Callouts & quotes from 26,677+ activist slides

"The association indicated that even the favorably-inclined families are at best “modestly positive” about the drug and its “modest effects,” and that word has already spread among families about patients developing diabetes during the clinical trials"

"It is in fact difficult to find a major player that *not* attempt an H3 program and fail, as the list of flops includes those by Pfizer, Merck, Astra Zeneca, Johnson & Johnson/Janssen, Abbott, Glaxo Smith Kline, Novartis, Sanofi, and Schering-Plough."

"ESS - the entire foundation of Harmony’s clinical trials and the key “evidence” of its purported efficacy - is a highly unreliable, unvalidated, subjective, patient-reported questionnaire that assesses chances of falling asleep in different settings."

"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."

"We note that the engineer appeared nervous at times while answering our questions, in a manner that suggested to us a coordinated attempt between Lasertec and its key customers to conceal that the “new” A300/Urashima announcement is essentially fake."

"In the absence of pellicle inspection capability, customers just default to their legacy KLA mask inspection tools: “because you don’t have a pellicle...so you just use the KLA tool” – negating the “EUV monopoly” thesis underpinning Lasertec’s stock."

"If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M"

"Over the past 2 years, Canadian banks have continued to see a decline in delinquencies. However, during the period, CTC's delinquencies have remained flat. The gap between CTC and Canadian Banks shows a relative weakness in CTC Credit Card Portfolio"

"The proceeds Darden received, net of taxes and friction costs, less the $1.5 billion in real estate value that we believe Darden could have realized tax-free, imply that the value received for Red Lobster’s operating business was approximately zero."

"Absent domestic titanium sponge production capacity, the US is completely dependent on imports of titanium sponge and scrap and lacks the surge capacity required to support defense and critical infrastructure needs in an extended national emergency."

"HHH advisory fee is calculated as a percentage of equity market capitalization rather than a percentage of total capitalization (1.50% of HHH's equity market capitalization equates to ~1.15% of HHH total capitalization by Brookfield's definition(1))"

"PowerSchool has changed or outright eliminated several disclosures, making it difficult to track their post-IPO progress. We believe the Company's financial reporting quality is low and we will show that its accounting practices are also aggressive."

"Mr. Gallogly’s significant operating, financial, and environmental management experience as a senior executive within the chemicals industry, as well as his significant public company board experience would make him a valuable addition to the Board."

"The proceeds Darden received, net of taxes and friction costs, less the $1.5 billion in real estate value that we believe Darden could have realized tax-free, imply that the value received for Red Lobster’s operating business was approximately zero."

"We expect a very weak pricing environment over the next year. Fortunately, CONSOL is protected in the near term, having locked in pricing for the balance of this year at approximately $57 per ton and enough for next year to realize over $50 per ton."

"[T]here remains a sense that the company retains a 'small-company' mentality that is lacking the structured corporate processes often found in larger companies...better tools and formalized structure more akin to a ~$3B market cap company could help"

"Our approach to investing in franchise acquisitions is strategic and opportunistic...We have a rigorous, diligent review process. Only when the return metrics are attractive and we see long-term value creation opportunities do we consider a purchase"

"Consistent with a pattern of delusion that includes pretending that TSR and operating performance have been excellent, Arconic’s board claims to “value” good governance practices. Reality: the Company has been a corporate governance house of horrors"

"Skechers capital structure includes two classes of stock, with Class B holders entitled to 10 votes. The Greenberg’s thereby control 42.9% of the vote, while allies of the family such as Mr. Schwartzberg beneficially own 18.0% of the eligible votes."

"As we discussed, including the Shanghai subsidiary, there are unclear relationships, including Lin Sankuang’s Yunnan subsidiary. As far as I understand, the boss Mr. Ding, holds shares in many of these subsidiaries, and many are his family members’."

"Warning: Oatly claims its processes and know-how are proprietary and include trade secrets, yet it has done little to protect the names of equipment suppliers and model numbers used for boilers and water heating systems, conveyors, and case packers."

"We have presented our belief, supported by interviews with former executives, that EBITDA in not an appropriate metric to analyze Sunnova. Despite this, the sell-side chooses to focus on EBITDA to evaluate NOVA's financial performance and valuation."

