Callouts & quotes from 26,677+ activist slides

"We estimate that from FY14 through FY16, Huishan booked CapEx of RMB 89 million per dairy farm; FY16 CapEx appears to have ballooned to RMB 107 million."

"Huishan's disclosures about Liaoning Muhejia refer to it by an informal English name, Liaoning Ainyveal, which we also believe is an attempt to obscure."

"Is management being aggressive in its accounting definition of "cloud revenue" to inflate what investors would believe to be true "cloud-based" revenue?"

"Management won't admit it uses stock buybacks to manage market expectations and to engineer low quality “beat and raises” stories to get analysts giddy."

"A classic example of earnings management is when management over-estimates expenses, and claims great performance when results are better than expected."

"Alphabet is leveraging its core strengths in data, distribution, infrastructure, and research expertise to successfully execute on its vast AI potential"

"I made the decision that Nevro can't really be used, based on the problems we're seeing. So, the percentage of my implants that are Nevro is zero. None."

"Kao's key metrics have all deteriorated since 2020 due to insufficient management incentives to view them as barometers of corporate health and success."

"Mr. Iger has sold $1bn of Disney stock (nearly all his holdings); today, he owns just 0.01% of the outstanding shares and has limited "skin in the game""

"It appears that the Viteks "painted the tape" to justify the retroactive reprice of the remaining 14,071,483 shares and €52.1 million additional profit."

"Early analysis indicates agent commissions could fall as much as 200bps and that the overall industry commission TAM could be reduced by as much as 30%."

"Pike's investment experience and his expertise in the energy and oil and gas financial sectors would make him a valuable addition to the Phillips Board."

"This means that BUR marked up its core balance sheet investments a whopping 90% in 2018, with markups growing further to an eye-popping 135% in H1 2019."

"The ex-employee stated TransMedics bypasses the OPO: "they're just kind of doing it and saying, oh, this is an aggressive center and they could use it.""

"Despite the estimated massive losses in Display, AOL appears solely focused on continuing to pursue its high-cost, value-destroying status quo strategy."

"Only 1 of the 18 companies in AOL's 2011 peer group has a market cap below AOL's market cap and only one company has revenue barely below AOL's revenue."

"Excluding the value of its stake in REA Group, News Corp is valued at just 4x EBITDA, compared to The New York Times Company at greater than 15x EBITDA."

"Over the years, Carl Icahn has created hundreds of billions of dollars in value for fellow shareholders through profitably buying and selling companies."

"The US film production industry is clearly shifting to a new paradigm of fewer films, higher budget per film, and a greater focus on proven IP / sequels"

"This scenario would increase EPS by ~60% by FY21 (increasing from ~$4.58 in status quo to ~$7.48 with buyback) and would lift book ROE from ~15% to ~80%"

"Just growing in line with the market would mean revenues in 2027 would be JPY 30 billion and EBITDA nearly JPY 7 billion larger than under Kao's targets"

"Chinese Distributors explained that their “Hourly Consulting Pay” is passive income – dependent on recruiting – and unrelated to any supposed consulting"

"Only two of ten patients left on it due to QT issue with one patient, who was “a clean, healthy patient, no history of any cardiac issues or arrhythmia”"

"As hypersensitivity, including anaphylactic reaction, is a known risk associated with WAKIX, a causal or contributory role of WAKIX cannot be ruled out."

"Only two of ten patients left on it due to QT issue with one patient, who was “a clean, healthy patient, no history of any cardiac issues or arrhythmia”"

"However, we calculated net installs of -$11.7 million for GTT in 2017 – leaving a $17.8 million delta between GTT’s reported number and our calculation."

"A recent interview with Ginkgo’s CEO reminded us of performance art by his Siamese synthetic biology twin from Zymergen, right before it self-detonated."

"In 20 years of research, we have never heard anything like the seething, rage, and desire for retribution as on these calls with surgeons and hospitals."

"Regulators crosshairs are focused on the Cost Report, the loophole at the center of TransMedics' extortionate pricing for consumables and air transport."

