Callouts & quotes from 26,677+ activist slides

"The Company is arbitrarily selecting the ONLY time period in recent history where relative TSR against performance peers has performed better. We believe this is a blatant attempt to mislead shareholders on the Company's track record of dismal relative TSR."

"Despite owning 65% and controlling the majority of DTA's operating capacity, AMR claims it doesn't control the asset because "two reps must be present for business to be conducted and unanimous approval of both parities is needed for decisions to be taken"."

"As can be seen in the above SAIC filings, ownership was transferred from Mr. Song Lifeng, the brother-in-law of Anta Executive Director Wu Yonghua and a connected person identified in the prospectus, to Mr. Ye Chengdong, a purported independent third party."

"The TICO Board and SC ultimately capitulated by recommending a Revised TOB price of ¥18,800 per share - only ¥200 / +1% more than the price that, just days before, they considered wholly insufficient and had "significantly deviate[d]" from their expectation"

"Zebra referenced only one client win early and continues to talk up “strong interest” but provides no specifics on revenues. In fact, almost three years after acquiring Fetch on July 1, 2021, Zebra is still saying robotics is “nascent” and in its “infancy”."

"The KALOIKOS company, seller of building I, benefits from a seller's privilege for an amount of 4 million euros in second place behind the PPD and the mortgage allocation (in the amount of €3,545K) for the benefit of Société Générale Private Banking Monaco."

"The research and reports on this website reflect the opinions of Bonitas Research LLC (“Bonitas Research”), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"We believe that Globant should explicitly disclose to investors which of their related parties are affiliated with WPP. We believe the spirit of related party disclosure is to highlight to investors how much revenues are coming from your largest shareholder"

"Despite its 100-year head start in consumer entertainment, iconic IP, superior scale and diversification, Disney has underperformed and disappointed its investors by nearly every objective measure of business and stock price performance over the past decade"

"Thus, excluding the funds raised in December 2009 and possibly assets acquired for the Chang Xing Island project with such funds, RINO’s shareholders own little to no productive assets and have received no benefit from the profits VIE purportedly generates."

"The FTC has recently cracked down on major nationwide MLMs. In one of its most prominent enforcement actions, the FTC sued Herbalife in 2016, forcing them to restructure their MLM operations and pay $200 million to settle charges levied against the company."

"Total receivables have ballooned 456% in the same period that revenues have grown 99%. This suggests that Axon has booked revenues, generally associated with the weapon (and body cam), in advance of its ability to collect on these sales in a timely fashion."

"Pursuant to 21 CFR § 7.40, STJ should recall its Devices because the Devices present “a risk of injury or gross caption or are otherwise defective” as demonstrated by MedSec’s research and in light of FDA’s current medical device and cybersecurity policies."

"The main suspicion against the Dayan brothers is the fictitious registration of assets amounting to hundreds of millions of shekels in the name of Itzik's former father-in-law, a 90-year-old resident of France, in an attempt to evade paying taxes in Israel."

"With the old CFO Donnelly out in Q4’18, the Chairman liquidating a sizeable holding starting in Feb 2019, the CFO is now referencing difficult comps on a “multi-year stack” basis – terminology we are not familiar with, but which certainly sounds concerning."

"Spruce Point believes it is a major red flag when a company stops being able to provide Free Cash Flow (FCF) guidance. We observe this happened after the departure of CFO Young in mid 2020. In the year he left, BR missed FCF guidance by an astounding 15.3%."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"Insiders have continued to reduce their stake in PGNY since its IPO in 2019. Insiders have reduced their stake from 52% prior to the IPO to 14% as of the 2021 proxy filed in April 2022. If insiders are selling at such a rapid clip, why are investors buying?"

"Spruce Point has analyzed REZI’s guidance practices since coming public. We find a notable reduction in guidance practices starting in 2024 and accelerating into 2025. We believe this shift undermines confidence in the long-term visibility for the business."

