Callouts & quotes from 3,339+ activist slides

"Despite significant share price volatility since the 2016 US elections, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"We believe this is additional evidence of financial control concerns at GFL, or at worst management cherry-picking more flattering figures to sell the WCA deal to investors."

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Greenlight believes that Allied wants to legislate its own regulatory treatment, where it gets the best benefits of being a RIC or an SBIC on a line item by line item basis."

"We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers"

"We believe DV made confusing statements about its international exposure. The international percentage was not of total revenue, but of the Direct (now Measurement) segment."

"That's where we expect Aurora to trade, and where we believe it will as the limits on autonomous trucking become clear and the air comes out of the tires of autonomous hype."

"Spruce Point believes that much of REZI's dysfunction in financial and operations results from its lingering issues with implementing an Enterprise Resource Planning system."

"We believe that when SOFI restates this borrowing, it will also restate ~$1 billion of previously reported EBITDA; and, its capital ratios will be restated materially lower."

"Value Proposition: Trian believes Mr. Zatta's extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"We believe IONQ's purchase of Qubitekk on December 27th, 2024, was primarily used to inflate bookings and create the false appearance of ongoing government support for IONQ."

"We Believe Insider Sales of $396.6 Million During Passage of The FY25 Budget Shows Management's Lack of Confidence in IONQ's Commercial Prospects, and May Have Been Illegal."

"TSMC will keep a minimal share for Lasertec...we believe [Intel] purchased Lasertec because they want to have some leverage power with KLA because KLA’s price is even higher"

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"We believe the overwhelming preponderance of evidence would lead any reasonable and rational group of fiduciaries to conclude that the Company needs a change in leadership."

"We agree that CGMs likely represent the future of diabetes care, but believe that the Street is misinterpreting both Dexcom’s realistic TAM and its recent record of growth."

"Both executives agreed that Xylem overpaid and one believed Xylem needed even more cost synergies to make the deal work and that revenue synergies were not going to happen."

"We believe the common theme between Just Energy and Sunnova is that both companies offer a relatively undifferentiated product and service offering and carry too much debt."

"Prior to our discussions with P&G, Mr. McDonald was a member of at least 21 outside organizations, which we believe required him to commit 50 or more business days per year"

"While we do not take a definitive view on Verifi at this time, we have nominated director candidates we believe would ask the right questions to make data-driven decisions."

"We believe the Board, including newly-appointed directors, attempted to disenfranchise the Company’s shareholders by significantly abridging the director nomination window."

"Spruce Point believes there is significant downside to DV’s share price as the Company is signaling financial strain and difficulty in hitting lofty revenue growth targets."

"Spruce Point believes CHD effectively controls Armand Products and is using the entity to inflate key financial metrics (gross margin, free cash flow, and working capital)."

"Spruce Point believes Stryker is becoming more opaque with acquisition announcements. It used to provide some historical revenue context of deals, and now it often doesn't."

"Given TFS is unlikely to be able to obtain finance due to its poor corporate governance, we believe it will not have sufficient capital to maintain plantations to maturity."

"Spruce Point views it as bearish that Rollins recently disclosed that it is “evaluating” a number of measures to improve SG&A. We believe this signals forthcoming problems."

"We believe YTD share price declines greatly underestimate how quickly President Trump can act to drive a re-rating of shares and unveil a taxpayer asset worth ~$300 billion"

"Aerojet is significantly more levered and valued than appears on its surface. We believe the market is ignoring significant environmental and post-retirement benefit costs."

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"With many questionable financial issues (warranty reversals, exploding DSO/DSI, reclassifications, errors, and more), we believe a closer look into IRBT’s CFO is justified."

"We believe CTC will be unable to maintain its current level of capital return given its current leverage and need to delever in order to maintain its current credit rating"

"We believe Autodesk can achieve these targets through approximately $350 million of net cost savings and 55% incremental margins on consistent revenue growth expectations."

"We believe adding yet another layer between management and the guest has only exacerbated Darden's #1 problem - a lack of focus on the day-to-day in-restaurant experience."

"To the extent this is true, we believe it would create another major challenge for IPX's supply chain in validating that its titanium scrap is authentic and unadulterated."

"We believe adding yet another layer between management and the guest has only exacerbated Darden’s #1 problem – a lack of focus on the day-to-day in-restaurant experience."

"We believe GY's excess real estate is worth ~ $370m today, and potentially much more as real estate markets recover and the Company makes progress on its development plans"

"Based on our many conversations with Bristol-Myers management, we believe management is assuming ~$18 billion revenue contribution from Celgene's pipeline products in 2028"

"We believe investors have lost sight of Samsara’s failed attempts to expand beyond its narrow fleet applications since the efforts were abandoned before the Company’s IPO."

"We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged"

"Intuit generates $1.2 billion of revenue from fundamentally less attractive sources that we believe should be valued at a multiple dramatically lower than the current 11x."

"We believe that the strategic rationale for the Red Lobster Separation provided by the Company in its recently filed investor presentation is incomplete and highly flawed."

"While Pershing Square believes Chipotle remains a great business with a long growth runway, the wide range of potential future outcomes led us to sell our remaining shares"

"We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged"

"We believe that BXMT will ultimately recognize significant losses in its loan book, ranging from $2.5 billion to $4.5 billion. These losses could wipe out its market cap."

"We believe restoring the magic at Disney starts with a focused, aligned and accountable board, intensely committed to returning an 'ownership mentality' to the boardroom."

"We spoke with two medical device regulatory compliance consultants, both of whom believed that, in their opinion, iRhythm’s failure to report complaints was indefensible."

"We believe iRhythm has benefitted from a number of transitory tailwinds. We see a plethora of emerging headwinds and potential investor disappointment in the coming year."

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"We believe C3.ai has gone through multiple iterations as a company chasing popular technology themes and buzzwords while incorporating them into its formal business name."

"We agree with the goals of the recent proposals for housing finance reform, but believe the proposals are impractical and will work against the goals they seek to achieve"

"We believe the Board conducted an incomplete analysis of Dr. Beckerle’s independence and a consideration of all the facts suggests Dr. Beckerle is clearly not independent"

"Four of the agencies gave the unsolicited opinion that Momo has a reputation as a (sex) cam site. We believe that this has directly contributed to Momo’s advertising woes"

"We believe in-home communication compatible Cardiac Devices should be recalled, either voluntarily by STJ or mandatorily by the U.S. Food and Drug Administration ("FDA")."

"We believe the typical distributor earns less than $100 per year before expenses. Only the top ~0.1% of Herbalife distributors earn enough to “achieve financial freedom.”"

"Part 1. TransMedics National OCS Program (NOP): an unsustainable, anti-competitive scheme based on what we believe to be coercive tying, price extortion, and retaliation."

"Spruce Point believes that a major and growing risk is that as MSCI expands, it is encroaching into more direct competition with BlackRock, which is its biggest customer."

"We believe the typical distributor earns less than $100 per year before expenses. Only the top ~0.1% of Herbalife distributors earn enough to “achieve financial freedom.”"

"We believe that TROX post-Exxaro deal ("New TROX") will be the strongest player in its industry with 100% vertical integration and unparalleled free cash flow generation"