Callouts & quotes from 26,677+ activist slides

"In addition to these more visible examples of our activism, Pershing Square continually engages constructively, behind-the-scenes, with the management teams and boards of our portfolio companies to effectuate long-term value creation"

"Nuvei does not draw attention in its press releases to organic growth by region. However, by taking a close look at Nuvei's geographic revenue reporting, we find evidence of single digit organic growth decline in the U.S. and Canada."

"Spruce Point highlights that FIGS materially expanded its Risk Factor language around its market opportunity in the recent 10-K. Of notable concern, FIGS now warns it has "not independently verified" any market opportunity estimates."

"We would not be surprised if there are similar problems with other transactions – we researched in depth only one transaction and quickly saw a major problem that amounts to fraud, unless AMT can provide some exonerating explanation."

"Spruce Point has been following XPO Logistics (NYSE: XPO) for years, a transportation and logistics roll-up founded by Bradley Jacobs, co-founder of United Rentals (URI) which collapsed in an accounting scandal during his leadership."

"In addition, the Company improperly accounted for other items that overstated net income, including the estimation and recording of self-insurance reserves, its recognition of equipment rental revenues, and its income tax accounting."

"The journal also reports that the major disadvantages of HAMR are "High temperature (700°C–800°C)" and "High energy consumption". IPX recently claimed that the HAMR process is <700°C which is in stark contrast to the peer evaluation."

"The leadership is desperate for media wins in the aftermath of Dieselgate and want to show investors they have an EV plan - "pressure in Germany" for "nice Powerpoint slides" - but internal battery experts are highly skeptical of QS."

"Spruce Point takes issue with this chart as it suggests the Company has transitioned from a "product investment" phase to a "product innovation" phase. Yet, the Company still warns that it does not have a meaningful patent portfolio."

"Three country executives at Bigo matter-of-factly confirmed to us that the majority of Bigo users are fake, with the allocation of bots being directed by AI run from Bigo’s headquarters in Singapore or YY’s headquarters in Guangzhou."

"The 127.0.0.1 address indicates that a bot, or YY controlled entity was sending transactions from the server itself. This is highly unusual as real users on YY Live are in their own homes, offices, or in public, not on the YY server."

"The conventional wisdom on Wall Street is that Apple won't target medical product markets. We find this hard to accept given the powerful health capabilities of the iPhone and Apple Watch and Apple's recent targeting of hearing aids."

"More importantly, based on our extensive discussions with EPs, the field is overwhelmingly dubious of the entire idea of the Convergent procedure, mostly because they're not ignorant of all the research we've discussed to this point."

"Inflated asset purchase prices and capital expenditures are hallmarks of significant fraud – particularly in emerging and frontier markets where it is relatively easy to find counterparties willing to assist with the price inflation."

"Warning: Based on public commentary, and patent applications pending, we believe it is only a matter of time until Impossible Foods enters the non-dairy milk category, which we believe will put further competitive pressures on Oatly."

"The allegations from a former Revenue Analyst at Dropbox are so specific, it’s hard to believe they aren’t true. Notably, data quality issues, broken systems, and key human capital defections will compound Dropbox’s transition plans."

"We urge you to vote FOR Elliott's nominees on the GOLD card, but you can help #Streamline66 by voting only for Elliott's highly qualified nominees - Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt - on either card."

"PepsiCo should evaluate the potential refranchising of PBNA's operationally intensive bottling network - as its closest peer has and as PepsiCo itself has done in years past - to allow each business to focus on its core competencies."

"O Realty looks priced for perfection. O trades at the highest multiple within their retail triple net lease peers. As highlighted below, when the growth profile of a REIT begins to decline, the AFFO multiple compresses significantly."

"O Realty looks priced for perfection. O trades at the highest multiple within their retail triple net lease peers. As highlighted below, when the growth profile of a REIT begins to decline, the AFFO multiple compresses significantly."

"Big brands like P&G’s that sell at high prices face increased risk of commoditization, particularly as competitors innovate with technologies and marketing strategies targeted at millennials, specialty channels, local consumers, etc."

"The Company has diluted shareholders at a rate of 20%+ p.a. and has generated negative cumulative free cash flow throughout its public history. This has resulted in just $0.53 cents of “Adjusted” EBITDA per share to existing holders."

"Beyond the clearly negative value implications, this lack of operating leverage is damaging from a business perspective because it masks inefficiency while impairing the Company’s flexibility to make sound investments in R&D and M&A."

"Saputo completed the acquisition of Murray Goulburn in Australia and also described Lidell as a “flagship” brand. Fast forward to today, we see it has discontinued vanilla custard, sour cream and its thickened cream product offering."

"We do not believe that Saputo deserves a multiple commensurate with the larger branded players in the industry such as Danone or Kraft Heinz given its weaker margin profile, declining transparency, high leverage and fragile dividend."

"Spruce Point believes there is significant downside risk to Monster's share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures."

"Disney's supposed "progress" appears elusive - the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company's "transformation" began in February 2023."

"The first obvious issue is: who would pay a premium price for an identical product, given the choice (especially an IKEA product)? The answer is “no one”. Consumers will obviously opt for the low margin, extremely cheap IKEA product."

"Based on recent precedent M&A transactions for property software and analytics companies and clear evidence of challenges with the transaction, we believe MSCI wildly overpaid for RCA at approximately ~13x and 48x revenue and EBITDA."

"Alan Lindsay was UEC’s Chairman of the Board and large shareholder who was granted practically free equity. His son Oliver Lindsay is a convicted stock fraudster who served time in prison. CEO Adnani is related to the Lindsay family."

"AKG’s sudden resumption of exploratory drilling in 2017 strikes us as a desperate attempt to hit a large high grade deposit that could potentially save the company (or at least distract the market from the serious problems at Nkran)."

