Callouts & quotes from 26,677+ activist slides

"The same cast of characters that keeps popping up as lead investigators for Nevro’s studies, and as some of its highest volume implanters, also has a knack for topping its OpenPayments leaderboard, which appears to consist mostly of…speaking payments."

"Giscard d'Estaing's assertion that 2016 earnings will contain no more contribution from R/E transactions as in 2015, and his insistence (repeated) that gains will "only" be generated by French food operations, is an avoidance of the original question."

"PLUG’s embrace of direct lease financing to create incremental sales (or to appease large customers) materially transformed Company economics for the worse, and any incremental sales created through this mechanism are demonstrably “low-quality” sales."

"I really mistrusted her, and it was very frustrating...I think other people found her exasperating for sure within the company...in terms of senior leadership, I think they felt their hands were bound...she was the primary, the most prolific enroller."

"Trial investigator #6 stated that diazoxide can be fatal and is contraindicated in patients with elevated pulmonary pressures - common in PWS patients due to obesity and diabetes, both of which greatly increase risk of increased pulmonary hypertension"

"Trial investigator #6 stated that diazoxide can be fatal and is contraindicated in patients with elevated pulmonary pressures - common in PWS patients due to obesity and diabetes, both of which greatly increase risk of increased pulmonary hypertension"

"At the same address as Campus Auto Collusion, where GFL sends trucks for refurbishment, there is another business registered called LCG New Generation. Mr. Di Orio, an owner of Campus, and Mr. Kris Della Pia are listed as the Directors of the Company."

"AS OF THE PUBLICATION DATE OF THIS REPORT, GRIZZLY RESEARCH (POSSIBLY ALONG WITH OR THROUGH OUR MEMBERS, PARTNERS, AFFILIATES, EMPLOYEES, AND/OR CONSULTANTS) ALONG WITH OUR CLIENTS AND/OR INVESTORS HAS A DIRECT OR INDIRECT SHORT POSITION IN THE STOCK."

"The real fly in the ointment for IONQ and its investors is that this table shows that once again, the Pentagon did not request funds for this Qubitekk project, the funding for it was initiated by some member of Congress at the behest of some lobbyist."

"The sell-side analyst community appears equally divided on ENFN's share price outlook. However, we believe the biggest bulls on the name are wrong in their assessments and have failed to conduct a rigorous forensic analysis of the Company's reporting."

"In addition to promoting the “new” and supposedly improved light source in the A300, Lasertec purports that the tool is High NA compatible, which refers to next generation EUV lithography with high numerical aperture (“NA”) to shrink the feature size."

"Given the significant competition in this market from much larger players, including Broadcom, Dialog Semiconductor, Infineon and Texas Instruments, we seriously question whether DSP's current projection to reach 25% market share by 2014 is realistic."

"We are valuing legacy HSIC at a one turn discount to its current EV/ EBITDA multiple of ~13.0X. We think a slight discount to its current valuation is warranted since the legacy HSIC will no longer be exposed to the higher growth animal health sector"

"Transparent's website address is registered to Vantage Payments and is linked to a residential address at the Colony Camelback Condominium. When calling the 800 phone number on the website, an answering service picks up during regular business hours."

"Spruce Point believes Healthcare Trust of America, Inc. (HTA or the Company) and its Audit Committee should open an investigation into its reporting of Same-Property Cash NOI, which exhibits virtually no volatility - a statistically unlikely outcome."

"Spruce Point believes Avery's business has been an abject failure over the past 20 years. It has spent $1.8bn on R&D, $2.8bn for acquisitions, and incurred $1.0bn of restructuring costs. All the while, annual Free Cash Flow hasn't consistently grown."

"At the same address as Campus Auto Collusion, where GFL sends trucks for refurbishment, there is another business registered called LCG New Generation. Mr. Di Orio, an owner of Campus, and Mr. Kris Della Pia are listed as the Directors of the Company"

"We believe Essential is signaling that it will miss its targets for the first time since 2015, is richly valued with a poor risk / reward, and should trade at a discount – not a premium – to peers given the numerous issues we’ve identified including:"

"We find that Generac marked-up inventories by 55% from £4.8m ($6.8m) to $9.97m. Generac hasn't disclosed any fair value revisions to inventory, or amortization of an inventory step-up. Inflating inventory values is a hallmark of margin overstatement."

"While Carvana will presumably try to conduct similar refinancings on future loans originated, management now has a far smaller reserve from which to create profits from the monetization of receivables, and with which to make up any shortfalls in GPU."

"We believe Aquablation is ill-suited for prostate cancer applications, that the market for prostate cancer treatments is crowded with well-performing solutions, and that the Company is being given more credit for its efforts to date than is deserved."

"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."

"Allied recorded its $20 million debt investment in Startec Global Communications at cost throughout 2001 and even increased its investment in the company in June 2001 by an additional $15 million despite significant evidence that Startec was failing."

"We also note that PetIQ is amortizing its “customer relationships” over an egregiously-long twenty-year period. This stands in contrast to peers which amortize acquisition-derived customer relationships over far shorter periods – typically ten years."

"Quantumscape’s own slide points out the problem, indicating that current solid-state separators “only work under severely compromised conditions” – specifically stating they only work under elevated temperatures, which drives “cost” and “complexity.”"

"Ex-employees indicate that even today, making prototype cells is a fickle, haphazard “arts and crafts” exercise that’s “very sensitive” to the person doing it; lab samples are so brittle they break at “astronomically high” rates with manual handling."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"The Arconic stock price increase caused by the shareholder call for managerial change occurred on the back of a material increase in trading volume, further highlighting that the market believes Arconic is worth more without Dr. Kleinfeld at the helm"

"Over the course of his career, Mr. Reza has gained valuable finance and transactional experience and has had the opportunity to manage and lead an international jewelry company, developing expertise in cultivating relationships with luxury customers."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"Gregg Saretsky reflects on his journey through the airline industry, from working as a flight attendant and gate agent in college to serving as the president & CEO of WestJet, and how his experiences would add value to Southwest's Board of Directors."

