Callouts & quotes from 476+ activist slides

"Conclusion: This is the first randomized double-blind study on SCS. HFSCS was equivalent to sham for the primary outcome (improvement of PGIC) as well as for both the secondary outcomes (VAS and EQ-5D index) [...] It appears that the effect of HFSCS and sham is equal..."

"Avery is more expensive and levered than it appears. We believe Avery inflates Adjusted EBITDA and EPS with dubious restructuring add-backs. In addition, it obscures reporting of operating leases, which are also debt, and ignores pension and environmental liabilities."

"We believe this repeated behavior is the outcome of broader and more systemic problems, including a poor corporate culture that appears to reward loyalty to the founder over performance, a Board that has failed to provide true accountability for delivering on results."

"We have grave concerns about its continuing brand equity given its business relationship with Movers+Shakers, a marketing firm with ties to the notorious NXIVM cult and with its “joy” messaging that appears to be eerily similar to the cult’s Science of Joy teachings."

"Upon a close review of the text of the provided acquisition timeline, Spruce Point concludes that, per the deal proxy, it appears that neither the (2) "Preliminary Alternate Plan" nor the (4) "Illustrative Guidance" was ever provided directly to potential acquirers."

"By adjusting MGPI's balance sheet to remove the effect of long-term whiskey holdings, and include off-balance sheet purchase order commitments, we observe that its liquidity (as measured by its current ratio) to be significantly worse than it appears on the surface."

"While YT appears to have started to hide assets in Blitz in 2017 (two years before declaring bankruptcy), we have found that this money started to flow back into FFAI in April 2019 through a note purchase agreement with Blitz and other employees and relatives of YT."

"Based on Limbach's current 2025 guidance, total company organic growth is effectively flat once acquisition contributions are stripped out, and organic growth in the ODR segment, Limbach's primary growth engine, appears to have decelerated to the low-single digits."

"In short, Vitek extracted cash loans and appears to have repaid with much less valuable interests in partially completed apartments and villas, conveying more in unfunded obligations than cash equity—and new CEO David Greenbaum sought to gloss over this behavior."

"Avery constantly talks about restructuring leases, optimizing plants and facilities. However, as clearly evidenced by its 267 reported global locations found on its website consistently reported for over three years, it appears to have eliminated ZERO locations."

"Monster's market share appears to be the most pressured among its closest peers, and this is before Celsius acquired Alani Nu in February 2025 and Anheuser-Busch (BUD) announced in January 2025 that it would partner with 1st Phorm to launch a new energy drink."

"Today, we reveal why we believe EHang (NASDAQ: EH) is an elaborate stock promotion, built on largely fabricated revenues based on sham sales contracts with a customer who appears to us to be more interested in helping inflate the value of its investment in EH."

"Left: Modules at an FTAI facility show boxes with the FTAI logo, the Module Factory logo, and a large red QR code. Right: The box at Sorena Turbine display what appears to be identical markings: the FTAI logo, the Module Factory logo, and a large red QR code."

"It appears, based on these facts and without an explanation, that BP is exploiting both its shareholders (by building loss-making solar plants) and the UK government (by planning to increase the plant's operational capacity beyond the authorized threshold)."

"New York City's population growth turned negative for the first time in 2017, legged down again in 2018 and appears poised for further trouble as housing remains inadequate across the city and the current crisis once again puts New York in the crosshairs."

"Even more concerning, it appears that the Board chose to withhold material information from shareholders ahead of the nomination deadline in order to preserve the status quo and insulate the incumbent directors from a potential challenge by shareholders."

"It appears Heska can't keep its story straight. On the Company's Q2 earnings call, Wilson said that shipments have been delayed "by a few weeks." Then during the Q&A, Wilson proceeded to suggest that volumes will be impacted all the way through December."

"C3.ai ascribes a $60 million annual value to the “in-kind” donation of its unlimited AI Suite (including $10m of runtime). However, that appears to be unusually large relative to the fair market value of what it receives from its two largest customers."

