Callouts & quotes from 71+ activist slides

""Our analysis of a theoretical model in which 80% of BWLD is franchised along conservative industry standards yields per share valuations significantly higher than BWLD's current share price" — Nick Setyan, Wedbush, 2/8/17; "[D]irectionally the activist plan is a much better plan than the one the current management team is focused on" — Howard Penney, Hedgeye, 8/18/16; "[T]he math [on a transition to a 90% franchised business model] looks intriguing, even when using what we think are conservative assumptions" — David Tarantino, Baird, 10/24/16; "[D]uring its Analyst Day...[Management] failed to address any changes to BWLD's long-term company/franchise store mix (now at 52% company-owned, which we believe should be reduced) by defending ongoing consideration of future franchise purchases (where we would hope for a re-franchising strategy)" — Paul Westra, Stifel, 8/16/16; "We like the potential for additional value-unlocking actions or a more drastic tack in strategy in-line with some of the ideas outlined in a recent 13D filing...Investors may look past downward revisions if the prospect of transformative action is on the table, but if this is called into doubt, fundamentals suggest a lower price for the stock" — John Zolidis, Buckingham, 9/15/16; "[A] falling [ROIC] as a result of higher capex could suggest a greater proportion of units would create more per share value as franchised units (e.g., where the same capex could be deployed for share repurchases)...Investors remain highly focused on the potential opportunity for BWLD to increase its franchise mix" — Karen Holthouse, Goldman Sachs, 8/4/16; "We view refranchising as a realistic alternative path to value creation for shareholders...Investors often forget BWLD was >65% franchised a few years ago. Our conversations with brokers that specialize in restaurant and franchisee transactions lead us to believe the appetite for most of BWLD's markets would be strong, and could command multiples towards the higher end of the 5-6x unit-level EBITDA industry standard"' — Nick Setyan, Wedbush, 9/12/16; "We believe investors would applaud the introduction of multi-year refranchising programs from Buffalo Wild Wings" — Jeff Farmer, Wells Fargo, 7/13/16; "'Logic' supports the premise that a franchise model is better insulated against economic volatility, generating a high margin annuity stream of royalties with limited operating volatility...We expect investors to further encourage (re)franchising / licensing at [BWLD]" — Jeffrey Bernstein, Barclays, 5/17/16"

""HES has been what we call a 'value trap' for some time." — Societe Generale (January 30, 2013). "In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess." — Deutsche Bank (January 30, 2013). "The simple fact is the market doesn't trust Hess to run its business well, and thus places a discount on everything the company controls." — Morningstar (January 29, 2013). "This is the most undermanaged major oil company in the world." — Jim Cramer, CNBC Faber Report (January 29, 2013). "And so, one of the problems is the board is stuffed with incredibly long-serving members, none of whom seem to have any experience outside the company running an oil company, so there's a real lack of oil industry depth here. And coincidentally, they also happen to have very strong financial connections with the Hess family, helping to run the charitable board, helping to run the estate of the founders." — Reuters Breakingviews (January 29, 2013). "Hess' board has consistently failed its shareholders and has never brought management to task, ever... In light of the company's poor performance the last decade, this is clearly a board that gives John Hess what he wants, rather than doing what is good for shareholders." — Morningstar (January 29, 2013). "The stock price reflects concern about ballooning capital costs, chronic lack of free cash flow, a high oil price breakeven, and recent difficulty executing against guidance and expectations." — Deutsche Bank (October 17, 2012). "We think the market will largely adopt a wait and see approach and not give any free passes to management until clear path towards their cash flow targets and execution capability is evidenced... From a valuation perspective, we think the stock is relatively cheap as a result of the company's less-than-stellar historical performance record and perceived execution risk." — Barclays (July 26, 2012)."

"We reviewed your firm's response and concluded that it is not adequate. Your response states that your firm's process about when to escalate a CAPA to an HHE [health hazard evaluation] was not clear. As such, CAPA procedural updates were made, and training was performed. Specifically, you updated your CAPA to include the statement, "The issue will be assessed... [in accordance with the Health Hazard Evaluation Procedure], to determine if the criteria for an HHE has been met, and whether field action is required." Your firm also conducted an HHE for the Activation Time Mismatch error, as required by your CAPA procedures. In addition, your firm conducted several other HHEs. It is important that the HHE be performed in accordance with your firm's Risk Management SOP (00010) because the outcome of the HHE is used to determine some of your firm's corrective and/or preventative actions. However, based on FDA's own calculations, these HHEs do not appear to be conducted in accordance with your Risk Management SOP (SOP0010). For example, when conducting HHE-[redacted], it appears your firm failed to properly calculate the probability of occurrence of the potential safety issue. Your miscalculation underestimated the likelihood of someone being injured. According to your updated CAPA procedure, the difference in the occurrence rating for HHE-[redacted] would have required an update to your risk documentation and the HHE shows that this was not selected. Further, when conducting HHE-[redacted], your firm failed to apply the Health Risk Table in your Risk Management SOP (SOP0010). This miscalculation is significant because this HHE procedure is used to assess whether or not you will initiate field action. — FDA Warning Letter Dated 5/25/23 (CMS 643474)"

