Callouts & quotes from 26,677+ activist slides

"Given Verint's demonstrated financial misconduct under Bodner and his business partners, we find the Company's more recent evasiveness regarding organic growth and cloud-based revenue highly concerning."

"After applying our adjustments to the metrics used to measure executive performance, management goes from meeting five of six targets to zero of six targets over the course of the past two fiscal years."

"After applying our adjustments to the metrics used to measure executive performance, management goes from meeting five of six targets to zero of six targets over the course of the past two fiscal years."

"Two different views on pricing, depending on which CEO you ask. Cintas sees no change, yet Unifirst sees consolidation causing disruption, customer dissatisfaction and prices tightening at big accounts."

"We’ve reviewed comparable acquisitions in the uniform rental and services space. Transaction multiples suggest businesses in this sector should be valued at approximately 1.8x and 9.5x sales and EBITDA."

"By jettisoning underperforming locations and subsequently excluding them from its growth base, management can present an inflated picture of its ability to grow sales from its existing base of locations"

"YoY subscription growth was slowing dramatically before the scil transaction. We note that many of the figures disclosed lack adequate definitions and detail to truly understand the underlying dynamics."

"He states that he didn’t have a single back/leg pain patient who made it past a year, and that only 2 out of 90 patients he implanted with Nevro still have the device – an explant rate approaching 100%."

"The outgoing CFO famously said in early 2023 that he saw nothing on the horizon that would change the ratio of Lifetime Value to Customer Acquisition Cost (LTV / CAC) after it improved from 2019 – 2022."

"Based on the assumptions below, Wendy’s OpCo real estate is worth approximately $1bn. Given Wendy’s existing capital loss position, we don’t believe Wendy’s would need to pay taxes in a real estate sale"

"Trian's nominees – Nelson Peltz and Jay Rasulo – are experienced and aligned with shareholders. Our nominees will bring an "ownership mentality" into the boardroom to focus on the following initiatives:"

"Trian's nominees – Nelson Peltz and Jay Rasulo – are experienced and aligned with shareholders. Our nominees will bring an "ownership mentality" into the boardroom to focus on the following initiatives:"

"In contrast to management's growth-oriented commentary, Zillow's portfolio of websites have seen a sharp deceleration in site visitors and unique users, both of which shifted to negative growth in 2023."

"Our largest competitors, Realtor and Zillow, reported either flat or declining traffic in the fourth quarter of '23. I believe we will be able to report even stronger traffic numbers in the near future."

"The SEC would follow-up with two additional letters dated Aug 2 and Sep 23 further questioning these metrics before PLUG finally eliminated these non-GAAP figures from its Q3 2016 earnings presentation."

"Confirming our suspicion about the potential to use TransMedics jets for free private air travel as a kickback or inducement, the CEO of the OPO recounted anecdotes of such offers from Trinity and NORA."

"The organ procurement technician stated TransMedics surgeons are manifestly incompetent, “struggling” in front of other teams in the operating room and that “it’s rare to see one that does it smoothly”."

"We question what caused Norfolk Southern to make an abrupt change in operations leadership after repeatedly touting the success of its TOP|SPG strategy and insisting that it had the right team in place."

"The atmosphere at the company was very much to downplay the adverse effects...if you were to follow up with the company, I would really press on what were the hospitalizations of patients in the trials?"

"FDA review clearly indicates its reliance on the lack of reported serious adverse events at the time of approval in 2019 – now contradicted by the facts (FDA CDER Clinical Review (Solages, Sep 28, 2020)"

"EMA review (Annex 1) indicated massive discontinuation rates, and indicated 12-mo ESS reduction lower than that purported in HARMONY 3 trial paper and no different than placebo reduction in prior trials"

"Today's announcement marks the eighth guidance reduction at Southwest Airlines in the last 18 months with RASM (revenue per available seat mile) now expected to decline 4% to 4.5% in the second quarter."

"Spruce Point believes there is a clear lack of discipline in Stryker's acquisition of Vocera. Recall, that Stryker used to be very focused on ROIC, but now dodges discussion of ROIC in this transaction."

"It is evident that these narratives are incompatible, and Archer has not been held accountable with shifting between narratives as the situation suits without being forced to address this flip-flopping."

"Does the California Energy Commission realize that GreenPower Motor doesn't manufacture the buses themselves? They simply import the buses from China, and sell them in California at an over 100% markup."

"The records do not suggest that Accor was involved in Epstein's criminal conduct. They show, rather, that a convicted sex offender and his circle used to stay at the Accor hotels in different countries."

"We are short Datavault AI Inc. (DVLT), a reverse merger which has risen ~800% since early September, because we believe it is a stock promotion that relies on misleading press releases and empty claims."

"CTO is Obscuring the Fact that Their Core Cash Flows from Operations Have Never Been Enough to Cover Their Dividend and Pay for Recurring Capex with an AFFO Metric That Is an Aberration from Their Peers"

"Conducting business without the required certificates in the financial industry is a very serious crime in China and both big shareholders and key management and shareholders could face severe backlash."

"The fact that the Isteq source was available prior to the ACTIS A150 launch in 2019/2020 suggests that Lasertec evaluated it years ago and concluded it was inferior to the Ushio source they first chose."

