Callouts & quotes from 26,677+ activist slides

"We believe that the presence of Petit on INS's board of directors is indicative of potential lack of oversight/accountability for top-management, and that INS's board may not be working in the best interests of shareholders."

"An agreement surfaced from anonymous sources indicating that due to COVID-19, WUBA's businesses are strongly affected, which has resulted in the temporary termination of certain positions and significant reduction in salary."

"Enrollments for training classes were so low that the business seized to offer courses in 2019. The building now appears to be vacant, the Goldrone sign is gone, and the field is now used by the community to play “Gateball”."

"Intel's mask group is trying to save face and cover up that its investment has been a debacle, giving it supplier prizes for public PR while “blowing up” on Lasertec behind the scenes, according to multiple research sources."

"Starboard believes Mr. Rice's extensive experience in business strategy, general management, global sales, marketing, product management and business development, will enable him to provide invaluable oversight to the Board."

"In the context of wildly increasing margins being reported by Smart2Pay following the close, we investigated its revenue post closing. Our analysis suggests that Smart2Pay’s revenues declined by approximately 6% in Q1 2021."

"We estimate the structural potential margin of ADP's various sub-segments by analyzing the segments' underlying economic characteristics (scale, market position) and performance relative to direct and/or related competitors"

"As PARC continued to churn out technological breakthroughs, Xerox failed to combine this innovation with sustainable and profitable business models – often selling their creations for little to no long-term value for Xerox:"

"for Glencore to demerge its thermal coal, Oil Marketing and Viterra businesses to Glencore's shareholders (with Viterra to be subsequently finally exited) as a condition precedent for completion of the business combination."

"Greenlight believes that Allied may be using the tax definition rather than the GAAP definition of realized losses. Greenlight estimates that Allied has deferred over $65 million in charge-offs by not following this method."

"Unfortunately, under current management's reign, the "us vs. them" dynamic between the restaurants and corporate has resurfaced – new leadership is needed to bring back Darden's collaboration and restaurant focused culture."

"Spruce Point has identified some financial reporting issues affecting FY 2025 capex figures. The quarterly totals do not match the full year totals in the Appendix 5B. The Appendix 5B total does not match the Annual Report."

"These gains appear disconnected from any physical improvement to the landbank holdings of either holdco—neither MQM Czech nor Polygon BC had been fully permitted, nor had they started construction when the gains were taken."

"Tempus investors are led to believe that growth of data within its cloud environment is a positive indicator about the growth and expansion of its business. The charts below are a cornerstone of the Company's Annual Report."

"Unfortunately, under current management's reign, the "us vs. them" dynamic between the restaurants and corporate has resurfaced – new leadership is needed to bring back Darden's collaboration and restaurant focused culture."

"Spruce Point believes change is required at Maxar Technologies (Nasdaq/TSX: MAXR). Based on our research, we believe CEO Howard Lance should resign for inflating Maxar’s earnings through an aggressive M&A accounting scheme."

"We believe Alpha's cash flow statement does not give an accurate view of its core cash flow because it includes divested businesses, and fails to capture the critical cost of operating the Dominion Terminal export facility."

"Edgewater's Board has overseen a significant lack of revenue growth, despite making numerous acquisitions, implying the Company's organic revenue growth is poor or acquired companies perform poorly post-acquisition, or both"

"Dropbox is approaching the collaboration software space behind the curve, with numerous review sites not even considering it amongst the “best” software services. Dropbox has to prove itself in an already competitive space."

"We believe that Smiths has significant value that is currently unrealized due to its conglomerate structure, and that it is time for the Board to announce a strategic alternatives process to maximize value for shareholders."

"These adjustments inflated GTT’s operating profit and net income by $78.7 million in 2018 and an increase of $37.9 million in Q1 2019 – which equates to an increase of more than $150 million on an annualized basis for 2019."

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

"We believe that dispositions can be managed to cosmetically enhance aggregate occupancy rates across the portfolio as well as selling properties that may result in re-leased recapture rates that would dilute O Realty’s SSRs"

"Anyone researching these companies would be struck by the imminent disruption coming Twist’s way, and how old and passe Twist’s oligo manufacturing process is versus emerging players already backed with significant capital."

"In our assessment, Toyota Industries’ NAV on June 3, 2025 – before any of the subsequent appreciation – was ¥20,696 per share, representing a 27% premium to the Original TOB price and a 10% premium to the Revised TOB price."

"Unfortunately, kids (or future hobbyists) are less interested in bikes both in the U.S. and in the U.K., WD-40’s largest foreign market. Casual and regular bicyclists are in perpetual decline as are independent dealerships."

"Management has also provided us with a detailed walk through of their base case assumptions for Celgene’s marketed products, which implies the marketed products will be in run-off by 2028, with no terminal value thereafter."

"In contrast to men’s sexual health, where HIMS pushed an asynchronous treatment model, mental health requires both high volume synchronous consultations and a depth of physician engagement HIMS has not delivered previously."

"FND suspiciously stopped reporting new store square feet beginning in June 2022 press releases. The average of the median household income by zip code roughly correspond to management's claims made at the 2022 Investor Day."

"The “Disney bundle” offers both consumers and advertisers a premium and highly differentiated entertainment offering – in aggregate, it is the only streaming offering that approaches Netflix’s core viewership and engagement"

"This does not look to us like a Board that is trying to do everything it can to get votes in, and exploring all options to implement annual director elections in line with good governance and the clear will of shareholders."

