Callouts & quotes from 135+ activist slides

"In light of our findings that: 1) Generac's core and clean energy business dealership growth is slowing and it has lost partners, 2) Its PWRcell solar competitive advantage vis-à-vis Tesla's Powerwall has diminished, and 3) Some Generac dealers are engaging in allegedly misleading and deceptive marketing practices, we believe the CMO's departure should be a serious red flag."

"Another undercover investigation in the Southeast in May 2022 involving two Generac solar distributors, Powerhome Solar (now Pink Energy), the largest home solar company in the Southeast, and Solar Titan expressed concerns that consumers were being shown potentially misleading economic realities about installing the solar systems and being overcharged."

"…We find many of your responses to the shareholders’ concerns to be misleading, self serving, and defensive…Given the inconsistencies in many of your recent communications, we expect that the shareholders would welcome Elliott’s nominees to the Board to ensure proper and timely execution and to avoid risk of backsliding."

"In addition, Herbalife’s SEC filings misleadingly report its sales-based royalties and commissions as an expense called “China Sales Employees” in SG&A (not as Royalty Overrides, as it does for other markets), even though China commissions are calculated using the same sales-based royalty percentages as elsewhere"

"In view of the apparent discrepancy between these public representations and the alleged unlawful practices occurring on the ground, there is a risk that Accor SA could be considered to have disseminated misleading information to consumers regarding the scope and effectiveness of its human rights commitments."

"In August 2025 HelloFresh paid US$7.5 million in a settlement due to a complaint by the Los Angeles County District Attorney's Consumer Protection Division about misleading “dark pattern” marketing, failure to obtain affirmative consent for auto-renewals, and inadequate cancellation processes."

"Eurofins' claim in its response that "Eurofins commissions statutory audits covering nearly 100% of its external sales, EBITDA and total assets, even when this is not required by local regulation. These are performed mostly by Tier 1 and Tier 2 audit firms" sounds good, but is misleading."

"Doug Cole failed to disclose his involvement with Longwei. During Cole’s tenure, Longwei’s CFO “routinely” made misleading statements, ran a fraudulent scheme to induce the exercise of warrants to generate much-needed cash, and executed a sham purchase of LPIH stock to inflate its price."

"Since Soleno appears to have forgotten to change the fasting glucose graph from the original dataset, we can calculate associated HbA1c values - which suggests to us that the new HbA1c numbers are simply made up to fit a misleading narrative that entry ITT were already prediabetic."

"Spruce Point believes that Evoqua made potentially misleading statements by dismissing sales concerns about Mar Cor, while continuing to increase the earnout asset value, an implicit reflection that it expected to receive the earnout back from its failure to meet sales targets."

"Per our estimates, and excluding external financings, it is increasingly likely Anthony Noto would lose substantially all of his $10+ million PSU performance bonus if not for the intellectually dishonest and misleading financial reporting we have outlined in this report."

"Consolidated multiples are misleading due to large minority interests in much higher-multiple MLPs. Blending MPLX and MPC valuations together obscures MPC’s dramatic undervaluation. Marathon’s accounting treatment of turnaround costs further hides its undervaluation."

"Nuvei (formerly Pivotal Payments) has a dark history in Canada. An investigation of small businesses across Canada reporting hidden charges and misleading sales practices pointed to Pivotal. A spokesman described its salespeople as "sometimes overzealous.""

"MSCI either made misleading or erroneous claims about its ESG business by originally stating that its origins were from 1972 and later revising the statement to 1988. MSCI also no longer claims that ESG is "Better investments for a better world"."

"Weis gives a misleading view of its underlying sales performance in 2017. The Company says it attributes it sales growth "primarily" to acquisitions, but based on our analysis, all of its sales growth (and more) was attributable to acquisitions."

"In our opinion, Aerojet Rocketdyne (NYSE: AJRD) – formerly Gencorp (NYSE: GY) – is facing fundamental pressures, masked by complicated and aggressive accounting, which gives investors a potentially misleading impression of stability and growth."

"Tellingly, HASI chooses to paint a misleadingly positive financial picture. HASI is permitted two tools that would clarify its reported financials: EMI balance impairments and adjustments to the liquidation basis. HASI chooses not to use them."

"Rather than admitting that the Urashima light source is simply an old, re-packaged Russian EUV source no one else wanted, Lasertec appears to be misleading investors with a new name and claims that it is a Japanese-developed technology."

"Enfusion's Audit Chairman was the Chief Accounting Officer and Controller at General Electric when the SEC slammed it with a $200 million penalty for misleading investors related to costs, receivables and financial estimates."

"Chinook, improperly in our view, avoids consolidating losses from SanReno by accounting for the JV as investment securities at fair value rather than using the equity method. We suspect that this is intentionally misleading."

"We think this is grossly misleading considering that not only does Nature's Miracle not have enough cash to buy $100 million in vehicles from FFAI; it does not even have the cash to preorder 1,000 vehicles at $100 apiece."

"EHTH uses a misleading large customer pool as the denominator. The company adds New Paying Members to Estimated Members, which does not make sense, as it ignores the customers dropping out over the course of the quarter."