""Trumpf was not profitable and was losing market share.... The German business is still protective of its own. There was a level of resentment [towards Hill-Rom]." — Former Employee, Hill-Rom; "The German and European markets were less interested in advanced tech in its furniture than it was in being able to furnish the entire hospital room through a single supplier. The European business was inherently less profitable." — Former Employee, Hill-Rom; "It is complicated to shift international supply chains to grow foreign sales. Volker lost market share due to the difficulty of shipping from that part of the world. Hill-Rom tried to expand it into new markets, but failed, and neglected the home market. And countries in Europe favor local brands and manufacturing." — Former Employee, Hill-Rom; "Hill-Rom wanted to deemphasize pure furniture and push higher-tech products. But it's hard to do that in Europe. Beds in Europe have less IP. They were not high-dollar products." — Former Employee, Hill-Rom; "The European businesses [acquired by Hill-Rom] were generally better off on their own. They gained access to more geographies through Hill-Rom, but they also lost local knowledge with Hill-Rom in control." — Former Employee, Hill-Rom; "OUS is a different sales pitch... Unlike the US, the number of beds in emerging markets is increasing. But they are lower-ticket items in these areas." — Former Employee, Hill-Rom; "Do they even have a long-term vision? I joined because it felt like a great team atmosphere, but now it feels like it's every man for himself." — Former Employee [Europe-based], Hill-Rom"

""The explant rate was more than 25%. It was a lot. A lot of time I’d replace Nevro with a Medtronic unit because it was so tiny." — High volume KOL; "For every 100 Nevro devices implanted, 30% of them will be explanted within a year or two. What Nevro has done hurts the rest of us because then people are less likely to use any company’s devices. What one greaseball does affects the rest of us. It’s flawed. Nevro’s research is deeply flawed." — High volume KOL; "I had stopped using Nevro. I know so many of their devices that were explanted because patients couldn’t stand the size and programs that drain battery life. The explant rate is higher for Nevro than anyone else. I’m so frustrated with how I put it in. I’ve had zero results with Nevro in trials and it’s so unusual. I’ve had more failed Nevro trials than with any other device. I don’t have an explant rate with other devices. Maybe some three to fours years out. Maybe once a year I explant out of someone. Colleagues tell me Nevro’s explant rates are higher than anything else. I hear that from other doctors. Walk around the next NANS meeting and ask people about explant rates." — High volume KOL; "What is the explant data? Nevro will not publish it. They have to keep information on every patient that gets explanted. With Nevro’s high frequency device, I have never seen so many explants from one company. Every once in a while, I’ll see a crap Medtronic or Abbott device and I need to put in something else. But just in terms of lack of efficacy and explants, Nevro is clearly number one." — High volume KOL"

"CHAIR—I understand that. We heard evidence yesterday in Kalgoorlie about investment schemes that we know have failed, such as Servcom, Oracle and Satcom. Not only have the investors got into a situation where they are confronted with tax debt but they are also being issued notices from one particular company, Servcom, with regard to that company seeking repayment of the loans or other payments associated with the scheme. I think it is a very serious issue; it is one that people such as you ought to give a lot of thought to. Mr Atkinson—I think in fairness—and I think this is what Kevin was saying—at the same time you have to look at the successes in the managed investment industry. Timbercorp was one of the top three most successful listed companies, if not the most successful, on the Stock Exchange in the latter half of the nineties. You have to look at the wine industry in the south-west of Western Australia. You have to look at Barkworth Olives and the absolute growth in the olive industry, which was almost non-existent six or seven years ago. I think it is very important to note that, without discriminating on a project-by-project basis, you cannot be seen to be giving a fair treatment of the industry. There are projects that have failed but, equally, there are projects that have been very successful and there are projects whose commercial viability is imperilled by only one thing, and that is the tax office's treatment of investors in that project in the last two years. — Senate Hearing Transcript"