"That price is bananas because the disease isn't that expensive. And other interventions do make a big difference, especially when they're started early."

"These relationships and round-trip transactions with undisclosed related parties make us question the aforementioned rapid YTD growth of INS’s business."

"Insider trading is the trading of a company’s securities by individuals with access to confidential or material nonpublic information about the company."

"The Jig Is Up - Investigative Research Reveals GreenPower Motor Electric Vehicles Are Not “Made In America” But Are “Made In China” - $1.50 Price Target"

"California could switch course and start requiring Buy America Act compliance with Electric vehicle purchases. That would be devastating for GreenPower."

"Dr. Vivek Reddy, Pulse’s Own Hired Consultant, States There Isn’t An Advantage To Using Nano-second PFA Compared to Micro-Second PFA For Most Procedures"

"SMART Brazil is highly dependent on the PPB. Its niche business no longer has a competitive advantage now that they are unshielded from the free market."

"The chart above shows that SGH has begun exhibiting negative operating leverage – its operating expenses remain stable even as revenue declines rapidly."

"The co-working operator rent24 is likely a related party of Vivion’s, and despite being one of its largest tenants in Germany, has never been disclosed."

"It is not - and will never be - a serious, credible player in EUV lithography/inspection, and investors who perceive it as “Japan’s ASML” are misguided."

"Spruce Point believes that analysts are downplaying the tectonic shift that we believe is occurring in the sports betting market and its impact on DKNG."

"We Are Highly Concerned by the Numerous Interrelationships Between DSP and CEVA that Create Conflicts of Interest for Certain DSP Directors and Advisors"

"Southwest’s response demonstrates how profoundly out of touch the Board and management are with shareholder sentiment and the reality of the situation."

"Nuvei's CFO David Schwartz provides a biography that fails to fully disclose that he was appointed the CFO of SureFire Commerce (TSX: FIR) in May 2002."

"Sparman's partner Nathan Shew (of Vantage Payments) brokered business between Rex Venture Group (RVG) and PCI in March 2012 according to legal filings."

"Based on CEO Locke's choice of words on the Q1 2021 earnings call, we are concerned by his lack of conviction to achieve profitability on the NFL deal."

"Note: that the current definition now allows HTA to remove properties from the same property pool that are INTENDED for disposition and/or development."

"Spruce Point believes that if revenue cannot be accurately depicted, then investors should have limited confidence in GFL's entire financial reporting."

"Southwest’s response demonstrates how profoundly out of touch the Board and management are with shareholder sentiment and the reality of the situation."

"WTRG is no longer showing the slide below and, for the first time since 2019, is warning that long-term trends favor 1% annual declines in water usage."

"To make matters worse, we believe the CEO may have insulted the homebuilding industry by referring to them as "land developers" interested in flipping."

"Third party behavioral analysis strongly indicates that Burford’s management was deceptive in their written and verbal responses to our initial report."

"Lowe's sales/ft² is 25% less than peak levels achieved nearly six years ago. EBIT margins are ~350bps below peak margins achieved nearly five years ago"

"We believe that the home centers face limited risk from online shopping because the majority of products they sell do not meet most of these conditions"

"We highlight that, for the first time in four years and the first time as a public company, Procept failed to pre-announce Q4 results in early January."

"Muddy Waters' intention was to damage Ströer shareholders for its (MW's) own commercial interests, which were based on the hedge fund's short position."

"The purchases announced in these releases never came to fruition. As for the coal supply agreement, if coal were supplied, it was not by Superb Summit."

"Properly operated, ADP should produce industry-leading long-term results. ADP should be the ecosystem and partner of choice given its breadth and scale"

"ADP’s accounting for PEO “revenues” overstates growth and economic revenue and complicates operational benchmarking given the significant pass-throughs"

"Subscription video streaming has consistently gained share from the declining Pay TV ecosystem, with revenues in the U.S. more than doubling since 2017"

"First, the Board must work with Darden’s management team to unify the strategic plan going forward while completing the CEO search as soon as possible."