"for those who think that having a ~$35B AUM Tiger cub as the largest holder is automatic indicia of legitimacy, judgment, or perfunctory due diligence, we caution that one of the largest holders in Luckin Coffee, a Chinese fraud that imploded, was Lone Pine"

"We believe that NICE's acquisition of inContact put it in position to increase share as customers demanded broader cloud capabilities. Meanwhile, Verint's acquisition of KANA simply expanded its suite of products without transforming its cloud capabilities."

"The best we can tell, Cuattro remains an extremely niche radiography supplier, but we see several red flags, including: (1) lack of recent press releases, (2) conflicting supplier statements, (3) only 14 employees, and (4) questionable medical endorsements."

"It appears, based on these facts and without an explanation, that BP is exploiting both its shareholders (by building loss-making solar plants) and the UK government (by planning to increase the plant's operational capacity beyond the authorized threshold)."

"We Learned from Former Employees of KDDI that Datasection’s Collaboration on a Data Center Described as the “Largest AI Data Center In Asia” Has Been Dead Since Last Year, and None of Our Sources in the Industry Know Where Datasection Is Setting Up Its GPUs"

"Disney has a much better “hand to play” than its peers to weather any disruption... but Disney's response to a changing landscape was ill-conceived and reactive... in large part because the Board disincentivized management to act – paid execs $1bn since ‘13"

"Despite its 100-year head start in consumer entertainment, iconic IP, superior scale and diversification, Disney has underperformed and disappointed its investors by nearly every objective measure of business and stock price performance over the past decade"

"Success and succession are fundamentally different objectives for CEOs. Someone in Mr. Iger's seat has too many competing interests and conflicting incentives to handle both... the guy who gets you lost in the woods isn't the right guy to find your way out."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"Soleno is willfully playing dumb – “the side effects just really feel like they’re being minimized...every call I’ve been on...they’re not really talking much about it...they’re really minimizing the fact that this drug does have some serious side effects”."

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет. Красотки! Трое - сироты, у еще одного ребенка где-то родители на Украине. У всех удочерение"

"In all three, 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"

"The fact that Bob Chapek was abruptly fired five months after the Board unanimously agreed to extend his contract by three years suggests the Board lacks a robust CEO succession process and completely misread the state of Disney’s & Bob Chapek’s performance"

"We show below the remaining three methodologies: normalizing inventory to Lasertec’s historical, “normal” inventory as a percent of sales and assets; and by adjusting it to market value by applying the 50-75% discount quietly being shopped to key customers."

"Lasertec system reliability is pretty low...60% reliable...so it's not reliable enough...making chips work requires every step to be 99.9% reliable...the mask is super critical because if one mask is bad, then every chip you make after that bad mask is bad."

"The research and reports on this website reflect the opinions of Bonitas Research LLC ("Bonitas Research"), and we have based our opinions on facts and evidence collected and analyzed, all of which we set out in our research reports to support our opinions."

"The Board's actions to freeze-out and isolate the two independent and highly respected industry executives elected last year is highly concerning and demonstrates a Board that is entrenched and not interested in hearing or considering independent viewpoints"

"Nuvei (formerly Pivotal Payments) has a dark history in Canada. An investigation of small businesses across Canada reporting hidden charges and misleading sales practices pointed to Pivotal. A spokesman described its salespeople as "sometimes overzealous.""

"Since Jan 1, 2019 GFL has spent over C$1.8bn on acquisitions and OCF has barely increased while FCF has worsened. Granted there is a COVID-19 impact in H1 2020, but with so much money spent on acquisitions, Spruce Point is surprised there is no FCF growth."

"While helping to establish mechanical thrombectomy as the new standard of care for acute ischemic stroke, the MR CLEAN study did much more to justify the use of stent retrievers than it did any other method of intraarterial acute ischemic stroke treatment."