""Checkmate-026 failure highly surprising represents setback in largest segment of the I/O market...We are disappointed and highly surprised by the outcome and see the failure as largely driven by the study's broad design..." — JP Morgan, August 2016; "This is a MAJOR SURPRISE - possibly the biggest clinical surprise of my career...our only lead is the much-broader patient population in BMY's trial: their high-expresser cutoff was 5% PD-L1 expression, a much lower bar than MRK's 50%." — Evercore ISI, August 2016; "Not surprised CM-026 failed given the 5% PD-L1 threshold...unlikely that other factors played a role. PD-L1 expression level I was the key difference. Opdivo and Keytruda are therapeutically equivalent." — Cowen, August 2016; "...completely puzzled by Bristol's decision to evaluate...at a threshold this low, particularly given that the trial description indicated patients would be strongly expressing PD-L1...and probably most of the market, thought the threshold was at least 10%, and therefore expected that the trial had a reasonably high probability of success...suspect that the reason the trial failed is that the PD-1 threshold of at least 5% was too low." — BMO Capital Markets, August 2016; "Bristol-Myers Squibb has suffered a $21 billion self-inflicted wound." — New York Times, August 2016; "Bristol-Myers went for a broader patient population, potentially winning a bigger market but increasing its risk of failure." — Investor's Business Daily, August 2016"

""It’s rare to see a device not working at all, but I’ve seen with Nevro at 6 months that it’s not helping patients." -KOL; "The biggest reason for Nevro explants is device failure. That’s probably the biggest reason, over 80-90%. And then infection rates. But it’s almost always failure. Anecdotally and from the data there’s a range, but it seems to be within about a year. But some of them fail later, within three years." -KOL; "High frequency seemed to have a lot of traction when it first started off. We’re trying to figure out if the initial pain improvement is still there, a year out, two years out, five years out. It seems like a lot of the high frequency implants have been explanted, or exchanged for something else." -KOL; "Abbott is currently doing a study called Prolong. The study’s not specifically going up against Nevro. It’s just using the Abbott device as a salvage therapy for failed spinal cord stimulation patients. But, most of the salvage appears to be for Nevro patients. I think almost 50% of the enrollment so far in the study has been Nevro patients. Abbott’s study was never meant to be a superiority study. The study wasn’t meant to bash Nevro. But Nevro didn’t like that the overwhelming majority of patients that needed to be salvaged in the study were all theirs." -KOL"

""However, logic suggests that once the plc:Ltd discount exceeds 14%, as it presently does (although only slightly), it becomes incrementally harder to justify an off-market Ltd buyback to a large portion of the total BHP Billiton shareholder base" — Macquarie, February 17, 2011; "If the DLC were to be collapsed, then every dollar returned via a buyback would be done through the buyback of Ltd shares which provided sufficient franking credits existed, could be done at a ~14% discount to the prevailing share price on the day." — UBS, July 14, 2014; "Despite having a comparable average dividend yield of ~2.5%, over the past 10 years, Exxon returned a further ~US$225bn via buybacks taking its overall average annual dividend and buyback yield to 7.3%" — Macquarie, July 29, 2014; "No capital return (this time) We think the market is (quite) disappointed with the lack of buyback / capital return." — Bank of America, August 19, 2014; "Despite >US$30b spent, failed tilts at RIO and Potash Corp and overpaying for US Shale suggest M&A is not BHP's raison d'être." — Citigroup, May 27, 2016; "At spot prices BHP would have even stronger free cash flow generation, largely thanks to iron ore, and be able to significantly increase shareholder returns." — Citigroup, Feb 21, 2017"

""Nevro had a rep in [area redacted] who was reprogramming their devices to use low frequency to try and save failed [high frequency] patients, and Nevro threatened him with an injunction. Like, if you tell anybody that it worked we're going to sue you and take away your 401k, Stuff like that. Nevro was afraid it would disprove their entire clinical trial. Several of their reps were doing that." — KOL and former high volume Nevro implanter; "In order to grow the business, some reps would do the paresthesia [low-frequency], and some reps were doing high frequency just like the textbook, and then they wouldn't get cases because the docs were asking them, "Can you program the patient, so they feel it? Give them both options." Well, the clinical team of Nevro, if they saw that you were doing that, that would be a reduction in your commission percentage." — Former district manager and part of Nevro's launch team; "Nevro didn't want the patient to feel paresthesia because what you'll find is that they crave the paresthesia. Once they feel it, they think that that's the indication of whether the device is working or not. You can't just get rid of paresthesia unilaterally and say it's a great thing because there are definitely reasons for it." — KOL"

