Callouts & quotes from 26,677+ activist slides

"At a potential 4X increase, patients would be hit 153 ng/mL times 4 (fold change at 90% CI per the label for poor metabolizers) times 2 (Harmony’s claimed fold change in the presence of CYP2D6-inhibiting drugs), which equals 1224 ng/mL – a red-alert level for cardiotoxicity."

"Maxar’s balance sheet is inflated with goodwill and overcapitalized intangible assets. We expect it will write down the value of these inflated assets by at least $2.4 billion to fair value after its evaluation of strategic alternatives results in no means to maximize value."

"It was done in an attempt to show keeping pace with Joby even though this was completely different. This stunt, endorsed at the highest levels of management, reflects poorly on Archer's credibility, this is the eVTOL equivalent of Nikola Corporation rolling a truck downhill."

"The apparent discrepancy between the Accor SA’s vigilance plan on paper and the conduct allegedly occurring at certain local establishments may therefore expose Accor SA to scrutiny regarding the effective implementation of its duty of vigilance obligations under French las."

"Shareholders should take notice. Such executive departures can indicate internal problems with management, strategy, or operations; weak non-compete agreements that do not protect senior executives from using “acquired customer relationships” for their own benefit; or both."

"Starboard believes that Mr. Feld's experience as an active stockholder, board member, and expert in capital markets and corporate governance practices, as well as his knowledge of intellectual property licensing, will enable him to provide invaluable oversight to the Board."

"In the pursuit of a knowingly unattainable energy goal (see § 2), BP is positioning itself to curtail supply, thus being unable to meet the demand for oil and gas needed to adequately support an orderly ecological transition which, most likely will not be completed by 2050."

"To achieve target energy density, QuantumScape needs to stack its single-layer cells in a multi-layer format, which is enclosed within a single battery package. QuantumScape’s battery cell will require over one hundred single-layer battery cells within each battery package."

"It’s easy to claim your algorithm is accurate when the data used to evaluate its accuracy excludes mistakes. We believe these failures of simple data analytics (far short of anything approaching AI) reflect poorly on iRhythm’s internal capabilities and external motivations."

"With all of this in mind, hopefully it's clear that the only credible path to actually reducing risk and shifting to a proven strategy is to elect ALL SEVEN members of the Shareholder Slate, so its proposed management team and plan have support from a majority of the Board."

"Given anomalies we've observed in the revenue reporting and commissions with the BH joint venture, we are concerned that C3's commissions accounting manager has only been with the Company three months, and that it is currently looking to hire a new "Senior Revenue Manager"."

"Spruce Point recently found and confirmed that Vitalite, Saputo's allegedly more promising plant-based cheese product, is surfacing nationally at Grocery Outlet (GO), a publicly traded, second-hand food retailer known for extreme value and targeting bargain-minded shoppers."

"These disruptions detracted attention from AOL’s business when it needed it the most. When combined with AOL’s declining fortunes, the management changes have helped to cause a costly talent drain and to produce a culture that appears to be highly political with low morale."

"GCP is showing unadjusted SG&A expense, which includes one-time items and does not provide an accurate understanding of business fundamentals. In addition, the Company omits 2016 to create the impression that significant progress has been made in right-sizing SG&A expenses."

"Our EPS/EBITDA estimates for 2017/2018 are ~3%/-10% below Street consensus. We expect strong top-line growth from North American onshore activity levels (~30%-35% of current revenues), but this will be partially offset by headwinds from offshore activity (~40% of revenues)."

"We find it troubling that PGNY's current CEO and CFO both served as Vice Presidents in the finance function during the Medical Manager fraudulent scheme given the pervasive involvement of as many as 16 members of senior management and the financial nature of the activities."

"In Q4'23, management disclosed Enhanced Markets (Flex only) is expanding from nine (9) markets to forty (40) in 2024. Spruce Point's research indicates the Flex model is in virtually every major town/city across the U.S. which we assume sits side-by-side with the MBP model."

"Soleno claimed normalization of DCCR-driven HbA1c elevation after 65 weeks of treatment; the single timepoint they cited is an outlier favoring their reversal narrative but not representative of the entire dataset and the progressive nature of glucose dysregulation by DCCR."

"COVID-19 has accelerated the movement from physical to virtual store locations and ecommerce. Whereas LSPD started primarily with POS solutions for brick and mortar retail and hospitality, it has had to acquire its way into providing ecommerce solutions (SEOShop and Ecwid)."

