Callouts & quotes from 26,677+ activist slides

"In light of numerous reclassifications and revisions to numbers we've found, it's interesting that the CFO says the material weakness related to coal inventory and procurement has nothing to do with actual financial results."

"ANTA’s prospectus claims that Sichuan Anda was established in August 2006 by Li Yuxiong. First, we established with BJ Jiyuan that Li Yuxiong is an ANTA proxy. Second, the statement that he established Sichuan Anda is a lie."

"We observe periods of large divergence in revenue and accounts receivable growth rates at Oatly. This is a classic sign of potential accounting shenanigans and is often cited as a top red flag to predict accounting scandals."

"Dropbox has made generic statements about capital lease additions to be "high single digits as a percentage of revenue". Yet, what it says, and what its financials are signaling, show that it is poised to exceed 2018 levels."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"ANTA has shown no evidence to counter the well over 100 pages of evidence and commentary regarding ANTA's corruption. Rather, it has relied on proxies to make unsupported (and nonsensical) statements. Why? Because liars lie."

"Twist is incapable of producing the lot sizes pharma companies need; lot consistency is "very important"; no value proposition for pharma vs. competitors that provide other value-added services vs. Twist's commodity offering"

"The sole manufacturing facility of a rapidly growing company selling one billion RMB of product annually should be a hive of activity with production workers scurrying about, and a bustling shipping and receiving department."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"A quick investigative look into Integral Systems and Herley Industries – Kratos’ two largest acquisitions – reveals significant question marks about the financial, accounting, and managerial integrity of the assets acquired."

"To date the UNDP programs have had very limited impact on the development of the hydrogen fuel cell vehicle industry in China. It also appears that local governments are unwilling or unable to provide the required subsidies."

"We believe that Samsara's CAC is severely understated because it excludes the costs of customer contract buyouts. Far beyond "typical" discounts, contract buyout costs represent a true financial cost of customer acquisition."

"There is a listing of C3.ai as an AI partner on Amazon's website.(1) However, unlike on Microsoft Azures' marketplace, C3.ai is nowhere to be found or discussed on AWS' marketplace in categories like IoT or Machine Learning."

"We also observes there has been a recent increase in FDA inspection citations since 2020 after a hiatus between 2017-2019. A majority of Saputo’s financial challenges have also come from its US segment in the past few years."

"Value Proposition: Trian believes Mr. Myers' qualifications to serve on DuPont's Board include the knowledge and experience he has gained while serving in various management positions for over 35 years with General Electric."

"Globant SA (NYSE / LUX: GLOB) is a poorly organized roll-up of digital IT outsourcing companies. GLOB receives the highest valuation in its sector by convincing investors it achieves consistent 20% p.a. organic sales growth."

"Excluding Disney, there does not seem to be much traction in GLOB's top 5 clients. Its top four clients (outside of Disney) only grew 2% or ($300K/ year). The expansion of wallet share is not showing up with its top clients."

"If we want investors to believe in the Phillips 66 story and have confidence in the Company as a best-in-class operator – this confidence starts with the Board and Management setting and meeting clear performance objectives."

"As Phillips 66’s refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips’ underperformance against its core peers, Marathon and Valero"

"Rather than constructively engage with shareholders over legitimate concerns, the Board instead chose to hastily remove four committee chairs and appoint three new directors, two of whom lack public company board experience."

"AOL (assuming initial maximum leverage of 2.5x OIBDA or $4.8 billion) is projected to generate approximately $4.1 billion of free cash flow over the next three years and $7.6 billion of cash flow over the 2006 - 2010 period."

"This material information about Tang Yan’s ownership of Momo Technology HK Company Ltd and the charge of “Filing corporate information with the intent to conceal the truth and falsify” have never been disclosed to investors."

"The top 15 institutional holders account for less than 30% of Momo's diluted shares outstanding. Notably absent from this list are technology focused investors. We estimate that a majority of Momo owners are retail investors"

"we have developed significant concerns over the Company's primary distribution arm, World Financial Group (“WFG”), for its aggressive sales and recruitment tactics and the aggressive operators that comprise the organization."

"This analysis factors into our prior analysis to determine the FLAWLESS revenue contribution. We know the contribution of the Passport acquisition to revenues in the 6 months ended June 30, 2019 from SPD Segment disclosures."

"Warning: Armand Products Company is not even its legal name! The real legal name is C&D Chemical Products, Inc. C&D = Church & Dwight. This appears to be more evidence that CHD controls Armand Products as a named subsidiary."

"Warning: CHD has a history of playing with the presentation of its joint ventures, notably Armand Products: First, it consolidated 50% in Specialty Products, then 100%, and now it includes results in the "corporate" segment."

"As shown in the chart below, it is common to see blockbuster drugs representing approximately 15-30% of total company revenue at LOE, but REVLIMID at 63% of revenue at LOE is essentially unheard of and poses tremendous risk."

