Callouts & quotes from 26,677+ activist slides

"A former Oatly accounting professional reveals undisclosed accounting policy changes. In addition, by multiple accounts, Oatly's NJ facility was producing by April – May 2019, yet it did not formally recognize the capital expenditures until October 2019."

"Based on our research, we have identified three frequent events that should result in write-offs of capitalized connected device costs, which would reduce reported gross margins. We are not confident that Samsara has been taking the requisite write-offs."

"We believe Samsara customer churn will increase over the coming year, as the large number of SMBs who signed up for ELD products to satisfy the government mandate come up for renewal in a starkly different macroeconomic and telematics market environment."

"We think investors should pay close attention to the priority wording of Monster's Forward-Looking statements. We observe that Monster repositioned key risks about demand for its products domestically and internationally higher in its 2024 Annual Report."

"Given the new, serious competitive threat Epic Universe presents, Disney needs to fortify its leadership position with new investment. How much of the $60 billion of CapEx is earmarked for new attractions at Disney World? When will that capital be spent?"

"Ms. Lin’s significant leadership experience as a senior executive in both the hybrid chemicals and broader industrials industries, coupled with her considerable experience serving on public company boards, would make her a valuable addition to the Board."

"All the Turner Networks, with the exception of CNN, are general entertainment networks that do not enjoy a natural extension to the Internet and therefore, there are limited additional ways to monetize the audience of the Turner Networks (excluding CNN)."

"When individual markets experience structural deterioration, Herbalife will often point to temporary factors to explain the decline. Once a market inevitably falls below a certain sales threshold, Herbalife eliminates all disclosure regarding the market."

"In 2009, multiple UEC executives were named executives in Strategic American Oil Corp (OTC: SGCA) alongside investor Barry Honig and CEO Adnani was a Director. Mr. Honig's name surfaced in 2018 in a case brought by the SEC related to market manipulation."

"Even more concerning, it appears that the Board chose to withhold material information from shareholders ahead of the nomination deadline in order to preserve the status quo and insulate the incumbent directors from a potential challenge by shareholders."

"Turlov was quick to declare to the media that his sanction entry was just a "technical error" or imposed "mechanically". However, given the potential seriousness of the situation, there may be a need for an SEC investigation. Turlov is not to be trusted."

"The large payers still account for the vast majority of ART cycles performed in the US, and their existing client relationships (as plan administrators to self-insured companies), clinic relationships, and infrastructure make them formidable competitors."

"It is self-evident that the current management team is clearly incapable of doing so. If the “old guard” directors are similarly incapable, or unwilling to do the work necessary to rectify this dire situation for shareholders, then they must be replaced."

"We believe the promotion behind Resideo Technologies is a series of disappointments. The latest evolution as a split-up story to unlock value becomes an even greater “trust me” story with the current management team that previously failed to hit targets."

"Spruce Point sees little chance that these valuations will persist once investors gain a clearer view into LHCG's organic growth and earnings power, and once they understand the extent to which management has struggled to execute on its roll-up strategy."

"It appears Heska can't keep its story straight. On the Company's Q2 earnings call, Wilson said that shipments have been delayed "by a few weeks." Then during the Q&A, Wilson proceeded to suggest that volumes will be impacted all the way through December."

"Collectively, the Company's years of missed execution and unfulfilled promises have translated into poor stock performance, leaving long-term shareholders significantly worse off than if they had simply invested in the chemical or broader market indices."

"Not only are the airlines partnering with the TSA on a competing service (Digital ID) but a formidable competitor is also expanding their technology within the TSA at almost lightening speed given new technology adoption by the TSA typically takes years."

"Given the new, serious competitive threat Epic Universe presents, Disney needs to fortify its leadership position with new investment. How much of the $60 billion of CapEx is earmarked for new attractions at Disney World? When will that capital be spent?"

"Miraculously, there are still sell-side analysts recommending to buy Zillow’s stock despite the Company eliminating its 2025 revenue target, lowering 2024 revenue guidance and consensus estimates for Adj. EBITDA being way below management’s 2025E target."