"Mr. Goff’s more than 40 years of experience includes nearly three decades at ConocoPhillips (Phillips 66’s predecessor company), nearly a decade as CEO of refiner Andeavor (formerly known as Tesoro), and service on the Exxon Mobil Board of Directors."

"Twist used “shocking” discounts of 75% to lure customers aways from Danaher/IDT; “change in attitude” among customers toward Twist as they now return to Danaher, which allegedly used the phrase “Ponzi scheme” in internal discussions to describe Twist"

"Our research suggests that Kratos is a tiny player in the field of unmanned systems, with approximately 1% share of industry revenues and contract awards as a percentage of the DoD budget for drone procurement, research, development and construction."

"The Company's current gamesmanship around its directors follows the Company's previous failure to honor its representations made to Elliott - dating back to February 2024 - that it would appoint a mutually agreed-upon director with energy experience."

"We advocate for a strengthened senior management and Board composition that is both attuned to the demands of the consumer goods industry and equipped to steer Kao to fully capitalize on its market opportunities and lead in the consumer goods sector."

"While the portion of installation costs is not disclosed, assuming a nine-year contract period, Geotab’s proposal had an annual value of approximately $30 million, which equates to almost 20% of the ARR added from >$100K customers over the past year."

"HIMS' claims its AMG entities are solely “owned” by physicians. However, we find and believe that all HIMS AMGs are “owned” by a very small handful of physician “figureheads” under HIMS' control who have none of the traditional benefits of ownership."

"We are struck by the disconnect between Amdocs' European footprint and the value of its European assets, which suggests that it has made sizeable investments in software, computer equipment, etc. in locations in which it has little physical presence."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"Monster is trading in-line with its 5-year EV / NTM EBITDA multiple despite our belief that its business has fundamentally deteriorated over this time. As a result, we believe it should be trading at a discount to its long-term average of 23x EBITDA."

"Thus, unlike the coerced loan, presumptive contract rate, and cost of funds approaches, the formula approach entails a straightforward, familiar, and objective inquiry, and minimizes the need for potentially costly additional evidentiary proceedings."

"We question the alignment of values between ELF and Movers+Shakers in light of comments made on Glassdoor by former Movers+Shakers employees alleging that cult-like tactics are used and that the CEO said offensive things to multiple female coworkers."

"DV investors should be intensely worried about the lack of patent protection of its technology products and solutions. In fact, it appears that DV recently lost two European patents and its application pipeline is shrinking with no new patent growth."

"It appears that PepsiCo views structural change as a sign of weakness, an admission of failure and an untenable break with past traditions. Trian views structural change as the best path forward to generate sustainable increases in shareholder value."

"CHD reported $763.6m of operating cash flow in 2018. Yet, according to its bonus calculation, actual performance was $771m. So is it claiming better cash flow performance? The difference of $7.5m is exactly the amount of factored receivables in 2018."

"If elected, the Independent Nominees would evaluate the merits of Elliott’s value-creation proposals in conjunction with management, to determine whether and when to implement them in the best interest of long-term value creation for all shareholders"

"But no noninvasive diagnostic test or screening protocol has been shown to improve the means of detecting rejection, either through avoiding unnecessary biopsies (increased specificity) or by identifying subclinical rejection (increased sensitivity)."

"We value BR's ICS and GTO business at 1x – 2x and 2.5x – 3.0x 2022E sales, respectively, to reflect its below industry margins, and other challenges we've identified. As a result, our price target is $37.35 – $52.30, implying 65% – 75% downside risk."

"GINGKO BIOWORKS executive #1 challenged the machine’s purported value proposition: doesn't speed up overall workflows for pharma/biotech customers; throughput is a limitation; unclear if/when the Beacon is the right screening tool versus competitors."

"Although, we could debate whether Livingston had the requisite background to remediate a material weakness, we do note that Livingston's previous work experience included 7 years at WebMD from 1999 to 2006 which overlapped with Anevski and Schlanger."

"I remain of the view that higher rates will surprise by improving the economy on Main Street even though it is quite possible they would create some turbulence on Wall Street, as most equities are now highly priced and a select group are in a bubble."

"We summarize the key findings of each chapter that follows, which lead us to conclude that the bull case – centered on a turnaround and return to growth – is misguided, and that Nevro faces existential risks which the market has failed to appreciate."

"KOL's and former employees elaborated on the reasons for their skepticism, beginning with the center and the physicians who led the trial, offering opinions which implied that they were corrupt and paid to deliver only certain kinds of study results."

"Both the increasing rate of insurer denials and doctors therefore "not wanting to do spinal cord stimulators as much" were recurring themes of KOL interviews. Implanters indicated it's only a matter of time before reimbursement gets "hammered again.""

"In June of 2007, Wendy’s announced that it was pursuing a sale of the Company. Since then, amidst the fallout in the credit markets and concerns about the failure of the strategic review process, the stock traded down from $38 to a low of nearly $22."

"These highly generalized responses also constitute a Non-Specific Denial (2) and Convincing Statements (3). The reader is to assume that these eight points are declarations of innocence, but in fact do not contain any direct denial of any wrongdoing."

"We believe Leidos should write down the value of the business as impaired, and the Board should immediately terminate CEO Krone and CFO Reagan for abysmal due diligence failures, and misrepresenting the financial outlook of the business to investors."