"Tellingly, IPX no longer shows a slide outlining the U.S. Titanium Metal & Powder market to show its position among current and potential product end users even after retaining scientific advisors and former industry executives with business relationships."

"In contrast to the fake commercialization narrative pushed by IonQ, ex-employees and leading quantum experts indicate that its current 11-qubit computer is a useless demonstration “toy” for R&D tinkering, with no commercial relevance or practical use cases"

"On the Q3 call, CEO Chapman talked up their commercial momentum: "IonQ is the only provider of quantum computing hardware available on all three major public clouds" and has "integrated IonQ's hardware" with "platforms like IBM's Qiskit and Google Search.""

"As discussed on slide 9, we believe HMHC's stock would have been higher after the announcement of strong Q4 results leading to a share price at or above $19.50 per share, implying an insufficient premium of 7.7% instead of the 36% advertised by the Company"

"Xylem has repeatedly said that conversion of digital backlog to sales is higher margin. However, according to a former high-level executive, digital sales are actually dilutive to margins and do not scale as a result of the human capital investment needed."

"Dr. Kleinfeld founded and led the internal consulting group at Siemens before becoming the company's CEO. He has brought that approach over to Arconic and has scores of internal and external consultants who have outsized power and influence on the Company."

"Transportation costs are a critical factor in the attractiveness of purchasing coal for customers, given that the customer assumes the cost. AMR is heavily reliant on export sales, which means AMR absorbs the cost of moving the coal to the export terminal."

"Our investigators spoke to a former Premier employee who said that the facility around the time of the acquisition was only 280 square meters and employed only nine other staff members, including the General Manager, the husband of one of the shareholders."

"Controlling the Supervisor role is an effective way to ensure ANTA maintains control because PRC law gives the Supervisor the ability to inspect the company's finances, recommend senior managers and directors be dismissed, and propose shareholder meetings."

"Fact: Oatly gained limited traction in China in 2011-2013 under the effort of founder Oste. In addition, its story about how it entered the market in 2018 first through coffee and tea shops is not accurate according to a statement from its China President."

"Spruce Point finds clear that Saputo is struggling in Europe, and recently made modifications to its competition discussion that suggests a loss of share. We observe that the percentage of retail sales are in decline, and that EBITDA margins are declining."

"Everything we do starts with great products; and all our products start with proven science. Herbalife is dedicated to developing innovative, effective products that comply with the highest research, development and manufacturing standards in the industry."

"We have a more sober view of Axon’s valuation as we believe there is ample room for disappointment around Axon’s ability to penetrate adjacent software needs of law enforcement, including dispatch, records management, and artificial intelligence analytics."

"According to an expert, due to nationalistic pride of wanting to partner with Amazon, we believe there will be fiercer competition resulting in: 1) Lower margins to Kornit or, 2) A complete loss of the business to a Japanese firm with more local resources."

"Spruce Point believes there is significant downside risk to MSCI’s share price as its premium multiple is reconsidered by institutional investors in the face of intensifying competition, moderating cash flow and dividend growth, and lower earnings quality."

"From a penny stock to a $5 billion market cap with no proven or probable reserves and now trading at 42x highly questionable 2026E revenue estimates, we believe investors should exercise extreme caution and believe there is 65%-85% potential downside risk."

"Perion claims a top growth element is its Content Monetization Platform (Wildfire), acquired through Content IQ. But what’s laughable is Wildfire’s website hasn’t been updated in years and still lists the former CTO Miki Kollo (who left around March 2021)."

"Spruce Point believes there is significant downside risk to PERI’s share price as the Company is signaling financial strain and will have difficulty in hitting lofty growth targets while cash flow is starting to contract and it accrues for severance costs."

"A majority of the BR stock promoters are neutral / hold with their BR recommendations. Yet, we don't believe any of the analysts have conducted a rigorous forensic review of the Company to stress test its accounting and claims of being a SaaS-like fintech."