"As Phillips 66's refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips' underperformance against its core peers, Marathon and Valero"

"We believe Intuit’s core franchises do not deserve the current 11x multiple. But even if you assume that valuation AND ascribe the other segments the highest possible comparable multiple, we still see potential 21% downside."

"We believe S&P's methodology significantly understates the amount. Our proportional lease adjusted debt calculation as of FY 2014 is €15.6 billion. We estimate that the LTM lease adjusted debt has blown out to €17.7 billion."

"We are not sure what is meant by an “advisory role” given that he still holds the title of VP of Strategic Partnerships and is tasked with mathematical impossibilities of creating three from two between Microsoft and Perion."

"Value Proposition: Trian believes Mr. Myers' qualifications to serve on DuPont's Board include the knowledge and experience he has gained while serving in various management positions for over 35 years with General Electric."

"While the decline of Hill-Rom's third-party rental business may have been gradual, we find the dramatic decline in segment revenue striking, as we do the fact that management received almost nothing in return for the assets."

"To understand why NQ’s results were much worse than expected, investors need to realize that prior audits of the company were likely not as rigorous, and the extra scrutiny made it harder to fake profits and cash flow in Q4."

"Explore the key issues driving the Streamline 66 campaign – where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Instrument is not usable by most scientists; “technically very challenging to use”; using it actually slows down projects versus speeding them up – the key selling point; takes years to learn the ins and outs of the machine."

"Australian retail shareholders would have been better off holding any top Australian listed superfund stock other than BHP Ltd – on average, BHP Ltd’s total shareholder return is a chronic 174% less over the last eight years"

"In its failure to disclose this very significant conflict of interest in its PDS, financial reports, and feasibility studies or on the ASX, TFS is likely to have materially misled both its shareholders and its MIS investors."

"Margins are already “industry leading” and yet Rollins is now talking about SG&A initiatives. With such strong cash flow, why is Rollins only now making these investments with the Rollins family and management selling stock?"

"Margins are already "industry leading" and yet Rollins is now talking about SG&A initiatives. With such strong cash flow, why is Rollins only now making these investments with the Rollins family and management selling stock?"

"A review of other project tenders at the Oklahoma DOT reveals that Overland Corp. recently lost an additional tender to APAC-Central (CRH plc). Its lone win was a small asphalt resurfacing project that it won by just $5,000."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"PGNY is generally considered a technology laggard compared to its fertility benefit manager peers, which either have strong digital DNA given their recent founding or have sought to partner with leading technology platforms."

"Chinook, improperly in our view, avoids consolidating losses from SanReno by accounting for the JV as investment securities at fair value rather than using the equity method. We suspect that this is intentionally misleading."

"There is no way to justify Weis' current valuation in the context of its struggling financial performance, aggressive accounting changes inflating recent performance, declining disclosures, and terrible governance practices."

"I wonder whether ECB President Mario Draghi spent so much political capital fighting the German Bundesbank for the ability to do QE, that now that he has emerged victorious, he will follow through whether it’s needed or not."

"Muddy Waters is short Eurofins Scientific SE because the confusion and contradictions inherent in its financials and operations cause us to believe that it is optimized for malfeasance, rather than for conventional business."

"The many distinct but overlapping positions that Orlando holds at DWAC, BCAC and related investment groups are a pivotal factor in assessing the regulatory risk surrounding the circumstances of the proposed DWAC-TMTG merger."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"To keep perpetuating its growth story, USCR is growing more and more dependent on larger acquisitions and leverage to fuel its growth. What’s scary is that its current Net Debt / Adj EBITDA of 3.8x exceeds pre-crisis levels."

"Without a large enough balance sheet of its own to support this, PLUG entered into sale/leaseback agreements with a number of financial institutions and independent renewable energy funds to facilitate these customer leases."

"A Utah surgeon described the device as sort of a drug for surgeons’ lifestyles: “you don’t have to work all night...daytime is wonderful...it’s so much easier for me...the bitching and moaning from the OR is so much better.”"

"When there are certain never events...under the watch of TransMedics...I’ve been struggling to find anyone who takes ownership of it...to the point where I have to request them to show proof that they self-report to the FDA."

"Stated that he expects those physicians who want to use Vykat to just prescribe generic diazoxide suspension off-label instead - "of course...that’s probably what it will come to...I think that’s what it’s going to come to.""

"I guess that I'm feeling maybe a little more hypocritical after talking to you, but I feel like the expectation is there that since this is FDA approved and available, that trying to get on the drug is important to families."

"We have evidence that Vend’s business was either losing customers or inflating customer counts. Looking carefully, we see that Vend’s retailers were revised lower from 25,000+ to 20,000+ during the course of the acquisition."

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

"We believe that similar to our analysis of HASI's problematic EMI, SunStrong, in our initial report, HASI's interest in Vivint 3 comes primarily from a sizable loan rather than its insignificant equity investment of $10,000."

"In Q4 2023 results they reiterated that the slight decline in orders/new customers was “more than offset by the continued expansion of AOV throughout the year.” This is an obvious mis-framing of overall increased food costs."