Callouts & quotes from 476+ activist slides

"As seen below, CAIC appears to have had 385 HO-3 policies in force (PIF) in Pacific Palisades (90272) as of June 2024."

"Soleno rep appears to be suggesting that Vykat's extended release formulation is “able to penetrate the brain better”"

"It appears to us that none of the Companies A-D represent Monster as ranked in the top five by market share in China."

"If that’s not bad enough, $568 is an incorrect number – it’s actually $567. It appears that GTT thinks that 2+1 = 4"

"The Muddy Waters report appears to have given rise to many questions that have not yet been sufficiently discussed."

"The company appears to have aided in the police interrogation of the analyst, as well as his eventual prosecution."

"Market share appears overstated in Asia, and competition in its core US vacuum market appears to be intensifying."

"It appears that in 2022, Sunrun claimed ITCs of approximately $205 million on 14,390 systems that didn't exist!"

"To date most of the development appears to be in the planning stage and only a single refueling station exists."

"Phillips 66's corporate leaders do not have refining backgrounds and it appears they DO NOT WANT TO BE REFINERS"

"Phillips 66's corporate leaders do not have refining backgrounds and it appears they DO NOT WANT TO BE REFINERS"

"How can the Board stubbornly move forward with this process when the market appears to have serious concerns?"

"Monroe is basically missing in action and Kim allegedly disappears for weeks at a time because he’s at Duke."

"APP's primarily innovation appears to have been adapting these tools to avoid detection by the 3P platforms."

"BP lacks financial discipline and appears more concerned with gaining scale, as opposed to creating value."

"Infinera strikes us as a classic VC pump and dump, and it appears the band is back together for an encore."

"Contrary to information TRE released on June 17, 2011, Huaihua Yuda, appears to be closely related to TRE."

"The proposed scheme appears to be the only practical method of stabilising the exchange rate at this time."

"APP's name changing process appears intended to obfuscate its collection and transmission of 3P user data."

"The number of homes with installed systems appears to have grown from 475k to 500k, or just 5% since 2021."

"Management's pitch appears to be: "We will not spend as much on capex and we will beat numbers we devise""

"A significant portion of these project losses appears to have stemmed from mark-to-market hedging losses."

"When adjusting for these items, Sunnova’s cash flow profile appears much worse than the Company reports."

"When adjusting for these items, Sunnova's cash flow profile appears much worse than the Company reports."

"The advantage basically disappears once you go through the labor-intensive process when you have a gene."

"Again, we find what appears to be a single location accounting for two active stores on BEKE’s platform."

"The NewMed transaction appears to be self-serving for members of the Capricorn Board and management team"

"The Board appears stacked with long-time business associates and allies of CEO & Founder Thomas Siebel."

"We believe the Company is fundamentally misvalued by Wall Street and is more levered than it appears."

"Twist appears to be stuffing a few bodies into Oregon in an attempt to create superficial legitimacy."

"A Current Senior Eurofins Employee's LinkedIn Profile Appears to Concur that Eurofins Uses Factoring"

"It appears that True Science, W.T.F., Blue Ridge, and Ridium also shared officers through the 2010s."

"It appears that Maxar has not been transparent about the size of its contract losses until recently."

"FND Is Substantially More Levered Than It Appears. We See 40% - 60% Downside Risk To The Share Price"

"It appears management is either confused regarding Darden’s covenants or is misleading shareholders."

"CFO Appears To Have Misrepresented His Qualifications, While A Weak Board Instills Little Confidence"

"Dr. Martin appears to have shifted acquisition costs to Eurofins to subsidize his real estate costs."

"It appears to be a non-functioning business to which nobody would lend tens of millions of dollars."

"It appears not just Broad Ocean, but also its Chairman might be experiencing cash flow difficulties"

"AXDX appears to understand this as well, downplaying the significance of Mayo-UCLA study outcomes:"

"It appears to us that management's withdrawal of ACV shows a lack of confidence in its reporting."

"APP appears to have instead actively retargeted and / or jumped the last click attribution claim."

"Adjusting KMX profitability for CAF income, Carvana's potential upside appears much more modest."

"UEC appears to be just a speculator of commodity uranium with little to no value-added function."

"Isteq appears to be a subsidiary of Russia-based RnD-ISAN, per cached version of www.rnd-isan.ru"

"WTRG’s Dividend Policy Is Nonsense And Appears To Be Funded By Peter To Pay Both Peter And Paul"

"Luxor, which appears to be masquerading as an activist, seems to be misaligned and misinformed."

"Disney’s Board Appears Far More Focused on Gamesmanship Than Substantive Shareholder Engagement"

"BLI appears to have little knowledge of complex antibodies and can’t properly support customers"

"Disney’s Board Appears Far More Focused on Gamesmanship Than Substantive Shareholder Engagement"

"The word “security” appears 61 times, and the word “secure” 45 times, in Mercury’s FY 2018 10-K"

"The company appears to lack a CEO and is devoid of any management at all, much less employees."

"The deferred revenue in the Firstleap acquisition appears to be inflated by 2x to 3x or more."

"With costs 60% higher than forecasted, this appears to be more than just a casual oversight."

"The bottom line is the cost of NSC's new COO appears higher than the headline would suggest."

"Inspire appears to conflate total and annual data points to support its self-serving claims"

"CFM was bleeding money and appears to have been on the ropes at the time Olam acquired it."

"$1.5 Billion appears to be a decent premium to S&P Capital IQ's valuation based on comps."

"TransMedics entire model, as a creature of this abusive regime, appears to be in jeopardy"

"Thus, it appears the forecasts produced in the 2011 report have proven overly optimistic"