Callouts & quotes from 195+ activist slides

""We have reviewed the procedures used by the Board of Directors in arriving at its estimate of value of such investments and have inspected underlying documentation, and, in the circumstances, we believe the procedures are reasonable and the documentation appropriate." — Arthur Andersen LLP (previous audit language). "[W]e have written that we believe these allegations are unfounded and uninformed and have attempted to produce as much factual rebuttal as possible." — Merrill Lynch report."

"“I arrived at Siemens at a very difficult moment... Siemens needed to execute more rapidly, and to do that we had to take a hard look at both our organizational structure and whether we had the right people in the right jobs. Within months of my taking over, we replaced about 80% of the top level of executives, 70% of the next level down, and 40% of the level below that.” — Peter Löscher, The CEO of Siemens on Using a Scandal to Drive Change, Harvard Business Review, November 2012"

"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. At the same time, it will position the new security company to build scale and make the necessary investments for the future. — Michael W. Lamach, IR Chairman & CEO, Dec. 10, 2012"

""I have been playing this game for a while and was rating it 5/5 at the beginning but it became really unfair for those who do not want to pay... Too big of a difference in gifts between those who pay for the season pass and the others (before that, we still had a bonus at each level, then it went down to 1 bonus every 3 levels and now 1 bonus every 6 levels...) Moreover, XP points aren't calculated based on the ranking anymore, it's lame" — Salomé Destal (Google Play Review)"

"Let's now review our recent acquisitions. First off, let me say that I'm particularly pleased with the progress we have made in 2022 in becoming the undisputed leader of our industry. We have continued to be active and disciplined on the acquisition front and completed 6 transactions, adding key expertise in high growth sectors such as environment and water, while expanding our offering to clients in the government space amongst others — CEO Year End 2022 Call"

"“highlighted with apology this inconsistency [that] arose due to statistician error,” — Bioprojet. “vehemently agreed with the agency about the need to prespecify primary and secondary endpoints.” — Bioprojet. “sponsor acknowledged the errors and rectified the efficacy tables...this did not change the overall conclusion but took arduous effort from the statistical reviewer to make sure the sponsor presented accurate analysis results.” — FDA Reviewer."

""The incredible multi-use spray lubricant that's TWICE AS GOOD!" — Justice Brothers; "This is the best penetrating oil I have ever used." — Amazon Reviewer; "Friends don't let friends use wd40." — Amazon Reviewer; "JB-80 is twice as good. It's teflon based, last twice as long and viscosity is thicker. It's much better." — Hardware Store Owner; "It's like an LED light blub. Higher investment up front but last more than twice as long." — Customer"

"It is getting worse and worse!!! Everything was fine at the beginning, the rewards were interesting, there were regular quests (and different ones). The articles were a lot cheaper. I went from 300,000 (in-game) cash to 60,000 in a few weeks without changing the way I play. I sent e-mails but nobody wants to tell me why. It is a shame because when I will be out of cash, I will not be able to play anymore. — Mélissa (Google Play Review)"

""As part of its lawsuit, Boots Capital sought . . . to object to the appointment of our new CEO Steven Moskowitz to the Board and its resulting expansion of the Board" — Crown Castle Inc. Investor Presentation. "Boots has interfered with the Fiber review at multiple stages through unneeded & baseless litigation . . . by seeking to keep our CEO, a critical input in the review, off the Board" — Crown Castle Inc. Investor Presentation."

"Regarding your question 2.5: The freeXmedia transaction was reviewed in great detail at that time both internally and externally. We have commissioned appraisal reports et al and sought legal advice for the acquisition of freeXmedia. Neither the external consultants nor the supervisory board or shareholders objected to the transaction. We thus have no reason to assume there was anything unlawful about the transaction. — Dr. Metzner"

""I used a bunch of products like Hada Labo premium, Eucerin and La Roche Posay. Nothing helped until I decided to try out this one." — Amazon (US customer review). "This lotion is a saviour to all dry skin beauties... None of the Indian creams have worked for me, Nivea, Dove etc." — Amazon (India customer review). "This product is really hydrating... Also really good as a night time mask" — Lazada (Philippines customer review)."

