Callouts & quotes from 26,677+ activist slides

"We believe investors would be wrong to assume that PGNY is handily dominating the market. To the contrary, we believe the core elements of the PGNY solution are commoditized, and PGNY's differentiation is minimal."

"Control4 and OVRC, its professional remote management platform for Control4 dealers, are critical exclusive brands acquired through the Snap transaction. Similarweb analytics also show weak trends to each website."

"The third is based in Park City, UT, and is a documentary filmmaker currently working on “a character-driven, only-in-America story about the enduring consequences, politics, and polarization of school shootings.”"

"Excess cash of up to KRW 6.0 trillion (18% of HMC market cap) should be reduced from HMC's balance sheet Excess cash of up to KRW 6.0 trillion (26% of Mobis market cap) should be reduced from Mobis's balance sheet"

"Given its high insider ownership, if Dillard's maintains its free cash flow and share repurchase levels, then at the current stock price we estimate it would buy back nearly its entire float in the next five years"

"So, we can tabulate the press releases to estimate enterprise bookings. You might not think this qualifies as deep research but none of the sell side analysts have written about this and the results are revealing."

"Oasis’ candidates bring distinctive skills in key areas – ranging from digitalization and finance to cosmetics, health & beauty and marketing – without compromising any of the incumbent Board’s areas of expertise."

"This vertical integration isn't the only thing shrinking the market. Another big part of the puzzle is that doctors were given huge subsidies to adopt electronic health records as part of the 2009 schtimulus bill."

"Disney's EPS performance has significantly underperformed its self-selected “media industry” peers in both "new media" (e.g., Netflix, Alphabet) as well as traditional media (e.g., Comcast, Warner Bros. Discovery)"

"GoDaddy has significantly increased its Technology & Developments expenses over the last several years, but has seen revenue growth continue to decelerate, indicating a likely opportunity for cost rationalization."

"Spruce Point questions Danimer’s claims supported by the University of Georgia research as multiple authors have significant ties to Danimer and the Company provided funding for research in biodegradable polymers."

"Assuming the GCR segment continues to decline at a mid-single-digit rate through year-end, this implies the ODR segment is expected to grow nearly 35% y/y through year-end to support the midpoint of FY25 guidance."

"Mr. Mochkin is notable for having been banned from the financial services industry by the ASIC for alleged stock market manipulation, false trading, market rigging, and not acting honestly, efficiently and fairly."

"The surgeon provided particularly damning detail which shows, in our opinion, that TransMedics is steering organs as a quid pro quo for device volumes – which would comprise a kickback as well as organ trafficking"

"The technician stated that the consumable is packaged in corrugated cardboard, which TransMedics allegedly would not allow technicians to open prior to an organ being accepted – placing cost of goods above safety."

"Mr. Shaw has changed Norfolk Southern from an efficient - albeit lagging - railroad with a low 60s operating ratio in 2021 to a broken railroad with a plan that only gets it back to those levels in the 2027 range."

"Dollarama’s price increases may not yet put its prices on par with those of big box retailers like Walmart, but customers have taken notice that Dollarama has increased prices against other Canadian dollar stores."

"Interpreting the company's quarterly results while it operates under these abnormal priorities, much less extrapolating them to predict how the company will perform under more normal ones, is a futile undertaking."

"The clause could very well breach fiduciary duties on a number of levels but, at a minimum, shows complete disregard for the rights of shareholders to make their own decisions and freely associate with each other."

"With Q3 2020 run rate revenues at Security Detection & Automation (SD&A) running 41% below plan, how are management’s claims credible that they are “ahead of milestones” and things are “going really, really well”?"

"The ex-employee indicated that two patients in the phase 3 trial were hospitalized with potential heart failure; that in one case “admitted because of fluid overload,” which is consistent with Vykat-induced edema."

"The ex-employee’s color is consistent with an attempt to cover-up the cardiac-related hospitalizations, and suggests that the drug’s edema profile - "fluid overload, fluid imbalance" - is a looming safety debacle."

"Aronin’s company Castle Creek follows his usual playbook, similar to the one for Harmony: licensing an old, toxic foreign drug and trying to win FDA approval for a rare drug indication in order to spike the price."

"We note 64 respiratory/thoracic and 26 cardiac reports, which are particularly of note given evidence of pitolisant’s cardiotoxicity and the cardiopulmonary-nature of most of the fatalities during clinical trials."

"Some of NetQin's alleged business partners, such as mobile phone-related companies ZTE, Huawei, Lenovo, etc., claimed to have no pre-installation business with NetQin during interviews with the reporter yesterday."

"We believe CORZQ’s management is well aware that its yields will dimmish over time and then get cut in half in 2024, yet it provided the following misleading chart to investors shortly after announcing bankruptcy."

"Industry experts told us unanimously that Accor’s corporate, franchise and management structure would not necessarily absolve Accor’s responsibility for risks of human rights violations across its branded network."

"Angesichts des Fehlens einer nennenswerten Rentabilität oder eines Wachstums in diesem Markenportfolio erscheint der verbleibende Geschäfts- oder Firmenwert von 257,5 Mio. € in der Bilanz von HelloFresh überzogen."

"To find the answer, we undertook an intensive 5-month investigation encompassing over 20 in-depth research interviews, typically 60-90 minutes each; ~20 investigator field visits to Lasertec’s new Innovation Park."

