Callouts & quotes from 281+ activist slides

"The Company has thus far failed to respond to the following issues we raised in our initial report, even with management speaking for over 20 minutes on its international business."

"Instead of fresh insights or innovative plans, BMC has instead responded with the same "solutions" that have failed so often in the past - BMC needs new ideas and it needs them NOW"

"TWX, despite owning a large and profitable cable programming businesses and one of the largest US cable operators, has failed to develop valuable networks over the last ten years."

"Nevro is a failed one-trick pony at 15x sales: the pivotal SENZA trial was rigged, HF10 is a phony premise, explant rates run 22-33%, and kickbacks prop up what remains of sales."

"At the 2016 Investor Day, the Company appeared confident its core business would generate $1.3 billion of Adjusted EBITDA by 2017, and again FAILED to deliver on its commitment."

"Between the 2018 Investor Day and December 31, 2020, the Company’s share price not only failed to achieve management’s ~$60 per share price target, but actually declined by 21%."

"Spruce Point has a track record of exposing promotional material and mining companies that have failed to meet lofty aspirations promoted to their largely retail investor bases."

"The Company presented an attractive plan to create shareholder value at its 2018 Investor Day, but failed to realize any of the value creation opportunities it had identified."

"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."

"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."

"One leading center after another indicated that the OCS platform is a commodity with no value proposition, detailing why it failed in heart and lung, and why liver is next."

"Yahoo's potential has been diminished by failed management and governance at the highest levels (i.e., CEO and Chairman positions), but new opportunities await new leaders"

"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."

"Our literature search going back decades failed to locate a single study demonstrating a correlation or index of histamine levels vs. t-meha, whether in rodents or humans."

"BlackRock is simply not in the position to fulfil its stewardship responsibilities. The Board, due to lack of independent oversight, has failed to recognised this issue."

"Doug Cole failed to disclose his involvement with AV Therapeutics. Cole's relationship with Aquino Milling dates to an agreement with Objective Equity in December 2012."

"As we suggested in our initial report, Cash & Equivalents would be double counted if Eurofins failed to net (technically "eliminate") Related Party Pooling Receivables."

"Stated that Vykat’s rep failed to explain why physicians couldn’t use generic diazoxide suspension instead, which is already used extensively for infant hyperinsulinism"

"Elanco has failed to achieve any of its margin targets in the timeframe set forth at its IPO, at the announcement of the Bayer acquisition or at the 2020 Investor Day."

"For far too long, Darden shareholders have suffered mightily under the failed leadership of a Board that has blatantly disregarded the best interests of shareholders."

"Given that the Trulia acquisition failed miserably to produce the synergies or financial results illustrated to investors, why has Zillow never impaired its goodwill?"

"Management has still failed to provide any substantive rebuttal to our conclusion that its accounting for the transaction is misstated by approximately $250 million."

"Doug Cole failed to disclose his role at TWL. Doug Cole began working with TWL to promote the stock under a contract that names other undisclosed business entities."

"TAL's auditor, Deloitte Touche Tohmatsu, failed in our view to do basic work that would have flagged the transfer of DFRL to Shunshun as a related party disclosure."

"Monetary policy and regulations have combined like a failed chemistry experiment to create a potentially destructive force that should not exist outside of fiction."

"Doug Cole failed to disclose his role as a Director at Sysorex despite just joining the Board over a year ago. Sysorex is clearly a troubled company at present."

"We believe this is evidence that some acquisitions should have their goodwill and intangibles impaired. However, LSPD has failed do take any impairment charges."

"DV's CEO Mark Zagorski failed miserably at his prior Company in expanding Telaria's international sales. We believe history is again repeating at DoubleVerify."

"Spruce Point believes Stryker is becoming dangerously levered as it pays hefty premiums for low quality acquisitions that it has failed to properly integrate."

"When comparing FND and LIN's IPO prospectus claims, we see an uncanny resemblance. LIN's strategy ultimately failed, and it spiraled into bankruptcy in 2008."

"Momo failed to notify investors that the SAIC charged its operating VIE with "Filing corporate information with the intent to conceal the truth and falsify"."

"Hannon Armstrong has still failed to publicly acknowledge – or deny – that in 2021, it booked ~$300 million of non-cash income that will never be collected."

"Incredibly, after incurring the expense of opening its network to rival broadband access providers, TWX failed to launch a bundled AOL/TWX service offering."

"Shareholders should be appalled that management (enabled by a sleepy Compensation Committee) are reaping bonuses for a failed deal and an accounting change."

"For example, it shows that Abbot, J&J, Merck, Pfizer, and others all tried and failed in their H3R programs for narcolepsy and excessive daytime sleepiness."

"TSMC is angry and began delaying purchases a year ago; new light source failed in the qualification period; EUV source “is just not stable” and “just dies”"

"While others captured tremendous wealth in the Eagle Ford (APC, COP, EOG, MRO, MUR, RDSA, TLM, etc.), Hess not only failed to create value but lost $771mm"

"We highlight that, for the first time in four years and the first time as a public company, Procept failed to pre-announce Q4 results in early January."

"The Board has failed to effectively oversee the Company’s ESG and sustainability efforts, resulting in poor disclosures and little meaningful progress"

"Edgewater's legacy directors represent a tired and broken Board that has failed to maximize shareholder value despite having over ten years to deliver"

"ROAD failed to make ENR's list of "The Top 100 Contractors by New Contracts" by not increasing its contract growth at the same rate as industry peers."

"Investigators heard from competitors that Broad Ocean has failed to sell those 400 motors and this has become a huge drag on the company's cash flow"

"NVDA failed to release a single traditional benchmark, leading many to believe the ray-tracing technology came at the cost of overall performance."

"The bottom line on the tax inconsistencies is that in our view, the company failed to explain them. Therefore, we see these issues as a red flag."

"DESPITE A LITANY OF MISSED PROMISES, THE BOARD HAS INEXPLICABLY CHOSEN TO GENEROUSLY COMPENSATE MANAGEMENT AND REWARD THEM FOR FAILED PERFORMANCE"

"FIGS failed to disclose its hand-crafted CAC metric in its 2021 10-K, thus moving from a lack of transparency to limiting disclosure altogether."

"Shockingly, two patients died while wearing Zio AT devices that had reached their transmission limit and thus failed to notify their physicians."

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

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

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

"Because State Street allowed its cost base to balloon in the good times and failed to rationalize costs when cyclical revenue reverted to norms"

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

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

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

"DESPITE HAVING A LEADING CONSUMER BRAND AND COMPETITIVE SCALE, GOODYEAR’S CONSUMER RETAIL BUSINESS HAS FAILED TO PARTICIPATE IN SHARE GAINS"

"We believe that the same executive team has once again failed to thoroughly disclose to investors the major issues relating to New Pacific."

"Is Casino unaware of these errors; or, is Casino so intent on misleading investors that it failed to adequately caveat its defense of S&P?"

"PLTK’s Multiple Chinese IPO Attempts Failed Due To The “Gambling Akin” Nature Of Their Games, We Observe Similar Concerns Here In The U.S."

"RINO's Founders Have Failed to Transfer Income to the Company, and to Let the Company Operate out of the Facilities it Supposedly Leases."

"It’s highly suspicious that FND would pivot toward opening more large format stores when the design studios have clearly failed to grow."