Callouts & quotes from 26,677+ activist slides

"While Ginkgo claims that its related-party “customers” are arms-length vendor-customer relationships, former employees as well as current staff at these entities indicated the exact opposite: extensive “overlap and intermingling”; “a close association”; “specifically propped up” by Ginkgo."

"An ex-Ginkgo executive stated that half of their projects fail at the front end and the other half at fermentation/scale-up, given Ginkgo’s inability achieve any cost metrics: “over-promised and under-delivered”; stated Zymergen “imploded” for a similar inability to manufacture their film."

"We believe that the ability of the trust to sell stock in a short time frame after being contributed is a red flag, particularly in context of Aerojet’s audit chair resigning, its COO entering into a retention agreement, and IRS and California tax audits being disclosed shortly thereafter."

"Recruiting family members, friends, work and church acquaintances and others in their communities into a rigged game, one that is highly likely to exact financial and emotional harm on those loved and trusted by them, has an impact that cannot be repaired or recompensed with dollars alone."

"Mr. Terino’s depth of experience serving as CEO, CFO, COO, and a director of public and private companies in the technology and eCommerce industries, together with his substantial expertise in finance, restructuring, and corporate governance, makes him well qualified to serve on the Board."

"The claims for machine perfusion become increasingly preposterous: “we can convert different blood types to an O blood type...we can actually make changes in the genetic makeup of the donor organ...we can add genes...silence genes...those foreign proteins that were the cause of rejection.”"

"In order to make this claim, the Company is relying on two rather questionable addbacks. First, the Company is adding back multiple years of cumulative foreign exchange (“FX”) impacts and, second, the Company is adding back the impact from the ongoing transition to a new transaction model."

"Based on the temporal association between event onset and the start of WAKIX, and as the primary inciting events of anxiety and depression are labeled, the subsequent mental health issues and associated dyspnea are assessed as possibly related to WAKIX, which was ongoing as of last report."

"Recruiting family members, friends, work and church acquaintances and others in their communities into a rigged game, one that is highly likely to exact financial and emotional harm on those loved and trusted by them, has an impact that cannot be repaired or recompensed with dollars alone."

"the best approach for the Company and its stakeholders is the immediate exploration of a sale, which, as explained below, would create significant upside for shareholders while creating a more stable footing for all those with a vested interest in Alexion's future – including its patients."

"The expert elaborated that the EUV source “is terrible” and “creates a mess” given its use of discharge electrodes - similar to car spark plugs - and propellors splashing in molten tin, in contrast to ASML’s superior laser-based solution as well as the xenon-based source KLA is developing."

"As part of our diligence, we spoke with a former senior executive from the early days at Monolithic. His insights about the Board, and notably that the Audit Chairman was asked to leave for “asking questions the CEO didn’t like” that “rocked the boat” should be viewed as a major red flag."

"Eurofins' claim in its response that "Eurofins commissions statutory audits covering nearly 100% of its external sales, EBITDA and total assets, even when this is not required by local regulation. These are performed mostly by Tier 1 and Tier 2 audit firms" sounds good, but is misleading."

"Documents from a FOIA request conducted by the non-profit news organization The Markup reveal that PowerSchool offers its Intersect Connection & Advanced Awareness product in states that have active SOPIPA laws. The Markup investigation even found evidence of racial targeting of students."

"Pershing Square believes, based on our investigation, that in the past Herbalife's compliance department made essentially no effort to enforce or audit compliance with the 70% Rule or the Ten Customer Rule and has taken steps to make Herbalife's return policy unattractive to distributors."

"Spruce Point has analyzed DV's global locations listed on its website. We find that it frequently changes addresses and has closed more physical locations than opened. Notably, it no longer has a listed address in the technology hub of San Francisco and shuttered offices in Latin America."

"Combining our gross profit assumption from the prior page with a meaningfully discounted P/E multiple to reflect the heightened risks surrounding significant red flags that we’ve highlighted in the report yields a price target of $23 to $32 and represents approximately 30% to 50% downside"

"After a period of first reducing the total share count and then holding it steady, we see that Stryker's total shares outstanding are now starting to creep higher. Furthermore, family matriarch Ronda Stryker is increasing share sales along with Greenleaf Trust which manages family shares."

"Our research indicates that Biotech Labs has not received the requisite USDA licenses to sell its products in the U.S. This is confirmed by the LinkedIn company description of one of its foreign distributors, Biotech Diagnostics, Maryland-domiciled entity that raises additional questions."

"According to Space News, the Northrop Grumman / Orbital ATK deal will put Aerojet at a competitive disadvantage for competing on cost for large solid rockets. The sole rationale for keeping Aerojet in the business could be to prevent a monopoly, despite its challenges to compete on price."

