Callouts & quotes from 237+ activist slides

"In addition, HARMONY 1-bis displays all the other red flags as HARMONY 1: questionable foreign jurisdictions, with 40% of trial patients in Hungary and Argentina; pitolisant patients continued taking concomitant narcolepsy medications, creating a confounding factor; dose response data is again withheld, even though dosing was all over the place with 24% of patients on 10mg and 63% on 20mg; protocol violations and amendments, such as what appears to be another trial-size expansion, which the EMA review alludes to with no detail."

"CEO Fayer’s businesses have each come under scrutiny. His current biography says he founded Pivotal Payments (now Nuvei) in 2003. However, it doesn’t talk about the fact that his Company PaySystems was still operating in 2004. PaySystems ended poorly with consumers putting up websites such as PaySystemsFraud.com. Even today, industry reviews claim that Nuvei is nothing more than a continuation of Pivotal’s old shady practices."

"We do not have sufficient, qualified personnel to prepare and review complex technical accounting issues and effectively design and implement systems and processes that allow for the timely production of accurate financial information in accordance with internal financial reporting timelines to support the current size and complexity (e.g., acquisitions, divestitures and financings) of the Company."

"Based on our review of LinkedIn and other sources, we believe a large volume of CCTs in the US are located in remote locations. Not only does this suggest the opportunity for questionable reimbursement practices on the part of iRhythm, but we believe it also calls into question iRhythm management’s numerous claims related to the build-out of its CCT “Center of Excellence” in San Francisco."

"Playtika indirectly puts a lot of pressure on and gives incentives to the studio to monetize their game very aggressively this is immediately noticeable in the player reviews, all saying that the game is very addictive but at a certain point, it is not possible to keep unlocking new designs and progressing without spending a lot of money, making the game "boring" for most users very fast."

"Our interactions with a significant quorum of other shareholders holding BHP shares worth tens of billions of US$ have revealed extremely broad and deep-rooted support for pro-active steps to be taken by management to achieve an optimal value outcome for BHP’s petroleum business following an in-depth, open and timely independent review, with full disclosure of the review results"

"After reviewing the details provided, we regret to inform you that we are unfortunately unable to confirm this booking. In accordance with our internal policies and our responsibility regarding the accommodation of minors, as the information currently provided does not allow us to verify this requirement, we are not in a position to proceed with the reservation as requested."

"Based on Spruce Point's forensic review of MDA, it appears the Company was not only struggling to cope with the levered acquisition of Space Systems Loral (SSL), but also using aggressive financial presentation and accounting methods to deflect its underlying problems of order declines as new high-throughput satellites and low-earth-orbit (LEO) constellations come online."

"It appears that no matter the auditor in 2017 or 2022, there's a consistent warning that a critical audit matter relates to the carrying value of the assets. The current auditor is evaluating the historical EBITDA projections vs. actual. Based on our review, management was overly optimistic about access to milk for production, and EBITDA margins have materially declined."

"The previous study covered MAUDE data through 2021. Our review from 2018 to the present shows Aquablation has resulted in 24 deaths since FDA approval. Moreover, FDA adverse event data suggests Procept's transfer of manufacturing operations to a new location in Q3 2023 resulted in above-trend equipment malfunctions, suggesting poor execution at patients' expense."

"Sell-side promoters are divided on Zebra, and there is even one analyst with an underweight opinion and market perform rating and a $290 per share price target. We believe that even that is overly optimistic because analysts fail to conduct a rigorous forensic review of Zebra's recent acquisitions and financial reporting which suggests more issues lie ahead."

"Once again, we urge Glencore’s Board of Directors to take all the necessary steps to (1) separate the thermal coal business, in order to accelerate Glencore’s repositioning as a leading pure player in metals, which are at the very core of the green economy transition, and (2) undertake a review of the strategic options for Glencore’s holding in Viterra."

"Of the 2 other deaths, one was a 62-year old who died of pulmonary edema and a 38-year old who committed suicide. Although the reviewer indicated “no clear association” with pitolisant, we note an alarming number of similar adverse events since approval, per the FAERS database, whether pulmonary edema or psychiatric ones such as suicidal fixation."

"Skepticism among scientists makes it "really hard" to get the machine’s data through peer review, forcing "absolutely crazy" amounts of extra validation; struggle to publish papers given lack of trust by academics; vicious cycle as institutions can’t afford the machine, which limits the number of papers; BLI cutting themselves “off at the knees.”"

"CEO Wilson formed the Cuattro Foundation on 12/27/18, about a month after the November 2018 transaction with Heska. Given Wilson's history of related party transactions (read the Heska proxy related to the Cuattro Veterinary deal), we would love to review the foundation's activities, but it hasn't filed a Form 990 (as required) since 2018."

"Based on a survey conducted by the Financial Services Regulatory Authority of Ontario ("FSRA"), 62% of WFG agents reviewed were cited for contraventions of the insurance act with the most common contravention being a lack of disclosure on which insurers the agent were representing and insufficient disclosures on conflicts of interest."

