Callouts & quotes from 26,677+ activist slides

"The only viable explanation for the Series A Financing is a shameless and utterly transparent attempt to entrench the Board and ward off activist stockholders willing to challenge the troubling status quo."

"A LinkedIn search turns up only 6 employees at Allonnia, plus an intern and a random Chief of Staff who lists 2 other current employers, despite being in operation since 2019 and raising $50MM in Oct 2020."

"But when it became clear that Autodesk would miss its financial targets, management reversed course – harming the Company, its customers, and its shareholders – to protect and potentially enrich themselves"

"This undrawn facility amount has decreased RMB 6.25 billion over the last six months to RMB 4.98 billion, which is somewhat alarming since the company supposedly generated free cash flow in that same time."

"Businesses acquired by Verint continue to maintain separate websites once acquired. If these “Verint companies” remain largely autonomous, do Verint’s acquisitions really create material shareholder value?"

"Juniper has historically tried to buy into other attractive markets but consistently mis-executes post-acquisition, resulting in significant missed opportunities and greater shareholder value implications."

"Although Nevro already bundled low-frequency capability with devices prior to Omnia, KOL's and former employees suggest that the company was paranoid that it would expose its high frequency data as a sham."

"If you're keeping track, Red Cat: a) Went from consistently claiming – for years – that the total size of the program would be approximately a billion dollars to claiming it would be close to $350 million."

"This is an enormous lie because it goes to the heart of our conclusion that NQ's largest customer is really NQ, dressed up in a shell company called Yidatong (“YDT”) that is nominally 75% owned by Xu Rong."

"A former employee in a regulatory role alleged a number of troubling interactions with the CEO, such as allegedly being pressured to doctor adverse event reports to downplay any link to TransMedics device."

"Now, do I have any way of validating whether that was true...do they have an incentive to lie about it...yes, they do...you just have to trust what they’re telling you...it’s ridiculous...it’s infuriating."

"As part of what we believe to be an organ steering or “trafficking” scheme orchestrated by TransMedics, surgeons indicated that the growth has come from accepting organs that reputable centers won’t touch."

"I cannot stand working with them...it feels like I’m talking to a used car salesman...we had a recent situation, where we had some A/R...they declined a heart transplant for one of our patients in the ICU."

"Trian believes Mr. Myers' qualifications to serve on DuPont's Board include the knowledge and experience he has gained while serving in various management positions for over 35 years with General Electric."

"Despite the obvious potential fit, the board presumably dismissed the transaction to entrench itself, as Midstates publicly stated they would be open to replacing the board with shareholder representation."

"The biggest hurdle to consumer adoption of cloud streaming services historically has been input latency – the time it takes for controller inputs to reach the cloud and return to affect the action onscreen"

"Our analysis of the data buried in Soleno’s papers indicates an alarming spike in prediabetes and diabetes within 13 weeks of starting Vykat – and a linear increase over 3 years with no signs of a plateau."

"The FDA’s review exhibited zero awareness of the hypereosinophilia signal and failed to draw any potential link: “No clear association between pitolisant and pulmonary edema is apparent in this narrative.”"

"the simple fact that there are undisclosed transactions between these two related companies should worry investors, given that, again, related party transactions can potentially be for nonsensical amounts."

"We believe Archer deliberately hide their Type Certification progress and only report a single vague number as it is not in their interest to detail the actual facts, but rather, hide behind the ambiguity."

"So, instead of telling investors that the Food Hall was defaulting, costing CTO $1.5 million in capex in the process, management was able to boast to investors that it was increasing rent for a top tenant."

"Out of nowhere, the stock has spiked 100-200X since it became an EUV story, depending on the baseline date, making it the best performing stock in Japan in the last 5 years (1,700%) and 10 years (16,000%)."

"Global Foundries sees KLA as “huge risk to Lasertec” that “obviously will” take share; Lasertec would have “significantly mark down” and “impair” its inventory; “would probably require an asset write-down”"

"The level of stonewalling by the CEO – when asked for even the tiniest crumbs on EUV contribution – would alarm any investor who reviews each quarterly Q&A in the 5 years since its ACTIS EUV tool launched."

"The tools require a shocking 10 hours of daily cleaning to address particle contamination, leading to a low uptime of less than 60%, with an onerous protocol including UV light to scan for stray particles."

"Lasertec desperate to offload ACTIS inventory; offering up to ~75% discounts on A150; offering various inducements and concessions, including some that appear to acknowledge uptime and reliability problems"

"To believe RUN's 90%+ renewal assumption, you must believe that its homeowners are willing to pay a lot of money (20- to 25-years in the future) to put obsolete (and degraded) systems back on their roofs."

"Spruce Point believes it may be time for significant change at Healthcare Trust of America, Inc (NYSE: HTA) if the Company’s financial reporting cannot pass the audit review of an independent third party."

