Callouts & quotes from 26,677+ activist slides

"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."

"We believe providing a target of at least 40% growth plus profitability for FY2025 would be in-line with peer targets and timelines and should be readily achievable through a reasonable acceleration in revenue growth and meaningful margin expansion."

"Generac has recently been disclosing its Residential Dealer counts. We observe that its deal growth started to stall in the middle of 2021 and has been flat now for three quarters. All the while Generac's financial condition has been deteriorating."

"Glass Lewis is "unconvinced that the proposed changes to the 2012 LTI plan will adequately link pay and performance" and that it "leads us to question how committed the compensation committee truly is to linking equity pay to corporate performance""

"We believe the market conditions and the outlook for ATL's business prospects will remain very weak and that AMT should be forced to impair its intangible assets and/or goodwill in India by US$364 million, or 48% of the combined acquisition prices."

"Not only has Crown Castle's AFFO per share grown more slowly than that of peers, but its AFFO also includes less of its total capex. In other words, Crown Castle is growing cash flow per share slower than its peers despite spending far more capital"

"Elliott Investment Management L.P., together with the other participants named herein (collectively, "Elliott"), has filed a preliminary proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission ("SEC")."

"Absent any helpful answers from the Company, shareholders can only assume that the Company is significantly increasing spending in other areas and offsetting the margin improvement that should result from the workforce reduction and revenue growth."

"We believed that GoDaddy had significant opportunities to deliver on strong revenue growth, meaningful margin expansion, and a more appropriate capital allocation strategy, which, collectively, would result in meaningful shareholder value creation."

"The x-axis is in seconds. So they're pulsing. The current density they're applying - the charging or discharging - each cycle only lasted for 10 seconds. This is ridiculous. I've never seen people reporting data in this way. This is a huge problem."

"The key role of a board member is to appoint management, to set, together with management, a clear strategy with defined goals and metrics, and to hold management accountable for effecting that strategy. The oversight role of the board is critical."

"We believe Hess has great assets but is mismanaged. It is a public company that should be run for all Shareholders but has been held captive by a CEO and Board that are apparently unwilling to take an objective, clear-eyed look at their own record."

"Chipotle annually updates stakeholders on the status of their goals and identifies opportunities to align new goals with existing initiatives, including targets to increase sourcing of organic, local and/or regenerative food grown every single year"

"A FOIA request conducted with the NC Department of Public Instruction (NCDPI) which holds one of PowerSchool's largest contracts, reveals that the department will decrease its spending with PowerSchool by a whopping 36% for the 2023-24 school year."

"Removing the OLC Accounting Distortion will allow a clearer focus on areas for improvement, which drive a low PBR: Inefficient balance sheet / inadequate returns, Insufficient IR / communication efforts, General governance / structural shortcomings"

"Given that ANTA espouses a strategy of developing self-operated retail businesses, like FILA, Descente, and Kolon, we expected to ANTA’s general managers actually heading up ANTA-owned companies, not those of its purported independent subsidiaries."

"Lest there be any doubt about whether BUR is truly a martyr to a cruel accounting standard that mandates it produce Fair Value Gains in each period, following our report, at least two litigation funders made clear that BUR’s accounting is a choice."

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

"The signatures below differ from those above, as do the accountants' personal seals. The audit firm's seal below may or may not be forged – if it is not forged, it would imply that DGW had some cooperation from the audit firm in forging the report."

"FMCN shareholders lost a total of $159.6 million on FMCN’s investment in Allyes Information Technology Co. Ltd. But shareholders will be comforted knowing that insiders likely made at least $70.1 million trading in Allyes on the other side of FMCN."

"If the Board and management are preventing a value maximization process based on their belief that the stock is undervalued, why aren't we seeing insiders buying? In fact, we are seeing insiders (including CEO Bob Espey) consistently selling stock."

"The analysis assumes that pro forma corporate expense in 2006 will be $100 million versus $488 million as projected by Wall Street analysts (which includes $36 million of intersegement eliminations) and that SG&A will decline by 5% or $510 million."

