Callouts & quotes from 10,384+ activist slides

"“sitting on over $200 million of take or pay offtake agreements, and we had customers like PepsiCo, Nestlé, Bacardi, you know, expecting us to be able to grow our capacity, so we had to find a way to find a lot of cash fast.” — Stephen Croskrey, CEO (via CNBC)"

"The amounts of sales and net loss from continuing operations before income taxes of Evoqua since the acquisition date included in the Consolidated Income Statement for the three and six months ended June 30, 2023 are $178 million and $49 million, respectively."

"This view is captured in an October 23rd note from Morgan Stanley which estimated only 1%-3% of all incremental US data center power capacity (~2-5 GWe) through 2035 would be provided by SMRs. — Morgan Stanley, A Nuclear Renaissance for SMRs, October 23, 2024."

""Begin with a look back over the past ten years to show the progress we've made and the foundation we've established to drive future growth...Non-US employees grew at a 261% rate while total employees grew 66% over that period." — 2011 Investor Forum (2/10/11)"

""...[We] believe that our integrated business model generates the highest long-term value...So we're committed to that" — Mark Lashier, March 6, 2025; "We can be bigger than that and we can be better than that" — Mark Lashier (on Bloomberg News), April 8, 2025"

"I have very fond memories of Phillips 66. You know, that's where a lot of my growth and development has occurred. Had tremendous mentors...a lot of excellent employees. — Brian Coffman, former CEO, Motiva, Elliott nominee for Phillips 66's board, April 8, 2025"

"Kornit's disclosures give an inconsistent view of actual revenues from Amazon. We find stated discrepancies in both 2016 and 2017 reported revenues. At best just a rounding error, at worst evidence of financial control issues. — Spruce Point Capital Management"

""...[We] believe that our integrated business model generates the highest long-term value...So we're committed to that" — Mark Lashier, March 6, 2025; "We can be bigger than that and we can be better than that" — Mark Lashier (on Bloomberg News), April 8, 2025"

"CIQ promoted to investors: "digital publishing orchestration system with proprietary data algorithms and tools" CIQ in a legal filing: "digital publishing company which distributes news, information and entertainment articles" — Spruce Point Capital Management"

"If you look at the reticle space, for EUV...at the end of this year, I was adding up the numbers as CFO, you kind of roll your eyes you go holy - wow, over $1 billion across multiple products to solve the reticle challenge in terms of R&D investment. — KLA CFO"

"“approving more panels over a larger area than were required” — Legal document/Officer Report; “obviously relevant” — R (Barr) v North Somerset Council [2015] EWHC 1735 (Admin); “layout has been amended” — Officer Report; “approximately 2.5m” — Officer Report."

"Additionally, Apple implemented new requirements for consumer disclosures regarding privacy and data processing practices in December 2020, which has resulted in increased compliance requirements and could result in decreased usage of our Apps. — APP 2023 10-K"

"“The safety and well-being of patients is of the utmost importance to Pfizer, and we believe this action is in the best interest of patients,” said Aida Habtezion, Chief Medical Officer and Head of Worldwide Medical and Safety at Pfizer. — Pfizer Press Release"

"“And in general, the older we get the more medical problems we have so, nothing is really absolute as far as upper limit [with respect to patient age]. But in general, I would say the best candidates are probably in their forties and fifties.” — A sleep doctor"

"Based on the temporal relationship, the known risk of anxiety and bipolar disorder associated with WAKIX, and the improvement of symptoms following discontinuation, a causal association with WAKIX cannot be ruled out. — FDA FAERS – FOIA Case Report Information"

"she was in the hospital due to incorrect dosing — Patient. the patient was in the hospital (reason not provided) and the hospital incorrectly administered the dose to the patient. — Physician's office representative. she felt it was not helping her. — Patient."

"“Absolutely correct. And he was horrible. He was absolutely horrible. I had him do a talk when we were in covid virtually, and [long anecdote redacted]. It was a complete disaster.” — Ex-Harmony territory manager for a large region in Florida and another state"

""in most defense deals, the counterpart does not want to be nominated" and that "For the time being, they asked us to keep silent, keep it confidential and we respect it" — EOS Management. "MARSS has generated around 240 million EUR over 5 years" — CFO of EOS."

"KLA’s imminent EUV market entry will be “catastrophic” for Lasertec, with customers “crying” and “begging” KLA to hurry – “devastating”; “game over”; “everything could turn around in a second…they’re out of business, basically” — Scorpion Capital investigators"

"Michael F. Gambardella, JP Morgan: “I'm just asking was this an auction process or not?” Dr. Klaus Kleinfeld: “No, well, look, I mean, I don't really want to comment on it. I mean, in the end, it doesn't really matter. This is a transformational transaction.”"