"Herbalife’s methodology for forecasting “China Sales Employees” (a/k/a “China Royalty Overrides”) for 2010 and beyond was simply to multiply its China Retail Sales projection by the various Rebate, Royalty Override, Production Bonus, Mark Hughes and China Bonus percentages."

"Viewing PGNY’s outcomes data on an historical basis, we are highly troubled by the sharp increase in miscarriages, a result PGNY has not addressed publicly. Moreover, PGNY’s actuary, Milliman, highlighted issues with the Company’s potential under-reporting of miscarriages.."

"Moreover, we believe that there is a material risk that any insurance covering potential claw backs may be void if there is a determination of tax fraud, which could subject RUN and the tax equity investors to significant liabilities, and ABS holders to reduced cash flows."

"Xylem's financial reporting has become even more opaque specifically around gross margins. Notice carefully that, not only does Xylem not quantify the impact of the Evoqua acquisition on its gross margin, but also it provides no quantitative measures of any impacts at all."

"Xylem is trying to pass off $70 million of transaction costs in Q2 2023 as an addition to Adjusted Free Cash Flow. However, we take issue with this figure because it appears to be on a pre-tax basis when added to operating cash flow, which is an after-tax financial result."

"In our opinion, MAXR’s 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results. Based on our forensic review, we estimate EBITDA and EPS are overstated by 17% and 79%, respectively"

"Spruce Point finds that, for large-volume orthodontists, printing in-house could produce over 50% more savings over Align compared to sourcing from third-party labs, and would allow most orthodontists even of lesser tiers to save over 60% compared to Align fees themselves."

"Waiting until construction commencement to change your valuation reporting for land and vacant buildings from the comparative method to a potential residual valuation method would greatly aid lenders and bondholders as it would more accurately reflect potential recoveries."

"Between May 1, 2008 and November 23, 2015, the date Elliott filed its 13-D and brought the prospect of regime change to the fore, Alcoa had 1,905 trading days. On 99% of those days, shareholders would have been better off buying the S&P 500 index as opposed to Alcoa stock."

"Despite a recent Board overhaul, we believe the fundamental dynamic remains unchanged: there is no effective counterweight to the Greenbergs, who have consistently demonstrated a disregard for adhering to best practices in public company and corporate governance practices."

"Everybody knows. Fujian companies are all like this. To put it directly, we call this a “left hand-right hand” relationship. The ListCo is the right hand, and these subsidiaries, a lot of subsidiaries are not in the ListCo’s system, and they’re equivalent to the left hand."

"As we examined the individuals who were sanctioned and “publicly condemned by the Securities Bureau,” we noted that two - Lin Zhihai and Qin Li - appear to be listed in Twist’s prospectus as having “voting and dispositive power over the shares held by Ever Alpha Fund L.P.”"

"Our view is that most to all of the cash transfer never happened, and that by purporting to have somehow circumvented China's capital controls in order to transfer the money directly to the VIE, it makes it easier for NQ to carry out its fraud by forging its cash balances."

"It had large losses it refused to account for. It had invented its own proprietary grading system that helped it hide its losses. It fooled its auditors, who were asleep, and it fooled investors by aggressively returning large amounts of capital that it didn't really earn."

"In all three proxy contests, we heard substantially the same rhetoric from the companies and their advisors prior to the proxy contest. However, management's views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value."

"We are concerned that three of Parkland's directors have served on the Board for twelve years or more, including Chairman Jim Pantelidis who has served on the Board for 24 years, and Mr. Spencer and Mr. Bechtold who have been on the Board for 21 and 17 years, respectively."

"Stryker is adding more buckets for charges. If the effects of COVID-19 and any recent headwinds were short-term, we don't believe they'd be “terminating sales relationships in certain countries”, “eliminating product lines” and “impairing long-lived and intangible assets.”"

"Acquisitions in return for newly issued BHP shares finally being possible – regardless of management's bogus claims that BHP currently has "two acquisition currencies", when in fact no acquisitions using BHP shares as consideration have ever occurred during the DLC period."

"ROAD initially touted its “Attractive Financial Profile with High Return on Capital” by showing Free Cash Flow (FCF) Conversion and Return on Capital Employed (ROCE). By 2023, ROAD’s FCF Conversion definition markedly changed, and it ceased to provide a chart showing ROCE."

"The sell side values VRNT on a P/E basis against Non-GAAP EPS. This approach fails to take into account Verint's poor organic growth, the widening disparity between GAAP EPS and (low-quality) Non-GAAP EPS, and the Company's failure to grow cash flow despite a flood of M&A."

