Callouts & quotes from 26,677+ activist slides

"Petitioner sees no option except recalling VYKAT XR from market - without diuretics patients are at risk of fluid retention and PH, but there is no safety data or study to justify placing PWS patients on this combo."

"Using standard industry success rates, our base case implies a revenue miss against analyst expectations of more than 60%, while an aggressive case in the Company's favor would yield a revenue miss in excess of 50%."

"We spoke to a WFG recruiter who explained to us that we could earn ~$50K/year in part-time income by helping one family per week (four per month). In reality, the average WFG agent sells just 0.4 policies per month."

"Based upon its own research, the FTC considers pro forma disclaimers ("Results are not typical") unlikely to be effective to negate testimonials – unless the advertiser presents empirical tests showing non-deception"

"We have no idea how CSTE can spend so little on its CAPEX; but we can hazard a guess. We believe maintenance is down because production is down, either that or CSTE is failing to maintain its machines in good order."

"The most recent cycle of innovation has just not driven those behaviors resulting in a soft cycle for the cosmetics category in the U.S. as innovation and newness price the market has not driven the expected growth."

"MSCI said in 2019 that it invested and used artificial intelligence (“AI”) to create indices and referenced thematic indices. However, we believe it may not be at the forefront of AI or thematic product development."

"We have a strong conviction in our ability to create incremental value from this combination and are raising our long-term target for real estate revenue growth to the high-teens from the mid-teens percentage range."

"For 2025, 10.71% of Raging River’s projected $287.3 million of EBITDA (i.e. $30.7 million) represents the Betway Cares Foundation’s minority stake and we believe is therefore not attributable to SGHC’s group EBITDA."

"The losses in the GSEs’ guarantee business during the financial crisis, when including $92bn of provisions, i.e. the accounting reserves for expected losses, significantly exceeded their minimum capital requirements"

"We will vote AGAINST these three directors, who supported the disastrous acquisition of Omni in August 2023, leading to an approximately 80% decline in equity value and the accumulation of extremely burdensome debt."

"If the Board’s decision did not stem from a focus on self-preservation and prolonging a standalone existence for Forward Air, then the directors are just lacking the competence and knowledge to serve as fiduciaries."

"Marathon has excelled since it took bold actions to improve operations and governance, resulting in a ~150% relative share-price outperformance versus its peers Phillips 66 (NYSE: PSX) and Valero Energy (NYSE: VLO)."

"The repeated lies, which quite possibly amount to both 17(a) and 10b-5 securities fraud, about Rong Xu's employment at NQ and when she joined YDT, are not covering up anything nefarious and have been told for sport."

"Just reorganizing the core business through cost cuts could create an extra $30/share in value above a Starboard sell it now outcome; with a recovery in BABA shares and tax efficiencies, Yahoo could break $100/share"

"We believe this excess capacity is a large increase from Rollins' historical revolving capacity needs of $175 million and could be a signal it needs more capital as insurance against forthcoming financial pressures."

"However, the 10-K later revealed that ROAD now receives for a majority of contracts final payments when projects are near completion or fully completed which strikes us as an unusual and alarming change of practice."

"Using management's original FCF Conversion definition, we see that it has declined since 2017. This likely explains management's potential motivation for changing to a new definition in 2023 >> to embellish results."

"Our industry expert warned about the limited operating history of LSP’s facilities. According to the Mine Safety and Health Administration (MSHA), ROAD’s new subsidiary ACE Aggregates (ACE) had 36 citations in 2024."

"Spruce Point believes the market materially misvalues ROAD by not only miscalculating its enterprise value for the recent LSP acquisition, but also by mistaking it for a high-quality aggregate and material producer."

"Top player in multiple construction sub-sectors, both domestically and internationally, benefitting from multi-year order backlog and best-in-class history of executing complex, global projects on budget and on time"

"Wall Street analysts are projecting 2023 revenue growth of $283 million and improving margins. We believe these expectations are overly optimistic based on the breadth of revenue and profit headwinds we see in 2023."

"PGNY often makes the claim that it is a “data-driven” company that delivers superior outcomes, However, we find that even former employees harbor serious doubts about PGNY’s outcomes data and reporting capabilities."

"Small problem: Cambium appears to have never raised any funding and its site is a single page with vaporware like "Deep Tech approach, fusing biotechnology, green chemistry, computation, automated material science.""

"Heska has repeatedly touted the prospects for its new urine and fecal analyzer, the Element AIM. However, we seriously question Heska's disclosures related to the product and the Element AIM's prospects for success."

"Heska has seen dramatic multiple expansion over the past twelve months despite our analysis illustrating only modest changes in the Company's strategy, operations, competitive positioning, and financial performance."

"Spruce Point sees many similarities between its recent success with Maxar Technologies, a space technology and satellite manufacturer, and Aerojet Rocketdyne, a manufacturer of rocket propulsion and missile systems."

"We believe a $200M reduction in operating expenses would drive potential stock prices of ~$28-$32 (up 24-41%) and should be embraced by management and the board as a prudent and value-maximizing step for the Company"

"50% of equity compensation is linked to three-year ROIC goals of which FY 2022 and FY 2023 had targets for 100% payout set well below Disney's cost of capital and less than half of Disney's reported ROIC 5 years ago"

"Patrick Vitek appears to have unjustifiably profited by at least €52.1 million over seven months by flipping the entity owning Immofinanz shares to CPI PG and having the purchase price retroactively adjusted upward."

