Callouts & quotes from 26,677+ activist slides

"The Value Unlock Plan consists of three key steps. Each step is designed to individually contribute to unlocking significant shareholder value and we present them in the order in which management should undertake them."

"As a result of this poor performance, Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"We believe the combination of Amcor and Berry creates a compelling investment opportunity presenting 50% to 70% upside, underpinned by our belief that the announced synergies of the transaction are likely conservative."

"However, we also observe it slightly modified the wording for the segment's revenue recognition from "point in time" to "over time" which opens the door for greater discretion allowing management to manipulate revenue."

"光源の交換はだいたい1日のサイクルで行いました。大ざっぱに言えば2週間ごとに交換していました。極端紫外線の場合、空気中では伝達できないため、真空状態を作らなければいけないのでたいへんです。真空状態を作ったり解除したりするのはかなりの時間がかかり、ダウンタイムが多くなります。光源を交換するなど、光源が納まっているチャンバー（真空室）を開ける度に真空を解除しなければいけません。再稼働するときにはまた室内を真空状態に戻す必要がありました。"

"Spruce Point doesn't believe the narrative that Stryker is a disciplined and successful capital allocator towards acquisitions. We believe it miserably failed in its objective to unify its ERP systems under 1 platform."

"While heart rate and workout metrics are native to even inexpensive bikes, the only IP that Peloton appears to bring to the table is its leaderboard technology, which allows participants to compete against one another."

"We therefore conclude that either the Shunshun consultants are doing a terrbile job placing students overseaas, or Shunshun’s CY2016 deferred revenue numbers contain more fraud than we have been able to detect to date."

"In the 2010 AR, some 2009 figures were restated when biological assets were added in. These restatements included a suspicious yet comical redistribution of PP&E from the office equipment category to biological assets."

"CFM Lagos workers spoke to our investigators and told them that the acquired PP&E was old and poorly maintained, and that Olam disposed of it after the acquisition and demolished some of the factory buildings in Lagos."

"While Bunge is uncharacteristically silent on the topic of GLP-1 in food ingredients, each of Ingredion, Tate & Lyle and International Flavors & Fragrances (IFF) are all admitting it is impacting the way consumers eat."

"Ginkgo has no scientific innovation. It’s only “innovation” is blowing hundreds of millions on third-party capital equipment – mainly fermenters and liquid handlers, stitched together with some software and engineering"

"As PBH has grown through larger acquisitions, the Company has been paying higher multiples for businesses with lower margins. PBH currently trades at a premium to the average EBITDA multiple of its acquisition targets."

"Given the strain on PBH’s business, we are concerned by the Company’s removal of its brand market share and ACV(1) data. We believe many of PBH’s major brands are losing share to private label and generic alternatives."

"Even as management has spent nearly $1B on acquisitions since FY15, revenue, Adj. EBITDA, operating cash flow, and free cash flow have remained largely flat, while free cash flow per share is down over the same period."

"Recast the HMG Restructuring Plan to achieve a simpler, more efficient and more transparent holding company structure, and at minimum share the result of any reviews on holding company structure undertaken by the Group"

"The plain meaning is that it is selling the asset, maintains a subordinated security interest, and as "Debtor", its property remains subject to a lien, suggesting its interest in the asset was never fully extinguished."

"The longtime SCS executive stated his belief that Grossman “doesn’t have a strategy” beyond initially wanting to “flip it in six months,” did little diligence before taking the CEO role, and is in now in over his head."

"Spruce Point does not believe that CLEAR is oblivious to its worsening trends or increasing risk of product obsolescence and/or displacement by the TSA or competitors that could render its business materially impaired."

"Past performance is the best indicator of future performance... Without change, shareholders are placing their trust in the same directors who approved strategies that destroyed billions of dollars of shareholder value"

"We have learned, with disbelief, that in June 2024, BP re-submitted a virtually unchanged application at Burnhope (Appendix 7 and 8), from the application whose authorization was overturned by a judge in February 2024."

"Director Geller's Nova biography highlights his involvement in Parkit and DealFlow which are shown on Leonite Capital's archived website. However, there is no mention of the firm's involvement in MetroButler of Nexeon."

"That something “big” may drop seems to be an open secret – transplant surgery is a small field with only 400 surgeons in the US for liver and ~50-80 responsible for the vast majority, and even fewer for heart and lung."

"UCSF expressed outrage at the business practices, portraying an out-of-control company pushing any angle to deceive, manipulate, and defraud them for >$100,000 to $200,000 in inexplicable air transport charges per case"

"The alienation...some of us really hate Waleed because we just think he’s dishonest with the way he talks...and he gets angry when people say, no, we’re not getting reimbursed, and it pisses him off and his people off."

"While we are not specifically advocating one option over the other, a spin-off of Bob Evans Restaurants merits further discussion and we believe a spin-off of Bob Evans Restaurants could be effected on a tax-free basis"

"Below the Neocloud giants is a bewildering number (111+ and counting) of Emerging Neoclouds, Sovereign Neoclouds, as well as brokers and aggregators – all vying for the same target customer with similar infrastructure."

