Callouts & quotes from 26,677+ activist slides

"Spruce Point believes current sell-side analyst price targets are wildly optimistic, with all but one analyst recommending buying the stock."

"There is more evidence that REZI is losing the technology race where product software solutions are critical to customer wins and retention."

"Like most synthetic biology scams, Ginkgo bends over backwards to obscure what it actually does, flinging buzzwords at the wall with abandon"

"I would say not, mostly because of what I was talking about before. I think Ginkgo is overvalued. I can't understand the basis for the hype."

"Given management's inability to achieve its #1 most important goal, organic growth, we believe it is appropriate for the CEO & CFO to resign"

"The Audit Committee found that management had employed highly questionable business practices in the interest of flattering Company results."

"LHCG insiders have sold the stock aggressively through the past four years, slashing their collective stake by over 50% over this time span."

"None of these changes make banks safer or benefit the customers. They raise costs, reduce liquidity, and add leverage and counterparty risk."

"Parsing through Heska's revenue disclosure also shows that CVM revenue has declined the past two years, and the YoY decline is accelerating."

"Another prominent KOL stated that the study was "rigged," not reproducible, and that Nevro's approach in general was to "rig their studies.""

"Several KOL’s indicated that doctors who deny the existence of explants do too few implants per year to notice or care that they’re failing."

"Spruce Point believes a major red flag is when companies claiming to have a key technology advantage start to curtail technology investment."

"For too long, Phillips 66 has suffered from an inefficient conglomerate structure, weak operating performance, and a lack of accountability."

"For too long, Phillips 66 has suffered from an inefficient conglomerate structure, weak operating performance, and a lack of accountability."

"As a result of declining interest rates and a global search for yield, HC REIT cap rates have compressed along with the real estate industry"

"You’d expect results in excess of the “targets” of 30% annual revenue growth, and improving gross and operating margins. But you’d be wrong."

"If all goes according to forecast, revenues will compound at 18% for the next 15 years and athena will become a $10 billion revenue company."

"It does 76% of its business in the United States, Brazil and Argentina, in contrast to Bayer, which is much more focused in Europe and Asia."

"All of these businesses deserve multiples of 14-22 times, and people buying Bayer today get the package for about 10x, if the merger closes."

"Achieving a growth + profitability rate of 35% would be a step in the right direction, but we believe significantly more opportunity exists."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"Timken’s calculation distorts its trading discount by relying on a cash flow multiple that fails to adjust for short-term, temporary impacts"

"Extreme Concerns With Nova’s Geology Consultant Tasked With Data Validation And Quality Control; Is He A “Competent” And “Qualified” Person?"

"Including pro-rata distributed warrants, PSTH appreciated 44% from its IPO through December 31, 2020, and increased 21% year-to-date in 2021"

"Of course, Ban and Khuong aren't the only insiders that have been rapidly dumping their stock. CEO Tim Herbert is a habitual seller as well."

"However, just a month earlier in its Proxy Statement filed on April 2014, IRBT used a vastly different peer set to measure its performance!!"

"Soleno’s promotional efforts appear to heavily involve both groups, as indicated by a high-profile town hall a few weeks after FDA approval."

"QSR’s share price including dividends has increased 300% (4.0x) from our average cost since it merged with Justice Holdings to Jan. 19, 2018"

"Far from looking like the box on IonQ’s site, the system is a primitive skunkworks contraption that appears to take up the size of a garage."

"However, Wall Street analysts have historically been overly optimistic in their estimates for both Celgene’s marketed and pipeline products."

"The unnecessarily rushed deal process led to the Science and Technology Committee meeting only once, which was the day the deal was approved"

"Since we began accumulating our positions in October 2013, Fannie Mae and Freddie Mac share prices have increased 84% and 86%, respectively."

"QSR’s share price including dividends has increased 300% (4.0x) from our average cost since it merged with Justice Holdings to Jan. 19, 2018"

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

"In general, we only need to add Debt and subtract Cash from Equity Value. Therefore, you can just say that formula by default in interviews."

"It is logical that Archer has zero or close to zero flight test data (on a conformal design) as a basis to claim progress from RRL3 to RRL4."

"Archer Midnight's total powertrain mass is almost 1.8 times heavier than Joby's S4 even though they are both designed for a 1,000lb payload."

"Management's stock sales indicate to us that things will continue to get worse for UFPT and that any potential turnaround is a long way off."

"We don’t believe this to be a coincident and think that Trulieve has on purpose disguised a related party loan as coming from a third party."

"Trustpilot is either terrible at enforcing its own policies, or, as we believe, is selective in enforcement based on who is a paying client."

"It's clear that Farapulse had done thorough diligence and experimentation, and decided that micro-second PFA is better than nano-second PFA."

"The vigilance plan also sets out mechanisms intended to respond to and remediate identified risks of sexual violence and child exploitation."

"Goldrone's revenue peaked in 2018, with only US$476,000 (₩700,000,000) in revenue, while incurring a loss of over US$400,000 (₩600,000,000)."

"Apparently, if you are looking to put out a press release with a penny stock that has no money, Nature's Miracle's CEO James Li is your guy."

"Intel, TSMC, and Samsung are quietly using their own in-house inspection system using an alternative HHG source given problems with Lasertec"

"PSH’s 58.1% net return in 2019 was the fifth time Pershing Square funds generated net returns of 39% or more (on average, every third year)"

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"We generated substantial negative returns from Q3 2015 to Q1 2016 driven largely by our Valeant investment, and positive returns thereafter"

"We are concerned by the continued rise of noncash revenue as Genius has stated it will continue to “aggressively deploy its “contra” model”"

"In this contract, 100% of the $89,400 value is provided as value-in-kind at no cost to the Partner, resulting in no cash benefit to Genius."

"In contrast, Muddy Waters sees significant SAIC filing discrepancies – particularly in the revenue line – as important indicators of fraud."

"In our opinion, GFL's announced acquisition of WCA right after Q2 2020 earnings illustrates its desperation to paper over poor performance."

"Since we began accumulating our positions in October 2013, Fannie Mae and Freddie Mac share prices have increased 46% and 52%, respectively"

"In an attempt to assuage frustrated investors, Box claimed that this series of transactions would be neutral or accretive for stockholders."

"Wi-Fi enables this goal and the proliferation of Wi-Fi will continue to expose towers as the high cost data delivery option of last resort."

"While Carvana presents itself as a tech-forward ecommerce business, it's important to bear in mind that it is ultimately a used car dealer."

"After working with Elliott, Marathon Petroleum's Board and management acted decisively to create a more focused and efficient organization."

"On March 17th, Allergan merged with Actavis for $242 per share in cash and stock representing a 88% premium to Pershing Square’s cost basis"