"Not surprisingly, the majority of analysts are “Buy” on the stock, but have quietly been cutting their price targets very recently. We expect a substantial re-rating lower in the share price once investors critically analyze the findings of our research."

"The ex-employee fears Vykat may be a looming safety disaster and encouraged us to scrutinize the withdrawal study upon which FDA approval was based, as the phase 3 failed, as far too short to capture the aftermath of long term use, among other red flags."

"No. I will say I the families are very interested in is the behavioral side of things....I think providers are not super impressed with the BMI stuff initially. And there was Covid that broke up the trial and that made some issues...it's not an easy fix."

"I'm surprised there hasn't been regulatory pressure put on them. I'm surprised...listen, I've worked for a lot of pharma companies, okay? And I've never seen the goofiness that I've seen with this company...the pressure to produce...it was just terrible."

"While we were satisfied that FMCN was double-counting the LCD 2.0 Digital Picture Screens to make its reported LCD network screen count, we had not caught FMCN's admission that it needed to count over 30,500 cardboard posters in order to make its number."

"The apparent contrast between our investigation's findings and Accor's perceived leadership in preventing human trafficking and child exploitation makes us wonder: Is Accor's human rights policy meant to appease investors or meant to protect the victims?"

"We conducted an intensive 5-month investigation encompassing over 20 research interviews and ~20 investigator field visits to its new R&D campus in Yokohama, leading us to conclude that Lasertec is one of the largest frauds in Japanese corporate history."

"Spruce Point believes sell-side analysts and investors are not factoring in multiple issues that will likely cause Generac to severely miss its lofty financial expectations and/or should factor into Generac receiving a lower valuation relative to peers."

"Despite Dell's and its investment bankers' assumption that DVMT would trade within 5-10% of VMW, since its first trading day, DVMT has traded on average 35% below VMW due to an atrocious governance structure put in place by Michael Dell and Silver Lake."

"To believe the IPX story and The Hydrogen Assisted Metallothermic Reduction ("HAMR") process, you must believe that a small team led by Australian mining executives discovered a process that has been overlooked for years by the global titanium industry."

"A former employee described the many problems that occur as IonQ’s computer attempts to operate, stating they had to re-load ions into the computer every 30 minutes as ion chains “break up” and “shatter” because of “collisions” and “residual particles.”"

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises."

"Lower commodity prices are forcing the industry to cut costs. Here we adjust the revenue to the future strip price, and cut expenses by 20%. On that basis, gross cash flow is $30 per BOE and Pioneer earns a positive margin. But, it's not positive value."

"This level of Board change without meaningful improvement for shareholders means something deeper is wrong. Shareholders should not be fooled into believing that additional Board refreshment under Mr. Proud's watch will result in a corporate turnaround."

"Spruce Point observes that WSP’s backlog definition became even more vague in its recent Annual Report. Notice that it now omits language that contracts are to be completed and qualifies that backlog for public-sector funded clients has secured funding."

"We believe that the “Factory” is an epic hoax, and think that it is little more than a ruse to conceal an additional $100MM of losses by misclassifying COGS and operating expense as capital expenditures – one of the oldest accounting frauds in the book."

"HK has implemented a series of unsuccessful “macro-prudential” reforms to deal with its inflation and wealth gap problems. These efforts do not address the underlying cause of the problems and in some cases are actually inflationary (e.g. cash handouts)"

"At Phillips 66 (NYSE: PSX), the numbers don't lie. The company has dramatically underperformed its peers since 2019, and shareholders have missed out on substantial returns. Vote the GOLD proxy card today to support a better tomorrow with #Streamline66."

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises."

"In the context of his wildly aggressive revenue target claims, pressures on cash flow, outsized exposure to struggling Facebook as a 22% customer, and new evidence of financial reporting tied to borrowing not adding up, investors should be on red alert."

"Spruce Point has discovered that Momo has 9 undisclosed first level subsidiaries and 114 undisclosed second level subsidiaries ("subs"). In our experience, it is uncommon for a U.S. listed Chinese company to fail to disclose the subsidiaries of its VIE."

