Callouts & quotes from 26,677+ activist slides

"The ex-TransMedics surgeon echoed others who called the use of unlicensed surgeons a “ticking time bomb” – “it’s their biggest risk...having people that don’t have licenses...I still don’t know how they did it.”"

"Carvana needs much more profit as well as much more growth - not just one or the other - but doesn't have the liquidity, capital structure, management capability or business operations to achieve much of either."

"This is a crucial time for Sony Technologies to capitalize on growth opportunities. A dedicated management team and Board of Directors would increase likelihood of achieving targets laid out at 2019 Investor Day"

"I don't think anyone would say 'Whoa, we got to get these patients on this drug...look what it can do...a lot of people are taking a hands-off, let's just see...I haven't heard from people with much enthusiasm.'"

"We encourage all shareholders to attend Oasis's Kao shareholder investor information day at The Okura Hotel on March 6 in order to meet Oasis's Outside Director candidates and hear Oasis's plan for A Better Kao."

"These results are strange because the increase in histamine levels in the brain should be immediate and so the therapeutic effect should also be rapid (and should not require 6 months to reach a maximum effect)."

"This disclosure strikes us as troubling because it suggests that MSCI actually capitalized software development costs that were not purely for internal use, but rather were tied to external client product sales."

"While food safety risk can never be completely eliminated, we think Chipotle has done an excellent job of significantly reducing the risk of another incident while maintaining the freshness and taste of its food"

"Chinese media reported that FFAI was not able to make a large enough order for Great Wall Motor to consider any special modifications, which may explain why FFAI's vehicle is nearly identical to the Wey Gaoshan."

"Can you imagine this happening at any reputable company? Andy Moore is still the CEO of B. Riley Securities, and this begs the question – how many more undisclosed margin loans do RILY’s executives have at risk?"

"In fast allen Kennzahlen und Märkten befindet sich HelloFresh in einem schnellen, strukturellen Niedergang. Die Marke verliert immer schneller an Relevanz. Jedes Quartal droht schlimmer zu werden als das letzte."

"Intel's mask group is trying to save face and cover up that its investment has been a debacle, giving it supplier prizes for public PR while complaining behind the scenes, according to multiple research sources."

"Spruce Point believes that Avery's trend of disappointing sales expectations continued through the recent quarter. Despite a modest beat in Q3, its implied Q4 outlook leaves significant room for disappointment."

"In total, our detailed presentation outlines how we believe Office Depot, as a stand-alone company, can improve its current operating margins from 0.9% to 7.3%, representing an improvement of over $650 million."

"One of the few notable exclusions from MacLellan’s bio is his position as Chair of the Audit Committee at AXM Pharma during a time when events occurred that the SEC characterized as “financial reporting fraud”."

"Now is the time for Crown Castle’s Board to exercise greater prudence in capital allocation, recalibrate the fiber strategy and deliver the shareholder returns befitting its premier shared infrastructure assets"

"The structure of using anonymous parties that purportedly purchase from TRE without requiring TRE to generate VAT invoices allows TRE to invent sales figures without fear of being exposed by tax bureau records."

"Absent an alternate explanation (e.g. ADP is overstating bookings by including client fund income at a 4.5% allocation) we believe that PEO pass-through revenue must be included in the reported bookings number."

"The purchaser turns out to have been an obvious straw (proxy) buyer. We believe that Shanghai Fengxian was disposed at a significant discount to its value (assuming the announced consideration was really paid)."

"Darden's directors have overseen an average underperformance of 153% during their tenure on the Board, and the four that are running for reelection performed even worse, with an average underperformance of 186%"

"If GoDaddy can improve its growth + profitability rate to 40%, GoDaddy should trade more in-line with other predictable, recurring technology businesses that have strong leadership positions in growing markets."

"Listings by Colliers and CBRE for these properties in November 2023 indicate significant vacancies of ~14.3% across its key building, or ~128% higher than those reported in CPI's 2023 Interim Management Report."

"Even before the recession, Target’s retail margins have been deteriorating while Wal-Mart’s margins have remained higher and constant, despite Wal-Mart selling a greater mix of food and other lower margin goods"

"Even before the recession, Target’s retail margins have been deteriorating while Wal-Mart’s margins have remained higher and constant, despite Wal-Mart selling a greater mix of food and other lower margin goods"

"However, NQ-alleged business partner ZTE told money.163.com that there is no business cooperation between ZTE and NQ, and that the information regarding the business cooperation was released unilaterally by NQ."

"However, our research indicates that IonQ procured the chips from a third-party vendor operated by Honeywell, its key competitor – as absurd as if AMD purchased CPU’s from Intel and claimed it was “AMD Inside.”"

"Dexcom lost one of these suits in May 2018 and was ordered to pay AgaMatrix's attorneys' fees for filing a "weak patent infringement case...that became objectively baseless following the Court's Markman order.""

"We believe the two variable sources of consideration (CYH stock and CVR payment) would be enhanced by the involvement and oversight of the Fresh Alternative Board and an engaged Alvarez & Marsal management team"

"Wall Street analysts have expressed enthusiasm for the quality of Starboard’s director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution."

