Callouts & quotes from 36+ activist slides

"Ironically, AOS is covered by small regional U.S. stock brokers, many which do not have a physical presence in China. Thus, we believe their ability to have on the ground and up-to-date intelligence on the key aspect of AOS’s China business may be limited. It does not appear that analysts have come to grips with the broken nature of the China business, and many hold out hope for 20% upside in the stock."

"The lines are broken. The line is not continuous. It’s break, break, break. Look at the short lines - each duration is very short. They apply some current and then pulse - apply current, wait, apply current, wait, versus continuously increasing the current."

"Payables to foreign suppliers are broken down as follows in the following countries: Germany (48%), China (18%), Czech Republic (16%), Poland (10%), Spain (2%), Republic of Korea (2%), and other countries with lower percentages for the remaining 4%"

"The longstanding resistance to the separation seemingly represents another symptom of the broken company culture experienced under Dr. Kleinfeld, who has historically utilized his place at the top of large iconic organizations to promote himself"

"The allegations from a former Revenue Analyst at Dropbox are so specific, it’s hard to believe they aren’t true. Notably, data quality issues, broken systems, and key human capital defections will compound Dropbox’s transition plans."

"While we acknowledge that Monster is 6x larger and Celsius was trading between 10x-12x revenues at the time, it is still instructive to see what can happen once investors embrace a fundamentally broken growth story."

"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."

"Fixing Phillips 66's broken corporate governance and culture of hostility toward shareholders who advocate for needed changes is a critical element of setting it on a path to a dramatically higher stock price."

"Lin said he feels heartbroken on shareholders' losses, due to the great decline of NetQin's stock price, but that the loss is caused by investors' fears, induced by Muddy Waters's defamatory statements."

"Spruce Point is concerned that Stryker has never cleanly broken out Mako’s revenues, but historically the three revenue buckets were within the Reconstructive (renamed: Orthopaedics segment in 2014)."

"Why didn't management think investors would be interested in seeing acquisition-related expenses broken out for a serially-acquisitive company? Aren't acquisition costs core to its business strategy?"

"Despite McDonald's' hollow attempts to miscast some of our "demands," the reality is our asks are completely reasonable and can help the Board restore its broken credibility with shareholders"

"Site visit findings also implied little deployment of refurbishment or maintenance capex, with graffiti and broken windows left unaddressed by Reuchlinstraße 10-11's management."

"The business is not broken – the valuation of the business is broken and fixing the stock’s valuation is entirely in the hands of the Board and management"

"According to Morgan Stanley, athenahealth is worth $192 per share in a base case DCF. This is broken down into $120 for Ambulatory and $72 for Inpatient."

"For us to be as clear as possible about the length GTT goes to obscure its organic growth rate, we have broken it down quarter by quarter since Q1 2017."

"Edgewater's legacy directors represent a tired and broken Board that has failed to maximize shareholder value despite having over ten years to deliver"

"Another year of empty rhetoric and broken promises is unacceptable. We believe that Phillips must pursue the following initiatives without delay:"

"JCP is not fundamentally broken. In fact, the company has many competitive advantages, but has suffered from years of mismanagement"

"Arconic’s poor performance originates in its broken company culture. From this broken culture flows many of the Company’s problems"

"Dr. Kleinfeld’s broken culture, incoherent strategy and low asset utilization results in profoundly poor operating performance"

"The executive described the resulting patient support burden as a driver of Nevro's broken business model."

"This level of executive turnover is yet another clear sign of a broken culture and terrible leadership."

"Yet mere months later once subject to the pressures and influence of a broken governance culture..."

"Yet mere months later once subject to the pressures and influence of a broken governance culture..."

"The Company’s intransigence at every turn is an illustration of its broken governance culture."

"The Company’s intransigence at every turn is an illustration of its broken governance culture."

"We believe DND’s culture is deeply broken and requires a reconstitution of the Board."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Zillow has a history of broken promises."

"Broken Medical Trust in America"