Callouts & quotes from 237+ activist slides

"After reviewing PR Industrial’s Italian filings there is a reference to a reclassification to the income statement without adequate explanation. As of the date of this report publication, PR Industrial has not filed 2021 results."

"You bring up a very good points, but if you review the studies and look at the studies, this information is not suggested in the study. Correct. I have that correct. You are hearing information that a lot of people haven't heard."

"Notice carefully that Remitly is now footnoting that its app store reviews vary by user location and device type. We believe this may be a signaling effect by the Company to warn about changing dynamics among its customer base."

"Reviewing social media as an indicator of brand development and engagement of Smart2Pay, we find limited social media followers, or evidence that the Company was growing headcount rapidly leading up to its acquisition by Nuvei."

"The Shareholder Slate recommends curtailing the use of fractional commissions and, at the very least, completing a detailed review of the practice since it does not appear to be generating sufficient incremental auction volumes"

"A review of large REITs indicates that these businesses support investment grade ratings with a debt to enterprise value of 36% on average, as compared to Pro Forma McDonald's which would have a debt to enterprise value of 25%."

"This leads us to conclude that Trustpilot is not only accepting but fostering fake review services as it gives Trustpilot the opportunity for selective enforcement that benefits paying clients and hurts non-paying businesses."

"We give credit to Generac’s CEO for relentlessly promoting and evangelizing the investment story. The public should review his seven most recent CNBC appearances, especially his three “Mad Money” appearances with Jim Cramer."

"A review of other project tenders at the Oklahoma DOT reveals that Overland Corp. recently lost an additional tender to APAC-Central (CRH plc). Its lone win was a small asphalt resurfacing project that it won by just $5,000."

"Dropbox is approaching the collaboration software space behind the curve, with numerous review sites not even considering it amongst the “best” software services. Dropbox has to prove itself in an already competitive space."

"SCT should therefore collaborate with affiliates to undertake a comprehensive and transparent strategic review of the current corporate structure and options for the future in the interests of all Samsung Group stakeholders"

"Elevated DSOs signal cash flow collection issues. The problem is also suggested by an accounts payable specialist posting on the company review website Glassdoor. Kratos is now expanding discussion about DSO in its 10-K."

"Based on a forensic review of Amcor and Bemis' statements on capex, we believe it is materially underspending either to boost near-term cash flow, or in support of our view, that its business is in rapid organic decline."

"If this were incorrect, why wouldn't Mr. Fayer have corrected it over the span of 18 months? A review of Palm Beach County court public records reveal that a Philip Fayer was arrested in a criminal traffic case in 1998."

"However, a current review of these supermarket websites does not show the product available. At larger supermarket chains that are stocking the product, we find consistent discounting to as low as $0.71 cents per ounce."

"How is Billy Taubman, Taubman's Chief Operating Officer, supposed to provide an independent review when the Company's operating performance - which he is responsible for - massively underperforms its Class A Mall Peers?"

"Recast the HMG Restructuring Plan to achieve a simpler, more efficient and more transparent holding company structure, and at minimum share the result of any reviews on holding company structure undertaken by the Group"

"Elliott engaged a top-tier strategic consulting firm to perform a full review of Marathon's integrated structure in 2016 and 2019. Both times it concluded there were limited dis-synergies from a potential separation."

"Notice that there is a theme among the negative (and even some positive) reviews: clinic managers pay outsized attention to profits over pets, and employees are encouraged to upsell patients to expensive medications."

"We have reviewed your filing and have the following comment. We have limited our review to your financial statements and related disclosures and do not intend to expand our review to other portions of your document."

"The robust strategic review did not, however, result in a definitive offer at a price that offered a superior alternative to the long-term stockholder value potentially created by Intermex's current business model"

"C3's apps on Microsoft's Azure marketplace contain just one review since 2019. The core C3 AI Suite is currently being promoted for free. C3 is not even listed as a "Featured" partner under AI + Machine Learning."

"Review data for subscribed businesses on Trustpilot follow in many cases an _I shape, meaning that over 80% of reviews are 5-stars and there is no meaningful pattern of reviews sorting below the 5-star threshold."

"Indicated lack of interest in Vykat at a recent, internal Journal Club meeting to review the phase 3 paper with “20 doctors that were in the room” – “people are a little hesitant when they hear the cost of it.”"

"The Delaware courts are clear that controlling stockholder transactions must be reviewed under the stringent entire fairness standard, not business judgment, unless certain procedural safeguards are satisfied."

"In order to begin addressing the operational issues raised throughout this letter, we believe Commvault should immediately initiate a comprehensive operational review (the “Operating Review”) led by the Board."

"Considering shareholders' concerns regarding the proposed transaction, including whether a thorough review process was undertaken, we immediately call on the Board to put the spin-off to a shareholder vote."

"Based on a review of other public company disclosures in the supermarket industry, it is apparent that Weis uses the most aggressive interpretation by allowing itself to include funds in transit up to week."

"The biometrics review provides a chronology of how the FDA reviewer yet again gave Bioprojet a pass despite obvious red flags and accepted HARMONY 1 as a second trial in support of cataplexy along with CTP."

