Callouts & quotes from 26,677+ activist slides

"There are almost no high volume prescribers of Wakix who are not paid speakers for Harmony, and even they are generally ambivalent about the drug."

"Over 60% of BEA's shareholders are Independent Shareholders or Current Sellers (whom the BEA board cannot prevent from accepting a takeover offer)"

"Despite stability in the size of the investment team, total headcount grew by over 50% from 2012 to 2016 as PSH was launched and capital increased"

"Nuvei's CFO David Schwartz provides a biography that appears to obscure his involvement in an FBI investigated business tied to internet gambling."

"Not only is the upward trend in Procept DSOs worrisome, but the Company's inflated receivables balance also stands out relative to peer companies."

"CLEAR's Chief Accounting Officer was the Corporate Controller at Ubiquiti, Inc. (NYSE: UI) during a period it was under investor and SEC scrutiny."

"Despite stability in the size of the investment team, total headcount grew by over 50% from 2012 to 2016 as PSH was launched and capital increased"

"Conceptually, the discount rate measures risk. The greater the risk, the higher the discount rate. The less the risk, the lower the discount rate."

"What's worth noting is that ICC Holdings LLC and Ascend Barry LLC had the exact same address. We have reason to believe they are the same company."

"These initiatives do not deliver the strategic evolution required to remedy Southwest’s challenges. They are a normal part of running the business"

"Southwest must bring in new leadership from outside of the Company to improve operational execution and lead the evolution of Southwest's strategy"

"All Together, Insiders Cashed Out $4.5 Billion From PLTK Before/Through IPO, Leaving Public Investors With Over $2 Billion Debt. What Is The Rush?"

"The Repeated Use of Key Words Allow Us to Track How Much IONQ Was Feeding at the Government Trough, And to See How They Were Left Out in the Cold."

"The Eurise electric minibus is available to anyone who wishes to import them. There is no need to buy it through GreenPower and pay a huge markup."

"Pershing Square’s returns have been substantially greater than those achieved by investing in the broad stock market indices over the same period."

"Regardless of whether that second line was working or not, ONP's operation struck as a late 20th century factory equivalent of a Potemkin village."

"RUN is at Risk of a Funding Gap due to an Inability to Use Aggressive Valuations; it is also at Risk of a Claw Back that Could Reach $948 million"

"The bottom line on the tax inconsistencies is that in our view, the company failed to explain them. Therefore, we see these issues as a red flag."

"We took advantage of price declines at the beginning of the year to add to our position and believe QSR remains a compelling long-term investment"

"Why Did Allan Lacoste - Nuvei’s Top EVP of North American Partnerships – Mysteriously Disappear After Being Referenced In An Alleged $100M Fraud?"

"Reclassifications related to FX gains/losses in net finance cost and SG&A have been disclosed, but revenue revisions are continuing into Q3 2021."

"Domino's Pizza's dividend-adjusted stock price has increased over 17x since 2004, driven by refranchising and international growth of franchisees"

"During our conversation with a senior industry executive, he told us he would question what makes up Genius’ 11% of revenues from sports leagues."

"As shown in this contract with a partner sports league, 100% of the $46,530 annual value is paid-in-kind, resulting in no cash benefit to Genius."

"The bulls talk multiple expansion, whereas the bears talk hard data points showing that Avery has had no organic EBIT growth absent cost cutting."

"Using the Wayback Machine, we find evidence that Generac is having to absorb increasingly more shipping costs which would pressure gross margins."

"Generac's goals are heavily tied to EBITDA over actual cash flow. In fact, even the 25% “Individual Performance Goals” references back to EBITDA."

"The share-price underperformance and operational issues highlighted in our letter clearly demonstrate that Commvault requires fundamental change."

"Collectively, we believe our director nominees have the necessary experience and independence to oversee a value-enhancing transformation of Box."

"Within Revenue Marketing, Customer Marketing remains the biggest immediate opportunity, and it aligns and focuses strategy & customer-centricity."

"The NEO001 “Best Response Analysis” is misleading in our view as to efficacy, and we further believe it has led to undue optimism about the drug."

"AMT's disclosures regarding the amounts and timing of money it purports to have paid make clear that its accounts contain material misstatements."

"Bo Hu was thinly capitalized at the time of entering into the agreement - its registered capital was only $135,000 (RMB one million) at the time."

"Shareholders should ask themselves, if management thinks it is a better trade to sell Riot shares and HODL bitcoin, why should I not do the same?"

"We believe this is all very achievable, and that in fact, the interim CEOs are setting a low bar for a new incoming CEO to show success early on."

"Where is the $100-$136m of year end inventory reported at the consolidated level if none of it is being reported to the tax authorities in China?"

"Where is the $100-$136m of year end inventory reported at the consolidated level if none of it is being reported to the tax authorities in China?"

"Sub-scale and rapidly growing peers have significant operating expense burdens in their P&L – margins improve with greater scale and lower growth"

"In July 2016, ADP announced its “Service Alignment Initiative” but has made no commitments regarding improved efficiency or client service levels"

"Greenlight observes that a portion of Allied’s stated accounting policy in its 10-K appears to reflect SBA rather than SEC accounting principles."

"We believe that, as brick-and-mortar clinics renting space from retailers, these wellness centers should designate rental expense as a COGS item."

"We believe our plan can be achieved while not only maintaining the Company’s investment grade rating and current dividend, but strengthening both"

"Darden launched a major R&M initiative in 2012 to centralize R&M with a savings target of $15 - $20 million, but these savings were not realized."

"$722.9 million works out to $1.50 million per owned restaurant, which is significantly below the Company's stated cost to build a new restaurant."

"We respectfully ask BP's Board of Director to urgently review and revise the 2023-2030 plan, by implementing the following six corrective actions"

"This fact pattern suggests to us that IPX may not have received enough private sector commercial customer buy-in to commence a feasibility study."

"Former employee explains that widening gaps toward top right of staircase curves show longer rest periods between pulses as current density rises"

"QS lab tests are based on a small pouch cell. For some tests, QS doesn't even disclose the size, suggesting it's even smaller than the one below."

"We believe that Target’s substantial negative returns to its shareholders are reflective of its operating underperformance compared with Wal-Mart"

"We note that these comments flatly contradict the QCWare quotes used in a recent IonQ press release, which one of the execs actually pointed out."

"Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap (partially caused by Bakken build-out)"

"Our slate consists of four highly qualified and motivated individuals who are fully prepared to explore all options to maximize shareholder value"

"We think Acutus's AcQMap, a 3D mapping catheter that was first developed and used in humans in 2013, will revolutionize mechanism-based ablation."

"McDonald's has the lowest score possible on the BBFAW Impact Rating, which evaluates how companies demonstrate progress on animal welfare impact."

"The lawsuit, which was eventually settled, alleged that Uptake had a "ruthless scheme" to poach its executives and improperly obtain information."

"We believe the Board's ineffectiveness may be in part due to the unchecked power of the founder, Rob LoCascio, who serves as CEO and Board Chair."

"BOOT recently increased its promotional activity in late April (denim sale) and then a 60% off (spring sale) which encompasses over 10,700 items."

"Since Starboard’s public engagement with Corteva, the Company has outperformed the S&P 500 by 41% and created significant value for shareholders."

"We believe our plan can be achieved while not only maintaining the Company’s investment grade rating and current dividend, but strengthening both"

"In a majority of the cases, the share price has met or exceeded our downside estimate of intrinsic value. The average share price decline is 57%."