""The chronic pain patient population has a psychiatric toll. It affects 100% of patients. If a patient failed a psychiatric evaluation, the sales rep would send them to another psychiatrist. It’s fair to say they get shopped around. You don’t even need to get shopped around because the psychiatric evaluation is not in depth. It’s a bottleneck for time but not for volumes in the sales funnel." — Former Nevro regional sales director for one of its largest territories; "When Nevro’s call center would deal with patients, we’d realize they’d never pass the psychiatric evaluation yet here we are and they have the device." — Former Nevro executive; "We’d get calls from patients, hear their demeanor on the phone, and wonder how they ever got the device. These were not the best stimulator candidates. Our conversations in the call center were with device recipients who were suicidal, folks with really really high and unrealistic expectations. They told me I’d get 100% pain relief, it would cure me, it would go away. The call center would say it’s not true, it’s not a cure. I don’t know if they were oversold by the doctor or rep. Patients had unrealistic expectations of the device and therapy." — Former Nevro executive"

"PBI has not provided shareholders with a convincing, substantive reason to conclude that future performance will depart from the disappointment of the past decade. [...] In summary, shareholders have endured a decade of underperformance and disappointment, there are unanswered questions and serious concerns about the path forward, and power on the board is concentrated in the hands of those directors who objectively have the most potential for a conflict of interest by virtue of their past experience and tenure. — Institutional Shareholder Services (Hestia/Pitney Bowes ISS report, Apr. 26, 2023). The company's TSR has varied when compared with peers, but over all time periods, it has substantially underperformed that of the Nasdaq Biotech Index. [...] The most immediate need for Progenics is sufficient board change to a) get a second opinion on the merger, and b) establish the possibility of a compelling alternative path, which the current board and management has failed to articulate. The most effective way to accomplish this may be by removing CEO Baker and adding dissident nominees Ende, Ber, and Mims to the board. — Institutional Shareholder Services (Velan Capital/Progenics ISS report, Nov. 8, 2019)."

"I don’t think Omnia matters. All of the other manufacturers are pretty much doing the same thing with their batteries. It’s not a game changer. — KOL in the SCS field with prominent papers published; So Nevro had a good idea but they failed to maintain programming options having thrown their entire emphasis behind 10,000Hz. When it was proven that 1,000Hz was equal in efficacy, Nevro quaked in their boots. The Omnia is an attempt to save market share with a beleaguered cohort of doctors that are sick of explanting the device when the 10,000 Hz programming fails to work. — KOL, former high volume Nevro user; Omnia has burst, tonic, HF10, intermediate frequencies, and you can use multiple programs. When it came out, if one program doesn’t work, I can change to another. I’ve started using it. It hasn’t been any better than Boston Scientific but it works. — KOL and high volume implanter; If HF10 was as groovy as they thought it was, they wouldn’t have had to change the device to do paresthesia. They were forced into Omnia or they would have gone out of business. — KOL and former high volume Nevro implanter"

""Taft is one of 40 patients interviewed by the AP who said they had problems with spinal-cord stimulators...Twenty-eight of them said their spinal cord stimulators not only failed to alleviate pain but left them worse off than before their surgeries...More than half the patients interviewed by the AP said they felt pressured to get stimulators because they feared their doctors would cut off their pain medications" — Associated Press investigation. "Spinal cord stimulators are some of the most problematic implants, according to various insurers, with a recent study showing a high removal rate...[W]e don't see a lot of success with them at all...Spinal cord stimulators are the most frequent failed medical device for workers compensation claimants at Portland...The devices 'more often fail than succeed,' and he estimates that they cause complications in MEMIC comp patients 90% of the time..." — Insurance trade article. "[W]eak evidence exists that SCS may provide temporary improvement of pain in some patients, but there is no evidence of mid or long term pain improvement." — Washington state study."

