Callouts & quotes from 26,677+ activist slides

"Third, we suspect that Shenzhen Join-Share might be an investor turned creditor, who might have first invested in EH with a right to redeem its equity, and later found redemption meaningless as EH had moved away assets or funds."

"Notice carefully that Remitly is now footnoting that its app store reviews vary by user location and device type. We believe this may be a signaling effect by the Company to warn about changing dynamics among its customer base."

"Reviewing social media as an indicator of brand development and engagement of Smart2Pay, we find limited social media followers, or evidence that the Company was growing headcount rapidly leading up to its acquisition by Nuvei."

"We observe multiple classic signs of financial strain within Genius' financials. From a working capital perspective, as a percentage of revenue, accounts receivable have increased ~5% and deferred revenue has more than doubled."

"In stark contrast, the four incumbent directors we are seeking to replace, who have collectively reaped millions in Board fees, have only purchased 78,000 shares of Office Depot common stock in the market in the last ten years."

"Since Q1 FY16, Carvana has generated a weighted-average gain on loan sale as a percentage of principal balances sold of 4.0%. In other words, it sells its finance receivables – largely subprime loans – for 104 par in aggregate."

"Minimal correlation between tower multiples and interest rates over the last 10 years (correlation which exists is actually positive); towers traded at 20x - 24x EBITDA with interest rates over 200bps higher than today's levels"

"Soroban's mission is simple: we want UNP to prosper. Unlike typical shareholder engagements which come with numerous demands, Soroban has only one ask: install new leadership who can get the trains to operate safely and on time"

"No matter how many shares of Common Stock you own, please give Starboard your proxy FOR the election of the Nominees and in accordance with Starboard’s recommendations on the other proposals on the agenda for the Annual Meeting"

"Because any netting of sham receivables and payables would be performed before the financial statements are filed, from the outside, it would be impossible to see whether this is happening... ...unless there were a restatement."

"Khosla’s firm demanded little hard data, Albano said, and that fit Sastry’s strategy. “We were after the higher-risk-tolerant VCs who didn’t demand a lot of detail,” Albano said. “We got the $2 million with no questions asked.”"

"With an install base of 60 million cars, by far the leader in a fragmented space, Blackberry's QNX is at the forefront of securing cars for autonomous driving technology -- regardless of which technology is the eventual winner."

"Eric Lefkofsky and his former partner Brad Keywell are major controlling shareholders of Tempus. These entrepreneurs have a history of aggressively promoting technology companies that have been marked by controversial outcomes."

"Spruce Point has a track record of prescient calls in the consumer and retail sector and has typically found warning signs around aggressive TAM assumptions, competition and the ability to expand into new categories or markets."

"Spruce Point interviewed a former senior executive who formerly had insights into executive management and the Board and heard an opinion that a majority of Xylem’s businesses were commodities without a lot of margin potential."

"The Shareholder Slate recommends curtailing the use of fractional commissions and, at the very least, completing a detailed review of the practice since it does not appear to be generating sufficient incremental auction volumes"

"Retail leasing activity increased significantly in the first quarter of 2010, with total in-line and outparcel tenant leasing deals covering 1.36 million square feet signed, an increase of 21% over the same period of last year."

"Mr. Alireza simply provides a series of convincing statements that are designed to convince investors that the allegations levied in the Iceberg report are attributable to a disgruntled ex-employee, and therefore have no merit."

"Market trusted Vivendi’s convergence plan initially, which supported the stock together with its own stakebuilding and value unlocking from INWIT separation, but investors soon lost faith, leading to sustained value destruction"

"Twist’s competitors are disciplined and not pricing insanely; charging $1.50 to $2 per base pair while Twist caters to the commodity end of the market and charges 10 cents or less; Twist has no capability for real DNA sequences"

"Those ad savings should have been reinvested in other forms of brand building to regain lost market share. Instead, management chose not to reinvest, in our view benefitting near term earnings at the expense of long-term growth"

"Despite promises of transformational change, improved organizational design, and large headline cost savings meant to fuel reinvestment and earnings growth, P&G has generally lowered the bar for performance over the past decade"

"A review of large REITs indicates that these businesses support investment grade ratings with a debt to enterprise value of 36% on average, as compared to Pro Forma McDonald's which would have a debt to enterprise value of 25%."

"Although there are some differences in opinion regarding friction costs, leverage and potential alignment issues, the key disparity between Pershing and the Company’s views was regarding the Valuation of Pro Forma McDonald’s..."

"Based on this description of the level of replacement activity, a material portion of capitalized device costs from contracts struck from 2018 to 2021 would need to be written off, yet Samsara's S-1 contains no such disclosure."

"If HIMS' business is expanding outside its core men's sexual health and hair, why did HIMS cease disclosing revenue mix? Why hasn't AOV grown more if HIMS is no longer forced to attract customers with massive initial discounts?"

"We believe that DOX should not trade at a material premium to midcap technology and business process outsourcing (BPO) peers as a result of its opaque and complex structure, below avg growth, accounting and governance concerns."

"Brandon Porter, whose social media profile says he advises the CEO of a mid-sized advertising agency in the USA, frequently likes posts by Mr. Horowitz of Movers+Shakers. Specifically, he also likes posts related to ELF Beauty."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"Our channel checks demonstrated that a good percentage of these agents do not sell, or in some instances, have never sold Caesarstone, which raises the question why they were ever recorded as reseller agents in the first place."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"We observe significant red flags in Mettler's SEC reported Chinese Operations segment. Our biggest concerns: two unexplained restatements boosting segment margins, and total asset growth since 2015 of 144% vs. 30% sales growth."