"As we discuss infra, the mention of a “mandatory takeover offer price” appears to be a false excuse. The adjustment seems to have merely been a way to extract an additional €52.1 million cash from outside investors."

"A final thought for the class action attorneys. As you investigate NQ, it might be worthwhile to also look at Wedge Partners, Matt Mathison, Toro Investment Partners, and “Treasure Hunter” (SeekingAlpha.com handle)."

"The losses in the GSEs' guarantee business during the financial crisis, when including $92bn of provisions, i.e. the accounting reserves for expected losses, significantly exceeded their minimum capital requirements"

"It was a massive disaster. It basically rolled out nationally and it was only a two-month stint and every Premier agent was up in arms that we've been your partner for years, how come you're not offering this to us?"

"We think that even modestly more conservative assumptions indicate CoreWeave’s business model generates returns that do not exceed its cost of capital – destroying, rather than building, long-term shareholder value."

"We believe shareholder conversations will enable us to refine further our Proposals to take into account shareholder feedback and encourage FirstGroup to take a proactive approach towards improving shareholder value"

"Our nominees will ask the right questions in the boardroom that we believe are not currently being asked due to the many interrelationships between the current Board members and AOL's Chairman and CEO Tim Armstrong."

"In 2010, IRBT made a change to its inventory valuation section to make it appear as if there are no seasonal factors or short product life cycles that would lead to an inventory write-down for its consumer products."

"“You’re absolutely right. I’m not a PK person, but if you’re telling me that there’s a similarity, it would make no sense to do it in a tablet — if you’re saying that the PK data is similar…you’re absolutely right.”"

"And I posed that question to this doctor. I said, "Why wouldn't I just prescribe diazoxide?" And she said, Oh, it doesn't work.' But I don't know if that was because she was also motivated to get the Vykat approved."

"Notice carefully that the last disclosure on Nov 2018 made pre-IPO was $15bn+ of annual transactions processed. This was revised to $13bn+ at the time of the IPO on the website and disclosed at $14.5bn to investors."

"A different schedule in the internal Herbalife model provides more detail on its China historical and projected financials. In a hidden row, Herbalife here refers to the same $79,082,000 simply as "China Royalties.""

"I can now unequivocally say that Tessera is better off with Starboard's involvement and greatly appreciate the professionalism with which Starboard approached the board transition and overall stewardship of Tessera."

"To maximize Enterprise Value, would you prefer a 1% decrease in WACC or 1% increase in UFCF? I would prefer the 1% decrease in WACC. Usually, a change in WACC is more powerful than an equal magnitude change in UFCF."

"I can now unequivocally say that Tessera is better off with Starboard's involvement and greatly appreciate the professionalism with which Starboard approached the board transition and overall stewardship of Tessera."

"We believe that in some instances, Archer simply negotiated and signed some of these contracts in order to be able to issue yet another promotional press release, without any real substance or opportunity behind it."

"We infer from ISRG’s willingness to buy drapes from UFPT’s primary competitor (despite their “semi-exclusive” contract) that the relationship between ISRG and UFPT has become far more adversarial than in years past."

"PMV’s preclinical laboratory results for their primary drug candidate appear to have been photoshopped, raising an initial red flag that PMV may have cherrypicked data to spin a positive story on lackluster results."

"People might argue that Morinda, as opposed to NHTC, obtained a direct selling license in China. However, having a direct-selling license does not prevent scrutiny and even a crack down from the regulators in China."

"Management has become addicted to dilution as a way of bridging the gap created by its lack of core cash flows from operations, increasing shares outstanding by 70% since December 2022, and the pace is accelerating."

"Lasertec’s only use case is P2/P3, but it introduces debris in P2 which requires redundant inspection with a backup KLA DUV tool, and it’s too unreliable for P3 – eliminating any reason for its existence versus KLA."

"For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC. So, that's why I say already two-thirds of the business migrated from originally Lasertec to KLA already."

"We saw no evidence of meaningful construction for Fab 4B, which it calls “the second round of construction” that supposedly began in Oct 2023 – just an office space with a ladder and few pieces of wood on the floor."

"We believe sports prediction exchanges have structurally better odds. Prediction exchanges do not set the odds, users do. We believe Kalshi only charges ~1.5% on average to users per trade vs. the 8–10% DKNG margin."

"Starboard believes Mr. Bornak's extensive experience as a CFO of both private and publicly traded companies, as well as his strong operational experience will enable him to provide invaluable oversight to the Board."

"However, these recent initiatives are short-term in nature, and fall far short of an effective long-term plan of action to address the fundamental issues currently depriving Keisei stakeholders of the Company’s true"

"Nuvei doesn't give investors color on what is causing the apparent decline of North American revenue. As a result, we interviewed a former Nuvei executive who gave us his opinion of the dynamics in the marketplace."

"SafeCharge provided better disclosures around where its revenues came from. In particular, notice that it classified revenues by industry and customer concentration. Under Nuvei, these disclosures are not provided."

"Revenue attributed to "noncash consideration", a result of value-in-kind / contra deals (i.e. barter transactions), raises significant concerns regarding Genius’ revenue recognition and reported / forecasted growth"

"Niccolo De Masi, Genius director and CEO of DMYD, has been vocal about Genius on his Twitter account. We find it very uncommon for a Company executive to be publicly promoting a sell-side analyst’s research report."