"Unfortunately for investors, the SEC does not appear (at least not yet) to have pieced together how misleading the company's AFFO figures are, since the AFFO numbers are engineered to exclude their most important costs."

"Phillips, rather than engaging on solutions to an arcane and disfavored governance structure, has responded with false and misleading claims that a non-binding proposal regarding a non-binding Board policy is illegal."

"Phillips, rather than engaging on solutions to an arcane and disfavored governance structure, has responded with false and misleading claims that a non-binding proposal regarding a non-binding Board policy is illegal."

"Applied to the present case, Accor SA’s misleading representations relating to social and human rights practices – as described in Grizzly’s findings – may distort consumers’ perception of a company’s ethical conduct."

"Multiple former employees detail Quantumscape’s ongoing problems with dendrites and imply the CEO is misleading investors with “hype”: “twisted the knobs,” “science is not there yet,” problems even at coin cell size"

"The fact that each independent director signed off on a letter full of purposefully misleading statements and accusations has made us more certain than ever that significant change is needed on Phillips 66's Board."

"We believe CORZQ’s management is well aware that its yields will dimmish over time and then get cut in half in 2024, yet it provided the following misleading chart to investors shortly after announcing bankruptcy."

"Given the nature of the SEC's allegations which relate to misleading core / organic sales and premature revenue recognition, we believe REZI shareholders should be concerned by who it acquired the business from."

"Oklo uses “illustrative unit economics” to promote the anticipated low capital costs and cash returns... We believe there are several problems with Oklo’s unit economics which render them grossly misleading."

"We believe Olam management could be using its desired net income as an input rather than an output when constructing its financials, and that the reported figures might therefore be misleading for investors."

"Another former employee explained the game that QS is playing – declining to show battery life at a fast charge rate, and misleading investors by showing them battery life at a SLOW charge rate instead."

"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."

"The transaction appears to be another de facto lending transaction, making AMT management’s pronouncements about growth potential misleading because additional tenants will not move the needle much."

"In light of our observations about aggressive and potentially misleading financial presentation, investors should not be comforted that the Board ranks itself lowest on "Financial Sophistication"."

"Herbalife recent changes, however, are largely window-dressing - or worse, as they allow Herbalife and its top distributors to keep misleading consumers while claiming to clean up their practices."

"In a vacuum, such selling behavior would be innocuous. However, viewed in the context of BUR's other misleading behavior, this pattern suggests a means by which the company boosts reported income."

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"Globant’s lack of cash flow generation from its core operations, decelerating organic growth, and potentially misleading claims by management are all reflected in our choice of its multiple range"

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"The proxy advisors highlight troubling governance practices at Phillips 66, including selective or misleading communications and a leadership structure that prevents proper Board oversight."

"We are short Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) because its accounting is so complex and misleading that its financial statements are effectively meaningless."

"We believe TFS intentionally uses misleading statements, biased research and seriously questionable accounting practices to inflate the value of both the sandalwood and the company itself."

"We believe that in recent years, Nidec misleadingly and artificially boosted its reported profitability and growth in profits through highly questionable write-offs it took in FY 2012."

"AtriCure's contentions regarding the addressable patient population and penetration rates are so inflated, it's hard to believe the company is not intentionally misleading investors."

"We believe that XL’s high customer attrition rate stems from XL’s lack of engineering edge, its misleading efficiency claims, and its substantial issues with regulatory approval."

"IonQ’s trapped-ion technology is doomed by “pernicious” error rates, a key performance metric and fatal flaw in contrast to misleading benchmarks that portray errors as low."

"attempt to do so, in our view, is because we caught management red-handed and they are sophisticated enough to know that misleading us further could increase their exposure."

"The insinuation that Elliott attempted to have multiple conversations with Mr. Pease to coerce him into carrying out an Elliott agenda is false and deliberately misleading."

"Norfolk Southern's April 2, 2024, statement to shareholders that "John [Orr] shaped and guided PSR initiatives at KCS" is a brazenly misleading interpretation of the facts."

"This creates the misleading impression that the cycle life trend is flat – that is, battery life is stable and barely degrades over time, under low temperature conditions"

"This creates the misleading impression that the cycle life trend is flat – that is, battery life is stable and barely degrades over time, under low temperature conditions"

"Nidec's auditor probably offers little safeguard against misleading accounts - in our opinion, Nidec's auditor is to audit failures what Michael Jordan was to basketball."

"Burford's 2019 financials use reclassification, redefinition to inflate cash receipts, operating profit, and to otherwise present a misleading picture of the business."

"Although CoreWeave’s reported revenue concentration from Microsoft will decline once newly signed agreements with OpenAI begin contributing, this shift is misleading."

"Adding multiple different demos together to create the impression the design can accomplish all capabilities simultaneously is both misleading and disingenuous."

"The substantial revision of the Compensation Statement constitutes an admission that the 2004-2012 versions of the Compensation Statement were misleading."

"In our view, BUR investors are effectively paying a roughly 9% fund expense ratio. We believe that return metrics excluding these expenses are misleading."

"Phillips 66's misleading claims of success on its 2022 targets echo the Board's and previous CEO's failure to hit the AdvantEdge66 cost savings target."