"We believe investors should be concerned that management’s long-term restricted stock incentive program is tied to fewer hard long-term financial performance metrics, and now includes arbitrary stock price targets (which imply lower and lower growth) – most of which have been hit already."

"CLEAR is also eliminating the Net Member Retention metric going forward and instead will rely on Gross Dollar Based Retention which embeds both member retention and ARPU growth. Spruce Point believes this is a ploy to hide the underlying problem which is cancellations or member retention."

"Altogether, we estimate the $25 million cash payment and tangible concessions linked to the valuable Meridian assets could over time represent a nine-figure cost in the coming years for Norfolk Southern - far exceeding the $84 million that CSX paid to hire industry legend Hunter Harrison."

"I keep on getting back to the thing that concerns me the most is that I was not as aware. I had my concerns, but you're giving me a lot more concern that the people who are most in the know and most involved seem to be very, very uncomfortable with it. And that is giving me pause as well."

"We see two obvious areas of concern, either or both of which may be responsible: 1) off-target effects related to the H4 receptor, and 2) drug-induced phospholipidosis, a known aspect of pitolisant’s toxicity profile, which we get to in a few slides and which has been swept under the rug."

"He began by estimating that more than 40% of prescriptions were off-label and stated that the entire strategy was to push for off-label sleepiness in the absence of cataplexy; to misrepresent other drugs patients had to fail first; and that reps were incentivized to engage in the conduct."

"To support our contention that Bunge's oilseed business has experienced increased pressures, we see that its recently filed 2025 10-K included a new statement in its competitive risk factors that competition has added oilseed processing and refining capacity in response to growing demand."

"KLA’s actinic inspection tool was in development circa 2015/2017 but put on hold as they believed the market for such a tool was too small – a prescient view given the insignificant amount of Lasertec revenue that actually comes from EUV actinic tools versus its old DUV and other systems."

"We spoke with a former Avery employee who has over 20 years of experience in the label industry. He told us that he believes the risk of increased consolidation among converters is being underappreciated and continued consolidation will result in tangible pressure being exerted on Avery."

"Doug Cole failed to disclose his involvement with Longwei. During Cole’s tenure, Longwei’s CFO “routinely” made misleading statements, ran a fraudulent scheme to induce the exercise of warrants to generate much-needed cash, and executed a sham purchase of LPIH stock to inflate its price."

"I mean, we shareholders have a right to learn from you why you were initially so combative and now appear to be more sanguine. Are the accusations that have been made actually true, and you are now backing away from confrontation, because you fear now that it will stir up even more dirt?"

"Sunnova Energy International (“NOVA” or “the Company”) is a residential solar financing business caught in the rising tide of solar energy. In reality, Sunnova is a specialty finance company with undifferentiated offerings that operates in a competitive industry facing secular headwinds."

"Paul Phillips has been on C3's earnings calls as VP of Investor Relations. His LinkedIn biography says he's an "Advisor" and doesn't disclose he was formerly C3's CFO from 2017 – 2019 during a period we find revenue growth claims being inconsistent and Deloitte was appointed new auditor."

"The internet is littered with websites promoting their “best” or “top” pest control companies. Not all rankings are necessarily independent, and many are advertising supported. However, upon a recent review we found five out of six rankings promoting Terminix as the best overall company."

"Moreover, the recent acquisition of Lone Star Paving and 3 million Class A share issuance represents the single biggest dilution since the Company's IPO in 2018, which should put outside investors on notice that management is now willing to let go more of the Company's ownership control."

"Based on our illustrative definition of “Lease Security,” if TIP REIT trades at a dividend yield of 4.9%, its “Lease Security” would still be worth 142% of the enterprise value of TIP REIT. No other REIT in the world today has this level of asset coverage in the event of a tenant default"

"However, the unwinding of the current circular shareholding by itself is not enough for the Group to declare the restructuring a corporate governance improvement, especially as the transaction is not supported by sound business rationale and lacks clear benefits to minority shareholders."

"In fact, altitudes in the Titina Gold Belt, where Project Estelle is located, can exceed 4,000 feet. If this is the case, it will likely present Nova with challenges to economically develop the resource atop a mountain and/or efficiently transport materials for processing and refinement."

"Investors should be on red alert that Zebra's Chief Accounting Officer worked at Perdoceo Education Corp. (Nasdaq: PRDO, formerly Career Education Corp. "CEC") as CFO and SVP, Corporate Controller and Chief Accounting Officer during a period of intense scrutiny by the federal government."

"Banks (and all enterprises) hate making their consumers take an active action that is not directly related to executing a transaction as sometimes the extra step (PIN codes or selfies) cause you to put the phone down and not finish the transaction as it drives the buzz word “abandonment”"

"Expanding our analysis by including other comparable companies such as Infobip and Bandwidth Inc., we observed that they had a similar number of employees in each category but still a higher total number of total employees than Sinch working in some sort of fraud, KYC or compliance role."

