Callouts & quotes from 529+ activist slides

"Trian believes that Disney's recent performance reflects the hard truth that it is a company in crisis with many challenges weighing on investor sentiment."

"Spruce Point believes that Xylem investors should be highly concerned about the fact pattern of events leading up to Xylem’s recent acquisition of Evoqua."

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Spruce Point believes that each of these factors – whether fundamental, accounting-driven, or otherwise – are nearing the end of their respective runways."

"Spruce Point believes that since bioplastics still require compost recycling, the technology is not the answer to solve the world's environmental problem."

"Spruce Point believes Generac is caught in a classic over-expansion trap whereby it increased capacity 4x for home standby generators since the pandemic."

"Trian believes that Lazard's strong free cash flow and limited need for capital investment should allow the company to decrease its share count each year"

"Spruce Point believes there is a big disconnect with what is happening in the airline travel industry and expectations for CLEAR's financial performance."

"At a minimum, this illustrates poor due diligence on the part of GFL, and a consistent theme Spruce Point believes is occurring with GFL's acquisitions."

"Spruce Point believes that analysts are downplaying the tectonic shift that we believe is occurring in the sports betting market and its impact on DKNG."

"Spruce Point believes that if revenue cannot be accurately depicted, then investors should have limited confidence in GFL's entire financial reporting."

"Spruce Point believes that Saputo’s ambitions to grow its U.S. dairy-free cheese business will be problematic given its current distribution partners."

"Spruce Point believes “Supply Path Optimization” is nothing more than the latest fancy buzz word to get investors excited about Magnite’s “potential”."

"Spruce Point believes Danimer's current share price is unsustainable, and a result of hype around ESG businesses and unrealistic financial assumptions"

"Elliott believes a board composed of truly independent directors is the most efficient and effective way to improve governance and performance at TIM"

"Spruce Point believes that the Aspen-related goodwill should be written down to reflect the value destroyed by management over the last seven years."

"Spruce Point believes management should address the following important questions pertaining to suspect financial reporting and accounting practices"

"Elliott believes a 100-200bps cut by consolidation of facilities and reduction in corporate overhead should be achievable as growth is deemphasized"

"Trian believes that P&G should embrace a “best athlete” approach to filling every position, considering both internal and external hires for roles."

"Elliott has evaluated the potential separation of the midstream business and believes the benefits clearly outweigh the Company's claimed concerns."

"Elliott has evaluated the potential separation of the midstream business and believes the benefits clearly outweigh the Company's claimed concerns."

"Spruce Point believes CLEAR is reaching full penetration in all the higher volume airports given American Airlines is reluctant to partner with it."

"Spruce Point believes this all a smoke screen to cover for the maturation of the MBP business and difficulty in expanding Flex or Enhanced Markets."

"Spruce Point believes that lenders are implicitly communicating that they see just as much, if not more risk in PLUG than in its penny-stock peers."

"Spruce Point believes that Xylem's root problem is that organic order growth is drying up and has shown accelerated decline for multiple quarters."

"Through a separation of these businesses and improved operating performance, Elliott believes that Marathon can unlock $22 – $40 billion of value."

"Spruce Point believes Dropbox's pivot and rebranding as the "New Dropbox" focused more on enterprise collaboration spaces is too little too late."

"Spruce Point believes EBITDA does not accurately reflect Sunnova's financial performance and paints an overly optimistic picture of the business."

"Spruce Point believes it is a major red flag that FND recently made significant modifications to its 10-K around the description of its industry."

"Trian believes that DuPont’s Board should ask whether the Lead Director has the capacity to effectively serve DuPont’s stockholders in that role"

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"Spruce Point believes that if product flexibility and ease of use were not an issue, MSCI ONE would not have to be developed in the first place."

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"With GNYHA responsible for 10% of total Premier revenue, Spruce Point believes that GNYHA has significant negotiating leverage against Premier."

"Spruce Point believes part of WD-40's international challenges, and why it will continue to disappoint expectations, is rampant counterfeiting."

"Spruce Point believes that Amcor’s cash flow in the first half of calendar year 2020 (second half of its FY end June 30, 2020) will disappoint."

"Spruce Point believes Genius’ revenue recognition practices and lack of financial disclosures leaves investors with many unanswered questions."

"Spruce Point believes that investors should carefully consider if UEC is really the right company to entrust with handling nuclear activities."

"Between 2017-2019, AVY portrays Free Cash Flow as having grown by approximately $91m, whereas Spruce Point believes it has declined by $118m."

"Pershing believes that a publicly traded arm's-length McOpCo, which remains controlled by McDonald's, would strengthen the McDonald's System."

"Oasis believes this timing was intentionally designed to bypass meaningful consideration of independent profiles and limit shareholder input."

"Spruce Point believes PBH is challenged in the food store channel, which represents ~15% of sales, due to poor product placement and pricing."

"Believes Years of Self-Inflicted Issues Have Caused Avantor to Trade at a Meaningful Discount to its Intrinsic Value and Life Sciences Peers"

"Spruce Point believes current sell-side analyst price targets are wildly optimistic, with all but one analyst recommending buying the stock."

"Spruce Point believes a major red flag is when companies claiming to have a key technology advantage start to curtail technology investment."

"Spruce Point believes Perion should provide more consistent disclosure related to its search advertising business in its earnings releases."

"Based on our research, Spruce Point believes there is a disconnect between Genius’ guidance / Wall Street’s consensus compared to reality."

"Wal-Mart and dollar stores can coexist. Management believes FDO has ~3% share of their core customer’s wallet compared to WMT’s ~35% share"

"Spruce Point believes that PERI's recent 2023 outlook suggests that the best operating leverage and growth potential is already behind it."

"Spruce Point believes it is a classic red flag that PowerSchool recently moved to obscure critical line items in its cash flow statement."

"Spruce Point believes that REZI is being pressured by significant capital flows into its core distribution, security, and safety markets."

"Oasis believes this fact alone demonstrates the significant limitations facing Kao brands to expand and diversify their revenue streams."

"Spruce Point believes that current market data services fail to account for Saputo's growing $724 million unfunded U.K. debt obligation."

"Spruce Point believes competition will continue to intensify, further pressuring Sunnova to grow and maintain its current market share."

"Spruce Point believes Zillow is adding substantially more earnings volatility by expanding from nine Enhanced Markets to forty in 2024."

"Spruce Point believes Kalshi will continue to operate while in litigation and DKNG's full year '25 revenue consensus is likely at risk."

"Spruce Point believes that Xylem investors should also be highly concerned about the fact pattern after the acquisition was announced."

"Spruce Point believes that an influx of private equity capital into asphalt paving companies may be pressuring ROAD's growth strategy."