""We have identified and are currently reviewing certain customer transactions for which revenue was recognized and reported in the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of fiscal 2005... the consolidated financial statements... should not be relied upon as an accurate reflection of our financial results for these periods." — Stratus Technologies"

""We have no intention to fill Steve's job at this point," Axelrod said in a telephone interview this morning. "I'll take the time to review the organizational structure to determine our needs to grow from a $2 billion company to a $4 billion one within two to three years, and so Steve's job may or may not be filled. We are certainly not going to fill it today." — Axelrod, Home Textiles Today, Feb 5, 2003"

"Operating systems dated — Glassdoor Review (Jun 18, 2019). Computer programs and processes are antiquated, Very little support when it comes to fixing system concerns — Glassdoor Review (Aug 13, 2018). Some growing pains but moving to SAP and in to a new building will help! — Glassdoor Review (May 4, 2017). Outdated computer programs, but SAP implementation has begun — Glassdoor Review (Apr 18, 2018)."

"It's not just Amazons Frontline ; it looks like Frontline from a lot of stores for some reason is NOT working now! Always used Frontline for years , now I ended up at the vet to get something that really works now Nexguard! I gave them a one star for the past ! Never again ! Fleas are no joke , about lost my mind with the fleas when I finally realized it wasn't working ! — Amazon Customer Review"

""Audit-Related Fees include professional services performed by the Company for its clients' benefit on the design and/or effectiveness of the Company's internal controls relative to the services the Company performs for its clients, and reviews of compliance with performance criteria established by the Company for the services the Company performs for its clients." — Proxy Statement Language"

"“The status quo is no longer acceptable! The Board must steer and oversee a review of the operating performance and hold management accountable for improvement. I welcome the opportunity to roll up my sleeves and work side-by-side with Phillips 66 employees to drive improvement - we need their collective knowledge and buy in to quickly turn the operating performance around.” — Brian Coffman"

"The status quo is no longer acceptable! The Board must steer and oversee a review of the operating performance and hold management accountable for improvement. I welcome the opportunity to roll up my sleeves and work side-by-side with Phillips 66 employees to drive improvement - we need their collective knowledge and buy in to quickly turn the operating performance around. — Brian Coffman"

"During 2015, the Company identified a material weakness related to the process to prepare and review its quarterly and annual income tax provision. The material weakness relates to deficiencies in the design and operation of controls in response to the increased complexity in the legal entity structure of the business following the Enterprise acquisition. — Zebra Technologies 2015 10-K"

"Fun place, poor leadership, male dominated... There's a mold- white men and young women. Lacks diversity in tight and leadership. Unsupportive over the pandemic in various ways... Advice to Management: Rob and the leadership team lack empathy and diversity - which is oh so needed especially during a pandemic. Get on board mentality or else. — Glassdoor Review (January 14, 2022)"

"Experts question the claim by Quantumscape, backed by $500 million from Bill Gates, Silicon Valley venture capitalists, and VW — Marker. But most battery researchers don't believe it — The Mobilitist. But some observers aren't convinced that QuantumScape's lithium-metal batteries will power cars and trucks on the road as soon as the company claims. — MIT Technology Review."

""Camera Uploads making duplicates (iOS)." — Reddit User; "I'm having trouble viewing previews in Win10 on some computers that use Dropbox Smart Sync" — Reddit User; "Dropbox support an utter disappointment with 88.4.172 issues -- they've just closed my case because of my OS" — Reddit User; "88.4.172 Wreaking Havoc (Sync Issues) and Dropbox Support" — Reddit User"

""This s**t is magic (...) It's so healing, nourishing, and moisturizing." — MakeupAlley (Curél, USA); "This product is so innovative." — Try&Review (Freeplus, Singapore); "Would eat it if I could. Gorgeous! A lovely treat to use." — Cult Beauty (Molton Brown, UK); "I love this sunscreen! This is the first sunscreen that I wear everyday." — Kokoro (Bioré, Japan)"

"The Internal Audit team as directed by and under the supervision of the Audit Committee of the Board of Directors (the "Audit Committee") uncovered no evidence that supports the allegations mentioned. The Audit Committee has reviewed the result of the investigation and concurred with the conclusion that the allegations were baseless. — TAL Education Group"

"1. Strategy is the creation of a unique and valuable position, involving a different set of activities 2. Strategy requires you to make trade-offs in competing – to choose what not to do 3. Strategy involves creating “fit” among a company’s activities — Michael E. Porter, “What is Strategy?”, Harvard Business Review, November-December 1996 Issue"

"“No offense, but we don’t really care what you think,” he says. “The people we care about are our customers. They’ve seen the data, they’ve run the tests in their own lab, they’ve seen it works, and as a result they’re putting in massive bets on this company. VW has gone all in.” — Jagdeep Singh, CEO of QuantumScape (via MIT Technology Review)"