"In economic substance, the Transaction is more easily understood as a purchase by Pershing Square Holdco of 11,764,706 shares at $85 per share for $1 billion from non-Pershing Square affiliate shareholders of HHH."

"We believe that Perrigo is deeply undervalued and significant opportunities exist to create value for the benefit of all shareholders based on actions that should be within the control of management and the Board."

"We believe that Remitly is dependent on keeping the perceived value of its equity high because it is among the most aggressive issuers of stock-based compensation at 12% of revenue and 78% of operating cash flow."

"As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated."

"Pramac’s Italian financial statements suggest channel stuffing or accelerated booking of revenue well ahead of cash collection. We observe its receivables to sales ratio is over 40%, or nearly 3x Generac’s ratio."

"Investors in Comstock Mining (LODE) should come to grips with the fact that it has failed investors before in its previous efforts to become a mining company while under the management of CEO Corrado De Gasperis."

"In light of the foregoing, a proportion of a tower company's real estate does not rise and fall with the market, as per NAREIT's definition, but diminishes over time in line, to a large extent, with depreciation."

"Spruce Point is wary of companies which grant board seats to well-known and well-connected politicians with limited or no experience in the company's industry (e.g. Theranos, Kior, Waste Management and WorldCom)."

"At best, the system automatically executes the resection based on the treatment plan, but it doesn't actually "do" anything that a surgeon could not do manually and must be watched over by a Procept clinical rep."

"Sipex results were restated through 2003. It’s clear that leading up to the restatement, Days Inventory Outstanding (DIO) were bloated in the 130 – 145 range, much like MPWR’s DIOs are bloated above normal today."

"Even if you assume our research is entirely wrong, the current implied upside of 16% represents a very poor risk / reward in light of Chinese end markets slowing, and the extreme overvaluation of the share price."

"We fear that management is simply looking to move into a sexy and easily-hyped business line to continue to promote the Company, and we have little confidence that MVI will amount to anything but a waste of cash."

"Bluebell Capital Partners Limited (“Bluebell Capital”) are writing to you in relation to our continued investment and/or economic interest in the common equity shares of Glencore Plc (“Glencore” or the “Company”)"

"We note that individuals who were formerly associated with True Science and its “third-party” purchasing agent partners / wholesalers appear to still be involved in the pharmaceutical distribution business today."

"In our view, BP is worth at least 50% more than the value currently expressed by BP’s stock price, and the discount is primarily due to an ill-conceived strategy aimed at drastically shrinking BP’s core business."

"We consider BP's decision to invest in this field to be a strategic mistake, driven by irrational considerations or PR, and we see the following red flags which indicate that returns on capital have been ignored."

"In our view, this should be an open and shut case. We see no ambiguity and the contract clearly states that Mosten has the right to invest and that investment can be made at the guaranteed rate of 4.0% per annum."

"The findings of the recent Audit Committee investigation demonstrate that Autodesk’s leadership team apparently took actions to intentionally mislead shareholders in an attempt to reach certain financial targets."

"The findings of the recent Audit Committee investigation demonstrate that Autodesk’s leadership team apparently took actions to intentionally mislead shareholders in an attempt to reach certain financial targets."

"The findings of the recent Audit Committee investigation demonstrate that Autodesk’s leadership team apparently took actions to intentionally mislead shareholders in an attempt to reach certain financial targets."

"The findings of the recent Audit Committee investigation demonstrate that Autodesk’s leadership team apparently took actions to intentionally mislead shareholders in an attempt to reach certain financial targets."

"In 2019, PowerSchool lost Chicago Public Schools, one of the largest school districts in the U.S., as an SIS customer. Based on FOIA data obtained by Spruce Point, the SIS contract was worth at least ~$400k/year."

"Spruce Point questions why management expanded its TAM post-IPO to reflect the personalized learning opportunity, when it already claimed to be developing personalized learning capabilities in its IPO prospectus?"

"It is incredibly perplexing that even after isolating the largest variable cost on the PnL (purchased transportation), Forward Air would effectively achieve a ~9% incremental margin on what is mostly fixed costs."

"Although there are ~400,000 shareholders of Arconic, more than 80% of the shares are held by less than 5% of holders. We believe the Company's excuse that it could not achieve a supermajority vote is not credible"

"We further believe that these apps operated in order to help inflate Bigo’s topline, boosting both its historical and recent contributions to YY, yielding both ongoing revenue inflation and past fair value gains."

"In contrast, our proposal at the BlackRock AGM is entirely based on the specific analysis of the lack of independent oversight, affecting in practice the malfunctioning of corporate governance within the company."

"How sticky is Dropbox’s customer base if A) most customers believe that it would not be difficult to switch away from Dropbox, and B) nearly half of all Dropbox users already have exposure to competing platforms?"

"The second mechanism by which we believe Twist is misclassifying COGS as capital expenditure is its “DNA Data Storage” program, which the CFO indicated accounts for another $40MM of spend and is utterly vaporous."

"Whether dwelling on a problem, hiding a problem or dribbling out partial solutions to a problem while you wait for a high tide to raise your boat - dithering and delay almost always compound a negative situation."

"Note the differences, the seal appears to have been photocopied, cut and glued. The seal number is the same as the one on the genuine report; however, the insignia lacks the clarity of that on the genuine report."