"The fact that the Isteq source was available prior to the ACTIS A150 launch in 2019/2020 suggests that Lasertec evaluated it years ago and concluded it was inferior to the Ushio source they first chose."

"In reality, the actual number is closer to one ACTIS tool per quarter at ~$50MM each, as TSMC is a major portion if not a majority of ASML EUV systems – and TSMC is no longer buying Lasertec’s EUV tool."

"Three radiologists noted that this position is never how chest CT scans are done, as the arms get in the way of the chest image, suggesting that knowledge of radiology or radiography is lacking at NNOX."

"Nuvei's CFO and Chief Corporate Development Officer Have Biographies That Conspicuously Fail To Disclose Prior Executive Roles That Would Link Involvement To Illegal Activity At Optimal / FireOne Group"

"In light of our evidence that the financial statements are being revised, and growth rates and TAMs are being retracted, we find that Nuvei also recently entered into a Clawback Policy with executives."

"HLF took on substantial leverage in 2014 to fuel an aggressive buyback program and bolster a falling share price. With an $1B credit facility maturing in March 2016, Herbalife is running out of options"

"This new Board composition has resulted in the same type of consolidation of power under the new Chairman, Richard Hill, that became problematic under the leadership of former Chairman, Robert Boehlke."

"The transaction is enormously strategic for TROX and Exxaro. TROX will now be able to secure ore supply resulting in 100% vertically integration (previously, the company was only one-third integrated)."

"Based on interviews with an industry participant and a former Rockdale mining technician, we believe Rockdale lacks the proper infrastructure and facility design to curtail as effectively as it should."

"Not only did DY change the disclosure style of Customer Credit Concentration from a tabular to a text view, but also it clearly failed to disclose that Charter was a key credit risk in its latest 10-K."

"Solventum is not the first company to be spun out of an integrated parent, and the magnitude of the performance decline is far beyond the scope of working through the 3M-specific transition agreements."

"For 2019, Distributors Were Uniformly Negative: Though about half said that they expected sales to be roughly flat or to grow a little bit. Most expected sales declines but did not predict by how much."

"MPS International Ltd. (Bermuda) would be a material subsidiary based on the majority of sales being foreign. Yet, per the recent PCAOB Form AP filing, there is no local auditor evaluating this region."

"Should Merial and other manufacturers no longer feel the need to sell only to veterinarians – a direction in which they appear to be moving – what value would the VIP acquisition have brought to PetIQ?"

"We note that Wal-Mart partnered with a financial institution for its store credit card years ago. It does not own credit card receivables and has none of the material risks associated with these assets"

"Spruce Point has elevated concerns that Maxar is stuffing R&D costs on its balance sheet. There is no greater evidence then it discloses R&D costs in its intangible footnotes of the financial statement"

"Spruce Point believes that investors are not fully prepared for the likely magnitude of the impact of the pandemic on Invisalign performance, for at least the coming quarter (and likely more to follow)"

"Spruce Point believes that investors are not fully prepared for the likely magnitude of the impact of the pandemic on Invisalign performance, for at least the coming quarter (and likely more to follow)"

"Arconic's reactive governance changes - after we launched our proxy contest - serve as an admission of guilt, in our view, and we believe the current board will not necessarily follow through as needed"

"We find it surprising that employees on Glassdoor have commented about recent layoffs in iRhythm’s engineering organization given the Company’s representation of its new product development activities."

"iRhythm trades at a $5.4 billion market capitalization and mid-to-high-single-digit revenue multiples despite an anticipated deterioration in revenue growth, which we believe may even prove optimistic."

"Shareholders are allowed to be unhappy with the Company's strategic direction without this making them a “group.” The Company's unsubstantiated allegations are nothing more than an intimidation tactic."

"The cases we discussed are almost certainly not the entire body of BUR's metrics manipulation – rather they are the cockroaches in plain sight that tell you it is highly likely there is an infestation."

"We use LinkedIn Premium for directional indicators of the growth of Zebra’s venture-backed private companies, we find that at least eight of fourteen companies have shown contracting employment growth."

"Zebra shareholders have absorbed almost $100 million in deal costs to acquire $243 million of revenue (40.7% of revenue). When evaluated as a percentage of deal value, the costs are approximately 4.5%."

"Over the past 3 years TIM has had to invest more than other EU incumbents... to expand broadband coverage in Italy (closing the gap with other European countries)... with positive impact on its results"

"The possibility due to a lack of proper control for accounting games to occur certainly was there...the lack of controls. Can things go undetected? Probably could. That was just the tip of the iceberg."

"Twist’s “chip” and purported secret sauces is actually “their Achilles’ Heel”; executive has “thought so for many years”; suggests ditching the chip and switching to legacy synthesis technology instead"

"Twist’s job postings confirm what its SEC filings bury, that so-called R&D staff are basically manufacturing personnel, as part of what we believe to be a large-scale scheme to misclassify COGS as R&D."

"WD-40 lists China as its biggest opportunity and the CEO has made claims of $100m in potential revenue in 2016. Fast forward to Q1 2020, the Company produced $2.3m of sales, or a run rate of just $9.2m"