"We do not believe PERI's recent valuation expansion is warranted in light of the numerous concerns we've raised about the quality of its accounting, financial disclosures, and sustainability of its recent financial performance."

"Spruce Point believes the market is miscalculating Porch's market capitalization by not having the correct share count. Its valuation and stock multiples are much higher after taking into account warrant and option adjustments."

"We believe there would be meaningful interest in an acquisition of Tripadvisor by strategics and/or financial sponsors, with an acquisition offer of $18-19 per share for the entire company submitted as recently as January 2025."

"Now that we've established that Stryker has failed at unifying over 40 technology systems, let's take a closer look at its inventory reporting. Inventory reporting is a critical link toward reporting gross margin profitability."

"Besides adding to the evidence that the real farm construction costs were a fraction of that implied by cash flow analysis, this farm project is significant as it is among those four transferred to an undisclosed related party."

"Amcor's 10-K Doesn't Mention The Word "Tobacco" Once. "Specialty Flexible Folding Cartons" Are Tobacco. Amcor's MD&A Avoids Discussing Tobacco As A Driver Of Results And It Only Reports Sales By Product Annually, Not Quarterly."

"Amcor's financial control issues appear to extend to capital expenditures. Capex in 2018 was mysteriously revised lower, which lends further support to our opinion that its Adjusted Free Cash Flow cannot be taken at face value."

"Because of the timing of Sambara Stiftung’s complete disposal of its Ströer shares—the same day the Müller/Rumplehardt sale and large stock sales by Dirk Ströer’s Ströer (now Delphi) Beteiligungsgesellschaft, and Udo Müller and"

"Giscard d'Estaing's response offers three indicators of deception. First, his remarks provide what is essentially a combination of a non-answer statement and a referral statement (1) in the phrase "you know our business model.""

"Elliott’s Geoff Sorbello explains why Phillips 66 (NYSE: PSX) has been able to maintain its staggered board—despite 99% of voting shareholders preferring to abandon the structure, which is used by only 10% of S&P 500 companies."

"We believe there are no major technical obstacles to executing the Sandell Plan Therefore, we believe it would be a mistake for the Board not to take advantage of current market conditions to position the Company for the future"

"I sought Harmony out and said, "Hey, look, dude. I really want to represent you guys.... I'm a very persuasive speaker. I'm passionate about what I do...I'm very enthusiastic, and I can talk to the wall; I can talk to anybody.""

"The “enormous lengths” that Harmony goes to to keep sales rep in the dark once the prescription is faxed to the hub was a recurring theme of our interviews, suggesting questionable behavior at the next step of the process flow."

"We believe that NIHD's accounting is erroneous in this instance, rather than AMT's; however, Ms. Katz has been on both boards and audit committees around the time of the transactions and during the companies' ongoing reporting."

"As it appears that management could be putting the 1999-2002 playbook back into play, we worry that the Company may be engaging in some of the above activities in addition to the observed behaviors noted throughout this report."

"Spruce Point has identified previously undocumented financial errors in Axon’s employee compensation programs. This bolsters our confidence that management is not being transparent about the true state of its financial affairs."

"We believe the controls may be insufficient by design, as Inteliquent appears to profit significantly from illicit scam and robocall activity by selling blocks of phone numbers to bad actors and routing the calls they generate."

"Samsung expects KLA to launch a competing tool “very soon”; will given them at least half the business; have already placed a pre-order; has “confidence and trust in KLA” who is “aggressively developing their own actinic tools”"

"Our investigators visited the City of Yokohama’s Housing And Architecture Bureau, and the only permits we could find were from 1997 for Toshiba’s construction of the four buildings, other than Building A, which dates from 1969."

"The reality however, is that Starboard did not provide any “final position” prior to DSP issuing the letter and instead, DSP used this language to hide behind its attempts to blatantly mislead shareholders with false statements"

"We believe the findings of our proprietary data scrape and market survey will be validated over the next four months as HSIC provides updated information, and the Street begins to fully appreciate the value of Vets First Corp."

"On the date of Pershing Square's exit, GGP, including a shareholder's interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position in November 2008"

"WTRG cannot cover its dividend with free cash flow that money raised from investors through these programs could essentially be used to pay the same and other investors dividends, or "taking from Peter, to pay Peter and Paul.""

"Further, we are concerned that Mellanox has set the bar far too low. For example, even if the 2018 targets are achieved, Mellanox would still be expected to come in dead last among the peer group in terms of operating margins."

"In the balance of this letter, we outline the drivers of Phillips 66’s underperformance, the magnitude of the value-creation opportunity at hand – which we believe could be approximately 75% of upside from today’s stock price."

"Defendants knew or should have known that they were benefiting from fraudulent activity, or at a minimum, failed to exercise reasonable due diligence with respect to Petters, PCI and Redtag in connection with the Ponzi scheme."

"BP's peers such as Chevron and ExxonMobil are being much more realistic in their capital allocation: they plan to spend around 10% of their capex in the next five years on low carbon solutions, which compares with 30%+ for BP."

"Former employees of Quantumscape confirmed the color we received directly from VW, suggesting that VW was kept in the dark and that the QS CEO and Chief Sales Officer “just had it nailed” as far how to play the VW bureaucracy."