"We believe Huntsman asked Ms. Lin to join the Board during settlement discussions with Starboard earlier this year because of her strong commercial experience in end markets that are highly relevant to Huntsman"

"Wall Street analysts have expressed enthusiasm for the quality of Starboard's director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution."

"Darden's directors have overseen an average underperformance of 153% during their tenure on the Board, and the four that are running for reelection performed even worse, with an average underperformance of 186%"

"As shown in Exhibit IV-4, SOFI seemed to break the glass after receiving the comment letter. As part of its reaction, SOFI reduced the Secured Loan receivable balance by borrowing from JPMorgan Chase Bank, N.A."

"Dozens of employees have told us that Dr. Kleinfeld surrounds himself with sycophantic former Siemens colleagues who do not possess the experience or expertise required to lead Arconic’s operations successfully"

"Demonstrating Dr. Kleinfeld's obsession with his image, German newspapers noted that his official Siemens image was airbrushed and re-released to remove the appearance of an expensive Rolex watch from his wrist"

"Although Dr. Kleinfeld has repeatedly attempted to take credit for the separation, his only real contribution was to complete it years later than the market had hoped and in the most expensive manner in history"

"According to Good Jobs First, which tracks corporate violations, AMR (and legacy ANR) is ranked #1 in total penalties and records. The fines primarily relate to safety, with environmental issues ranking second."

"We believe it is damning that iRhythm failed to submit MDR reports related to an issue that could cause patient deaths given that MDR reporting failures were already an FDA criticism in its 2023 Warning Letter."

"We believe that ANTA posts industry-leading operating margins not because it's so well operated; but, rather because ANTA uses numerous secretly controlled Tier 1 distributors to fraudulently boost its margins."

"As documented throughout this report, with the exception of Ding Siren, the individuals who hold these local branch representative positions have each been involved with a number of different Anta distributors."

"Each Company Represents an Opportunity to Own a High-Quality and Sticky Business at an Attractive Valuation with the Potential for Significant Value Creation Through a Better Balance of Growth and Profitability"

"The ex-employee described a fiasco and recent deterioration in attempting to order from Twist: manufacturing is "one month" slower than competitors; "it's getting worse...I can notice...it's just getting worse""

"Incremental losses could pressure the buyback, and losses along the lines of our calculations would force a choice between a capital raise and surrendering the AA rating the company needs to write new business."

"After working with Elliott, Marathon Petroleum's Board and management acted decisively to create a more focused and efficient organization. Marathon stock has dramatically outperformed its peers since mid 2019."

"Spruce Point believes that C3 might look optically cheap relative to high growth data and AI peers, but that C3's revenue estimates are too high, and lie on a shaky foundation with a related-party Baker Hughes."

"At the current level of g-fees, the GSEs’ guarantee business could have been profitable while absorbing the same level of actual credit losses they incurred in the guarantee business during the financial crisis"

"Spruce Point has identified a recent surge of shipments from Ireland to Monster in California. Why would the Company go through all the expense of expanding into Europe, only to send product back to California?"

"Note that ~20% of Simon’s GLA relates to the Mills portfolio. These properties have lower occupancy and rent per square foot than traditional regional malls and deserve a lower valuation than typical GGP assets"

"Landmark illustrates the need for independent directors with experience in distribution to provide proper oversight and protect shareholders from reckless deployment of capital and poorly conceived acquisitions"

"Phillips 66 is trapped in a cycle of underperformance originating from its weak corporate governance—which enables the continuance of a value-obscuring conglomerate structure that hinders operational execution."

"The Board set a 2015 Adj. EBITDA target for management LOWER than the Company’s 2014 Actual EBITDA despite management telling shareholders that the Company was “on track” to soundly beat its $2.0 billion target"

"Wall Street analysts have expressed enthusiasm for the quality of Starboard's director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution."

"Wall Street analysts have expressed enthusiasm for the quality of Starboard's director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution."

"Normally an agent will receive its share of revenue from Momo at the end of the month and then pass on the broadcasters share of revenue. We can see no good reason why an agent should receive an advance payment"

"Had advertising as a percentage of sales been held constant at 2006 levels (adjusting for the mix impact from acquisitions), EPS would have grown only 39% from 2006-2013 – 700 bps lower than reported EPS growth"

"Phillips 66 is trapped in a cycle of underperformance originating from its weak corporate governance—which enables the continuance of a value-obscuring conglomerate structure that hinders operational execution."

"Founder Scott Cook plans to sell another ~850k shares (or about $500 million) of Intuit shares through October 2025, but what we find more striking is the declining insider ownership of other Intuit executives."

"Yes. About the speed, it's theory. When we negotiated with HBOP, we negotiated for some time about the order of a corrugating medium paper machine. Later they changed their order to a kraft board paper machine."

"2.5% of equity capital, or ~$170 billion, to support ~$6.7 trillion of single-family guarantees would provide the GSEs with a fortress balance sheet with more than 5.5 times as much capital as historical levels"

"While Nidec’s revenue recognition policy could suffice for more developed markets, in China there is a non-negligible possibility that employees would exploit the lack of necessary acceptance to stuff channels."