"It is time for shareholder voices to be heard that the status quo is no longer tolerable by electing two highly – qualified directors – Charles Elson and Jonathan Litt – to the Taubman Board at the Company's upcoming 2017 Annual Meeting of Shareholders."

"Intuit has cited this research to support its claims of IRS racial bias, yet Intuit misrepresents the report’s findings, and even the research report’s authors do not agree with Intuit’s conclusions regarding racial bias and the benefits of Direct File."

"As noted, Intuit top-ticked marketing automation multiples when it acquired Mailchimp. Today, Mailchimp’s higher growth (the metric with the highest correlation to SaaS multiples) peer Klaviyo trades at 8.0x after a blowout Q2, a 25% discount to Intuit."

"Spruce Point believes omitting a clearly identifiable 10.71% minority interest in a principal subsidiary undermines the reliability of the Company’s financial reporting and risks overstating EBITDA, profits, and cash flow available to SGHC shareholders."

"Porch points investors to focus heavily on Gross Profit (Margin) as a key metric and valuation benchmark. As a result, Spruce Point has carefully scrutinized this metric and finds irrefutable evidence to suggest Porch is inflating Gross Profit (Margin)."

"Airbus has an essential role to play in the long-term solution to de-carbonise aviation and must adopt a strong leadership position in advocating for the mandatory phase-in of low carbon synthetic fuels, even if this increases the cost of air transport."

"Amcor screens as if its valuation is reasonable for a global paper and packaging company. In addition, its sales and earnings are temporarily showing growth from the addition of Bemis, but as we've illustrated, there is underlying revenue deterioration."

"TransMedics has now essentially forced the transplant center; if you want access to this technology for their patient, then the transplant center is not able to share a plane with us...they have to go and use the TransMedics-owned and operated aircraft."

"Prior to Starboard's first public letter to the Company on December 21, 2011, AOL's stock price had materially underperformed both the broader equity markets and its Peer Groups over almost any measurement period since its spin-off from Time Warner Inc."

"One of the study investigators told us that they simply excluded kids who couldn’t swallow a tablet – a damning admission, consistent with the ex-employee’s comment that Soleno allegedly resorted to tricks like applesauce to get kids to swallow tablets."

"The KOL stated that key Vykat trial investigators and other endocrinologists are “uncomfortable” with the drug’s diabetes risk and the potential of a post-approval safety-signal fiasco – and feared that Soleno is covering up the risks with “propaganda.”"

"Given that the trials with higher doses were flops with all manner of junk statistical and other tricks, as we detail in a later section, the sudden dose reduction dose is telling as companies typically try higher doses to elicit a therapeutic response."

"TransMedics pump is the kind of obscene, unnecessary contraption that can only exist in the US healthcare system – the Medicare equivalent of the $10,000 toilet seat, $400 screw, and other schemes by defense contractors to fleece the federal government."

"Leidos management has emphasized that a cornerstone of its Dynetics acquisition was to leverage itself to hypersonics growth. Yet, in less than a year after the acquisition, there is already evidence to suggest investors could be set for disappointment."

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises."

"We respectfully ask BP's Board of Directors to consider the following six actions: (i) remove medium-term Scope 3 targets (reduction of 10-15% by 2025; 20-30% by 2030) and qualify 2050 target (Net-Zero) as a target to be reached 'in line with Society'."

"Ex-employee: Far-fetched that QS would ever be competitive with rapidly falling Li-ion battery costs; Li-ion was $200/kWh 10 years ago when QS started and set a cost to get to, but will soon be $80/kWh; QS approach “orders of magnitude” more expensive."

"Marathon today reports lower RINs expense than merchant peers because Speedway reports no RINs revenue. If Speedway were a separate company, it would recognize higher revenue from RINs commensurate with the higher cost of RINs at Marathon’s refineries."

"CPI Seemingly Materially Exaggerates the Occupancy Rates of its Prague & Warsaw Office — These Properties Supposedly Have the Highest Occupancy Rates in its Entire Office Portfolio. The Inflated Occupancy Rates Likely Justify Inflated Asset Valuations."