Callouts & quotes from 26,677+ activist slides

"Spruce Point believes investors should not be comforted by GFL's supposed "Independent" Board."

"it shows a pattern of poor and deteriorating results well below management's long-term target."

"Glass Lewis recommended that shareholders vote AGAINST Mr. Hedrick at the 2012 annual meeting."

"We call on the Board of Directors to conduct an investigation of CEO Tom Ward and this conduct"

"Box’s “Cadillac” ESPP contains off-market terms and does not promote an alignment of interests"

"We suspect that this slapdash approach to due diligence has cost AMT some model-busting CapEx."

"Reports of declining inspection standards and vehicle quality are corroborated by Yelp trends."

"Some Urologists, Even Aquablation Supporters, View the Procedure as Largely Comparable to TURP"

"Crown Castle’s stock has been the best performer of the group ONLY ONCE over the last 10 years"

"Broad packaging coverage drives applicability to many markets and above average royalty rates."

"In these numbers, we can see that TRE is overstating the per hectare cost by about four times."

"Chinese government records show a capital hole that makes claimed timber purchases impossible."

"I really have to ask myself why such expenditure is required for a transaction of this volume?"

"Does this suggest that MPWR was not happy that Deloitte was scrutinizing China more carefully?"

"Executives have decades of tenure at ADP and effectively no outside experience and perspective"

"Board and management is overtly satisfied with current performance and sees no need for change"

"Brinker successfully turned around struggling brands to create enormous value for shareholders"

"We estimate the opportunity to improve EBITDA through G&A efficiencies is $39 million or more."

"There are many areas where Olive Garden can both improve the guest experience and reduce costs"

"Other MLPs have swapped their IDRs for LP units at a ~250bps premium to the existing LP yield."

"The proposed transaction with Atos raises serious questions about Airbus' corporate governance"

"According to Nielsen, the Show has Managed to Turn Off a Full 37% of his Predecessor's Viewers"

"Val-gan’s durable business would have few peers among publicly traded pharmaceutical companies"

"Valeant removes restructuring charges to better match Net Income with recurring Free Cash Flow"

"Why invest profits from a high margin business into one with uncertain growth and low margins?"

"Do you think that industrialising hectares of a natural area is part of your green objectives?"

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"We applaud Fluor for making the investment in NuScale, but believe it is a non-strategic asset"

"Elect 5 highly qualified independent directors with relevant experience (Shareholder Nominees)"

"2024 consensus EBITDA is ~$65mm below 2021 levels despite capturing $400mm of EBITDA synergies"

"Failure to achieve financial targets has left Elanco with a leverage profile of ~5.6x in 2023."

"We urge all shareholders to promptly consent to remove and replace the Board to Revitalize HMA"

"We believe Huntsman has a pattern of picking different peer sets to fit its desired narrative."

"Brinker successfully turned around struggling brands to create enormous value for shareholders"

"We estimate the opportunity to improve EBITDA through G&A efficiencies is $39 million or more."

"There are many areas where Olive Garden can both improve the guest experience and reduce costs"

"In the longer-term the outlook for gas pricing is upward sloping while the oil curve flattens."

"SOFI: A Financial Engineering Treadmill Leaving Management Fat, Shareholders the Biggest Loser"

"We believe that Align shares many features and themes of other successful Spruce Point shorts."

"Poor Total Shareholder Returns reflect... Poor Operating Results which are a consequence of..."

"For business which has enjoyed significant secular tailwinds, results are extraordinarily weak"

"Experienced international business executive and corporate director, led multiple CEO searches"

"If Phillips is able to execute the "Marathon Path" (1) the stock price could increase to $300+"

"The traditional multiple-of-earnings valuation methodology does not incorporate Platform Value"

"In an efficient market, how likely is it that AMR sold its coal at a 7% premium to the market?"

"Coal prices declined sharply in 2019, but did all coal companies slash reserves by nearly 50%?"

"Keisei should adopt the following measures to institute best-in-class stakeholder transparency"

"He shows how a motivated young man can help ANTA secretly control five different distributors."

"Almost Everyone Is Mistaken About Dropbox's "Strong Free Cash Flow" And Conservative Reporting"

"We Believe WSP Is Deflecting Growing Stress With Changes To Accounting And Financial Reporting"

"Impinj is partners with at least three companies that Zebra specifically names as competitors."

"Spruce Point believes there is additional indicators that Zebra's RFID business has pressures."

"Twist’s strategy is focused on buying market share, hoping the economics will catch up to them"

"Twist has “no advantage”; manufacturing oligos is a commodity process any vendor can replicate"

"Instead of learning from our competitors, we should learn from brands outside of our category."

"Instead of learning from our competitors, we should learn from brands outside of our category."

"Instead of learning from our competitors, we should learn from brands outside of our category."

"Why are they recognizing gross course revenues in one case and just its portion in the latter?"

"Even the bullish analysts see 2U shares as near fully valued, representing a poor risk/reward."

"Our analysis shows that online search costs are going up 12% to 27% depending on the vertical."