"Our observations of DV losing competitiveness in international markets appears to be mirrored by its loss of accreditation from the UK's ABC. This can't be beneficial for its opportunity to win business against IAS, which has maintained accreditation."

"The same cast of characters that keeps popping up as lead investigators for Nevro’s studies, and as some of its highest volume implanters, also has a knack for topping its OpenPayments leaderboard, which appears to consist mostly of…speaking payments."

"The sell-side analyst community appears equally divided on ENFN's share price outlook. However, we believe the biggest bulls on the name are wrong in their assessments and have failed to conduct a rigorous forensic analysis of the Company's reporting."

"DV investors should be intensely worried about the lack of patent protection of its technology products and solutions. In fact, it appears that DV recently lost two European patents and its application pipeline is shrinking with no new patent growth."

"It appears that PepsiCo views structural change as a sign of weakness, an admission of failure and an untenable break with past traditions. Trian views structural change as the best path forward to generate sustainable increases in shareholder value."

"It appears as though a significant chunk of the €4.08 million consideration Media Ventures “paid” for freeXmedia was actually in the form of advertising on Ströer’s network - meaning that Ströer appears to have subsidized Media Ventures’s purchase."

"Therefore, Müller’s statement at the beginning of the call “At no time has Muddy Waters Capital attempted to make contact with Ströer, let alone held a telephone conversation or personal conversation with Ströer” appears to be a knowing falsehood."

"DV ceased a key disclosure about revenue facilitated through programmatic partnerships. It appears they've become increasingly dependent on two partnerships, which we believe is adding greater business risk and financial pressures to its business."

"The center appears to be spending recklessly on anything “new” because it has to; appears to have done no diligence on BLI; and became nervous and asked us for details about other customers’ experience: “we just spend money; we don’t make money.”"

"On the earlier slide, ROAD referenced its #22 position on ENR’s “The Top 50 Domestic Heavy Contractors” list. Spruce Point discovered why ROAD stopped referencing its position in subsequent presentations: because it no longer appears on the list."

"We do not like the fact that insiders have been selling into share buybacks while the Company levers itself up with short-term debt to support those repurchases. It appears that the execs are levering up the business in part to enrich themselves."

"Miller appears to have a pattern of association with questionable PWS therapies, as evidenced by her recent efforts on behalf of Tryptamine Therapeutics (ASX:TYP), an Australian microcap stock promotion focused on “precision psychedelic therapy.”"

"The conduct appears to be an open secret inside the company, with ex-employees conveying skepticism at highly unusual prescription volumes and patterns in various territories, where reps were "finding" far more narcolepsy patients than plausible."

"Analysts model revenues beginning in FY 2026 and accelerating in the out years. We believe these assumptions are aggressive. Given the large current discount to the consensus analyst price target, the market appears to be expressing skepticism."

"The architect of this egregious stock promotion appears to be a small Israeli banking firm named A-Labs Finance and Advisory Ltd, which, according to a newspaper report, is secretly controlled by a convicted Israeli fraudster named Eli Reifman."

"We could locate no such exhibit, and it appears Twist didn't want investors to see it, and seems to have gotten away with "supplementally providing it" only to the SEC – presumably a busy staffer who didn't even notice the lack of an exhibit."

"Once again, Amdocs appears to be taking the same steps which management allegedly took in the early 2000s to cover up potential evidence of business contraction: report consistent growth in Company headcount to corroborate claims of growth."

"Without explaining why or how, Morgan Stanley assumes that the average athena doctor will catch up to the national average, and that athena won't offer sliding scale discounts to higher-billing doctors. This appears to be a modelling error."

"TMDX’s entire “inner circle” appears to have done all of part of their medical training at these two schools: the CEO, the Chief Commercial Officer; the head of its liver program and “Medical Director” who oversees its surgeons; and others."

"Monroe – the real heavy – appears to want his cake and eat it too: trying to preserve his scientific reputation by allegedly privately blaming the CEO and “financial types,” while publicly playing along as the scientific promoter-in-chief."

