Callouts & quotes from 26,677+ activist slides

"In conclusion, from inception to the present, the Ceres-Weichai partnership has been a rollercoaster of lofty promises, repeated delays, and strategic recalibrations, ultimately yielding a narrower outcome than originally envisioned."

"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."

"We estimate MCY's exposure to the Pacific Palisades is significant as it insured 385 homes and wrote 31 landlord policies. Our analysis shows MCY will incur at least $934 million in homeowner policy losses from the Pacific Palisades."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board’s “unanimous conclusion” that Speedway should remain integrated within Marathon."

"To be clear, this election contest is not simply a matter of disagreement over strategy. Rather, it is largely about extremely poor execution, lack of accountability, unacceptable governance, severe destruction of shareholder value."

"Regardless of the outcome of the merger, Office Depot needs a newly reconstituted Board that possesses the appropriate skill-sets to oversee a turnaround of the Company with the goal of substantially improving operating performance."

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A GOLD UNIVERSAL PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"It's official: Vivendi is Vincent Bolloré's family fiefdom. Shareholders can come along for the ride, but they must accept the risk that the chairman -- and largest holder with a 14 percent stake -- puts his interests before theirs."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board's "unanimous conclusion" that Speedway should remain integrated within Marathon."

"We believe that the Merial-based estimate is most applicable to PetIQ, given that pet owners cannot take their pets into Walmart, making PetIQ wellness centers more like stand-alone wellness centers than Banfield’s in-store clinics."

"In order to get to 400, that separator has to be well under 10-microns, and they talked about the separator as being thinner than a human hair, and that is a red flag because a human hair could be 100-microns if you have thick hair."

"Publicly traded battery companies have been making too-good-to-be-true claims of a material, chemistry, or other scientific discovery for over a hundred years, starting with the advent of electricity and lighting in the late 1800's."

"Listings by JLL, Cushman & Wakefield, and Savill's Poland websites for these properties in November 2023 indicate significant vacancies of ~14% across its key building, or twice that reported in CPI's 2023 Interim Management Report."

"If Val-gan’s durable portfolio were valued within the range of multiples of businesses that we believe to be comparable, and the cliff portfolio were valued on the DCF analysis presented, then Val-gan’s multiple would be as follows:"

"It is telling that Arconic management would distort the facts in an attempt to avoid a direct comparison. They know that any rational shareholder – given the choice between Larry Lawson and Dr. Kleinfeld – would choose Larry Lawson."

"Why did AMR book negative “other revenue” in the Met segment in Q1 2021? Also, notice carefully that 96% of Met segment sales had been priced by October 29, 2021 and that accounted for 15.1m tons. By year end, 15.57m tons were sold."

"An interview with a former employee in a financial accounting capacity raised concerns about the accuracy of the financials statements, working capital terms, management suitability as a public company and risks to transfer pricing."

"Sunnova's business model aligns itself closer to specialty finance / leasing peers than solar businesses. Despite its undifferentiated offerings and lagging financial metrics, Sunnova trades at a premium to peers across all metrics."

"Zebra was asked twice about Fetch Robotics on the Q2'24 conference call, and we think the CEO failed to provide any concrete update or specifics other than a reference that customers are giving them an opportunity to sell solutions."

"Manufacturing error rates and pitiful yields are the key to understanding Twist’s extreme losses and why it is doomed, forcing a dysfunctional, trial-and-error process where it has make multiple, duplicative orders to get one right."

"P&G is comparing apples and oranges by subtracting earnings of discontinued operations for historical periods while showing a benefit from share count reduction or cash proceeds from the sale or exchange of such divested businesses."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board’s “unanimous conclusion” that Speedway should remain integrated within Marathon."

"This appears suspiciously convenient to us. If these inconsistencies represent honestly misreported numbers which were ultimately revised on the 20-F, it is extremely unlikely that the independent discrepancies would offset exactly."

"DOX is also not held in size by major ETFs. Its highest weightings are in the $50M AUM BlueStar Israel Technology ETF (ITEQ), of which it represents 7.5%, and the $50M AUM VanEck Vectors Israel ETF (ISRA), of which it represents 6%."

"We demand that the company provide answers to the above questions without further delay and stop leaving us, and the entire financial community, in the dark, hiding the clearly evident underperformance behind vague "rules of thumb"."

"We looked at 150 bankruptcies over the past decade to see if we could find any other examples of public companies entering bankruptcy with (i) positive cash flow before debt maturities and (ii) asset values in excess of liabilities."

"While Maria Elena Lagomasino has overseen three problematic CEO succession processes as a director, Nelson Peltz has overseen several effective leadership transitions that have been well-received by shareholders and other observers."

"Michael sets the tone for not only the Company, but, more importantly, for independent distributors, that there is room at the top, that this is an aspirational business, and he paints that picture with kind of dreamy type of goals."

"UEC’s Chairman of the Board does not put on his biography his prior role at C3 Energy (ultimately becoming C3.ai) which we believe has become the poster-child and case study of promotional, speculative, and serial AI disappointment."

"If you believe Mettler, it is able to navigate rapidly changing business cycles with limited backlog, unexpected currency revaluations, commodities, disappointing acquisitions, and trade wars without ever missing quarterly earnings."

"If you believe Mettler, it is able to navigate rapidly changing business cycles with limited backlog, unexpected currency revaluations, commodities, disappointing acquisitions, and trade wars without ever missing quarterly earnings."