""The Omnia works best for heavy Nevro users who stopped being users. My share is 10% Nevro, 40% Boston, 25% Medtronic and 25% Abbot. Nevro's share will stay at 10%. I wasn't that happy with the anchor. If takes an extra half hour with the anchor it's a hassle. It's the biggest rechargeable there is. The only bigger stimulator is the Abbot non-rechargeable. The Nevro device is still big, just not as big as it was. They're just going from zero share to 10% of my share. These are chronic pain patients and if you give them something uncomfortable they'll complain about it a lot more. It's the population you're dealing with." — KOL, former heavy Nevro user who now uses it sparingly; "Now all of a sudden Nevro realizes that with their explants rate, they're going to have to do something new and sexy with Omnia [...] They're basically turned themselves into Boston Scientific which has offered multiple waveforms ever since Spectrum launched in 2013. This is old stuff. They're saying 'I guess we better be competitive because our differentiation at 10khz failed." — KOL"

""I don't think like that's gone quite well because I saw like from France, Intuit has taken a step back. And the main reason is that a huge part of being able to do accounting well is the integration with the banks and the data providers...And if those mechanisms are not seamless, it's very hard for Intuit to do add value there." — Former VP at Intuit, Tegus, 1/22/24. "They have been trying to do international expansion desperately for many, many years, over a decade now, but they've just failed miserably...accounting as a product just does not travel well." — Former Strategy Employee at Intuit, Tegus, 2/19/23. "[International is] an area that QuickBooks has really struggled...you have to almost build a different product or at least you have a heavily modified version of product. And so expanding globally, it's tough." — Former Executive at Intuit, Tegus, 2/18/22."

""With the site's (admitted) connections to pharmaceutical and other companies, WebMD has become permeated with pseudomedicine and subtle misinformation. It's not only a waste of time, but it's also a disorder in and of itself — one that preys on the fear and vulnerability of its users to sell them half-truths and, eventually, pills." — Excerpts from "A Prescription for Fear", The New York Times Magazine, 2/4/11; "This puts [WebMD] in a conflict of interest... They are also trying to sell a drug." — James Yeh, physician-researcher; "While the site's content is produced by a team of doctors and medical writers, the article failed to mention any basic information about the drug's effectiveness... And some of the information was worryingly incomplete." — Excerpts from "The truth about WebMD, a hypochondriac's nightmare and Big Pharma's dream", Vox.com, 4/5/16"

"“Yes. It failed” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC. “Both the LastertecX8 Ultra and X9 Ultra are the DUV light source, but they are inspecting the EUV mask. The main reason is for the throughput. And it is not necessary...” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC. “Yes. Because of the throughput. TSMC will not consider the A300 or A150 for production. They will only exist in the EPO mask house. The EPO—we call it the EP Organization in TSMC. TSMC has already purchased six sets of A150. So, they already bought six tools. Six A150 tools. But last year, they also purchased the first A300. And the first A300 because they changed the light source, Urashima.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC."

""The strong leadership of President and CEO Yoshihiro Hasebe, and with the appropriate oversight and advice from the current Outside Directors" — Kao Corporation. "What we want to hear from the Company is why we should expect the next step to be different." — Foreign Buyside Analyst. "How do I rate the strategic competence of management? I would give them a zero. Actually, can I give them a negative? They failed to deliver on guidance and the board made no change to management. It’s horrible." — Foreign Buyside Analyst. "My sense is none of the management team are really what you would call ‘professionals’… they should bring in specialist personnel with knowledge of global business" — Domestic Buyside Analyst. "The management team's abilities are extremely low… Global skills are practically non-existent." — Domestic Buyside Analyst."

""We will have much more to say about these goals and the initiatives necessary to achieve them when we release our full presentation to shareholders," continued Mr. Peltz. "But to be clear, Disney needs to again be the beacon of strategic clarity and exceptional execution it once was. No Disney shareholder should be content with the current strategic muddle or have to endure failed execution without accountability." — Nelson Peltz. "Nelson and I are not about strategic platitudes or soft goals. As Disney Board members, we would expect to help drive Disney's financial performance by working with other Board members to set demanding but realistic goals (to which executive compensation will be tied) and provide rigorous oversight to help ensure accountability for operational execution and capital allocation." — Jay Rasulo."

"“It’s all standard manufacturing technology. The only thing that changes is that right now, it’s becoming more important and chemically modified oligos, especially when you talk about mRNA, not DNA, mRNA. For many years, we used mRNA in therapy, but it failed because the stability on the mRNA degraded. And now, for a couple of years, we’ve discovered that actually, if you modify the mRNA with chemical modification during the production, that’s more stable, and that also helps the stability and prevents the degradation of the mRNA. For example, Twist is still not into this field, but other companies like Thermo and Sigma, they already provide a lot of chemically-modified oligos.” — Novartis, a large Twist customer, scientist in a leadership role"