"Nevro’s response to its explants crisis appears to be marked by denial, cover-up, retaliation, and attempts to manipulate and pressure doctors and patients into believing the device works – behavior suggestive to us of a company sitting on an explosive, existential secret."

"AOL has used the valuable cash flows generated by its declining Access and Search businesses to fund what we believe are massive losses of more than $500 million per year in its Display advertising business in pursuit of its goal of becoming a premium online media company."

"I would be very surprised if it's a blockbuster, and if it was, it would be on the back of the hype and the sense of need, not on the basis of effectiveness...the risk of elevated blood sugars or worth the risk of hair growth or whatever it is — that I would struggle with."

"I wouldn't say this is something...every patient of mine...should receive...this is still case-by-case...why don't I just trial regular diazoxide...[it has] the same kind of pharmacological profile as DCCR...I will probably just trial normal diazoxide and see what happens."

"When patients become aware of the option of PAE vs AQUA, they choose PAE >80% of the time...many large urology groups are just now opening their own PAE suites and will preferably steer BPH patients to their ASC PAE suites rather than sending them to the hospital for Aqua."

"In short, due to the poor quality of data and documentation on the forest plot, until there is an opportunity to both verify the forest's physical characteristics and use satellite imagery on all forest claims, that the sample sizes are too small to establish significance."

"The P66 folks need to focus on growing their base business. They've spent a lot of money in the last few years on acquisitions, on M&A deals that, depending upon what time frame you look at, many of them look like they're dilutive because P66 trades at such a low multiple."

"At best, Archer is where Joby was a full two years ago. This is generous, as it at that time, Joby had reported 15% completion but had a larger fleet and evidence indicates they had done more R&D and amassed far more flight hours and miles flown than Archer has at present."

"As of the last financial statements filed by Smart2Pay in the Netherlands, we see that it was experiencing double digit declines in key profitability metrics through 2019, and before the impact of COVID-19. The ratio of EBIT to Gross Margin contracted by 680 basis points."

"A close look at Nuvei's working capital and balance sheet reveals that payables are being increased at a faster rate than receivables. Working capital is turning more negative. We believe this is helping to generate cash flow in the near term which may not be sustainable."

"Notice carefully that Generac made three modifications to its PWRcell whole home comparison slide in 2021. With the introduction of Tesla Powerwall+ in April 2021, we see that Generac’s stated advantage to Tesla with regard to Peak and Continuous Power noticeably dropped."

"There is much more work to be done that can produce even more value for shareholders. Unfortunately, the current Board has refused to work constructively with Starboard to reconstitute the Board in a manner consistent with the best interests of the Company’s shareholders."

"While adding a new independent director with retail experience is a step in the right direction, we believe Mr. Massey’s nomination was reactionary to our involvement and we question whether the Board would have taken such action were it not for our pending proxy contest."

"The dominance of PetIQ's distributed Rx business relies on the current structure of veterinary pharmaceutical distribution. Passage of the FTPOA might increase sales in the short term, but would increase competition and pressure profitability over the medium-to-long term."

"Not only has Olive Garden management apparently failed to create new solutions suitable for the current environment, we believe it also greatly undermined the foundation of the business by losing sight of the brand image and value proposition that resonated with customers"

"Both VW employees were dismissive of Quantumscape’s data as not real world: “easy to do it in the laboratory” with “a small scale” and “low-capacity cell”; “we have only seen simulations under perfect test conditions”; suggest the “battery business” is full of such claims"

"One former employee and quantum computing expert after another ridiculed or mocked IonQ’s notion of photonic interconnects, indicating that IonQ hasn’t even proven that the concept works in principle much less via an engineering solution – a “choke point” and “weak link.”"

"Not only has Olive Garden management apparently failed to create new solutions suitable for the current environment, we believe it also greatly undermined the foundation of the business by losing sight of the brand image and value proposition that resonated with customers"

"Our goal is to represent the best interests of all stockholders, and we believe that our Nominees have the experience and track record to drive the much needed oversight and accountability at Box that will put the Company on a path to significant long-term value creation."

"With their Class B shares scheduled to vest in full on the final day of their current contracts, the hospitals due to renew or opt out on Oct 1, 2019 have little incentive to continue to accept less than half the shareback dollars that they could receive from another GPO."

"AMR purchased 84% of coal sold in its Trading and Logistics Segment from Alpha in 2017. The intercompany eliminations between Contura and Alpha show revenues equaling costs. Despite this, Contura/AMR reported $89.3 million of EBITDA from the Trading and Logistics segment."