"An interview with a former SafeCharge (now Nuvei) employee confirmed our belief that Nuvei entered the European gaming market as its existing retail business became more competitive. This higher risk business allowed for a recent uplift in margins which we believe will be unsustainable."

"The Phase 3 dose is 24 mg / kg, which implies that PRTA views 0.5 mg / kg to 4.0 mg / kg doses as sub-therapeutic; however, 50% (four out of eight) patients at these doses experienced organ responses, which calls into question whether the responses were due to PCD treatments or NEOD001."

"We believe Procept’s premium valuation is unjustifiable. While some market participants may reference robotic surgery pioneer and market leader Intuitive Surgical (ISRG) to support Procept’s multiple, we believe a comparison of the two companies makes any such rationalization misguided."

"We have specific concerns around ~$1 billion of revenue booked since 2020 with Frontier Communications (Nasdaq: FYBR), a material customer, which we argue should be evaluated as a related party because Dycom’s long-time CEO & Chairman has a brother that is a named executive at Frontier."

"If shareholders do not see progress soon, then we believe it would be incumbent upon the Board to take more substantive actions to ensure that the value of the Company is maximized. We believe these actions should include potential management changes and exploring a sale of the Company."

"The reality is that John Hess's Nominees have nearly no unconventional shale experience other than 18 months that one nominee spent as SVP of the Americas at ConocoPhillips (prior to that role, the bulk of his senior management career was spent overseeing conventional assets in Alaska)."

"However, we feel strongly that in order to succeed, Dr. Schneider will need to articulate a decisive and bold action plan that addresses the staid culture and tendency towards incrementalism that has typified the company's prior leadership and resulted in its long-term underperformance."

"Engine believes that following strong Q4 results, HMHC stock would have traded at or above $19.50 per share, implying the Veritas offer represents an insufficient premium of 7.7% instead of the 36% premium the Company is advertising based on an artificial low point tied to a media leak."

"On a quarterly basis, comparable tenant sales rose a healthy 7.5% year-over-year, with momentum picking up over the course of the quarter. January 2010 comparable sales increased 2.5% year-over-year, with February and March showing accelerating increases of 6.0% and 10.0%, respectively."

"Given that Kangmei’s ex-Chairman was sentenced to 12 years in prison and the company allegedly overstated its cash balance by $4.3B “using false documents,” we were further stunned to see a 2017 press release from Twist stating that Kangmei Group was actually an investor in the company."

"The undersigned certifies that, to the best knowledge and belief of the undersigned, this petition includes all the information and views on which the petition relies, and that it includes representative data and information known to the petitioner which are unfavorable to the petition."

"The undersigned certifies that, to the best knowledge and belief of the undersigned, this petition includes all the information and views on which the petition relies, and that it includes representative data and information known to the petitioner which are unfavorable to the petition."

"A lot of these products are being acquired strictly as a financial tool and we are leaving both entities separate and independent. And it's almost like in a very loosely speaking terms, I would say that instead of becoming an integrated supply chain team, it's more of a holding company."

"Stryker's Orthopaedics segment had two acquisitions close in Q4 2020: Wright Medical (Nov) and OrthoSensor (Dec). Based on Stryker's reporting, the segment had $126 million of contributions from acquisitions. Yet, elsewhere it reported $129.2 million of revenue just from Wright Medical."

"In no event shall Bonitas or any of its affiliates be liable for any claims, losses, costs or damages of any kind, including direct, indirect, punitive, exemplary, incidental, special or, consequential damages, arising out of or in any way connected with any information on this website."

"The JV structure creates substantial immediate value, akin to raising equity at a massive premium to the current market price, while highlighting the value of Macy’s real estate ownership, and preserving the optionality for future value creation, financial flexibility, and reduced risk."

"The Medical Manager fraud scheme ran from 1997 to 2003. Schlanger first evaluated Medical Manager as the primary deal executive in 1999 and later evaluated and executed additional deals as part of Medical Manager and WebMD during an additional four years that the scheme was perpetrated."

"Surgeons and OPO’s indicate that off-label misuse for convenience is now taking a more extreme turn, leading to injured and lost organs: “back to base” use where centers retrieve the organ in an ice cooler, and then put it on the pump back at the hospital for convenience and scheduling."

"Step 6: TIP REIT pays a taxable dividend (at the dividend tax rate to non-corporate taxpayers) to shareholders equal to its allocated portion of Target’s $16bn of retained Earnings and Profits (“E&P”), estimated to be $8bn based on the implied mid-point valuation of TIP REIT/Target Corp"