Callouts & quotes from 553+ activist slides

"NQ's physical and online presence in China is at best anemic. NQ's inability to cultivate a sales ecosystem suggests that neither retailers nor consumers are interested in selling or buying NQ products."

"We believe insiders have orchestrated a brazen scheme to artificially inflate DV’s share price by selling and obscuring an international growth narrative that is failing while they rapidly unload stock."

"Does the California Energy Commission realize that GreenPower Motor doesn't manufacture the buses themselves? They simply import the buses from China, and sell them in California at an over 100% markup."

"Should Merial and other manufacturers no longer feel the need to sell only to veterinarians – a direction in which they appear to be moving – what value would the VIP acquisition have brought to PetIQ?"

"As a whole, management and the Board have little at risk at CHD – owning a pathetic 2% of the stock. As the share price has accelerated to new highs, no insiders have bought, and selling is increasing."

"Citron exposes that the top reseller of Inogen products is secretly controlled by a convicted felon who was recently released after 5 years in federal prison for deceptive internet marketing practices."

"In a referral world, you should be doing a few things. You should be generating fewer leads because you're not convincing someone to fill out lots of forms. You're also not selling to multiple parties."

"Counsel noted a U.S. person may apply for a specific license to sell airplane parts to Iran, but given the sensitive nature that would be "almost unheard of" for such a specific license to be approved."

"Being an S&P 500 company is a validation of absolutely nothing, and can be a wasteland of corporate mediocrity. The bigger the Company, the worse the research is from sell-side analysts. Buyer beware!"

"As one of the world’s best-selling drugs, REVLIMID faces significant pressure from generic challengers, pressure that we believe will continue to increase as REVLIMID nears full genericization in 2026"

"Spruce Point believes the bear case against FND is validated from recent disclosures by the CEO, General Counsel and Chairman of the Board, all of whom recently enacted insider stock selling programs."

"Phillips 66 has been unable to deploy organic growth capital within budget and stretches assumptions when communicating multiples on acquisitions to sell transactions to the market as more accretive."

"Utilization of an UPREIT structure would provide TIP REIT with an attractive acquisition currency that allows selling landowners to access liquidity, diversification, and yield without triggering tax"

"Prisoners allegedly make 10-50 cents an hour, working for a “state-owned company called Arizona Correctional Industries” that “sells prisoners to private companies that want cheap or captive labor.”"

"We see a pattern of Brent Willis getting involved in the latest hot business ventures that seem to sell on Wall Street (E-Cigarettes, CBD Drinks) that temporarily reach a high market capitalization."

"We see a pattern of Brent Willis getting involved in the latest hot business ventures that seem to sell on Wall Street (E-Cigarettes, CBD Drinks) that temporarily reach a high market capitalization."

"Even at AOL's target revenue model of selling 80% of ad slots to local advertisers near rate card pricing, we estimate that Patch would still lose approximately $20 million to $60 million per year."

"The information below and on the left is from a French government website. The information below shows this entity used the villa Mas du Figuier as its address, making it obvious it is the seller."

"When buying, fixing, and selling are executed well, the model creates a powerful flywheel in which higher volumes drive lower unit costs, enabling more competitive pricing and further share gains."

"In a vacuum, such selling behavior would be innocuous. However, viewed in the context of BUR's other misleading behavior, this pattern suggests a means by which the company boosts reported income."

"Since Allied recognized $65 million in non-cash earnings last year that it paid out in dividends, Allied had to finance that payment by shrinking the portfolio, borrowing money or selling equity."

"The CEO touted cost synergies in G&A heavily while selling the transaction. Yet, as evidenced by the audit fees pre- and post-acquisition, costs soared beyond what investors should have expected."

"A second Nevro ex-employee, who was involved in the market growth calculations the company represented to investors and the sell-side, basically admitted to us that it was a fraudulent exercise."

"The peculiarity of how EGH was able to sell a property to IIPR before even owning it is already disturbing, but this might be explained by concurrent acquisitions and different dates in filings."

"Selling into the dollar store channel presents significant challenges for WD-40. We found house and generic lubricant brands at Family Dollar and Dollar General at approximately 33% - 60% less."

"Ballard’s sells-side supporters, all based in the US and likely challenged in staying on top of a quickly evolving and complex Chinese market dynamics, see nearly 47% upside to $5.60 per share."

"There are no limits to the amount of bundled services tied into home services. For example, masonry and construction services can also be used as an angle towards selling pest control services."

"In fact, RUN investor relations referred to tax equity as “effectively debt”, which underscores our concern that RUN is, in essence, selling the ITCs or using them as collateral for financing."