"We expect that once investors come to grips with the fact that O Realty's true growth rate is negative, its multiple will re-rate in line with historical precedents, and its share price will decline by approximately 30% - 45% or $28 - $35 per share."

"AS FELLOW PHILLIPS 66 SHAREHOLDERS, WE NEED YOUR HELP TO MAKE THIS VISION A REALITY – PLEASE SIGN AND RETURN THE GOLD CARD TO PUT OPTIMISTIC OPERATORS LIKE BRIAN ON THE BOARD AND CREATE A STRONGER, MORE VALUABLE PHILLIPS 66 FOR ALL OF ITS INVESTORS."

"AS FELLOW PHILLIPS 66 SHAREHOLDERS, WE NEED YOUR HELP TO MAKE THIS VISION A REALITY - PLEASE SIGN AND RETURN THE GOLD CARD TO PUT OPTIMISTIC OPERATORS LIKE BRIAN ON THE BOARD AND CREATE A STRONGER, MORE VALUABLE PHILLIPS 66 FOR ALL OF ITS INVESTORS."

"CPI Italy 130 SPV acquired the loan receivable for each entity. Each Collina Muratella entity's financials report the acquisition of the loan receivables by CPI Italy 130 SPV, which occurred prior to the acquisition of the holdcos' equity by CPI PG."

"Once adjusted for market rent and franchise fees, McOpCo would be contributing only 14% of total EBITDA-Maintenance Capex, with the Real Estate and Franchise business contributing 86% of total EBITDA-Maintenance Capex ,based on FY 2005E projections."

"Our research finds that Dr. Patrick Kavanagh, owner of Bailey Health of Michigan, was sanctioned for medical malpractice in Florida and that he graduated from a medical school in Uganda that lost its operating license three years after he graduated."

"Saputo has many SKUs under the Armstrong brand with a majority under “Rollback” discounted 39% or 55%. Also, it’s not hard to find the “Exclusive” Great Value private label brand being promoted. For marble string cheese, the price is up to 35% less."

"Management not only believed that the global construction market would experience robust growth, but also that GCP would be able to organically grow at twice the market rate while retaining attractive margins due to its advantaged industry position."

"The challenges Southwest faces today are immense: Years of mismanagement by Executive Chairman Gary Kelly and CEO Bob Jordan have caused the Company – and your investment – to decline in value and consistently underperform its significant potential."

"In our view, the prospect of a much larger compensation package (more than double his previous package) created a strong financial incentive for Mr. Iger to pursue the Fox deal regardless of its prospects, creating a significant conflict of interest"

"Mr. Gallogly’s significant operating, financial, and environmental management experience as a senior executive within the chemicals industry, as well as his significant public company board experience would make him a valuable addition to the Board."

"We find it troubling that the CEO commented on last February's Q4'12 earnings call that "We're just waiting for the FDA approval... that's not in our hands, it's in the government's hands. Once we get the FDA approval, we'll be launching posthaste.""

"There is more evidence that PERI’s revenue growth story is cracking. In the recent quarter, revenue growth vastly exceeded accounts receivable growth. Even more alarming, Q1 2023 accounts receivables amounted to 92% of total revenue for the quarter."

"Rather than make clear the original plan underestimated the amount of pre-stripping, AKG retroactively changed the original plan without making the change apparent to investors – it was as though the company hoped nobody would notice the difference."

"Legacy expedited LTL operational and financial results have continued to worsen with balance sheet concerns intensifying, as evidenced by two amendments to the Company's credit agreements for the debt issued in conjunction with the Omni acquisition."

"Spruce Point believes that current market data services fail to account for significant cash liabilities tied to unpaid taxes, product recalls, and unfunded employee compensation plans. We believe debt is $3.4 billion more than data services report."

"The offer suggests not only desperation but an attempt to mislead investors by essentially fabricating sales of the “new” A300, which is simply the A150 with a different light source and a new name in an attempt to cover up a defective light source."

"Our research shows it doesn't rain as much, or as consistently, in Uruguay as it does in New Zealand, making it difficult for grass fed diary farms to have a consistent, adequate supply of cattle feed, and diminishing the raison d'etre of this farm."

