Callouts & quotes from 26,677+ activist slides

"It is well-known as a dirty, high-risk drug with potential for fluid retention and heart failure; co-administration with diuretics is standard."

"Soleno and VYKAT XR’s dependence on one physician has little precedent in drug development – we think the drug may as well be called MILLER XR."

"CFO Nussey doesn't give a transparent answer when pressed for reasons why LSPD got better economics, and instead just says "benefits of scale"."

"Large placebo effect with improvement every week over 8 week trial duration, and no separation vs. placebo after weeks 2 and 3 (visits 4 and 5)"

"if I could only select from all the narcolepsy drugs, so I could only have one drug for all of my patients, I think it would not be pitolisant."

"The EMA review makes no mention of this purported pre-specified Statistical Analysis Plan and bluntly states it was “not pre-planned analysis.”"

"She doesn't have any psychosis or bipolar or anything that would say we can just write this off as the fact that she's had psychiatric illness."

"The timeline provided by [L3] has the potential for disruption in schedule, due to the excessive time it takes to install an individual system."

"The replies indicate that VYKAT XR is backfiring and INCREASING hyperphagia (hunger), the exact opposite of the drug's only labeled indication."

"With CEO Dominik Richter likely having faced multiple margin calls on his pledged shares, he has a clear incentive to prevent further declines."

"As can be seen in this budget, any decrease in BTC mining revenues due to another drop in the price of BTC would produce an even worse outcome."

"The above graph is shows Baidu’s search Index for “Ganji Wang”, which is the Chinese name of Ganji’s website, from Jan 1, 2013 to Jan 27, 2020."

"We see this as overwhelming evidence that the goodwill attributed to this acquisition should now be significantly, if not completely, impaired."

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"As shown in the chart below, the more revenue Agility generates, the more money it loses - in that sense, Agility is more of the same for INOD."

"This means that one of YT’s associates was sitting on both sides of a transaction that supposedly put his assets out of reach of his creditors."

"However, as we can see below, the results that PMV shared in their latest 10-K8 did not line up, suggesting that they are not the same protein."

"Goldrone does not appear to be a defense-related company in any way, but the company develops and manufactures drones for agriculture purposes."

"We believe Enfusion trades at an undeserved premium multiple to a broad range of financial technology peers serving the asset management space."

"By all key operating measures, Dr. Hantson and his team have taken meaningful steps to improve the business during his relatively short tenure."

"As they moved even deeper into the interior toward the entrances and lobbies, no evidence typical of an R&D or production facility was evident."

"We believe that a realistic range for Net Earning Assets is $426 million to $1.0 billion, an adjustment downward of between -77.5% and -90.4%."

"It appears that Kroll, hired by RUN, does not find enough cash flows in the pool of collateral to meet the claimed FMV for ITC basis purposes."

"Fannie Mae and Freddie Mac stock prices have decreased 24% and 24%, respectively, from our average cost at announcement date to April 21, 2016"

"CMG’s share price declined 7% from our average cost to year end 2016, and is approximately flat from our average cost through January 20, 2017"

"Spruce Point believes Genius’ revenue recognition practices and lack of financial disclosures leaves investors with many unanswered questions."

"Party B is will to accept the leadership, management, and training of Party A in the overall operation of the licensed brands discussed herein"

"Anyone new to the WTRG equity story should be aware that the Company has a track record of failure when it comes to growth expansion ventures."

"Generac's core products are heavily marketed towards the residential and consumer market as an “insurance” policy from grid and power outages."

"We believe Enterprise should have consolidated operating margins of mid-20s% to 30%, including the drag from lower-margin BPO / benefits, etc."

"If ADP returned to FY 2012 productivity levels in ES this would drive ~$65m–$90m of profit, or ~75bps – 110bps of margin opportunity for ES(2)"

"We believe there are many similarities between CTC's acquisition of Party City's Canadian business and its failed acquisition of Helly Hansen."

"Despite the growth opportunities and its #1 share in Japan and Asia, Fuji Xerox is on pace to report two consecutive years of revenue declines"

"you must be a great restaurant operator to run restaurants that create a great experience while simultaneously generating significant profits."

"Red Robin (focused on an under 21 customer base) is the only casual dining concept that performs worse than Darden in regards to alcohol sales"

"As an Italian chain, Olive Garden should have a significant advantage in delivering value to consumers while offering a highly profitable menu"

"The Company could repurchase a significant amount of stock at a price of $58 per share and be left with substantial cash on its balance sheet."

"If Quantumscape had found a material that naturally resists dendrites, they would not have had to resort to the same gimmick as everyone else."

"Only one building, Building C, is currently under construction. This is the first of the buildings planned for the Kolbenova Park development."

"We are not aware of any recognized authority for valuing Platform Value, but we believe that the market should assign value to Platform Value."

"Our nominees can support McDonald’s’ efforts to ensure quality, safe, and healthy food for its customers across its entire global product line"

"The GPU utilization argument understandably resonates with GPU-obsessed investors, but the picture painted by the pro-flash camp is distorted."

"In the coming weeks, our slate will release details regarding its vision for delivering enhanced value for long-suffering Elanco shareholders."

"Even FOREVER 21 with over 380 locations is making a push into western and targeting women, a demographic where BOOT has acknowledged weakness."

"Spruce Point has a track record identifying education technology companies spinning exaggerated growth stories to justify their overvaluation."

"DNMR misleads investors regarding the commercial viability and timeline of partnerships with major corporations like Mars Wrigley and PepsiCo."

"Red Robin (focused on an under 21 customer base) is the only casual dining concept that performs worse than Darden in regards to alcohol sales"

"REALITY: Medical-grade clear aligners are plastic commodities that can be printed by any 3D printing lab which bothers to obtain FDA approval."

"The January 1, 2023 sale to Vitek was excluded from the related party transaction disclosures in the management reports. Why was this omitted?"

"Of note, close peer BioTelemetry was significantly more profitable at similar revenue scale. Thus, we question iRhythm's financial management."

"As previously mentioned, BlackRock has a weak governance framework which is evidenced by a clear lack of independent oversight over management"

"Gen9 is the canary in the coal mine for Twist investors, as it was an identical manufacturing business using the same Agilent “chip” as Twist."

"Twist spent little on capex for most of its life, but capex suddenly spiked in 2021, and then went absolutely parabolic in the last 12 months."

"Management received 132% of their target bonus in 2017, despite P&G losing market share and generating EPS growth in the bottom 1/3rd of peers"

"But they certainly give rise to reasonable concerns that the Villa Le Mas du Figuier, which is now owned by CPI PG, was used to launder money."

"A company levered only 2x requires ~45bps less margin expansion per year to achieve the same EPS growth than an identical company with no debt"

"This polymetallic nodule mineral field within the CCZ is essentially a single mineral deposit almost 5,000 km in length and up to 600 km wide."

"In other words, the data collected indicates use of persistent identifiers used to target and re-target users across domains and applications."

"CMG’s share price declined 7% from our average cost to year end 2016, and is approximately flat from our average cost through January 20, 2017"