Callouts & quotes from 135+ activist slides

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"Fiction: Management Has Been Telling Potentially Misleading Information About The SD&A Business, Claiming Everything Is Ahead of Plan And On Target"

"This gives the misleading appearance of a capital liteness to FTAI's AP's business. In fact, the company has simply allocated the costs to Leasing."

"The NEOD001 “Best Response Analysis” is misleading in our view as to efficacy, and we further believe it has led to undue optimism about the drug."

"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."

"Herbalife’s restatement of “Active New Members” calls into question the company’s veracity and highlights its misleading statements to investors"

"Herbalife’s restatement of “Active New Members” calls into question the company’s veracity and highlights its misleading statements to investors"

"In our opinion, Ströer not disclosing the failure of this pillar of its digital strategy, and not impairing Ballroom is egregiously misleading."

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Fairfax Spent Cash for Accounting Gimmicks on Disposal of a Loss-Making Subsidiary that Misleadingly Preserved Book Value of $105.5 Million."

"We've reported GreenPower to the SEC for making this statement. It is a false and misleading statement, which is a securities law violation."

"The above shows what the parent owns. However, it is a bit misleading in that CBD already consolidates Via Varejo and GPA (see Appendix 1)."

"In 2023, the Berlin Regional Court ruled against HelloFresh following complaints about misleading marketing of "climate-neutral" meal kits."

"Is Casino unaware of these errors; or, is Casino so intent on misleading investors that it failed to adequately caveat its defense of S&P?"

"Limiting a study to n=3 such participants suggests an attempt to cherry-pick and present misleading data that understates the variability."

"We believe that Kao is either misleading shareholders today, or it misled Oasis in November. Either way, this is clearly poor governance."

"Vivion's specific rebuttal to rent24's significance at Fürst illustrates how misleading Vivion's responses about rent24's occupancy are."

"Given our previous findings, we view these misleading statements as red flags, given the continuity of misrepresentations by management."

"Regularly put forward misleading statements which disingenuously claim that performance has been excellent and goals have been achieved"

"DNMR presents Novomer as not just being a low-CapEx project but one with low production costs as well, which we believe is misleading."

"These statements are materially false and misleading. The vast majority of Herbalife distributors make far less than the minimum wage."

"We think it is misleading for RILY not to write down the intangible assets of these companies as they become more and more obsolete."

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"HASI, in our view, improperly applies widely-used HLBV accounting method to misleadingly inflate income and operating cash flow."

"Solid state battery experts and former employees call the data fake, misleading, or a “shell game,” and outline 4 red flags."

"We believe this is a false and misleading statement to investors, and a securities law violation. We reported it to the SEC."

"Multiple ex-IonQ employees suggested that the photos of the slick black box quantum computer are staged or misleading."

"One of the misleading slides that strongly implies that this PLA bag is a “PHA Customer Collaboration Case” is below."

"In Materials to Shareholders, Hess Uses Misleading Chart That Ignores Relevant Peers and Hides Impact of Oil Prices"

">CYP2D6 liability and drug-drug interactions amplify toxicity; the FDA's assessment was based on misleading data"

"Geographic Revenue Reporting Potentially Misleading, Enabling MPWR To Lower Taxes And Understate Customer Risks"

"The lack of impairment supports our contention that the company is misleading investors about its performance."

"Perhaps to obscure the transaction, CPI PG misleadingly reported a nominal purchase price of €1 for Pietroni."

"Vivion is egregiously misleading in its rebuttal to our revelation of rent24’s outsized occupancy at Fürst."

"We believe Huntsman’s claims of beating its 2020 Adjusted EBITDA target is blatantly misleading and false."

"The suggestion that IAA is on the verge of losing another top customer is a highly misleading conjecture."

"Phillips' claim rests on an illogical peer group, an incorrect methodology, and a misleading start date"

"It appears management is either confused regarding Darden’s covenants or is misleading shareholders."

"Darden's statements regarding friction costs from separating its real estate are highly misleading."

"We believe a significant portion of FFAI’s financing has been either fake or seriously misleading."

"Management has either forgotten about its prior written statements or is misleading shareholders."

"Elliott has put forth illegal corporate governance demands, masked by misleading communications."

"Elliott has put forth illegal corporate governance demands, masked by misleading communications."

"Management’s assertions that the company trades at a premium are based on misleading information"

"Please do not be fooled by Huntsman’s many misleading, revisionist, and disingenuous claims!"

"Using its aggressive revenue estimates, XL provides a misleading comparison to EV companies."

"It seems the Board and Mr. Shaw are misleading shareholders about Mr. Orr's PSR expertise."

"Management is either confused regarding Darden's covenants or is misleading shareholders."

"Bristol-Myers’ math is misleading and ascribes an artificially low value to the pipeline"

"The Officer Report was entirely adequate in law, was in no sense materially misleading."

"Axon management is potentially misleading investors about its dependence on China."