"Focus is solely on revenue. Customer satisfaction isn't acknowledged. Shove integrations down clients throats as fast as possible even if it is sloppy. Company is realigned nearly monthly. I had 6 managers in 12 months, 3 of which never met with me. Company is cut throat and is laying off and firing their best employees. — Glassdoor Review"

"This is one of the most crooked companies I've ever done business with. I made the mistake of buying two cars from them, and they require a GPS unit to be installed in the cars, which is fine, except their hack mechanic that installed them caused a short in one of the cars, and they refused to fix it without charging me. — Yelp Reviewer"

"[...] the Board regularly reviews its leadership structure and considers this to be a key component of fulfilling its fiduciary duties to our shareholders. Importantly, the Board has chosen to maintain flexibility in its leadership structure and has not mandated the separation of the Chairman and CEO roles — BlackRock Proxy Filing 2024"

"results from sites in Russia...cannot be trusted — Study of foreign trials cited in Petitioner's report. "disturbing and it's good to get it published...offshoring for financial reasons is bad because it raises risk of malfeasance." — FDA Commissioner Robert Califf. "The primary EDS endpoint, the Epworth Sleepiness Scale" — FDA review."

"[...] the Board regularly reviews its leadership structure and considers this to be a key component of fulfilling its fiduciary duties to our shareholders. Importantly, the Board has chosen to maintain flexibility in its leadership structure and has not mandated the separation of the Chairman and CEO roles — BlackRock Proxy Filing 2024"

""We have implemented a zero-based budgeting process by brand with a sophisticated ROI analysis looking at every single piece of our marketing mix to ensure we are spending money only where we are getting the best returns." — Tony Hooper, EVP of Global Commercial Operations at Amgen, Amgen 2014 Business Review Meeting, October 28, 2014"

"Overall, a strong culture of fear. The culture and company practices promote individual, rather than team, achievement, motivating selfish choices and combative relationships between coworkers. Public shaming is common practice, and team leadership turns a blind eye to disrespectful behavior between colleagues. — Glassdoor.com review"

"The Applicant analyzed the effect of the 20 mg dose compared to placebo and the 40 mg dose compared to placebo in the stable dose period. The relative risk of cataplexy events in the 20 mg dosing group was 0.392 (95% CI [0.270, 0.571]; p < 0.0001) and 0.623 in the 40 mg dosing group (95% CI [0.510, 0.761]; p < 0.0001). — FDA Review"

"The Meridian Speedway ... is a corridor that serves NS' intermodal segment and goes between the Southeast and the central Texas market and the Southeast and Southwest markets in California and Arizona ... NS stressed the importance of the corridor to its business when STB was reviewing the merger between CP and KCS. — FreightWaves"

"“The Sponsor evaluated the effect of pitolisant on the QT interval in two studies (Studies P09-11 and P14-05) [...] Study P09-11 was a total QT (TQT) study that evaluated doses up to 120 mg (single dose). Study P14-05 was a single ascending dose (SAD) study that evaluated doses up to 240 mg.” — FDA CDER Clinical Review, Dec 2018"

"On a periodic basis, management reviews the costs incurred to date and the estimated costs to complete for each project to determine whether the amount recognized as costs and anticipated profits in excess of billings is an accurate estimate of the amount that the Corporation has earned on its projects. — WSP 2022 Annual Report"

""The thresholds were revised by the Human Resources and Compensation Committee in the context of its annual executive compensation review conducted at the beginning of each fiscal year to take into account, among other elements, the fact that the base for the calculation is growing every year." — FY15 Management Proxy Circular"

"Activist Investor Irenic Builds Stake in Forward Air — THE WALL STREET JOURNAL. Activist Ancora Pushes Forward Air to Pursue Sale — THE WALL STREET JOURNAL. Alta Fox Calls for Immediate Strategic Review at Forward Air Corporation — Alta Fox. Forward Air retains investment bankers to sell company, sources say — FREIGHTWAVES."