""Skechers doesn't really represent anything in Asia. They just follow the trend. They are like pirates. They just copy other brands and then flood the market with cheap product...They aren't going to be big forever...It's all comfort... no offense, but it's old. It's for mature customers. Comfort means old. You grow with your customers, who then die off...Unless the younger generation really embraces comfort, they are just going to die off. It isn't clear where they are going with their brand. They've abandoned the performance division. Skechers failed miserably in Japan. Americans think they know everything, but they don't." — Spruce Point Interview With Former Regional GM Familiar With Asia"

"What is still missing from the board's discussion [...] is a real sense of what is required to execute on a true, robust strategy because playing catch-up is not in itself a strategy. — Pershing Square / Canadian Pacific ISS report (May 13, 2022). Although there is an elevated bar for supporting a majority slate under ISS' contest framework, this contest amounts to a referendum as to which management team is better suited to run EQT. [...] By contrast, the incumbent management team has failed to advance turnaround efforts at a satisfactory pace for shareholders, has identified target initiatives that are vague and unambitious [...] — Rice/EQT ISS report (Jun. 28, 2019)."

""Engine has failed to present the Board with even one credible and actionable, strategic or operational Idea." — DND Board, November 26, 2024. "Engine’s attempt at wholesale change of the Board compounded by its stated intention to replace the management team, is reckless, puts the business at risk and is potentially value destructive." — DND Board, November 26, 2024. "Engine’s nominees, as a group, lack substantive senior executive, operational and board experience to be additive to the Board. In addition, the individuals lack meaningful capital allocation experience – a critical area that the Company remains focused on." — DND Board, November 26, 2024."

""Nevro initially tried to blow everybody out of the water with, 'Look, we have 10khz frequency' And I know the key engineer over there. When the PROCO study came out, it showed excellent sub-perception outcomes at 1khz. All of a sudden everybody said, 'Who needs 10k?' And then they sued and said 'Nobody can have 10khz but us,' and Boston Scientific and the other companies said, 'It's all yours.' So, Nevro failed with 10k. Now what they have to do is reinvent themselves, so they re-marketed Omnia. Here's a company that said, 'Paresthesia is awful.' Now they have to give in and offer paresthesia." — KOL and former high volume Nevro user"

"Former Fenelon Township man sentenced to two years in jail after failed attempt to rip off marijuana grow. Dressing as a police officer and carrying a loaded rifle to rip off a marijuana grow operation in 2003 has resulted in a penitentiary sentence for a former Fenelon Township man. Nick Churchill, 34, did not visibly react as he was sentenced on Monday (Jan. 26) to two years in prison.... Mr. Churchill's father, Gordon, 55, and brother, Jody, 31, Garfield Lefort, 33, and Phillip Weddel, 34, all of Port Perry, received jail terms and hefty fines when they were sentenced last year — News Report"

"Former Fenelon Township man sentenced to two years in jail after failed attempt to rip off marijuana grow. Dressing as a police officer and carrying a loaded rifle to rip off a marijuana grow operation in 2003 has resulted in a penitentiary sentence for a former Fenelon Township man. Nick Churchill, 34, did not visibly react as he was sentenced on Monday (Jan. 26) to two years in prison.... Mr. Churchill's father, Gordon, 55, and brother, Jody, 31, Garfield Lefort, 33, and Phillip Weddel, 34, all of Port Perry, received jail terms and hefty fines when they were sentenced last year — News Report"

"“two companies a week were coming in with the same designs and talking to me about the same things.” — Unnamed new space CEO. “[Apollo Fusion] is a company that has made claim 1 and failed, made claim 2 and failed, and is now building something that everyone else has been building forever.” — Unnamed expert. “I’ve long believed that there has been an amazing opportunity to provide communications satellites, essentially an internet in the sky, with the opportunity to provide internet anywhere and everywhere, fulfilling” — Craig McCaw."

"Search for a new director did not commence until after Elliott launched its proxy contest. Mr. Hess replaced Sir Martin Sorrell, who only attended 63% of Arconic's board meetings in 2016 – this would have resulted in an automatic AGAINST recommendation by major proxy advisors. Mr. Hess decided to join the Board after Elliott launched proxy contest and promptly endorsed a failed CEO, which Sir Sorrell has a significant stake, was compensated for Dr. Kleinfeld's wasteful and exorbitantly expensive Jetsons marketing campaign"

"“Well, a couple of things. I remember that diazoxide trials a few years ago failed...these are not well-recognized journals or high-quality data points. I find it very interesting that there may be some internal inconsistencies that I am unaware of, and I’m now quite curious about finding out more of this background to help me understand the right thing to do for my patients based on primary endpoint analysis, not just on marketing messages.” — Endocrinologist with academic and community hospital affiliations"