"If ADP earned Paychex’s ~41% SMB margin(1) on its ~$2bn SMB business, it would imply ~$820mm of operating profit. SMB-only profits would therefore account for ~50%+ of total Employer Services total profit"

"Can Penumbra really continue to command ~63% of the global market, and ~75% of the key U.S. market, five years into the future – even after other major medtech companies establish themselves in the space?"

"Vivendi has proven – beyond a shadow of a doubt – that its interests at TIM are not aligned with shareholders and that its contempt for good governance practices makes its candidates impossible to support"

"We Believe There Is A High Probability Of A Credit Ratings Downgrade Which Is Forcing The Company To Sell Assets And Reevaluate Capital Allocation - Required Debt Reduction Of ~C$1,600m vs. FCF Of ~C$200m"

"As part of this amendment, Mercury made certain reps and warranties including that “No Material Adverse Effect” had taken place since closing. Does removing Supermicro as a key technology partner qualify?"

"The under-performance of Bob Evans over the last 5 years has been even more pronounced, as the Company has under-performed all selected publicly-traded family-dining restaurant peers by as much as 150.5%."

"If GoDaddy executes against a long-term strategy focused on margin expansion, we believe the Company can generate a growth + profitability rate in-line with the broader set of scaled technology companies."

"The investigator found “occupancy [apparently] limited with substantial areas vacant. Moreover, as shown in some of the images below, the condition of the building is poor or even derelict in many areas.”"

"Insurance companies have already begun to grant the Libre preferred status to encourage users to opt for the cheaper Libre over the G-Series, effectively passing on their own cost savings to the customer."

"We feel that the relative acceleration in sensor growth is much better explained by the fact that customers stockpiled legacy sensors ahead of the release of the more expensive G6, as our survey confirms."

"Based on our extensive experience with the asset class, and exhaustive research conducted to understand ACAS' portfolio, operations and strategy, Elliott has developed a comprehensive plan to unlock value"

"PowerSchool’s Intersect Connection and Advance Awareness products must comply with the 26 states who have passed SOPIPA laws with provisions prohibiting amassing student profiles and targeted advertising."

"We believe management is playing fast and loose with booking adjustments to EBITDA. Reviewing the footnotes reveals that several of the adjustments are related to the recurring operations of the business."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"If Maxar were to admit earnings overstatement tied to incorrect accounting, we would expect a 25% to 30% in its share price. Recent admissions by similar companies suggest this to be a realistic estimate."

"If we illustratively assume TheFork is sold at 5x CY26E revenue, similar to peer transactions, it would imply Tripadvisor trades at just ~4.5x EBITDA on a pro forma basis, an even larger discount to peers"

"In both the 10-K and investor presentation, AMR references 16.2 – 16.3 million tons of coal produced in 2021. However, the next slide will show that an independent evaluation references 15.6 million tons."

"Though GGP’s stock price has risen more than 1000% over the past year, its TEV has only increased 12%. This compares to Simon Property Group (“SPG” or “Simon”) whose TEV has risen 29% over the same period"

"Skechers has long pursued a strategy of flooding the market through as many channels as possible. Many of our conversations with Chinese partners revealed frustration with the resultant channel conflicts."

"Warning: Oat prices and rapeseed oil, as measured by futures contracts, are up sharply in 2021. Curiously, Oatly fails to say anything about the effect of these commodity prices on its business prospects."

"Spruce Point believes Sunnova’s sell-side coverage is unsatisfactory and a result of the misalignment between Sunnova’s leasing business and analysts’ coverage of the solar and alternative energy sectors."

"Tendering into the Revised TOB will lead to the worst outcome. By not tendering, minority shareholders can capture more of TICO's intrinsic value through either a revised deal price or the Standalone Plan"

"We believe that shifting direct manufacturing costs to R&D expenses is the first mechanism, with Twist’s historical and recently exploding R&D costs straining credibility for a commodity DNA manufacturer."

"The acquisition illustrates the negligible value of Twist’s “chip” and the lack of any intellectual property – an inexpensive, commodity technology readily available from numerous mom-and-pop fabricators."

"Under K27, Kao eliminated the group sales target as set in K25. When asked, management’s rationale was that “our activities will become a pursuit of scale if we set sales as a key performance indicator”1."

"Note: Our Free Cash Flows are derived using Net Capital Expenditures, net of proceeds received from closures. We note that the Company typically generates $300 - $400mm of proceeds annually from closings."

"The market has historically valued software companies with a material hardware business at lower multiples because their revenue ramp is overstated and their gross margin profile is structurally inferior."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"These actions – and in particular the adoption of the “poison pill” – demonstrate how profoundly out of touch Southwest’s Board has become with shareholder sentiment and with the reality of the situation."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"In a world where Saputo has been expanding beyond Canada, and into the US, Europe, and Australia/Asia, it appears that its employee cost structure is not competitive with its global dairy-producing peers."