"TWX should have more actively pursued such discussions or other transactions with the WB at an earlier date to mitigate the meaningful annual losses from the network (estimated to be approximately $50-75 million for 2005E)."

"Based on Beijing Mushang Culture's revenues, we estimate that talent agencies likely represented a little less than half of Live Video in 2017, despite management statements about agents being insignificant to the business."

"Unless NQ chooses to provide the level of transparency that Sino-Forest did and release the actual report, we are unlikely to ever learn details about the tampering because the work is shrouded by attorney-client privilege."

"In fact, if anything, what we try to do is over-invest in this area because we do believe that complementing our royalty expense with very prudent incentives and promotion can actually drive incremental ROI on the spending."

"Amway’s buyback policy was an important consideration in the court’s decision that Amway was not a pyramid scheme; however, courts have later clarified that the policy must be effective and enforced to be a relevant defense"

"Information & Media's assets provide the foundation of a business that - with improved focus and appropriate access to capital - should be capable of similarly strong operational performance and warrant a premium valuation."

"Free cash flow conversions, 125% in 2015, average for the last five years, 119%; so just stellar result. We did dip our toe in the water in 2015 on AR factoring, so that isn't 125%. If we take that out, we're still at 119%."

"This does not look to us like a Board that is trying to do everything it can to get votes in, and exploring all options to implement annual director elections in line with good governance and the clear will of shareholders."

"MSCI added a pop-up box requiring users to submit information for a sales lead follow-up when searching for company ESG and Climate ratings. We view this as an indicator that MSCI is stretching for new client opportunities."

"Credit Karma performed well in the remarkably strong post-Covid consumer spending environment. However, the segment's macroeconomic exposure and underlying business vulnerabilities have been exposed over the past year plus."

"Had we stopped the sweep of capital day one, by the time we got to the fourth year of the Trump administration, we easily could have done a secondary offering or two and fully capitalize the companies, or get very close it."

"SCT should therefore collaborate with affiliates to undertake a comprehensive and transparent strategic review of the current corporate structure and options for the future in the interests of all Samsung Group stakeholders"

"You don’t have to be a real genius like Thomas Edison to know that whether you are building electric vehicles, chargers, storage, solar, wind, power generation and transmission, to grow the electric grid, we need lots of..."

"Spruce Point believes it is customary for large and global U.S. public financial reporting peers to disclose how much cash and equivalents are held outside of the U.S. in foreign subsidiaries or permanently invested abroad."

"Here’s the giveaway: the start dates of the 6 Allonnia employees listed on LinkedIn indicate that the first didn’t start until July 2020, meaning Allonnia had no employees at the time Ginkgo booked deferred revenue from it."

"PBH should follow best-in-class practices of disclosing price, volumes, product mix and foreign currency effect. PBH’s filings do not disclose the impact of “volume” on revenues, instead the Company refers to “consumption”."

"The Hyundai Motor Group is a brand recognized for quality: HMC and Kia have consistently outperformed their peers in the J.D. Power Initial Quality Survey ("IQS"), a testament to the superior craftsmanship of their products"

"I used to be a 100% Nevro believer in the beginning. They can say or claim whatever they want but it's not true in clinical practice. It’s absolutely not true that it can handle back and leg pain. Nevro is a one trick pony."

"Mr. Peltz has more than 40 years of business and investment experience, has served for over 20 years as the chairman and chief executive officer of public companies and has served on more than a dozen public company boards."

"Had we stopped the sweep of capital day one, by the time we got to the fourth year of the Trump administration, we easily could have done a secondary offering or two and fully capitalize the companies, or get very close it."

"...[T]he question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company?"

"For example, I am GSX, I will use another company, like [redacted], and I will sign [a contract] with them, I will put Rmb 1,000,000 into ads, and they will promise me, for example, that 2%, that they can keep Rmb 20,000..."

"“They were just surprised to see that it was so extreme, especially given the fact that it seemed to happen so quickly after they came off the drug. They didn’t expect that. They expected it to be a slower withdrawal [...]”"

"Mr. Aronin refused to provide much of the information requested by congressional investigators and that he declined to attend a November 2014 hearing organized by Messrs. Cummings and Sanders, citing travel outside the U.S."

"Mid-trial study adjustments which expand the sample size are a red flag and predictive of a flop, as they suggest that the study is failing to show statistical significance and using a larger n to fish for a smaller effect."

"Fox Pest Control has elicited strong and negative feedback from consumers recently. We expect Rollins will need to invest in additional reputational management and brand building exercises to counter the vitriolic feedback."

"Since GreenPower has never sold a Buy America Compliant vehicle, then it won’t be able to sell any in New York. It won’t get subsidies from there unless it manufactures the much more expensive Buy America Compliant version."

"For all-cash transactions, you can compare the sum of Incremental Interest Expense, Foregone Interest on Cash, Amortization of Financing Fee, and Incremental D&A against the sum of the target's Pre-Tax Income and Synergies."

"Die Immobilienstruktur von Richter scheint stark liquiditätsbeschränkt zu sein. Das Halten illiquider Vermögenswerte bei gleichzeitiger Liquiditätsnachfrage während eines Margin Calls führt zu einer gefährlichen Diskrepanz."