""But it’s the interviews — watching patients recount agonies they’ve suffered from poorly researched and regulated medical devices — that are hardest to sit through…The Bleeding Edge” isn’t an anti-medical film, but a look at calamities caused when the obsession for profit overwhelms an industry." — New York Times review"

"“Buy sticky Trustpilot reviews that don’t drop. Our Trustpilot review agency delivers 100% live, natural reviews with 1-year guarantee.” — SuperSeoteam; “Offering top-tier Trustpilot reviews starting at just $4 for non-sticky and $15 for guaranteed sticky reviews with aged accounts. Bulk discounts available!” — Seo_solve"

"Based on the review of our 2004 financial statements following our initial release of unaudited financial statements on March 10, 2004, we announced on May 10, 2004 that we had determined to make adjustments to our 2004 financial statements, including the following: [list of adjustments] — Descartes 2004 Annual Report"

"…launching without a liver REMS would certainly be a potential area of differentiation [from sparsentan], and we do think we have a strong scientific rationale to support that for atrasentan… So we'll begin that dialogue. It's likely ultimately to be a review issue. — Chinook Company Conference Presentation, May 10."

"Fears that PwC Australia's burgeoning conflict-of-interest controversy over retirement payments made to former partners will spread to overseas member firms is piling pressure on local leadership to resolve the widening issue. — Australian Financial Review "PwC Fears Payments Issue Will Go Global", March 22, 2019"

"The Committee is responsible for “periodically reviewing and advising the Board on the Company’s strategic direction and investment in research and development and technology (“R&D”). Such oversight shall include key aspects of internal and external investments.” — Charter for the Science and Technology Committee"

"‘the Subpoena sought communications and other documents concerning potential issues related to the Company’s Zio Systems, including that the Zio Systems were failing to timely transmit patient cardiac data to physicians for review after the occurrence of a cardiac event.’ — DOJ Petition for Order to Show Cause"

"In a separate action, the board voted to reduce for 2003 the management fee rate to 24 percent from the current 25 percent... this action was taken after the board's consideration and review of the relative financial position of the Erie Insurance Exchange and the Erie Indemnity Company. — Company Transcripts"

"The CEO said very offensive and culturally derogatory statements to multiple of my female coworkers of color. — Glassdoor Review. No one speaks about the cult that the CEOs and Head of HR were apart of, which is interesting because several tactics from the cult are used to run the agency. — Glassdoor Review."

"Billing is an absolute nightmare and causing many frustrations with clients - the issue is left on the AM team to chase billing for updates — Glassdoor Review (May 2022). The billing function is understaffed and clients and team members are leaving due to the incompetence — Glassdoor Review (Jan 2022)."

""They have even been known to sell technology that has not been invented yet" — Recent reviews; "Sometimes programs are underbid and understaffed" — Recent reviews; "We often find ourselves out of depth (agreeing to contracts with not enough time or money to execute, planning, etc.)" — Recent reviews."

"“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” — Sally Smith, Chief Executive Officer, 8/16/16"

"“By far the worst merchant company. Not honest at all for anything” — Rana K. (BBB Review). “Horrible Company, Unprofessional, Rude.” “Has no business ethics whatsoever” — Krisha B. (BBB Review). “They also don't tell their clients when the machines need to be updated” — Charity C. (BBB Review)."

"“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.” — Black_seo"

"We report our financial results as one operating segment. Our consolidated operating results are regularly reviewed by our chief operating decision maker, principally to make decisions about how we allocate our resources and to measure our consolidated operating performance. — Magnite, Inc."

""A Company For Carrying Out An Undertaking Of Great Advantage, But Nobody To Know What It Is" — South Sea Bubble. "No offense, but we don't really care what you think" — Jagdeep Singh, MIT Technology Review. "Disclosure, [Singh] suggested, reflects weakness" — Marker/Medium article."

"Overmatured market -every loan officer has been called on in the state of Texas and most of them will never do business with Goosehead again because at some point the ball was dropped, their agent quit, or because we keep on calling them. — Glassdoor review from Texas-based employee"

"“the development and druggability of tiprolisant (BF2.649) has been questioned, since it had limited oral bioavailability, was a potent inhibitor of CYP2D6 and hERG, and also had a high potential for inducing phospholipidosis….” — 2010 review paper on H3 receptor compound programs"

"swift-financeltd.com has recently come under fire for operating as an unlicensed and fraudulent online trading platform. Marketed as a legitimate broker, this website is in fact part of an elaborate scam that targets especially inexperienced and novice traders. — Forexbrandreviews"

"Going forward, post-closing, we will convert all DigitalGlobe financials into IFRS and also ensure the financial presentations are consistent with MDA’s. Our preliminary review did not reveal any material inconsistencies in DG’s financials between GAAP and IFRS. — CFO Wirasekara"

"Through Our Capital Allocation and Financial Policy Review Process, We Have Established Key Principles to Determine Amounts and Process for Returning Excess Capital to Shareholders on an Ongoing Basis — Sotheby's Capital Allocation and Financial Policy Review, January 2014."