"These results point to obviously illegitimate reviews in large quantities. Leading global service providers don’t care much about their Trustpilot rating, they refuse to pay subscription fees to Trustpilot."

"Color us skeptical, but a cursory review of DV’s U.S. patent does not strike us as overly complex. Below are figures from a key patent. In fact, only one of the four patent authors is still employed by DV."

"The FDA’s review exhibited zero awareness of the hypereosinophilia signal and failed to draw any potential link: “No clear association between pitolisant and pulmonary edema is apparent in this narrative.”"

"The level of stonewalling by the CEO – when asked for even the tiniest crumbs on EUV contribution – would alarm any investor who reviews each quarterly Q&A in the 5 years since its ACTIS EUV tool launched."

"Spruce Point believes it may be time for significant change at Healthcare Trust of America, Inc (NYSE: HTA) if the Company’s financial reporting cannot pass the audit review of an independent third party."

"We believe management is playing fast and loose with booking adjustments to EBITDA. Reviewing the footnotes reveals that several of the adjustments are related to the recurring operations of the business."

"Our review of peer company gross margin expansion during their approximate growth from $200 to $400 million of revenue showed that none achieved such expansion, and the median was a gain of just 85 bps."

"Upon their review of the pitolisant data and FDA package, both experts expressed surprise that pitolisant was ever approved, with the hERG expert predicting an eventual recall due to its cardiotoxicity."

"A review of BlackRock's thematic ETFs shows that just three of eighteen use MSCI indices as a benchmark. We believe this is an underwhelming penetration of MSCI-linked offerings from its largest client."

"We’ve reviewed comparable acquisitions in the uniform rental and services space. Transaction multiples suggest businesses in this sector should be valued at approximately 1.8x and 9.5x sales and EBITDA."

"FDA review clearly indicates its reliance on the lack of reported serious adverse events at the time of approval in 2019 – now contradicted by the facts (FDA CDER Clinical Review (Solages, Sep 28, 2020)"

"EMA review (Annex 1) indicated massive discontinuation rates, and indicated 12-mo ESS reduction lower than that purported in HARMONY 3 trial paper and no different than placebo reduction in prior trials"

"In the following table we see a few of the leading brands and can observe a clear pattern of a division between highly rated brands with thousands of reviews and poorly rated brands with less reviews."

"Though there will continue to be store closures in 2010, there will be store openings as well. More than half the companies we reviewed were either planning to add new stores or roll out new concepts"

"Given our observations and concerns about revenue reporting and quality, we observe that DY has been increasing its audit-related fees for audit review and internal control over financial reporting."

"Since the Board announced its intended promotion of Mr. Shaw to CEO, Norfolk Southern has only changed for the worse and shareholders have only suffered, as evidenced by an objective review of data."

"Despite management’s rhetoric, we believe Disney has never thoroughly reviewed its cost structure, as evidenced by the fact that over the last three years costs have outpaced sales growth by ~400bps"

"PowerSchool’s largest smartphone app, PowerSchool Mobile, has almost 34K reviews and has been downloaded over 5 million times on the Google Play store, carrying a mediocre 2.3-star average rating."

"The opinions that KOL's and former employees shared of the SENZA-RCT's lead investigator appear consistent with patient reviews – with one patient warning "Please beware this clinic and this man.""

"Negative sentiment abounds on recent reviews of the Dropbox app at the Google Play store. While Dropbox claims stable and improving churn, the anecdotal evidence points in the opposite direction."

"Heska says it has dramatically increased its level of innovation and product development and frequently embellishes its capabilities, but the evidence we’ve reviewed does not support these claims"

"However, this claim of a scientific breakthrough is Ambry's own characterization, based on their internal data and not an independent, peer-reviewed publication at the time of the announcement."

"McGraw-Hill must move past long overdue "reviews" and finally execute on transforming its corporate structure to improve operating performance and realize the true value potential of its assets"

"The FDA’s reviewer’s conclusion – shown below – exhibits no awareness that a 2 point reduction in ESS is a failure: “HARMONY 1-bis provides confirmatory evidence of pitolisant’s effect on EDS.”"

"In reviewing alternatives for Target, Pershing Square’s objective was to eliminate the stock market’s ascribed discount to the intrinsic value of Target’s real estate and allow the Company to:"

"Above is a screen shot of another repetitive comment, review. This time, Liang identified as many as 25 comments that were identical and repeated by different users in different WeChat groups."

"Thus, we expect that one of the SDAX companies will officially replace HelloFresh in the MDAX in the next index review announcement on December 3, 2025 with effective date on December 22nd."

"Nine of the deaths are noted in a table on p10 of the CDER review. Six were sudden deaths (four found dead at home) that could have been due to heart failure – no autopsies were performed."

"A strategic review of the Security business and an evaluation of the spend and strategy around the Switching business are both appropriate and timely given the failures in these two areas"

"Molton Brown has excellent brand equity and there is huge scope for margin improvement by expanding into less seasonal categories and reviewing its manufacturing and pricing architecture."

"Curél remains unavailable for retail in most of Europe outside of the UK, despite strong consumer reviews among European consumers who have purchased Curél (usually directly from Japan)."