"Bloomberg recently highlighted how three Third Point activist investments (Yahoo!, CF Industries, Murphy Oil) delivered returns for public shareholders that beat the S&P 500 in an article entitled, "Activist Investors are Good for the Stock Price" — Bloomberg"

"“Research and development activities are conducted in collaboration with manufacturing activities to help expedite new products from the development phase to manufacturing and to more quickly implement new process technologies.” — Twist 10K filed Dec 20, 2018"

"DeMarco was also allegedly the source of the “percentage of completion accounting techniques learned from the ‘Andersen school of accounting’ that allowed Titan to either overstate or prematurely state revenues at the company.” — Shareholder lawsuit documents"

"[N]obody in Dallas can admit that those tasked with fixing the problem are the ones who created it. We need bold leaders who have the creativity and insight to reexamine a corporate culture that has stagnated for years. — Southwest Airlines Pilots Association"

"“There have been some OK acquisitions, but very little consistency from management, and the execution has been poor. But there has been pressure to continue to pursue M&A to grow the company for shareholders, and to increase comp.” — Former Employee, Hill-Rom"

"That's complete bullshit. Sorry. No way. Not on average. Can they buy some engines that have had bad things happen to them for a million? Yes, but I thought you said that they said on average they're spending a million. Did I hear you wrong? — Industry Expert"

"ADT expects to have the ability to accelerate certain tax deductions that would allow us to minimize our cash tax rate for a period of time beyond the full utilization of the initial deferred tax assets — The ADT Corporation Investor Day Presentation, 9/18/12"

""We found a company that has a practice of breaking the law." — Bruce Rainer, President, UNITE!; "They treat you like garbage." — Loraine Khan, Former Cintas Employee; "It’s a big lie to hear Cintas call us associates." — Jose Cortez, Cintas Employee 11 years"

"JPMorgan Chase Bank is described as “Assignee Secured Party” and—importantly—“senior lender”. The plain meaning is that it is lending money and being assigned a security interest in collateral, and that its security interest is senior. — Muddy Waters Research"

"strengthen Ströer SE's financing ability on the capital market and facilitate possible attempts to raise capital in future and thereby the company's further development whilst preserving Ströer SE's position as a family company. — Ströer Transformation Report"

""We consider a long-term DCF model to represent the most appropriate valuation method for ATHN shares." — Morgan Stanley, p.11; "Of note, we have subtracted from our DCF analysis stock based compensation to account for equity dilution." — Morgan Stanley, p. 4"

"Cinta often remarked that U.S. securities regulators were generally looser with rules around registering public companies than Chinese and Hong Kong Regulators, so it would be easier to take unproven, early-stage businesses public. — Washington Post interview"

""So, we don't have competition -- it's not like we're grabbing market share. It's our market to create. So this is the what keeps me up at night. It's the question -- it's about how do we stay in control while we're growing fast." — Tim Herbert, Inspire's CEO"

"Direct Sales Regulations: Only "[a] direct selling company and its branches may recruit sales promoters," and "[n]o entity or individual outside any direct selling company and its branches may recruit any sales promoter." (Art. 13.) — Direct Sales Regulations"

"IR: "The key thing to note is the difference between the market in general and FTAI when it comes to procuring engines... when you do note that 30 to 50 increase in the market rate, that isn't reflective of what the unserviceable market looks like." — FTAI IR"

"The stock was thinly traded, and petitioner feared that selling it would cause its value to plummet. Petitioner and his stock broker established multiple nominee accounts to sell the stock while also attempting to stabilize the market. — 2009 tax fraud ruling"

"“I heard the light source in the new Lasertec tool, the A300, doesn’t work, and TSMC evaluated it, but I heard that it failed at TSMC. Is that true?” “Yes. It failed.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC"

"The first words the mechanic said to me were "Did you know this car has been in a wreck?" I told the mechanic that Carvana said it had been damaged in transport. The mechanic told me that it was more than damaged. It had been in a wreck. — Anonymous Customer"

"In addition, the Company improperly accounted for other items that overstated net income, including the estimation and recording of self-insurance reserves, its recognition of equipment rental revenues, and its income tax accounting. — SEC URI Complaint 2008"

"The corporate governance/stewardship superiority or the cloak that BlackRock appears to adorn itself with, is reminiscent of Hans Christian Andersen's tale 'The Emperor's New Clothes': within the industry, BlackRock stands naked, indefensible, and shameless."

