Callouts & quotes from 26,677+ activist slides

"Bioprojet-funded paper shows no association between histamine (left) or its metabolite (right) with various etiologies of excessive daytime sleepiness such as narcolepsy with and without cataplexy an idiopathic hypersomnia"

"The patient discontinued pitolisant and "subsequently, the hives, anaphylaxis, rash, joint and muscle pain, dizziness, and shortness of breath resolved... which is supportive of at least a possible association with WAKIX.""

"Their tool doesn't work reliably...the tool doesn't work well enough for production. It has the capabilities that no one else has. So, I would say on the plus side, the capabilities are great. Production worthy, not great."

"It is clearly not designed as an R&D facility. We saw almost no signs of activity except clerical and office staff on one of the floors, and no meaningful movement at typical peak times like morning, lunch, and end of day."

"We would therefore welcome the opportunity to meet with the Special Committee and its advisors, and, as appropriate, other members of the Board of Directors and senior management when you are ready to discuss our proposal."

"Over the coming weeks leading up to the Annual Meeting, we will publish detailed materials outlining our views on the opportunities at LivePerson and we look forward to speaking directly with you, our fellow stockholders."

"The financial strain from Generac's warranty accounts can also be seen from recent social media advertising on Facebook where Generac is offering a free 10 year extended warranty, whereas a year ago it was only 7 months.."

"Spruce Point has difficulty believing Generac's reasons for why Domestic EBITDA margins keep falling. First off, it keeps citing commodity input costs, yet this same factor is never mentioned in the International segment."

"Mr. Smith's extensive public board experience and experience in a variety of industries together with his management experience in a variety of roles will enable him to provide invaluable oversight to the Company's Board."

"We are advocating for a comprehensive, multi-year capital return program comprised of an accelerated share repurchase (ASR) this year and a minimum percentage of future cash flow dedicated to share repurchases thereafter."

"Site Sharing’s financial statements and Central Bank of Brazil (“BCB”) records make clear that the consideration for Site Sharing NE was only approximately US$335 million, approximately US$250 million less than disclosed."

"Given the decline in value relative to the amount paid for acquisitions, we believe that AMT should be forced to impair its intangible assets and/or goodwill by US$107 million, or by 20% of the original acquisition price."

"When Procept presents its TAM, it assumes that every man in the US who has been actively treated for BPH will choose to undergo the Aquablation resective procedure. We believe this is an absolutely unrealistic assumption."

"To ensure that Crown Castle's management team is properly aligned with shareholders, we are recommending a revised incentive plan that encourages sound capital allocation and bridging the performance gap to industry peers"

"As customers continue to focus on the lowest price and shift towards online shopping, Canadian Tire will be at a disadvantage to its competitors who offer competitive pricing, free shipping and a better online experience."

"We note that, as of Dec 31, 2017, VIP had $2.8M receivables payable outstanding. The entirety of this balance was wiped out through inter-company eliminations following the acquisition: the full balance was owed to PetIQ."

"All candidates are fully independent of Palliser, Keisei and affiliates. If appointed, none of the candidates will be considered over-committed even by the strictest policies applied by global investors and proxy advisors"

"Now Olive Garden serves dishes that are astonishingly far from authentic Italian culture, such as burgers & fries, Spanish tapas, heavy cream sauces, more fried foods, stuffed cheeses, soggy pasta, and bland tomato sauce."

"The TN mining permit was issued for the fully permitted project in August 2023 and for just 308 acres. However, IPX has been steadily increasing its land ownership to cover 1,486 acres or nearly 5x the size of the permit."

"Red flag: QS once again hides the actual capacity the battery is charged to in its simulation. Experts indicate it's a common form of cheating when making battery claims, as at low energy loadings a cell can last forever."

"We believe the company’s share price performance from 2013 through 2015 was partially driven by investor anticipation around its eventual transformation into a holding company for Pershing Square's controlling investments"

"Compared to the Solidigm analysis, this would reduce annual HDD rack operating costs by over 90% from $3.1 million to $260K, or by over $28 million over ten years in their analysis, representing a material cost reduction."

"Over the coming weeks leading up to the Annual Meeting, we will publish detailed materials outlining our views on the opportunities at LivePerson and we look forward to speaking directly with you, our fellow stockholders."

"Now Olive Garden serves dishes that are astonishingly far from authentic Italian culture, such as burgers & fries, Spanish tapas, heavy cream sauces, more fried foods, stuffed cheeses, soggy pasta, and bland tomato sauce."

"According to NCR, Mark Hurd was appointed COO on Sept 9, 2002. Was Lance really the COO in 2003? Also, NCR’s filings show he was COO of the Retail and Financial Group, not the entire company as suggested by his biography."

"We will generally vote for proposals looking to separate the CEO and Chairman roles unless the company has governance structures in place that can satisfactorily counterbalance a combined chairman and CEO/ president post."

"While capital lease adds have been increasing, capital lease repayments modelled by research analysts reports we’ve seen, have repayments falling. As a result, we believe Adjusted Free Cash Flow will disappoint investors."

"本試算は参考値。豊田自動織機の大規模な事業価値を、簿価がすべて反映しているとは当社は考えておらず、また、簿価には上場株式の保有分に関して将来顕在化し得る税務上の漏出が過度に織り込まれている。日本の法定実効税率約31%を前提とした繰延税金控除が広く含まれている一方で、発行体による自己株式取得を通じた持株株式解消時に適用される、より有利なみなし配当課税の税務構造は反映されていない。豊田自動織機はPBR1倍を大きく上回る評価を受けるべきである。"

"Twist’s “DNA chip” narrative - 10,000X higher throughput and lower cost - is fraudulent, covering up a manual, labor-intensive, and fatally-flawed manufacturing process crippled by errors, bottlenecks, and pitiful yields."

