Callouts & quotes from 26,677+ activist slides

"Stacy Nieuwoudt, Elliott nominee for Phillips 66’s (NYSE: PSX) Board and former energy analyst, explains how the Company’s conglomerate structure has contributed to its ongoing operating and share-price underperformance."

"New Pacific has purchased 3 Chinese mining projects through Silvercorp. All were hyped considerably around the time of purchase, but have since been suspended, sold at a loss, or surrendered back to the local government."

"To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote FOR Nelson Peltz and Jay Rasulo and WITHHOLD on Michael B.G. Froman, Maria Elena Lagomasino and all three Blackwells Nominees."

"Advent likely paid close to 20% above what it would have intended to pay had it (A) had access to management's Illustrative Guidance and (B) waited just several weeks to observe the effect of the pandemic on the economy."

"Being an S&P 500 company is a validation of absolutely nothing, and can be a wasteland of corporate mediocrity. It affords investors zero protections against companies and their ability to scheme investors. Buyer beware!"

"Upon closer inspection, we see that Stryker’s foreign earnings before income taxes (“EBT”) has been falling as a percentage of total EBT, and its foreign margins are falling, yet it is claiming greater U.S. tax benefits."

"TSMC views the Lasertec ACTIS EUV tool as just a niche R&D tool for their mask shop; that it is unusable for production in TSMC's fab; and that TSMC has stopped buying any more of Lasertec's flagship ACTIS A150 machines."

"Pre-merger, Telaria talked about the potential benefits of CTV for the election, even expanding its risk factors around seasonality. Yet, Magnite was quiet on the topic until Q3 2020, when it began discussing the effect."

"EHTH uses a misleading large customer pool as the denominator. The company adds New Paying Members to Estimated Members, which does not make sense, as it ignores the customers dropping out over the course of the quarter."

"PGNY's presentation of its treatment protocol suggests it is the right course for all patients, ignoring that highly variant fertility issues and diagnoses require a highly individualized approach to reproductive health."

"Being an S&P 500 company is a validation of absolutely nothing, and can be a wasteland of corporate mediocrity. It affords investors zero protections against companies and their ability to scheme investors. Buyer beware!"

"Valuation of other commercial service and public safety companies suggests that Cintas is materially overvalued. Investors receive neither above market sales, earnings growth, or a dividend for Cintas' valuation premium."

"Being an S&P 500 company is a validation of absolutely nothing, and can be a wasteland of corporate mediocrity. It affords investors zero protections against companies and their ability to scheme investors. Buyer beware!"

"In light of its material weaknesses of financial control and accounting, and unusual revisions to revenues, capex and interest interest income, we have serious concerns about the Company’s Chief Accounting Officer (CAO)."

"Amcor changed its presentation of cash post-closing of the transaction. We observe Amcor has been increasing usage of cash overdrafts (up from $4m, $78m to $103m in the past 3yrs), a sign of financial strain in our view."

"To support our view that Amcor’s revenue is declining organically, we point out that the Company’s “Reinvestment” is listed at $500m (recall $400m was needed for just Amcor standalone and $150-$185m was stated by Bemis)."

"Based on a forensic review of Amcor and Bemis' statements on capex, we believe it is materially underspending either to boost near-term cash flow, or in support of our view, that its business is in rapid organic decline."

"Signatories are permanently barred from promoting another MLM Program that does not have the compensation limitations now required of Herbalife... When presented with these facts how many distributors will actually sign?"

"Despite our belief that Danimer’s selected peer group is not a strong representation of its business, Danimer trades at substantially higher multiples that its self-selected peers on a projected revenue and EBITDA basis."

"Rather than deal with these simple problems with simple, obvious solutions, the official reform plans are complicated, convoluted and designed to only have the veneer of reform while mostly serving the special interests."

"For 2025, we estimate the ODR segment will generate low-single digit organic growth combined with over $100 million in incremental revenue between the Pioneer Power, Consolidated Mechanical, and Kent Island acquisitions."

"TransMedics had 100% of the DCD heart market a mere 2 to 3 years ago. That share dropped to 60-70% vs. 30% NRP over the last year or two, but NRP has now flipped to pole position with 50-60% share at TransMedics expense."

"people are now saying, are you guys facing the same issues? Am I the only one who’s constantly getting these bombardments of issues left and right without even being notified of these recurring issues or device failures?"

"Being an S&P 500 company is a validation of absolutely nothing, and can be a wasteland of corporate mediocrity. It affords investors zero protections against companies and their ability to scheme investors. Buyer beware!"

"Soleno thus conceals the change in mean HbA1c in the Vykat (DCCR) group vs. placebo during the 13-week Phase 3 double-blind trial by combining it into one value – preventing the public from seeing the change in T2D risk."

"Regular diazoxide whether generic or Proglycem is radically cheaper than Vykat’s $500K to $1MM+ annual cost, given its weight-based pricing – likely cheaper than the Vykat co-pay for those able to get insurance approval."

"Having that part of the discussion with her, she wasn't sanguine, but I think she was realistic, and said, this may help; it's not for everybody... I think she's aggressive and a little out there in regards to therapies."

"Vykat is “old news” as endocrinologists are very familiar with diazoxide; not “a brand new medication”; if any families are actually interested in Vykat, then will have to educate them on the safety issues with diazoxide"

"LSPD spent $372m to acquire Vend. We are baffled how LSPD talks about organic growth, when absent the contribution of receivables to its balance sheet from the Vend acquisition, they declined quarter-over-quarter by 20%."

"Based on conversations with investors, we think the market believes that TCO is spending $500M, or 100% of the total expected investment in Beverly Center, to merely preserve 2015 NOI when the project stabilizes in 2020."