"I think energy investors are really focused on pure play companies that are focused on core businesses that are efficient, well run and superior capital allocation. Right? Investing and growing empires rarely is awarded in the energy space. — Stacy Nieuwoudt"

"None of our executive officers served as a member of the compensation committee of another company, or as a director of another company, whose executive officers also served on our compensation committee or as one of our directors. — HPE 2017 Proxy Statement"

"“They have a very, very large and complicated manufacturing scheme where they overbuild in order to deliver the product... The thing I kept saying is they were shipping with every gene and every oligo pool a $20 bill to people.” — Ex-senior executive of Gen9"

""The success of a currency board arrangement, and its acceptability to local people and businesses, depend to a considerable extent on the anchor currency being reasonably stable." — Tony Latter, Former HKMA deputy chief executive and co-architect of the peg"

"When shareholders sued Amdocs in 2002, included among the allegations was a charge that the Company “misled the market to believe that Toes Corporation was merely an unaffiliated shareholder,” not a group of Amdocs employees. — Shareholder Lawsuit Allegation"

"The contributions of the Recent Acquisitions totalled $41 million. — Q1 2023 Report; The contributions of the Recent Acquisitions for the full period compared to partial contributions in the same period last fiscal year totalled $61 million. — Q2 2023 Report"

"We have a strong conviction in our ability to create incremental value from this combination and are raising our long-term target for real estate revenue growth to the high-teens from the mid-teens percentage range. — Real Capital Analytics (RCA) Aug 2, 2021"

"Dan, the block model reconciliation is obviously a moving part, because we have to look at different areas of the pit that are being mined, because some areas of pits are higher than where we said it was going to be. — Unnamed source (likely internal/expert)"

""The Company is currently in the process of evaluating the impact of this standard and expects that the adoption of the ASU will increase assets and liabilities related to the Company's operating leases on the consolidated balance sheets." — Porch Group Inc."

"According to Moody's, a credit rating agency which was privy to Itiviti's management and insights about its business given its public debt rating, contracts were shorter than BR management's claims, and the recurring revenue mix was less than 100%. — Moody's"

"Property, plant and equipment is stated at cost. Depreciation is generally computed by the straight-line method over the estimated useful lives of three to 30 years for buildings and improvements and three to 10 years for machinery and equipment. — 2019 10-K"

"“As our momentum continues, we are raising guidance once again for the current year. Our guidance for the non-GAAP revenue is increasing by $25 million to $1.37 billion representing 10% growth and acceleration from the prior year.” — Dan Bodner – CEO, Verint"

""As our momentum continues, we are raising guidance once again for the current year. Our guidance for the non-GAAP revenue is increasing by $25 million to $1.37 billion representing 10% growth and acceleration from the prior year." — Dan Bodner – CEO, Verint"

""These factors were partially offset by the collection of $35.0 million of cash in the three months ended June 30, 2018, as a result of the modification in June 2018 to the AR1 Other Transaction Agreement ("OTA") with the U.S. Air Force." — Q2'18 10-Q, p. 41"

"Islam is fast growing by violence and intimidation. A so- called religion that deprives women its most basic rights where rape, honor killings and genital mutilation is a common occurrence that is encouraged. It's a disease not a religion. — Alan Malki, M.D."

""During the fourth fiscal quarter of 2020, the Company recorded an out-of-period adjustment that impacted the Consolidated Balance Sheets, Consolidated Statements of (Loss) Income and Consolidated Statements of Comprehensive (Loss) Income." — Heska 2020 10-K"

"My decision to resign follows a protracted campaign by a majority of the Board, controlled by and acting under the direction of Oracle Partners (Oracle) (BIOLASE's largest stockholder) and Larry N. Feinberg (Oracle's Managing Partner) — Former CEO of Biolase"

"If you look even at the big airlines that have lower margins than the top two, there’s a core airline within them that has the same kind of margins as United and Delta, but it’s dragged down by the stuff that loses money. — United CEO Scott Kirby, June 2024"

""It's a retail company who thinks it's competing with Amazon without any technology" — Senior Software Engineer, Glassdoor.com; "If you're an IT professional avoid this place like the plague!!! Especially Finance IT!" — Former Project Manager, Glassdoor.com"

"安踏集团河南锐力体育用品有限公司起业于2011年投资总额近10亿元.规划发展为占地1000亩,拥有6000余位员工,规划年产鞋量400百万双规模的专业鞋业公司,是安踏公司深度战略合作伙伴,锐力公司以“以人为本 品质服务 效益责任”为宗旨,提倡人性化管理,大力引进先进生产设备与高知人才,不断优化生产管理,提升品质量,力争成为生产优质顶级运动鞋的制造企业,欢迎有志之士的加盟. 您的加入,是锐力的荣耀! — the Anta company's deep, cooperative strategic partner"