Callouts & quotes from 26,677+ activist slides

"Sony dominates the smartphone image sensor space with 70% revenue share and will benefit from this multi-year product cycle"

"Sony recently indicated the PS5 next-gen console will launch in CY20. Implies CY19 another down year in console unit sales."

"The physician speculated that Soleno wasn’t expecting FDA approval and seems to be lacking a commercial, field rep presence"

"Chinese Distributors confirm that “Hourly Consulting Fees” are far more lucrative than selling products to retail customers"

"Only a single sentence on cardiovascular safety in the papers for the pivotal phase 3 narcolepsy trials, with no data shown"

"Comparable supplier gross margins rarely exceed the mid-30% range, supporting our view that these systems are commoditized."

"Spruce Point believes that Porch’s partnership with home inspectors is a last ditch effort to make its business model work."

"But that important fact of common control wasn't disclosed at the time of the sale in 2014. We doubt this was an oversight."

"There really is no strategic relationship when dealing with Yorkville. They are a predatory fund, not a long-term investor."

"We believe the previous purchase price of $2M just days prior to IIPR’s purchase to be more accurate value of the property."

"CMG’s winning value proposition is that it successfully competes in all the desirable attributes of out-of-home fast eating"

"INOD is sticking to what they’ve always done – manual data entry, but they are talking as if they are the innovators in AI."

"Ultimately, we believe Ceres embodies a fundamentally flawed business model unfit for a public company in its current form."

"We calculate this $22 million sale may have accounted for 50% of IONQ's core quantum computing revenues through Q3 in 2025."

"There really is no strategic relationship when dealing with Yorkville. They are a predatory fund, not a long-term investor."

"Love it! I'd also like to have a transfer from the airport, daily private masseuse and add flowers and condoms in the room."

"In light of our research, we find many statements by management to be gross misrepresentations, bordering on outright lies."

"As investors, we can’t change the course of events, but we can attempt to protect capital in the face of foreseeable risks."

"In other words, a Chinese court could liquidate EH’s equity to repay the creditor, rendering its ADRs completely worthless."

"After touring the whole building and speaking with numerous personnel on site, we concluded that this claim was also false."

"According to the prospectus filed in November 2019, insiders and former shareholders have been selling shares aggressively."

"Intel pushed Lasertec to develop an actinic tool in an unrealistic timeframe; forced them to hastily pick a source supplier"

"No signs of progress for a fab are visible – not what one would expect if a major phase of construction began 8 months ago."

"We believe the clues in Sorena Turbine’s video can be used to match its location to the company address in Chitgar, Tehran."

"Telia has shown that it is a mediocre operator in its northern European business, where net sales have declined since 2009."

"Spruce Point has identified a concerning number of executive departures in Remitly's legal, compliance and risk functions."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"Short-and intermediate-term headwinds remain strong and will require transformational leadership and innovative solutions."

"We believe that the Board will benefit greatly by having a representative of a significant shareholder serve on the Board."

"There’s an enormous disconnect between the financial targets provided for LiNiCo and the valuation placed on the business."

"How is it appropriate that the family of the CEO is a frequent competitor to SandRidge, in the company's primary business?"

"We are fully and completely aligned with Box’s stockholders – we only do well if the Company does well over the long-term."

"We rate American Tower Corp. (NYSE: AMT) a Strong Sell and value it at $44.57 per share, representing a downside of 40.3%."

"Is this a legitimate source of gross profit for Carvana, considering that it is generated from related-party transactions?"

"A XPO is just another logistics company touting its great "proprietary" technology in an attempt to bolster its valuation."

"Consistent with prior years, UNP continues to deliver worst-in-class safety metrics, nearly 2x worse than the peer average"

"The "decisive actions" taken by CEO Mark Lashier and his management team run counter to what shareholders have called for."

"Despite this disparity in metrics, SNAP short interest is 21% of float compared to 4.7% for Twitter and 1.2% for Facebook."

"As underlying sales trends recover, QSR’s share price should more accurately reflect our view of its business fundamentals"

"Low conversion rate shows that website and mobile app user data does not mean Canadian Tire is able to sell to those users"

"Over the past 2 years, the percentage of Canadian Tire App users who use the Amazon app has increased from 50% to over 75%"

"There is no disclosure of BLX's actual financial statements. It is the ideal on-balance sheet/off-balance sheet structure."

"For these reasons, Dell should pay a fair price consistent with the promises made and with the benefits they will receive."

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"I've worked for many CEO's, and I'm more in the camp of being honest with your investors. That's not the Quantumscape way."

"ISS, GLASS LEWIS AND EGAN-JONES UNANIMOUSLY ENDORSE SIGNIFICANT CHANGES AT PHILLIPS 66. VOTE BEFORE THE MAY 21ST DEADLINE."

"We believe that Target’s suboptimal board has contributed to the company’s material underperformance during this recession"

"Consumables: Typically lower margin goods Non-consumables (e.g., apparel, home furnishings): Typically higher margin goods"

"$42 million in incremental fees represents ~0.8% of HHH's equity market capitalization post-transaction (at $90 per share)"

"As shareholders, and as customers, we would like to see Nintendo develop and sell games for the iOS and Android platforms."

"We believe that this will spark a material migration of Dexcom users to the Libre, which is now technologically comparable"

"Geographic span of a major, yet Hess is a fraction in size: Market cap is under 1/11th the average of majors in its peers."

"PLEASE NOTE: This is NOT a proxy solicitation. Ancora is not asking for your proxy card and cannot accept your proxy card."

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"Of course oil prices aren't expected to stay at $59. This is what the current forward curve, or strip, for WTI looks like."

"These materials are intended to set the record straight on management's failures in the following critical business areas:"

"In such a dynamic and rapidly evolving AI/HPC demand environment, Riot must urgently seize this extraordinary opportunity."