"THIS GENERAL INVESTMENT FUND RISK DISCLOSURE IS NOT COMPLETE. THE ABOVE SUMMARY IS NOT A COMPLETE LIST OF THE RISKS AND OTHER IMPORTANT DISCLOSURES INVOLVED IN INVESTING IN PSH AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN PERSHING SQUARE'S FORM ADV PART 2A AND IN PSH'S PROSPECTUS, WHICH MUST BE REVIEWED CAREFULLY."

"THIS GENERAL INVESTMENT FUND RISK DISCLOSURE IS NOT COMPLETE. THE ABOVE SUMMARY IS NOT A COMPLETE LIST OF THE RISKS AND OTHER IMPORTANT DISCLOSURES INVOLVED IN INVESTING IN PSH AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN PERSHING SQUARE'S FORM ADV PART 2A AND IN PSH'S PROSPECTUS, WHICH MUST BE REVIEWED CAREFULLY."

"Spruce Point fact-checked C3's claim from a May 23, 2018 press release announcing a partnership with Intel. We observe that on the same day C3 announced the alliance, Intel also issued a press release about enterprise AI, without referencing C3.(1) A review of Intel's website suggests limited evidence of a deep partnership."

"The Audit Committee of the Board of Directors concluded that the Company has a material weakness in its internal control over financial reporting as of September 30, 2019 and December 31, 2019 related to a design deficiency in the Company's review controls over unusual or non-recurring and significant transactions."

"As an immediate first step, we call on management and the board to initiate an in-depth, open and truly independent review of BHP’s petroleum business, to be overseen by a committee which includes management, shareholder representatives and outside experts, with full disclosure of all results on a timely basis"

"As an immediate first step, we call on management and the Board to initiate an in-depth, open and truly independent review of BHP's petroleum business, to be overseen by a committee which includes management, shareholder representatives and outside experts, with full disclosure of all results on a timely basis"

"Elliott believes that there is an opportunity for stockholders to realize value SIGNIFICANTLY greater than BMC's current stock price through the addition of thoughtful and experienced technology executives who will encourage a full strategic and operational review with the aim of maximizing stockholder value"

"User Black_seo offers “Boost your online reputation with our premium Trustpilot review services. We provide both Verified Trustpilot Reviews ($10) and Non-Verified Trustpilot Reviews ($5). Perfect for businesses looking to increase credibility, attract more customers, and rank higher in search engines.”"

"Independent Board representatives that will: Run a process to hire the best CEO and executive team, Set proper performance targets and incentivize and compensate management appropriately, Monitor and review the performance & strategy of the new leadership team, Hold the new leadership team accountable"

"We believe the spin-off, which is the result of an in-depth review of strategic alternatives by our Board and management, will allow both companies to enhance value by allocating capital and deploying resources in a more focused way, while preserving and increasing synergies within their businesses."

"The majority of 5-star reviews for BankFive come from spurious accounts with generic first names and often several perfect reviews to BankFive, e.g. Holly, (7 5-star reviews to BankFive), Lorraine (6), Elsa (5), Kevin (5), Charlotte (4), Fernando (4), Susan (4), Linda (3), Hilda (3), and Russel (3)."

"Low compensation levels as indicated by Carvana’s filings is confirmed by employee reviews posted online: it appears that management is trying to attract talent without offering attractive compensation by creating a “fun” startup-like culture and hiring young people with low salary expectations."

"The internet is littered with websites promoting their “best” or “top” pest control companies. Not all rankings are necessarily independent, and many are advertising supported. However, upon a recent review we found five out of six rankings promoting Terminix as the best overall company."

"How can HIMS claim “clinical excellence” when most interactions involve automated chart reviews followed by a check by a physician. Also, a former executive corroborated that the HIMS systems simply allowed users to change any questionnaire answers that resulted in prescription denial."

"A consistent theme among recent employee reviews of Mettler is that the company’s “operating systems are dated”, computer programs are “outdated”, and “growing pains” related to SAP. This should be an extreme concern to investors given $660m+ of capitalized software over twelve year."

"We have serious concerns with the Company's management of the formal review of strategic alternatives it announced on November 30, 2015, only a month after a consent solicitation was launched by a dissident seeking to remove and replace four of the incumbent directors on the Board"

"Lazard also reviewed other approaches such as the (1) repurchase of shares only and (2) the separation of TWC and repurchase of shares. Both approaches appear to provide significantly fewer corporate benefits and create less value compared to the value created through Separation."

"In our opinion, MAXR’s 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results. Based on our forensic review, we estimate EBITDA and EPS are overstated by 17% and 79%, respectively"

"Washington state terminated coverage after a lengthy 2018 evidence review by 11 clinicians, slamming stimulators as unsafe with sky-high complication rates of 42-60%, and concluding that they fail to provide pain relief or reduce the need for pain medication like opioids."