"Given it has been available in Germany for nearly a decade, and the extensive service infrastructure Inspire has established there, Germany serves as an excellent example of what a mature market looks like for Inspire."

"As the President of Oakmont and the 50% owner of Equitec, Mr. Asher may be deemed to beneficially own the (i) 1,298,032 shares of Common Stock owned by Sphinx and (ii) 1,358,418 shares of Common Stock owned by Equitec."

"The critical part of the narrative: diuretics were insufficient to manage the crisis, indicating Vykat-induced edema is a feature not a bug – and by inference, so is the risk of pulmonary involvement and heart failure."

"The critical part of the narrative: diuretics were insufficient to manage the crisis, indicating Vykat-induced edema is a feature not a bug – and by inference, so is the risk of pulmonary involvement and heart failure."

"Teva previously manufactured Proglycem in 50/100 mg capsules, which were discontinued in 2023 – presumably because an oral suspension is superior and safer than tablets for children and young adults, as we shall cover."

"The cash pooling of £1,073,000 in 2022 and £1,550,000 in 2021 has been restated from intercompany to cash at bank, as cash is swept by the NSC daily, however the decisions on controlling the funds is with the business."

"The TSA has publicly stated its intent to require all travelers to be processed through CAT machines in the future, either through travelers presenting physical IDs or through the transmittal of digital ID credentials."

"Midnight, if it even reaches production, will ultimately fall short on performance metrics, and when benchmarked against its domestic competitor Joby S4, it will be too expensive and too noisy to realistically compete."

"PC14586 induces conversion of p53 protein from mutant to wild-type conformation in a dose-dependent manner, as evidence by a decrease in mutant p53, increase in wild-type p53 and relatively unchanged level of total p53"

"We have not found a time where management ever explained this distinction to investors: not in the initial press release, not in their earnings call when they crowed about this contract, not in their quarterly filings."

"Mehren seems optimistic and excited in the above quotes that LOS and mortality improvements for the Pheno system will be revealed in the Mayo/UCLA study. However, Mehren doesn’t sound so optimistic in the Q2 2019 call:"

"A former employee we spoke with told us that leases like this are typically settled many years in advance, so the fact that CTO’s management does not even appear to be talking to Fidelity is a huge problem in our view."

"Data indicates that neither GSX nor Gaotu have been trending above most of the private online education platforms in the last 4 years, nor has their popularity risen much recently compared to their private competitors."

"Despite this fanfare and significant R&D spending, it appears that DSP has not generated meaningful revenue for its XpandR multimedia product and has not even mentioned the product during its last four conference calls"

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"Once investors better understand the value proposition that Vets First Corp will bring to vet clinics in the U.S., investors will have a clearer understanding of the +$2.0B EBITDA U.S. long-term potential opportunity."

"Simply assigning a revenue multiple of 7.5x, in-line with better positioned “online gaming” players such as Golden Nugget, Rush Street Interactive and PointsBet, would result in significant downside for Genius shares."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"Looking carefully at CEO Jagdfeld's recent trading activity, we find he entered into his single largest stock sale transaction in his trading history on Feb 1, 2022 by disposing of 34,894 for proceeds of $9.8 million."

"We believe that Mr. Williams' extensive experience leading technology-focused organizations and public sector expertise, as well as his public company board experience, would make him an attractive asset to the Board."

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"On March 23, 2014 Superb Summit announced that the valuer, Beijing Tian Hai Hua, had valued JFT at HK$1.5 billion, which of course necessitated that Superb Summit pay the maximum possible HK$600 million for its stake."

"So we believe, based on some experience on conversions or migrations that we've already done, that there is a lot of potential operating leverage, not necessarily in the R&D side, but more on the operating costs side."

"Greenlight does not believe permanent impairment of value is an appropriate standard for measuring fair value. The company's accounting treatment seems inconsistent with the notion of fair value as defined by the SEC."

"There appear to be challenges of dealing with oxygen when using titanium scrap for feedstock. We noticed the Company initially suggested that oxygen impurities were to be “cleaned” but has now changed it to “removed”."

"Paringa said that its coal project had “a clear path to predictable, strong cash flows”. They also promoted a “Secured US$205 Million Sales Contract”. Sales never materialized and the share price ultimately collapsed."

"The executive indicated that IonQ’s VP of Sales and other key staff were shut out of the process, that information was “so closed and restricted,” and that staff were surprised and cynical when the deal was announced."

"Interestingly, management stopped breaking out the size of its patient base as of the end of FY18, thus hiding any deceleration in patient base growth that this suspicious segment-level sales pattern may be revealing."

"Though it can come at the expense of product reliability, 70% of surveyed G4 and G5 users admit to hacking their CGMs, extending the life of their sensors by an average of just under 100% of the advertised 7-day life."

"As a result of Shareholder Nominee involvement, Hess: Raised its dividend by 150%, the first dividend increase in over a decade; Authorized a share buyback of up to $4 billion, the first Hess buyback in over a decade."

"Unfortunately, we are faced now with the stark reality that athenahealth as a public-company investment, despite all of its promise, has not worked for many years, is not working today and will not work in the future."