"“Opdivo had been considered the leader among the new class of medicines... The view of the rival drugs began to change in August, with the surprise announcement by Bristol-Myers that Opdivo had failed to best older chemotherapies in the Phase III [CHECKMATE-026] trial.... ‘Merck will completely ‘own’ the segment of first-line lung cancer patients who have high PD-L1 expression levels, and Bristol-Myers will capture nothing really,’ [Sanford Bernstein’s Tim] Anderson said.” — Reuters, October 2016"

"TSMC is not buying the High-NA Lasertec tool... no confidence... it will be reliable product... I hear offline it's not very reliable... the A150... needs a lot of support, and it has a lot of issues... what I know is that TSMC is upset because the source is not working... the source does not have enough uptime... cost of service is too high... they are flickering... I heard that they failed... Lasertec probably must write off those tools. — Ex-KLA director of engineering / Former KLA executive"

""as an important step towards its aim of having developed 50GW of renewable power by 2030" — BP Press Release; "exactly the right person at exactly the right time, a globally respected and deeply experienced leader in renewable energy with a proven track record of transforming and growing businesses" — former CEO Looney; "be available to address shareholders' concerns which have failed to be resolved by the chair, CEO or CFO or for which such contact is inappropriate" — BP governance (2024)"

""According to the National Bicycle Dealers Association's 2017 report, the number of independent bike dealers (IBDs) in the US has decreased from 4,256 in 2010 to 3,700 in 2016, a total decline of 13 percent." — Bicycling.com. "Harley has for years failed to increase sales in the United States, its top market accounting for more than half of its motorcycles sold. As its tattooed, baby-boomer base ages, the Milwaukee-based company is finding it challenging to woo new customers." — CNBC/WSJ."

"“The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.” — Former KLA executive in a leadership role in their EUV mask inspection group"

""Since his release from prison in May 2012, MILNE has paid approximately $500,000 of the $5.25 million of disgorgement that was due. Chief Judge Hall found that, based on MILNE’s income and expenditures on luxury services, he had the ability to pay much more. The Court had previously continued the hearing on multiple occasions to provide MILNE the opportunity to make additional disgorgement payments, but he repeatedly failed to do so." — Chief Judge Hall"

"“...further unknown to physicians and patients, the Zio AT failed to consistently provide ‘near real-time’ notifications because it regularly had a ‘lag time’ of around four hours or more. FE 3—a former iRhythm Zio AT technician from before the Class Period through November 2022—explained that because of this lag time, the Zio AT was not live and did not notify physicians of arrhythmias right away.” — Glazing v iRhythm Second Amended Complaint"

"D2D has proven a sales boon to some big pest control players, and a bust to others who have tried and failed at D2D for myriad reasons: evolving consumer attitudes, an untrained sales force, the sheer cost of running a robust D2D program, the stress of maintaining quality service promises when sales flood in, and below-average client retention (nearing 50 percent cancellation rates, depending on who you ask.) — PCT Magazine"

"During the Audits, the Engagement Partners failed to inquire about the business purpose of these related party transactions. For example, they failed to inquire why the Belize Affiliate’s retail customers could not have gone directly to Freedom with their trade orders, as opposed to placing their orders with the Belize Affiliate then passing those orders to Freedom. — PCAOB Release No. 105-2022-038"

"widespread accounting violations — SEC. "pushed employees to maximize end-of-quarter revenue, yet failed to devise and maintain sufficient internal accounting controls to accurately record revenue." — SEC. "improperly under-reported certain expenses" — SEC. "engaged in two additional practices over the course of several years that systemically overstated inventory and understated expenses." — SEC."

"Aqua failed to establish that the sewer system under Aqua’s ownership will affirmatively promote the service, accommodation, convenience, or safety of the public and the evidence did not establish that any benefit to be realized from the proposed transaction would outweigh the harms to current Aqua water and wastewater customers or existing Willistown sewer customers. — Judge Jeffrey A. Watson"

"“So, that was the intent. We never achieved it.” — Novartis expert; “So, it's basically a failed purchase.” “Yes.” — Novartis expert; “You would have sent it back if you could get the money back?” “Yes.” — Novartis expert; “The running cost for this machine is much, much higher... With that kind of throughput, this Berkeley Lights machine doesn't really pay out.” — Novartis expert"

