Callouts & quotes from 529+ activist slides

"Spruce Point believes that CHD's recent Waterpik and FLAWLESS levered acquisitions were made in desperation at outlandish valuations."

"As Sunnova's lockup expires, Spruce Point believes insiders will be anxious to reduce their positions at today's inflated valuation."

"Citron believes if anything this validates Blackberry position and makes it ripe as an acquisition target for countless suitors."

"Spruce Point believes that investors should be alarmed by the sales contribution guidance Rollins provided for Fox Pest Control."

"Spruce Point believes that REZI has woefully disappointed in its 2024 targets that were communicated to investors in early 2021."

"Spruce Point believes that Remitly's cash (and valuation) is likely to be overstated because it includes cash held for clients."

"Greenlight has identified 35% of Allied's specialty finance portfolio that Greenlight believes may be carried above fair value."

"Spruce Point believes that Zebra is understating the impact of a recently disclosed “immaterial” inventory misclassification."

"Elliott believes the adoption of the Accelerate Hyundai Proposals can benefit all stakeholders across the Hyundai Motor Group"

"Spruce Point believes the Digital ID model does not work for CLEAR and data security risk for CLEAR is a significant concern."

"Spruce Point believes the market is missing multiple factors signaling extreme financial strain in the Stryker equity story."

"Spruce Point believes that Porch’s partnership with home inspectors is a last ditch effort to make its business model work."

"The FTC believes the exclusion of zero-earning distributors is relevant to a determination that an MLM is a pyramid scheme"

"Elliott believes Phillips 66 (NYSE: PSX) has a significant value creation opportunity driven by the quality of its assets."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Citron believes it is merely for the purpose of phantom sales or stuff the channel, and avoid scrutiny from the auditors."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Spruce Point believes there is a reason behind BOOT no longer referencing itself as a "Dominant Player In The Industry.""

"Spruce Point believes that MSCI's segment reporting gives management wide latitude to manipulate margins to its benefit."

"Spruce Point believes Xylem's EPS guidance gives an incomplete picture of the true economics of the Evoqua acquisition."

"Spruce Point believes that Advent can, and should, use this as leverage to renegotiate the deal price lower by 35%-50%."

"Spruce Point believes this news came at an opportune time for the Company, days ahead of the beginning of its lock-up."

"Spruce Point believes that Xylem’s talk of margin expansion and operating leverage is a mirage that has not succeeded."

"Muddy Waters, LLC believes that DGW is the biggest fraud we have encountered so far in terms of revenue overstatement."

"Spruce Point believes that MSCI should disclose the terms of this acquisition and Fabric's number of paying customers."

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Spruce Point believes that it is highly unlikely that Axon will parlay video AI to shoehorn their way into CAD / RMS."

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Elliott believes Phillips 66, $PSX, has a significant value creation opportunity driven by the quality of its assets."

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Spruce Point believes shareholders would be better served if CEO Dovigi focused all his attention and effort on GFL."

"Spruce Point believes Stryker's recent large acquisitions of public companies either are failing, or likely to fail."

"Spruce Point believes that current financial data providers are, at a minimum, failing to capture operating leases."

"Spruce Point believes Stryker's industry premium multiple should compress to account for the following six factors."

"Trian believes a merger with Mondelez and a separation of all of PepsiCo’s beverages business is the right strategy"

"Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning."

"Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning."

"Spruce Point believes CLEAR is not positioned from a technology standpoint to address either of these pain points."

"Spruce Point believes that WTRG’s growing dependence on short-term debt is a sign of its rising financial stress."

"Elliott believes in the value of ACAS and is committed to helping the Company realize full value for shareholders"

"Spruce Point believes Saputo is struggling to grow its branded sales given significant private label discounting."

"Spruce Point believes the stock-for-stock merger of Amcor + Bemis was a deal done out of necessity for survival."

"Palliser firmly believes that the terms of the NewMed transaction fall well short of Capricorn’s intrinsic value"

"Elliott believes a 150-250bps cut by reducing sales and marketing effort is in line with slowing growth outlook"

"Spruce Point believes it is a classic red flag when a company changes its inventory accounting policy language."

"Spruce Point believes that WPP's large ownership stake in Globant could be a major overhang on the share price."

"Spruce Point believes that at least 45% of Verint’s Non-GAAP Net Income is attributed to unjustified add-backs."

"SP believes that the HDM backlog and growth is heavily predicated on China, despite select other opportunities"

"Spruce Point believes it is a classic red flag when a Company manipulates its tax rates to achieve earnings."

"Elliott believes that ACAS could be worth in excess of $23/share, a 61% premium to its current market price"

"Spruce Point believes that Generac paid way more cash in acquiring ecobee than it reported on face value."

"Spruce Point believes the Street’s bullish sentiment on BOOT is extended in both the short and long-term."

"Spruce Point believes there are other current and forthcoming headwinds that investors need to consider."

"Covestro believes a 300 – 600bps margin improvement opportunity is available in its downstream business."

"We observe that Monster is mostly losing distribution and Spruce Point believes the trend may continue."

"Citron believes the whole thing is a fraud to create invoices to deceive the auditors and book revenue."