"In this context I would like to comment briefly on the attack by the Muddy Waters hedge fund a few weeks ago. Until April 21, 2016, I was in fact not aware of the term "activist short seller"."

"We wonder: now that he no longer needs to disclose sales of PETQ shares, how much has he been selling? Why does he appear to still be active in a number of his (many) other business interests?"

"Beside price increases, Dye & Durham doesn’t have a growth strategy. It has no sales culture and does not try to integrate the different products or cross-sell through its large customer base."

"Beside price increases, Dye & Durham doesn’t have a growth strategy. It has no sales culture and does not try to integrate the different products or cross-sell through its large customer base."

"Based upon our research in China and our examination of Herbalife's SEC filings and internal documents, we conclude that Herbalife violates China's directing-selling and pyramid-sales laws by:"

"Selling the Company is the best and (at this point) the most viable pathway forward to solve its prolonged market issues and deliver an optimal outcome to all with a stake in Alexion’s future."

"Recent sell-in was a market-driven opportunity as HCM Beyond Payroll gained widespread adoption. Future growth will be challenged without a best-in-class HCM product suite driving “new logos”"

"However, a check online indicates that approximately 78%-95% of the boots are >$100 which suggests that BOOT is stuck with a significant quantity of high-priced inventory that is not selling."

"Given the multitude of lavish properties that CEO Dovigi owns, we find it unusual that GFL leases a mansion from Daryl Goodwin, a current employee and seller of Enviro-Smart Organics to GFL."

"Industry experts find it telling that GNYHA is aggressively selling shares despite its relatively stable financial position compared to other member owner hospitals currently selling shares"

"Spruce Point observes that Saputo recently made a change of description in a key operating cost classification from "Selling Costs" to "Other Selling Costs" in the most recent Fiscal Year."

"With sales growth from new products set to plateau and margin expansion opportunities largely exhausted, we believe that Hill-Rom growth and earnings will underperform sell-side estimates."

"Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates(2)."

"Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates(2)"

"In a real business earning revenue the old-fashioned way - sell a product or service to a customer who forks over cash - the rev rec policy doesn't typically run the length of the Iliad."

"Twist sells low-quality sequences via a scorched-earth pricing and discounting strategy, it is not surprising that it has ended up with bottom-of-the-barrel price-seeking customer base."

"By simplifying and streamlining the digital offer process — fewer clicks, near-instant valuations, clearer steps — CarMax can capture a greater share of sellers already engaging online."

"In contrast to PGNY management's comments, we calculate increasing new member acquisition costs, whether based on total lives added during a fiscal year or only during a selling season."

"We believe that in RUN’s structure, the Company is effectively selling the PV Systems to itself at inflated prices using a financing partner, even though selling ITCs is not permitted."

"We observe inventory purchase obligations as a percentage of revenue increasing. This further strengthens our belief that inventory is building up and not selling-through to customers."

"Insiders appear attuned to what's happening at the Company. Insider ownership has been in rapid decline post-IPO, in part from both insider selling and stock dilution for acquisitions."

"We Believe Current GFL Investors Are Left “Betting” On The Uncertain Outcome Of These Three Things, Yet Most Sell-Side Analysts Have Already Given GFL Credit For Successful Completion"

"With multiple Buy/Hold ratings and only one Sell recommendation, we believe the market is overlooking the most critical and material risks to Canadian Tire’s business and share price."

"Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates"

"BRK's share price decreased 15% since inception through our share sale in May 2020. We made the decision to sell the position to deploy the capital into more opportunistic investments"

"Lightspeed has all the elements of a stock promotion. The sell-side analysts are resoundingly bullish with 76% giving the Company the equivalent of a “Buy”, 12% “Hold” and 12% “Sell”."

"To make FIGS LTM Gross Margin more comparable with peers, we deduct “Selling Expenses”. By our estimate, FIGS’ LTM Gross Margin is inflated by 2,040 basis points, from 50.7% to 71.0%."

"The critique was something like, how can you guys be selling devices you’re calling quantum computers when the only problems you can solve with these devices are essentially trivial?"

"Spruce Point's reservation about valuation appears to be mirrored in the current majority of recommendations from sell-side analysts with a "Neutral / Hold / Market Perform opinion."

"Major shareholders have been selling and / or diluting their interest through multiple equity offerings in Sept 2020 (IPO), June and October 2021 and stock issued for acquisitions."

"Our channel checks suggest CSTE is meeting their demand straight from the production line, and reseller built up inventory appears to be unpopular stock which is difficult to sell."

"It is a mistake to think that holding bonds in Singapore means that one would be able to quickly sell cotton sitting in a Mozambique storage facility at a price equal to last mark."