"The ex-employee described a manual-labor body shop where it takes “a few days” to make oligos – that is, the “chip” requires crews of lab technicians working 24/7 shifts similar to traditional DNA synthesis on well plates"

"BNY Mellon has a unique opportunity to leverage its size, data, systems, expertise, lack of trading conflicts, and low public profile to support regulatory bodies and official institutions with similar complex assignments"

"They are maintaining their margins. So being off 10% when you plan to be off 10% and you keep your margin is a significantly different situation than being off 15% when it wasn't your plan and your margins were decimated."

"Elliott has a long history of working constructively with companies to help create value in the energy industry. Time and again, we have found that supposedly "poor assets" are rarely the real drivers of underperformance."

"Our analysis shows that implementation of the Value Unlock Plan could provide BHP shareholders with an increase in value attributable to their shareholdings of up to c.48.6% (Ltd shareholders) / c.51.0% (Plc shareholders)"

"BHP should seek to avoid making badly-timed acquisitions paid for in cash and instead return the substantial upcoming excess cashflow to shareholders by way of post DLC unification 14% discounted off-market share buybacks"

"Our analysis shows that implementation of the Value Unlock Plan could provide BHP shareholders with an increase in value attributable to their shareholdings of up to c.48.6% (Ltd shareholders) / c.51.0% (Plc shareholders)"

"Spruce Point believes projections from “all other customers” ex: Baker Hughes embedded in sell-side estimates are simply too high given significant employee turnover across verticals and regions, and our backlog analysis."

"Management's choice to instead consistently refrain from breaking out inorganic sales, even when this figure could feasibly be deduced from publicly-available data, suggests that the Company is being purposefully evasive."

"We cannot find any record of Saputo providing EBITDA figures for Argentina. However, we can now estimate Argentina's margins with the insights from Saputo's obscured Australian financial filings through a numbered entity."

"Despite having the largest revenue base in media, arguably the best IP, iconic studios, and multiple distribution channels, Disney's Media business ("Entertainment" and "Sports") significantly under-earns its media peers."

"Despite having the largest revenue base in media, arguably the best IP, iconic studios, and multiple distribution channels, Disney’s Media business (“Entertainment” and “Sports”) significantly under-earns its media peers."

"We believe shareholders welcome Starboard's involvement, are hopeful that we will bring greater accountability, and are both excited about the quality of Starboard's nominees and the potential for greater Board oversight."

"TWC's programming costs continue to rise, especially for sports programming. TWC has been relatively successful at passing these costs onto consumers, however, margins are predicted to compress as costs rise even further."

"Phillips 66's refining assets are some of the best assets in their respective markets; the complexity, scale and flexibility of each refinery should allow it to better compete with peers Valero or Marathon in each region."

"By conducting a realistic sum-of-parts valuation of MSCI's business segments, we estimate 55% - 65% downside risk ($190 - $244 per share) and expect MSCI to underperform the S&P 500 and its own relevant benchmark indices."

"As of late 2018, the publicity of the UWO investigations and intent of the UK to aggressively pursue cases appears to have had a cooling effect on the market, reducing demand by despots seeking to clean their dirty money."

"However, the BuiltWith historical data shows customer growth declining and turning negative over the past year plus, with that trend particularly pronounced among the top 1 million websites based on traffic (right below)."

"We believe that UEC is a “trust me” story from a promotional CEO with documented connections to bad actors, and a resource base that has never been proven to have economically viable uranium that can be produced at scale."

"Given the density of the clusters of deceptive indicators in this rebuttal it is highly likely that STJ is being deceptive about the cyber security of its cardiac devices and their knowledge of their existing limitations."

"We believe the targeted directors cannot be trusted to act in shareholders' best interest. We call on the Board to immediately engage with all potential buyers, including Clearlake, instead of prolonging the sale process."

"This bold statement contradicts what Porch told the SEC earlier that the transaction should be viewed as stock compensation. If Porch was not a party to the transaction, why is it recorded in Porch’s financial statements?"

"Another partnership started in 2018 and hidden from investors is eBay. While it still maintains a website discussing the partnership, the phone number help line is currently disconnected and (emails went un responded to)."

"In addition to Abcellera, Isoplexis and Sphere Fluidics sell instruments at a quarter of the cost; simpler to operate while retaining “just enough of the functionality of Beacon to make it useful in similar applications.”"

"According to NCR, Mark Hurd was appointed COO on Sept 9, 2002. Was Lance really the COO in 2003? Also, NCR's filings show he was COO of the Retail and Financial Group, not the entire company as suggested by his biography."

"We continue to believe that eBay is deeply undervalued and that significant opportunities exist to create value for the benefit of all shareholders based on actions that are within the control of management and the Board."

"To Olam, an opportunity to pick up a large processing company at a discount, gain quick entry to a new segment of the US processed foods market, and potentially pick up over $200 million in revenue, must have looked ripe."

"Yangzhou (扬州) is a small city with no existing home and just one new home transaction. It appears to have an agent, but the agent and his associated store Deyou Fenghuang Cheng Flagship store are in neighboring Zhenjiang."

"PGNY's competitors are well-funded and growing rapidly, with nearly all posting significantly higher employee headcount growth. Whatever “scale” or “first-mover” advantages PGNY may have enjoyed are rapidly deteriorating."

"The CEO touted each company's "strong culture of innovation" and the attractive profile of the transaction. As the following slides will show, former Snap executives tell a different story about Snap's innovation culture."

"Ginkgo really needs to control these entities because if they can't then—what they want is for these subsidiaries or for these joint ventures, these supposedly independent companies to be obligated to use Ginkgo services."