"DuPont’s inability to deliver on Kullman’s agenda suggests that she needs more help to overcome the 100+ years of history and the inertia that comes with that; Trian can be Kullman’s best ally. For shareowners, Trian’s impact is already very clear."

"Bolstering our concerns about Axon's product roadmap, we observe that Todd Basche, a key recruit from Apple where he worked directly with Steve Jobs, quietly departed Axon less than 2 years after being hired as indicated from this Linkedin profile."

"While claiming opportunities to rationalize costs by eliminating duplicate sales efforts, a year later, and VIEVU’s website is still operating with a phone line separate from Axon’s remaining operation and professional service costs are increasing."

"It’s a huge red flag when management says one thing and does another. The CFO specifically said there would be no deal synergies for at least four years, yet it assigned $88m to goodwill, which it is using to reduce U.S. taxes and underpay the IRS."

"What we can say is that it constitutes an extreme departure from industry standards, as evidenced by the security efforts its competitors have made, and further shows a remarkable indifference to protecting its customers from cybersecurity threats."

"While most of the assessments were favorable, the common theme among the constructive feedback was that MSCI needs to innovate more and faces increased competition, especially in ESG & Climate which has been MSCI's fastest growing segment recently."

"Spruce Point observes that MSCI recently changed its goodwill testing discussion to first insert a qualitative test before a quantitative approach. It struck out language referencing that the fair value “substantially exceeded” the carrying values."

"DuPont’s inability to deliver on Kullman’s agenda suggests that she needs more help to overcome the 100+ years of history and the inertia that comes with that; Trian can be Kullman’s best ally. For shareowners, Trian’s impact is already very clear."

"We believed that GoDaddy had significant opportunities to deliver on strong revenue growth, meaningful margin expansion, and a more appropriate capital allocation strategy, which, collectively, would result in meaningful shareholder value creation."

"Spruce Point made an incisive short call directly related to Stryker, with a critical report released in 2017 on TSO3 (TSX: TOS). Our research warned about a material overvaluation and product challenges ahead of an 84% collapse in the share price."

"The executive stated that Lasertec’s customers are now delaying “shipment of systems” due to the rampant product problems and it’s product “not even being adequate”: “they’re holding off near-term shipments until they resolve these quality issues.”"

"Finally, we believe that refusing a request by Bluebell representatives to accommodate entry to BP's 2024 AGM (given Bluebell are currently one of the main dissenting shareholders), is an insult to shareholder dialogue and a sign of BP's febrility."

"Though Amcor serves a mix of companies in defensive food, beverage, personal care, tobacco and healthcare industries, it is not immune to a potential recession. It will likely experience declining results much greater than the industries it serves."

"Payables to foreign suppliers are broken down as follows in the following countries: Germany (48%), China (18%), Czech Republic (16%), Poland (10%), Spain (2%), Republic of Korea (2%), and other countries with lower percentages for the remaining 4%"

"We believe the PVD and OVP segments are worth little because they are sub-scale, major product Tri-Heart has minor share and has been de-emphasized by Merck, and because another large drug targets bovine as opposed to companion animal applications."

"It appears as though a significant chunk of the €4.08 million consideration Media Ventures “paid” for freeXmedia was actually in the form of advertising on Ströer’s network - meaning that Ströer appears to have subsidized Media Ventures’s purchase."

"We believed that GoDaddy had significant opportunities to deliver on strong revenue growth, meaningful margin expansion, and a more appropriate capital allocation strategy, which, collectively, would result in meaningful shareholder value creation."

"NQ management during Q&A on conference call: “Yidatong reports net revenues associated to a portion that would be earned by them for their services, and not the gross amount that is being passed to the carriers on behalf of the developers like NQ”."

"Part 7. The NOP organ procurement service is “a ticking time bomb” staffed with imported H1B surgeons unlicensed to practice medicine in the US, from high-risk areas like India, Pakistan, and the Middle East; resulting in butchered and lost organs."