"Despite claims of efficient utilization of assets benefiting gross margins, ROAD's gross margins have contracted since Pre-COVID-19 and that even includes the benefit of lower margin contracts rolling off and higher inflationary projects rolling on."

"We believe enhanced due diligence is required before investing in the agribusiness industry as history reveals there are numerous instances of aggressive business practices or fraudulent accounting that can undermine confidence in financial results."

"It lists only two open positions on its website as well as on LinkedIn – again, a striking fact for a “independent” company that raised $50MM in Oct 2020, and one from which Ginkgo already reports a $38MM deferred revenue balance as of Mar 31, 2021."

"Prestige Brands is described as a graveyard for dying brands on an employee review website. We believe this is an accurate depiction, and that management is taking aggressive actions to make it appear as if there is still life left in the portfolio."

"We intend to continue transacting in the Securities featured by and through the Wolfpack Offerings for an indefinite period, and we may be long, short or neutral at any time, regardless of any related information that is published from time-to-time."

"Spruce Point is concerned that “effective” insider selling might have accelerated even more rapidly following the completion of the deal, as individuals with intimate knowledge of AFAM might have sold their shares without other investors’ knowledge."

"The centerpiece of Nevro's turnaround plan – the Omnia stimulator launched in Nov 2019 – is a Hail Mary and colossal flop that has not only failed to re-ignite growth but undermined the high frequency/HF10 message that Nevro has pushed for a decade."

"We can see from spreadsheets where our sales have accelerated or decelerated relative to Nevro’s presence. We know from data that if you do a clinical trial in a hospital, your sales there accelerate. We definitely saw growth decelerating for Nevro."

"Spruce Point believes that CLEAR has a history of aggressively promoted Free Cash Flow. For example, it even used to add back the value of share repurchases over fair value, which is a highly unusual adjustment that Spruce Point has not seen before."

"In our view, the prospect of a much larger compensation package (more than double his previous package) created a strong financial incentive for Mr. Iger to pursue the Fox deal regardless of its prospects, creating a significant conflict of interest"

"After fully funding all major CapEx projects, pension liabilities and deal fees, Timken’s separated businesses have additional debt capacity of over $1B to reach average peer capital structures, providing an ample liquidity cushion for each business"

"Part 9. Organs on TransMedics devices are managed by inexperienced, high-risk technicians called OCS Specialists, who allegedly receive only a week of training prior to engaging in the practice of medicine, putting organs and recipients in jeopardy."

"The technician called out practices at UC San Diego in a particular, one of TransMedics highest-volume users and who we believe to be using the device off-label for scheduling and for dubious organs other centers won’t touch, to boost their volumes."

"We believe the board and management’s aggressive disregard for shareholder rights, consistent missteps, lack of a cogent strategy, and inability to deal with the legacy Miss Lime assets have kept the stock from trading closer to its intrinsic value."

"However, the investigator's private, critical commentary casts doubt on the integrity of the public posturing – almost all Vykat patients have discontinued the drug due to "drug reaction," "side effects," or "didn't want to be in the trial anymore.""

"Deed records show that IIPR purchased the property from Ohio Medical Solutions, a subsidiary of Vireo for $1,018,112 on 05/14/2019. Ohio Medical Solutions previously purchased the property from Yacoub Ghosn Management LLC on 01/30/2019 for $550,000."

"The figures provided for 2022 and 2023 in the footnotes do not reconcile with the figures in the cash flow statement. We believe this could just be more evidence of Enfusion's weak financial controls that undermine confidence in financial reporting."

"The offer suggests not only desperation but an attempt to mislead investors by essentially fabricating sales of the “new” A300, which is simply the A150 with a different light source and a new name in an attempt to cover up a defective light source."

"Hence, the TAM for EUV mask inspection machines is entirely dependent on their use in a production environment in a fab, where TSMC stated it is unusable: “it’s not for production, it’s for EPL,” referring to their internal name for their mask shop."

"The offer suggests not only desperation but an attempt to mislead investors by essentially fabricating sales of the “new” A300, which is simply the A150 with a different light source and a new name in an attempt to cover up a defective light source."