"In the first Trump administration, Treasury Secretary Mnuchin made meaningful progress towards ending the conservatorships by pausing the net worth sweep and allowing the GSEs to begin recapitalizing themselves by retaining earnings"

"FHFA’s capital rule, finalized in 2020 and amended in 2022 and 2023, increased the capital requirements for the GSEs’ guarantee business from an inadequate pre-crisis level of 0.45% to an overly conservative, impractical level of 4%"

"Phillips 66's Annual Meeting is scheduled to be held virtually on May 21, 2025. We strongly urge you to vote the GOLD card FOR Elliott's outstanding slate of director nominees, and FOR our proposed corporate governance enhancements."

"We strongly urge the Board to be transparent with shareholders regarding the misdeeds that took place, including disclosing all who were responsible, and to ensure that changes are made to rebuild shareholders’ trust and confidence."

"Part 2: Findings from interviews with 7 ex-BLI employees and executives, who describe a chaotic, wayward company that never found a viable product, value proposition, or market – and corroborate the scathing feedback from customers."

"They were worried people would go, 'wait a minute, now your just placing the robots, in return for cases.' So you're wiping out the million dollar price tag and your getting cases off it. It's a way to fool the numbers a little bit."

"We’re calling on the Audit Committee, led by Harvard Business School Dean Srikant Datar, to review our report with an independent forensic investigator. We believe it’s time for CEO Lobo and CFO Boehnlein to resign or be terminated."

"Spruce Point observes that Stryker has recorded in its income statement $419 million of inventory sold that was stepped-up to fair value since 2017. Stryker passes this through as a "non-cash" cost add-back to improve gross margins."

"Spruce Point believes that Stryker's inability to raise prices to offset inflation speaks volumes about the quality of its business vs. peers. Most are sticking to margin improvements despite inflationary and supply chain headwinds."

"You don't have to take our word and research at face value that Rollins' competitive position is weakening. The Company recently updated its "Forward-Looking Statements" about its competitive advantage, momentum and pricing actions."

"Recall that ROAD highlighted its “High Return on Capital” in 2018, only to cease discussing this metric. Based on our analysis, and using ROAD's historical definition, we find that its ROCE has markedly declined since coming public."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board’s “unanimous conclusion” that Speedway should remain integrated within Marathon."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board’s “unanimous conclusion” that Speedway should remain integrated within Marathon."

"Despite the CEO offering expectations of “winning” in Europe at the beginning of the year, we find that profits were down materially. Even worse, we find that Amcor’s cash pool swung from a surplus of €62.7m to a deficit of -€34.4m."

"While Maria Elena Lagomasino has overseen three problematic CEO succession processes as a director, Nelson Peltz has overseen several effective leadership transitions that have been well-received by shareholders and other observers."

"We do not believe NQ can evade liability for these statements - it is clear to us that NQ deliberately materially misrepresented market share to investors, regardless of whether the estimates came from third parties that NQ engaged."

"It seems possible that as of 2018 at least, rent24 had been booking significant revenue without cash receipts – if that is a correct interpretation, seemingly the lack of cash flow would eventually become Vivion’s lack of cash flow."

"In the first Trump administration, Treasury Secretary Mnuchin made meaningful progress towards ending the conservatorships by pausing the net worth sweep and allowing the GSEs to begin recapitalizing themselves by retaining earnings"

"FHFA’s capital rule, finalized in 2020 and amended in 2022 and 2023, increased the capital requirements for the GSEs’ guarantee business from an inadequate pre-crisis level of 0.45% to an overly conservative, impractical level of 4%"

"We identify many concerns with individuals connected to Nova and its predecessor Quantum Resources. The most alarming discovery calls into questions the degree credentials of Nova’s geological consultant who is a “Qualified Person”."

"We identify many concerns with individuals connected to Nova and its predecessor Quantum Resources. The most alarming discovery calls into questions the degree credentials of Nova’s geological consultant who is a “Qualified Person”."

"AOS's VP and Financial Controller, previously Director of Accounting, directly owns less than 1,100 shares (~$53,000) and holds limited stock options. For an AOS employee at the Company 17 years, the Controller has little “at risk”."

"I cannot stand working with them. It feels like I’m talking to a used car salesman...We had a recent situation, where we had some A/R...they declined a heart transplant for one of our patients in the ICU because of this credit hold."

"Machine perfusion vendors like TransMedics would jeopardize their existence by studying such damage, but we note emerging studies like one just published in Dec 2024 measuring biomarker concentration in perfusate samples from a pump"

"Leidos discloses that $166m of its cash is really earmarked for “outstanding payments” and are included within cash and cash equivalents. Market data providers use an incorrect and overstated cash amount to derive Leidos’ valuation."

"Indicated the drug has no benefit in hyperphagia as it still requires restrictive food security measures, defeating its purpose: "not going to be helpful at all to the families who don't have the ability to control the environment.""

"I just don't think the demand is that great...the market is just not that big. It's not...it's a nice little product as many rare disease products are. I just question how a small single-product company can really make a go of it..."

"Step 1a: The existing company ("Target Corp") forms a new subsidiary ("TIP REIT") and transfers to it the Facilities Management Services business, the owned land under the stores, and the owned land under the distribution facilities"

"Direct Sales Regulations: Only "[a] direct selling company and its branches may recruit sales promoters," and "[n]o entity or individual outside any direct selling company and its branches may recruit any sales promoter." (Art. 13.)"