"Our review of the emerging markets which American Tower has entered (India, Ghana, Uganda, South Africa, Brazil, Mexico, Columbia, Chile, Peru) has revealed a multitude of operational risks with strong potential to negatively impact the Company’s long-term performance."

"Investors should be attuned to Aerojet’s large revenue miss in Q4’18 that disappointed investors by nearly 15%. Given our fundamental review of its program and revenue opportunities, we believe this is just the beginning of the revenue disappointment story unfolding."

"Upon a close review of the text of the provided acquisition timeline, Spruce Point concludes that, per the deal proxy, it appears that neither the (2) "Preliminary Alternate Plan" nor the (4) "Illustrative Guidance" was ever provided directly to potential acquirers."

"Machines made specifically for inspecting photomasks have been Lasertec’s bread and butter since the 1970’s – a small niche versus other segments of the tools market like wafer inspection, defect review, or metrology, hence its historical market cap of $100-200MM."

"While some reviews on Glassdoor need to be taken with a grain of salt, we find relatively consistent messaging regarding the popularity, perceived integrity, and decision-making of the team installed by Blackford, many of which were former associates from Dexcom."

"On February 2, 2018, Michael Dell and Silver Lake made their threats explicit by announcing a strategic review of the business, shamelessly adding to their press release "we do this from a position of strength" – a subtle but clear message to DVMT shareholders."

"A majority of the BR stock promoters are neutral / hold with their BR recommendations. Yet, we don't believe any of the analysts have conducted a rigorous forensic review of the Company to stress test its accounting and claims of being a SaaS-like fintech."

"Based on a review of the transactions listed in Exhibit 4.49, the unique strategic franchises and the competitive position of Networks, private market valuation is estimated at 16x - 18x 2005PF OIBDA, implying an enterprise value of $47.6 - $53.6 billion."

"Investors cheered iRhythm's Q2 2025 results, as the Company's shares rallied 18% the day after the earnings release. Based on our review of the results, including information that was conveniently saved for the 10-Q, we question the positive reaction."

"In June of 2007, Wendy’s announced that it was pursuing a sale of the Company. Since then, amidst the fallout in the credit markets and concerns about the failure of the strategic review process, the stock traded down from $38 to a low of nearly $22."

"Our approach to investing in franchise acquisitions is strategic and opportunistic...We have a rigorous, diligent review process. Only when the return metrics are attractive and we see long-term value creation opportunities do we consider a purchase"

"Prestige Brands is described as a graveyard for dying brands on an employee review website. We believe this is an accurate depiction, and that management is taking aggressive actions to make it appear as if there is still life left in the portfolio."

"While Remitly steers investors to Trustpilot and the app store reviews, there are a plethora of other sites that review Remitly unfavorably. Even recent comments on its Facebook page indicate significant negative sentiment around customer support."

"Informed by the online reviews from anonymous current and former employees on Glassdoor, we believe the Board’s lack of diversity has permeated throughout the Company, resulting in broader issues which exacerbate the Company’s cultural problems."

"Thirteen deaths during the pitolisant development program, in the pre-approval period, of which 12 occurred in the foreign clinical trials. The deaths were briefly summarized in a table in the CDER review but otherwise dismissed – a grave error."

"In the circumstances, we believe that the best way forward is for you, the members of the Capricorn Board, to immediately withdraw your recommendation for the Proposed Merger and instead to initiate a transparent and meaningful strategic review"

"We reviewed each profile, and consistent with the CFO's comments, they strike us as either remote workers to support its California-based manufacturing, or as low-level positions with generally inexperienced employees straight out of school."

"In December 2019, we reviewed the 96,432 YY Live PUs that XHL tracks. Our analysis found that 24.9% of these PUs were controlled by YY. We further found that their gift contributions accounted for 48.0% of the gift revenue in our sample."

"Warning: Oatly’s Gross Margin is overstated because it fails to include outbound shipping and handling costs. After a review of many public companies in the dairy, frozen and packaged foods space, we find this to be industry standard."

"This target represents the level of margin expansion we would expect any company to strive to achieve in the normal course of business, not the result of a publicly announced Operating Review that took almost eight months to complete."

"We’re calling on the Audit Committee, led by Harvard Business School Dean Srikant Datar, to review our report with an independent forensic investigator. We believe it’s time for CEO Lobo and CFO Boehnlein to resign or be terminated."

"85% of WFG agents reviewed had best practice issues, which most commonly included agents not taking notes when speaking with clients, insufficient disclosures, and insufficient information given to clients about potential policies."

"Vadara appear to address quality issues Spruce Point have previously raised and that plague Caesarstone's online reviews (cracking/chipping, staining & using chemicals), which appear to be a deterrent to purchasing CSTE's worktops."

"Spruce Point has conducted a thorough forensic review of the Amcor / Bemis transaction, including management’s bold claims for the transaction. Our analysis either disproves, or calls into question, each of the main selling points."

"Spruce Point has conducted a thorough forensic review of the Amcor / Bemis transaction, including management's bold claims for the transaction. Our analysis either disproves, or calls into question, each of the main selling points"