"Note that the company was guiding for AISC in the $748 to $786/Oz range in these slides above. However, the company missed its AISC by a wide margin and attained $893/Oz in AISC Q4 2016, but has since increased to $956/Oz in Q1 2017."

"GCP has attempted to mislead shareholders and redirect attention away from its track record of poor performance, rather than address our valid concerns around the performance of the Company under the stewardship of the current Board."

"At an 8.0x valuation multiple, the non-HDD business valuation is JPY 888 billion, and when combined with the HDD business at 7.5x, our total estimate for enterprise value is JPY 1,420 billion or a combined EV/EBITDA multiple of 7.7x."

"Even after crediting INGN with a 10% increase in market share and ignoring the cannibalization of higher-margin DTC sales by increasing B2B sales, which management have admitted is going to occur, INGN is close to revenue saturation."

"Despite buying 5 BLI machines, the feedback is revealing – wouldn't personally buy the machine; "would not feel comfortable"; better ways to spend $2MM; not suited for commercial discovery where you have to "actually deliver" a drug."

"Spruce Point questions why Stryker impaired its UK goodwill for its Ear Nose and Throat ("ENT") business in 2020, when it said that its U.S. business has a higher ENT weighting, and that ENT was the most heavily impacted by COVID-19?"

"In the instances where HMA missed the low end of their guidance range, the average magnitude of difference between reported metrics relative to the midpoint of the initial guidance range averages to be -8% for EBITDA and -14% for EPS"

"No way... There is no way they're buying an initial unserviceable engine for a million. That's off by a factor of two... Those are garbage engines. There's like trash. Um, yeah. They're not buying engines at an average of $1 million."

"Put simply, data collected over months directly from BEKE's platform strongly indicates that the Company is massively exaggerating new home GTV and revenue from its platform, a pattern we also see when we analyze existing home sales."

"Bunge has instability in its leadership with its “World-Class Leadership Team” from 2020 having seen more than one-third turnover in key roles. Now the team is described as “Best-In-Class” which we believe is a much weaker qualifier."

"Our concerns about REZI's growing rebate reserve are magnified by the fact that for the first time, the definition of net revenue affecting management's short-term bonus accounts for “rebates” and “other customer incentive programs”."

"Internally at Nevro, I don't think they see the substance, based on what I've been told, and they're scratching their heads and saying, "Hey, whatever. I'll take it. I hope the stock keeps going." There aren't fundamentals behind it."

"Based on the assumptions below, the Pro Forma combined Company would have $473mm of '08E EBITDA without any cost savings. Assuming cost savings, the Pro Forma combined Company would have $633mm of EBITDA and is trading at 6.3x EBITDA"

"Pershing Square believes Herbalife is a pyramid scheme because, among other reasons, distributors earn more than 10 times as much from recruitment as they do by selling the company’s overpriced products to bona fide retail customers."

"Disney’s supposed “progress” appears elusive – the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company’s “transformation” began in February 2023."

"We urge you to vote FOR Elliott's nominees on the GOLD card, but you can help #Streamline66 by voting only for Elliott's highly qualified nominees - Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt - on either card."

"Norfolk Southern’s transformation is at an inflection point. The board of directors has taken action to strengthen our business, protect our franchise, and ensure Norfolk Southern is positioned to deliver long-term shareholder value."

"Vykat is simply a sham that exists for one reason: diazoxide is already generic, so a salt form of diazoxide - diazoxide choline - was created for the purpose of obtaining a patent, with pharmacokinetic claims to justify the IP ploy."

"The other fundamental issue is actually the HQ-CT score. It's not a great marker. It's the only tool that we have as validated. But it's not perfect. You're basing a lot of your study or your analysis on something that's not perfect."

"stated that they were all highly skeptical of Vykat with no plans to prescribe; called Soleno a "one-trick pony" and was bewildered anyone would think to use diazoxide in PWS patients, dismissing Vykat as "bananas" and "Mickey Mouse""

"Spruce Point believes LSPD purposefully avoids talking about quantifying payments margins. Even when asked directly by analysts, management gives long-winded answers and indirect responses suggesting things are fine and will improve."

"The paper graphically details the obvious similarity between the histamine H3 receptor and hERG blocker pharmacophores, illustrating why an H3 antagonist like pitolisant is inherently high risk for QT prolongation and cardiotoxicity."

"Reps thought it was unusual for force referrals into a fax machine vs. EMR as is standard practice; reps pushed for EME but “nobody could explain that to me ever”; Harmony allegedly forced this even though could get fined without EMR"

"Wise also appears to have convinced artificial intelligence models that it is the #1 money remittance company. As adoption of these models to inform decisions increases, we believe Remitly will be challenged to attract new customers."

"We believe the Street has failed to capture accounting gimmicks to boost CHD’s 2018 EBITDA. Analysts simply take CHD’s recent annual results at face value, and use it as a base-line for future year EBITDA growth and margin expansion."

"Spruce Point also interviewed another former employee with knowledge of its M&A practices. A view was expressed that Stryker prioritized revenue over cost synergies and that one of its biggest challenges is its operational footprint."

"Wilson formed an LLC in Colorado in January 2021. Based on the stereotypical name and the registering agent's expertise in luxury vessels (yachts, jets and vintage car taxation), it looks like he has plans for his newfound resources."

"Red Cat's management claimed that if you just look at the draft NDAA... "the number" for the SRR funding is $79 million, which the company uses as an indication of what to expect for the first year's revenue generated by the program."

"At the current run rate IIPR would have to pay out $86M in dividends throughout 2020. It seems to us that the company will not be able to do so based on our analysis. We expect that the dividend will have to be reduced substantially."