"Part 10. Customer rage: TransMedics business practices have antagonized the small world of transplant, past the point of no return – a short-tempered CEO; allegedly threatening centers who state that organs have been held hostage from ill patients."

"Similarly, FirstGroup's UK Bus business grew substantially prior to 2007, with stagnant revenue growth since 2008 and significant margin deterioration since 2012, while Stagecoach grew its UK Regional Bus revenues and margins during the same period"

"Miller was involved with beloranib as the “principal investigator,” a drug developed by Zafgen which was the last high-flier PWS stock, which imploded after development was terminated due to fatalities from pulmonary embolism and thrombotic events."

"Curiously, while striking a bullish tone in its marketing and PR materials, LSPD footnoted in its investor presentation that subsequent to year end March 31, 2020 its customer locations went down by 1,000 from 76,500 to 75,500 as of April 30, 2020."

"When we asked if he was being paid as a speaker but not actually speaking, the ex-employee replied “absolutely correct,” and even explained that the doctor “was horrible...he was absolutely horrible...a complete disaster” when he had him do a talk."

"That's what the whole discussion is about. We were accused of having switched, because we had purchased companies that are growing at a faster rate than our core business, and were attempting to cover up weaknesses in our core business in this way."

"EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortization. It measures the business profitability. We use EBITDA because it removes discretionary accounting and financing decisions that often vary based on management choices."

"We are short IONQ because our investigation reveals IONQ lost its funding for vital Pentagon contracts that provided up to 86% percent of IONQ’s revenues from 2022-2024, leaving a $54.6 million black hole in its expected quantum computing revenues."

"We went and made an account on Data Vault—as anyone can easily do. We discovered that the latest piece of “data” for sale on the “exchange” was a piece of historical weather data that a DVLT employee had posted for sale as a “sample” as seen below."

"I have not even heard of a single A300 system, a 300 system that shipped even. I don't know if it's pure vaporware, and it's just a press release to match the shipment of the first High-NA system to Intel, and they want to match that press release."

"I can tell you right off the bat...they haven’t taken any impairments against their balance sheet, so they’re probably over-valuing their inventory far greater than it’s actually worth...a lot of these companies are sitting on so much inventory...."

"The ITSR [Iranian Transaction and Sanctions Regulations] prohibits the exportation, reexportation, sale, or supply, directly or indirectly, from the United States or by a U.S. person, wherever located, of any goods, technology, or services to Iran."

"Therefore, Müller’s statement at the beginning of the call “At no time has Muddy Waters Capital attempted to make contact with Ströer, let alone held a telephone conversation or personal conversation with Ströer” appears to be a knowing falsehood."

"While Remitly steers investors to Trustpilot and the app store reviews, there are a plethora of other sites that review Remitly unfavorably. Even recent comments on its Facebook page indicate significant negative sentiment around customer support."

"GFL uses Campus Auto Collusion for its vehicle and equipment refurbishment. This reconnects CEO Dovigi with Claudio Villa, who plead guilty at Earthworx (a former GFL partner) in 2015 for dumping toxic dirt, while charges against GFL were dropped."

"Spruce Point has serious concerns about Generac's recent opaque transaction with Sunnova and the formation of tax equity holding. We believe Generac could essentially be financing customer purchases, or could be engaging in a circular transaction."

"Warning: "From 1997 to 2000, during a period of enormous growth through acquisitions, URI engaged in improper accounting practices involving its valuation of acquired assets, use of acquisition reserves, and accounting for customer relationships.""

"The Open Payments database also reveals that Penumbra has issued an unusually large quantity of travel and lodging reimbursements to doctors, with the most popular destination being Las Vegas (just ahead of Penumbra's own headquarters in Alameda)."

"We do note that the substantial shares OPMG issued for the sub-license is a blueprint that NQ seems to follow with its repeated prodigious issuances of shares for compensation and as consideration for its numerous (seemingly corrupt) acquisitions."