"Mango is among the dozens of firms attempting to create an industry around polyhydroxyalkanoates (PHAs), a class of biodegradable, biobased polymers. Executives with these firms are well aware of the PHA firm Metabolix, now called Yield10 Bioscience, which burned through hundreds of millions of dollars before it failed in PHAs 3 years ago. — Chemical & Engineering News"

""The Authority's examination into Frontier's construction of its fiberoptic network, particularly with respect to underground installations in the public right-of-way, indicates that Frontier and its contractors have systematically failed to comply with applicable laws and, in doing so, have jeopardized the public safety." — CT Public Utilities Regulatory Authority"

"Lagomasino oversaw consecutive years of problematic compensation decisions, resulting in significant shareholder opposition, which the committee [that she chaired] failed to promptly address. ISS also noted that “Lagomasino bears more responsibility than any other serving nominee for the failure ... to cultivate a readily apparent successor to Iger.” — ISS"

"Elliott Investment Management has won support from a prominent Phillips 66 investor for its campaign to replace some of the oil refiner's board members. Gregory Goff said...that Phillips 66's pursuit of midstream assets alongside its refining business has failed to deliver shareholder value relative to more streamlined peers. — The Wall Street Journal"

"“The ‘UAM Future Team’, which included Kakao Mobility, LG Uplus, and GS Engineering & Construction, which previously completed Phase 1 of the demonstration, also completed only the integrated operability demonstration excluding the aircraft. This is because the UAM Future Team also failed to secure the aircraft.” — News outlet (translated from Korean)"

"Ms. Ehrling has talked about Telia’s ability to operate in accordance with “Nordic heritage and culture”, the company has, as far as we can tell, completely failed to try to make any past employees, advisors, or counterparties accountable for actions — actions that we believe have done far more damage to TeliaSonera than investors appreciate."

""Systems. Implementing a system of Salesforce took us four attempts. It was really complicated with all the resellers and all the different ways our different products are sold. And we bought two companies, so how do we integrate licenses for all those things in Salesforce? We spent a ton of money and failed many times." — Dax Dasilva"

""TSMC is...delaying purchasing until they fix their offload problem" and that they started delaying "a year ago now." ... "The Isteq source has been qualified in TSMC and failed." ... "it's not stable. It doesn't work all of the time, it just dies." — Former KLA executive in a leadership role in their EUV mask inspection group"

"THE FIRM FAILED TO PROVIDE ADEQUATE TRAINING TO ITS REPRESENTATIVES REGARDING HOW TO COMPLETE DISCLOSURE FORMS THAT WERE REQUIRED WHEN RECOMMENDING A VARIABLE ANNUITY EXCHANGE AND FAILED TO PROVIDE ADEQUATE TRAINING TO SUPERVISORS REGARDING HOW THEY SHOULD VERIFY THE INFORMATION ON THE DISCLOSURE FORMS — FINRA Findings"

"the planning permission is unlawful because [A1.3c] the Defendant failed to take into account an obviously material consideration, namely addressing whether it was approving more panels over a larger area than were required to produce the stated (and a lawful) electricity generating capacity. — High Court Judge"

"A tank storing frozen human embryos and eggs at Pacific Fertility Center in San Francisco had failed...On Thursday, after more than three years of litigation in federal court, a jury in California awarded five of the patients who lost embryos and eggs a combined $15 million in damages. — The Washington Post"

"“This is consistent with other previously documented evidence that these legacy fraud verification vendors failed to detect even the most basic forms of invalid traffic ("IVT")- e.g. a mismatch between the domain declared in the bid request and the domain on which the ad actually ran.” — Dr. Augustine Fou"

"The Appellee Xiangxieli defended that since Zongheng failed to provide the advertisement operation invoices, which caused the untimely payment, and the judgment of the second instance for another case did not recognize the fundamental breach at Xiangxieli’s side either — Court Judgment Excerpt."

"ISS continues to have concerns with the Compensation Committee's decision to approve bonus payments at 110 percent of target when the company failed to achieve the minimum performance goals for operating income before depreciation and amortization and free cash flow. — RiskMetrics Group (ISS)"

"Rollins failed to devise and maintain sufficient internal accounting controls to prevent and detect the improper accounting and inadequately supported, period-end journal entries described herein, resulting in the underlying violations of the federal securities laws. — SEC"

""This is the fourth straight year that management is counting on a much stronger second half of the year. The company has failed to meet its guidance in the three prior years, so we don't have significant confidence in this guidance" — William Blair (August 3, 2015)"