"Amdocs appears to be engaging in the same behavior today as was described in the 2002 lawsuit – and, with turnover at Amdocs relatively low at the top, these practices are being put into place by many of the same executives and directors."

"And thus Soleno and Gevers, Miller et al are caught red-handed: the new dataset contains both HbA1c and fasting glucose charts, but it appears they forgot to alter the fasting glucose one - which shows the new HbA1c data is a fabrication."

"We are surprised that after a decade of R&D and hundreds of millions of dollars spent, that Quantumscape is showing fast charge data for a single-layer lab-scale prototype that appears to have a fraction of the capacity of a hearing aid."

"Spruce Point questions why MSCI bought Fabric which appears to have limited growth, is powered by its own Factor models, and whose co-Founder warned of dangers with indexing (MSCI's core business) – both since scrubbed from the website."

"CPI Hotels, following its transfer to CPI PG, assigned its receivable from MGI of €16.1 million to Vitek, seemingly extinguishing it. However, as discussed infra, Vitek appears to have then sold this receivable for money back to CPI PG!"

"Rather than admitting that the Urashima light source is simply an old, re-packaged Russian EUV source no one else wanted, Lasertec appears to be misleading investors with a new name and claims that it is a Japanese-developed technology."

"How does Mettler attract and retain the most talented employees when its stock compensation expense per employee is the lowest in its industry by a significant margin, and it appears to avoid granting equity to rank and file employees?"

"This view appears to completely contravene U.S. GAAP, which provides that “if a business is expected to lose money for a sustained period, the inventory shall not be written down to offset a loss inherent in the subsequent operations.”"

"WTRG's appears to be shifting its discussion in references to unit customer additions to its business from "customer connections", to "equivalent dwelling units", and finally "equivalent retail customers or equivalent dwelling units"."

"Disney's supposed "progress" appears elusive - the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company's "transformation" began in February 2023."

"Disney’s supposed “progress” appears elusive – the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company’s “transformation” began in February 2023."

"Wise also appears to have convinced artificial intelligence models that it is the #1 money remittance company. As adoption of these models to inform decisions increases, we believe Remitly will be challenged to attract new customers."

"This appears suspiciously convenient to us. If these inconsistencies represent honestly misreported numbers which were ultimately revised on the 20-F, it is extremely unlikely that the independent discrepancies would offset exactly."

"TransMedics strikes us as textbook case whereby it appears that customers are 1) forced to pay for a NOP service they do not want... and 2) to do so at a higher price than if they purchased each service themselves versus a bundle."

"It appears that YT transferred 4.5 million shares to a creditor via Blitz in April 2020 after the bankruptcy had already begun and one month after he had stated to the bankruptcy court that he had no interest whatsoever in Blitz."

"We are concerned by the apparent divergence of cash costs related to capex and amounts recorded on the balance sheet within PP&E. Through 2023, the reported amounts reconciled, but in 2024 and 2025 it appears that they diverged."

"Our investigator visited the property in March 2020 and confirmed that minimal improvements have been made. We see construction to the right of the greenhouses, of what appears to be the early construction of an empty warehouse."

"INOD was nowhere to be found in this fundraising blitz. Instead, it appears INOD's management was busy crafting press releases to pump its stock price and trying to convince shareholders it offered a top-of-the-line AI platform."

"As it appears that management could be putting the 1999-2002 playbook back into play, we worry that the Company may be engaging in some of the above activities in addition to the observed behaviors noted throughout this report."

"We believe the controls may be insufficient by design, as Inteliquent appears to profit significantly from illicit scam and robocall activity by selling blocks of phone numbers to bad actors and routing the calls they generate."

"Warning: There's a 40% delta between Porch's claimed customer lead economics from ISN vs. expert's opinions. $25 vs. $14-$15. Porch's assumed average revenue of $4 per inspection also appears impossible given volume discounts."

"Warning: There's a 40% delta between Porch's claimed customer lead economics from ISN vs. expert's opinions. $25 vs. $14-$15. Porch's assumed average revenue of $4 per inspection also appears impossible given volume discounts."