Callouts & quotes from 26,677+ activist slides

"Pershing Square’s hedging strategy generated substantial gains during the same three bear markets when HHH/GGP suffered severe economic consequences"

"It is unclear if any new Corporate Integrity Agreement will be put in place, but Novartis does not believe the settlement will impact their business"

"IonQ’s design remains a clone of Sandia’s and dismissed the “chip” as “not special” and easy to replicate with standard microfabrication technology."

"I direct that no official shorthand note shall be taken of this Judgment and that copies of this version as handed down may be treated as authentic."

"Nestlé's CY16 EBIT margin 15.3% (16% ex-items) is at the low end of its peers, nearly all of which are now targeting high-teens to low 20's margins."

"Amid this massive tailwind several ed-tech companies, including PowerSchool, went public, making 2021 the biggest year for Ed-Tech deals in history."

"Darden's management has built a lavish corporate bureaucracy with little focus on best practices, shareholder value, or the in-restaurant experience"

"DND shares fell about -12.5% after Canada’s Competition Bureau obtained a court order to investigate alleged anti-competitive conduct at the Company"

"Of the group that underwent PVI and PW ablation, 65% were free of AF/AT/AFL at 12 months compared to only 20% of the group that underwent PVI alone."

"This scenario of strong Peiyou offline growth results in 36.8% small-class ASP growth, whereas TAL disclosed that small-class ASPs declined by 9.9%."

"There is a case study for creative acquisition accounting in the engineering sector that famously foretold problems ahead of a major stock collapse."

"Only 42% of non-Toyota Group shareholders need to tender for the TOB to succeed. This falls materially short of a true majority-of-minority standard"

"It is possible that Zebra is factoring lower quality receivables or retaining them and under-reserving for bad debts which would overstate earnings."

"The gross margin and operating profits are accretive overall to Zebra but not quite to where some of the other public companies in the space are at."

"We find it ironic that Zebra, who is in the business of asset tracking, cannot seem to accurately track its segment financial results and inventory."

"Insider ownership levels are at the lowest since inception, while index buyers such as Vanguard represent a disturbing trend of increased ownership."

"We find it troubling that both 3W Partners and NFT Investment Limited appear to have the same address in Hong Kong, suggesting that they are linked."

"Twist has “no advantage”; manufacturing oligos is a commodity process any vendor can do using traditional DNA synthesis steps on plastic well plates"

"Headcount has grown disproportionately versus revenues since the Mellon merger (22% total growth in headcount vs. 4% total growth in "Core" Revenue)"

"Many peer companies with lower emerging markets exposure, weaker brands and/or less advantaged categories are achieving 4% - 7% organic growth rates"

"Between capex across brands, a dividend, and buybacks, there is significant potential for capital allocation optimization to drive shareholder value"

"Once the Company has committed to returning the majority of its free cash flow in dividends every year, the stock’s valuation should correct quickly"

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"Beyond the remaining troubled “below investment grade” exposures, AGO has significant exposure to other potentially problematic areas down the line."

"Since promoting fourteen significant products in early 2017, Celgene management has steadily scaled back their enthusiasm and eliminated milestones."

"Celgene paid more than $1 billion upfront plus contingent payments for fedratinib after Sanofi discontinued it due to concerns around patient safety"

"In Bristol-Myers base case projections for Celgene’s pipeline products, Adjusted EBITDA is negative for the first SIX years of the forecasted period"

"Investigators heard from competitors that Broad Ocean has failed to sell those 400 motors and this has become a huge drag on the company's cash flow"

"Despite the quality of BHP’s assets, BHP has underperformed a portfolio of comparable mineral and petroleum companies over a variety of time periods"

"HIMS' own disclosure proves that the Affiliated Medical Groups do not have "exclusive authority" over their medical practice as HIMS clearly states."

"We find that FDA inspections of Curexa in 2022 and 2020 uncovered sloppy operations, below-strength products, and even facility structural concerns."

"Floor & Decor Appears To Be A Replay of Scandal-Ridden And Bankrupt Linens ‘N Things; Capex Is Anomalous And New Store Operating Costs Are Exploding"

"Spruce Point is dissatisfied with the Company's response, and notes that Saputo fails to provide hard numbers or sources to substantiate its claims."

"While Saputo was claiming few players in the space in early 2021, a recent product review of Vegan Cheeses included eighty (80) different varieties."

"Monster did not show the Amazon data by Stackline in its two most recent investor presentations. We suspect the reason is because it has lost share."

"It is indisputable that FMCN routinely overpays for acquisitions. It has written off $1.1 billion out of approximately $1.6 billion in acquisitions."

"It is indisputable that FMCN routinely overpays for acquisitions. It has written off $1.1 billion out of approximately $1.6 billion in acquisitions."

"Ancora estimates the combined company will have improved EBITDA margins and free cash flow generation which should lead to a re-rating in valuation."

"Huntsman sold its remaining stake in Venator for only $140 million, which was $860 million LESS than what shareholders had been promised in 2018.(1)"

"TWX's annual corporate costs exceed those of its peers, with a vast scope of headquarters at One Time Warner Center symbolic of unnecessary expense."

"The analysis suggests that one of the better uses of TWX funds at this point in the investment cycle is to aggressively repurchase its common stock."

"Herbalife’s accounting attempts to conceal the total amount of commissions paid to distributors and increase the amount of so-called “Retail Profit”"

"A standalone Information & Media business could better optimize operational performance, garner investor attention and participate in consolidation."

"Management has not demonstrated it is a disciplined acquirer of businesses, nor should it be rewarded for overpaying for its own stock to boost EPS."

"Separating into a “Global Architectural” company and “Industrial” company could enable PPG to unlock value by creating leading, pure play businesses"

"We request a meeting with members of the Board at your earliest convenience to discuss the matters and initiatives we have set forth in this letter."

"Can PERI’s Numbers Be Trusted?: Five Things That Should Raise Suspicions That Its Financials Are “Too Good To Be True” And Don’t Pass The Smell Test"

"We believe there is an elegant solution to achieve these objectives through administrative action, utilizing authorities already granted by Congress"

"Spruce Point believes that the Aspen-related goodwill should be written down to reflect the value destroyed by management over the last seven years."

"A more appropriate comparable for New Pacific is likely Bear Creek Mining (TSX: BCM), which currently has a market capitalization of US$145 million."

"We see Nidec as wanting to increasingly control investors’ perceptions of the company’s performance, rather than presenting unvarnished information."

"If you're using it two or three times a month and it takes a few hours, so the machine is basically only used at 5-10% capacity utilization at most?"

"BLI's claim that the machine speeds up cell line development is false – key part of the value proposition; BLI claims 5 days but 3 months in reality"

"Spruce Point believes management should address the following important questions pertaining to suspect financial reporting and accounting practices"

"In effect, Stryker ignored the $45.5m inventory allowance last reported by K2M Group and assumed its finished goods of $130.8m reflected fair value."

"In effect, Stryker ignored the $45.5m inventory allowance last required by K2M Group and assumed its finished goods of $130.8m reflected fair value."

"When Olam bought CFM on January 12, 2010, it valued the PP&E at S$168.6 million, which was a 25% increase over CFM’s carrying value in only 13 days."

"Olam’s repeated failure to manage small projects provides investors vital clues about its ability to manage more complicated and expensive projects."

"Could you please answer the following questions to help clarify bp's approach to sustainability, corporate culture, and senior management oversight:"

"Of these 26 Approved Plans, there are two which are of particular centrality. The first is PDL-08 (§26 above). The second is “PNL-6839” (§27 above)."