found product-market fit."

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"K2M Group’s CFO was SVP and Corporate Treasurer of InPhonic (Nasdaq: INPC) during a period a major corporate scandal emerged with six material weaknesses."

"If the reported deferred revenue number is not fraudulent, it implies that the business was ramping with a large number of new student tutoring contracts."

"We at Bluebell Capital Partners (“Bluebell”) would like to congratulate you on your appointment as Senior Independent Director at BP (also the “Company”)."

"APP's ads just aren't the original source of most so-called incremental sales; rather it's mainly claim jumping, taking the last click attribution credit."

"Each of PGNY's major customers has a potential pathway for defection and about one-half of PGNY's clients face a renewal decision in the coming two years."

"We believe the market's current evaluation of REZI's capital structure is incorrect as it fails to treat the convertible preferred as in-the-money equity."

"For this reason, along with our forensic analysis detailing multiple reporting concerns, we believe REZI should be valued at a discount to industry peers."

"The employee indicated that comparable vendors charge 40% of what Ginkgo does – which mathematically means that Ginkgo was overcharging them by 2.5 times."

"Huishan’s expectation of rising prices appears to be at odds with that of their competitor Yili, which is also its largest external customer for raw milk."

"Macro-driven market volatility, rapidly changing investor narratives, and idiosyncratic, misunderstood situations create opportunities for Pershing Square"

"1/28/26: META reports strong Q4 results and provides better-than-expected 2026E revenue growth guidance, as well as clarity around operating income growth"

"We underestimated the problems created by prior management, both in our initial diligence and in the impact of actions required to effectuate a turnaround"

"If Remaining Darden attempted to maintain the same payout ratio, the dividend would be reduced by ~$40 million or a ~$0.32 reduction in dividend per share"

"The relationship with CLEAR has always been a little bit contentious from a TSA perspective and a little bit contentious from a congressional perspective."

"Poor M&A and slow response to consumer trends has reduced margins from high teens to single digits over the last four years with no clear turnaround plan."

"Although the value of the common equity is now lower, if you add the value that the shareholder gets from the iPrefs he receives, the total is a net gain."

"What has been driving this exceptional share performance? The chart suggests enormous financial progress to justify the explosive re-rating of the shares."

"Does a tiny company like NNJ really have the engineering expertise necessary to build an AI Cloud Service System? We doubt it, but Tencent certainly does."

"We believe GoDaddy has an opportunity to drive significant value creation through a combination of improved growth, profitability, and capital allocation."

"Spruce Point believes that since bioplastics still require compost recycling, the technology is not the answer to solve the world's environmental problem."

"Despite substantial business progress and a high-quality board & management team, the company's share price has underperformed since its spin-off from GGP"

"At 0.4% of gross A/R, Limbach's allowance for credit losses is among the lowest relative to peers, which may be inflating the Company's reported earnings."

"In our view, BUR investors are effectively paying a roughly 9% fund expense ratio. We believe that return metrics excluding these expenses are misleading."

"We estimate by depreciating trucks too slowly, USCR is understating depreciation by approximately $12.5 million, thereby benefiting EPS by $0.51 cents (1)"

"Nova’s SEC filings say that Louie Siemens and Christopher Gerteisen are also shareholders of AK Minerals which makes them related party deals in our view."

"We immediately noticed that the total payments reported by TransMedics are unusually low, which suggests a company trying to cover-up the amounts it pays."

"Norfolk Southern has averaged more than 4.3x the number of unplanned recrews relative to CSX, despite having >800 more train and engine service employees."

"Mr. Dealy’s vast industry experience and PSR expertise can help inform how Norfolk Southern can effectively implement a responsible, balanced PSR program."

"we felt it was worth showing that simply using realistic estimates, Inspire's best-case TAM falls by ~80%, to 104,125 units versus their claim of 500,000."

"A key slide on IRBT’s competitive positioning last seen its Dec 3, 2013 investor presentation has entirely disappeared from recent investor presentations."

"We presume the purported safety data tipped the balance, and therein lies the rub: the safety data obscured the risks in a manner we find to be nefarious."

"Probably the liquid because of the problem with choking on that big pill. I'm concerned about choking, particularly younger patients. I think that's true."

"While it could be unclear to an OSIS shareholder whether you own all, or part, of S2 Albania, it seems pretty clear in Albania that someone else owns 49%."

"Factoring in an additional 1.1m warrants, Diluted EPS would have been $0.34 and made its Q4'18 and full year earnings miss vs. Street estimates even worse"

"However, as we pointed out, we have serious concerns with Nova's consulting geologist and believe the resource estimates should be viewed with skepticism."

"An investment in Valeant shares on the day Mike Pearson became CEO has appreciated to 42x its initial value in seven years including dividend reinvestment"

"Failure to publish the annual report within the time limit specified in Article 8 of the "Interim Regulations on the Disclosure of Enterprise Information""

"This pattern suggests insiders with advanced knowledge of the poor results shorted the stock late on October 29 and covered aggressively the next morning."

"RILY’s NAV is Far Below the $1.1 Billion Minimum NAV Requirement That Is Required for the Nomura Credit Agreement Putting RILY at Risk of Collapse in 2023"

"We find the structure and results of the following transactions very concerning as it seemed to have enriched insiders at the cost of public shareholders."

"This bid represented a 46% premium to Disney’s original offer and a 104% premium to the Unaffected Sky share price – another example of poor M&A judgement"

"Key performance metrics such as Net Dollar Retention (NRR) are going the wrong direction and now ENFN will stop providing NRR including involuntary churn."

"The TSMC exec derided their EUV system as just an irrelevant niche: “we call it a lab tool, R&D tool...not a production tool” that is useful inside a fab."

"MagnaChip recognized revenue on sales of incomplete or unshipped products...and delayed booking obsolete or aged inventory to manipulate its gross margin."

"It's different issues, but the same results happen on their inspections. They get a dark frame or they get a false defect...it's light source fluctuation."

"Lasertec “will struggle” to compete with KLA; “extremely hard to compete”; Lasertec “will disappear in five year” is they don’t fix their product problems"

"It is possible that RUN intends its financings to transfer this obligation to ABS investors or, failing recoverability there, the unsuspecting homeowner."

"We believe Remitly's competitors already have a long history of focusing on small and medium-sized businesses and institutional knowledge which it lacks."

"The average vet practice is growing its sales by 53% and 48% in its second and third full calendar years on the Vets First Choice Platform, respectively."

"EDU’s franchising terms seem designed to perpetuate the EDU myth by maximizing store base growth to justify breakneck reported revenue and profit growth."

"Spruce Point believes Generac is caught in a classic over-expansion trap whereby it increased capacity 4x for home standby generators since the pandemic."

"Carvana’s GPU for retail used cars, ignoring the contribution of loan and VSC-related income, is just $1,127 – among the lowest of any major auto dealer."

"There were irregularities. However, these were revealed and corrected at an early stage - even before the consolidated financial statement was completed."