"Herbalife states that “over 25% of Distributors reach the rank of Supervisor and above,” implying a new distributor has a one-in-four chance of being in one of the table’s earnings brackets (so long as they are “Active”)"

"Signatories are permanently barred from promoting another MLM Program that does not have the compensation limitations now required of Herbalife... When presented with these facts how many distributors will actually sign?"

"The company issued unsecured Convertible Promissory notes in the aggregate principal amount of $37.0 million in full settlement of various claims the former owners had brought in connection with post-closing obligations."

"RILY agreed to purchase $1 million in shares at $0.75 cents in an ATM offering underwritten by ... RILY itself. Also, 15% of the ATM proceeds go to repay GREE’s debt to RILY, adding to the circularity of the transaction."

"As Archer has admitted (contradicting its own prior statements), the most recent aircraft, Midnight M001 SN001 N703AX, is 'a pre-production model, the aircraft will not be flown for credit toward FAA type certification'."

"The company issued unsecured Convertible Promissory notes in the aggregate principal amount of $37.0 million in full settlement of various claims the former owners had brought in connection with post-closing obligations."

"DSR Ventures präsentiert sich als Angel-Investor, aber wir haben keine öffentlichen Aufzeichnungen über sinnvolle Startup-Investitionen, keine Unternehmenswebsite und keine auf LinkedIn aufgeführten Mitarbeiter gefunden."

"The CFO offered no explanation, stating only that “the current situation is a stalemate” and that “we do not necessarily have an accurate grasp of the situation” - and shockingly, that inventories would rise even higher."

"The CFO offered no explanation, stating only that “the current situation is a stalemate” and that “we do not necessarily have an accurate grasp of the situation” - and shockingly, that inventories would rise even higher."

"TSMC “will not consider” Lasertec’s EUV tool for production; only a niche lab/R&D tool in the mask shop; using legacy DUV inspection machines instead as EUV inspection “is not necessary”; only purchased six A150 machines"

"They were visiting in part because of some of the concerns we've talked about, quality concerns with the equipment, and to get a first-hand view of what is done at the factory to improve outgoing quality of the machines."

"We have serious questions regarding whether the numerous interrelationships between the management team and Board of DSP and CEVA have contributed to DSP's decision not to re-enter the licensing business in 2007 or later"

"Deceptive persons often respond with moral outrage and bewilderment when confronted with an accusation of wrong-doing. This reaction is meant to convince the observer that they couldn't be guilty of the alleged actions."

"Our bull case scenario suggests that HSIC would be worth $126 representing +50% upside. Our bull case illustrates the upside of HSIC shares today should Vets First Corp be awarded the highest multiple in its peer group."

"If this were incorrect, why wouldn't Mr. Fayer have corrected it over the span of 18 months? A review of Palm Beach County court public records reveal that a Philip Fayer was arrested in a criminal traffic case in 1998."

"Briggs & Stratton filed for bankruptcy in July 2020, and was recapitalized by KPS Capital Partners, its now equity owner. With this tumultuous period behind it, Briggs is making a direct push to compete against Generac."

"History does not bode well for the subsequent owners of Jacob’s led M&A hype machines. Two of Jacobs colleagues from United Waste Systems and United Rentals were charged by the SEC and Justice Dept. for financial fraud."

"Mr. Starke-Wuschko: Why do we have so many adjusted figures! - As a listed company we show IFRS indicators in our annual report along with adjusted indicators. This is normal practice with all publicly-listed companies."

"Based on MPWR's disclosed rent expense and square footage of locations rented, it's paying $16 per square foot to rent. Yet, it just paid $707 per square foot to buy its new HQ. Is buying worth 44x the price of renting?"

"Spruce Point believes that, after a recent period of strong growth as surgeons have shifted away from tPA, Penumbra's U.S. peripheral thrombectomy sales growth will flatten as the existing market becomes more saturated."

"Vivint 3 was a significant EMI for HASI in 2021, meaning HASI recorded at least $20 million of income from Vivint 3. However, Vivint 3 allocated zero profit to HASI, as shown below in the HA Galileo LLC member's equity."

"Cars.com has experienced an almost two-year continuing trend of customer losses and organic declines in revenue, despite increasing operating expenses, resulting in a pattern of missed expectations and lowered guidance."

"We have every reason to believe that each of these "researchers" is actually a short seller, and each stands to make money – at the expense of our stockholders – when they succeed in driving down the price of our stock."

"This is completely different from the product of contact mapping, which is 4-10x lower resolution, only touches the endocardium at a few discrete sources, and can only take snapshots of the chamber one region at a time."

"For 1-4 rated loans (~$22.3 billion total loans receivable), BXMT is in total reserving ~$141 million (0.6%), which is a fraction of the ~$2.5 billion to ~$4.5 billion of underlying impairments we think should be taken."

"While we believe there are substantial cost savings opportunities at GRP, the Company could produce a dramatic increase in free cash flow simply by increasing the utilization even in the absence of EBITDA/MT improvement"

"After two years as CEO, Dr. Kleinfeld re-combined the Chairman and CEO positions. Since then, Dr. Kleinfeld has held both positions. But a lead independent director can be just as good as an independent chairman, right?"

"Our conclusion that approximately 90% of the YY Live revenues are fraudulent focuses on the ~70% of YY livestreaming revenue reported by XHL and uses the paid gifts in XHL's database to determine how much of it is fake."

"AtriCure's open-heart ablation devices and its AtriClip together amounted to about 80% of total 2019 revenues, highlighting the company's current dependence on procedures performed concomitantly with open-heart surgery."

"The investment made in Dropbox was small relative to Salesforce's size. Salesforce has made other Pre-IPO investments in companies of similar size (Zoom/Survey Monkey), and even invested in competitor Box years earlier."