Callouts & quotes from 31+ activist slides

"All of the SCS devices at the five-year mark really start to drop off. I'm always curious about what it is that happens after a year or two for these patients...No one has really studied that. That's the problem. For all SCS devices, I would say 50% have reached the point at 5 years where it's no longer helpful enough to keep using them and maybe even consider an explant. At 5 years they're explants or they move on to a different therapy but continue to use the stim, or they may even stop using the stim. We've seen patients say I am using the stim but I still need injections every three months. Or I need oral opioids. Some go on to have pumps. SCS was originally sold as a good opportunity to avoid having to return to ongoing injections or opioids. There was a retrospective review of changes in opioid use with stim because many companies would say "Oh, you know, you just how to solve the opioid crisis", but they found that you know with stim opioids don't necessarily go down. — High volume Nevro implanter; Long term, stimulators don't work as well. Patient are desperate, say it works, then say it doesn't work. It's usually a misleading trial in a patient. The published data says stim doesn't work in 30% of patients. — High volume implanter and moderate Nevro user; There were less than 10 neuromodulation studies in 50 years, only 6 even worth quoting. There's not much evidence. — Longtime Medtronic executive in SCS"

"I don't think misleading. However, I think, certain divisions look like they perform better because they're grouped into certain segments. Spine is an example. Now they disclose and its separate. A while ago it wasn't. It was struggling and before actually was losing money and they thought K2M was gonna fix it. Because the goal of K2M was to acquire market share. There was significant overlap and redundancies between K2M and Stryker spine. But the idea was to do a pure spine play and acquire market share. But because of the redundancies and the cost and, and ironically, K2M became the surviving entity, and the headquarters moved to Leesburg. Pricing pressures were significantly hurting Stryker when I was there. Spine was probably experiencing high single digits. One maybe two percent is probably (company) average. There were so many competitors in spine with lower overhead cost that they could drive the price down. Hospitals want single source suppliers. Stryker doesn't leverage the fact that it can sell so many different types of products. Divisions don't communicate or work well together, they're very competitive with each other. — Former Stryker M&A Professional"

""Joseph Bonanno has had significant economic and transactional involvement over a substantial period of years with several Canadian cheese companies owned by the members of the Saputo family and by Lino Saputo in particular." — Investigative report. "Lino Saputo has attempted to conceal from the Department his and his company's involvement with Bonanno...and has made material statements that are false, misleading, and deceitful." — Investigative report. "We respected the law, kept our distance from criminal organizations and avoided crossing the wrong people." — Lino Saputo's autobiography. "I can guarantee that the mafia has never, in any way shape or form, been involved with Saputo, the Saputo family, nor anyone close to the Saputo's." — Lino Saputo (2007 interview)."

""Casino has become aware, through a press agency wire, of a report issued by Muddy Waters Capital on December 16, 2015, with the obvious intent to harm Casino, its employees and its shareholders. This accusatory report contains grossly erroneous allegations that the Group will answer in detail." — Casino Group; "Muddy Waters Capital’s report contains a number of false and misleading allegations, intended to negatively impact the trading prices of Casino’s stock and debt, for the benefit of the report’s author who, in his own words, should be assumed to have “a short position in all stocks (...) and bonds covered [in the report], and therefore stands to realize significant gains in the event that the price of either declines.”" — Casino Group"

"With respect to the Restructuring line item in particular, the Company believes its exclusion from the Company's calculation of Adjusted Gross Profit and Adjusted EBITDA is appropriate and not misleading because (i) it adjusts for expense items that are unusual, non-recurring, and in some cases non-cash operating expenses, (ii) the expenses reflected in the Restructuring line item have not been incurred at scale in the past and are not reasonably expected to be incurred at scale in the next two years and thereafter and (iii) the expenses reflected in the Restructuring line item are separate and distinct from the normal recurring cash expenses the Company expects to incur as a public company. — SEC Correspondence, April 6, 2021"

""It’s disgusting": Legal professionals outraged as Dye & Durham sharply hikes prices for critical software — The Globe and Mail. "They’re all about the money and not about the customer," said Tiah Workman. "There’s not one lawyer I know of in the real estate business who’s not opposed to this." — Tony Spagnuolo. "Dye & Durham accused in class-action lawsuit of misleading customers on price freeze" — The Globe and Mail. "They gave our firm one month notice that they were raising the cost from $25/file to $125/file." — Reddit user. "I'm never purchasing a Dye and Durham product so long as I'm in business." — Facebook user."

"“...if you're looking at diagnosis codes, so guys that have the N40.1 or the subcodes beneath that who have a diagnosis of symptomatic BPH...that's a really misleading number, because that code will get dropped in all kinds of situations that really may not mean this guy has symptomatic BPH. It's just a function of how a lot of PSA tests are ordered; people just use that code for that. So there's probably a significant overestimation of total disease burden.” — Spruce Point Interview with Private Practice Urologist, Dec 2024"

"A number of Elliott's nominees have close personal ties to Mr. Goff, including decades of direct work experience. Much like everything related to Elliott's Amber Energy, these relationships call into question Elliott's nominees' independence. Given Amber Energy's role in the campaign against Phillips 66 and Mr. Goff's highly misleading public solicitation, should shareholders have concerns about the honesty of Elliott's disclosures or the independence of Elliott's nominees? — Phillips 66's April 24 Letter"

"A number of Elliott's nominees have close personal ties to Mr. Goff, including decades of direct work experience. Much like everything related to Elliott's Amber Energy, these relationships call into question Elliott's nominees' independence. Given Amber Energy's role in the campaign against Phillips 66 and Mr. Goff's highly misleading public solicitation, should shareholders have concerns about the honesty of Elliott's disclosures or the independence of Elliott's nominees? — Phillips 66's April 24 Letter"

"“Basic PK – since the half-life of Pitolisant is approximately 20 hours about half the drug levels will be circulating when the 2nd dose is administered so this is added to the new peak plasma levels on Day 2, and again on day 3, day 4 etc., until steady state plasma levels are reached... Thus, the QTcT study is intentionally misleading, and the statements made about safety margins are therefore overestimated and incorrect.” — Pharmacology consultant engaged by Scorpion Capital"

"SandRidge claims TPG-Axon has "engaged in a false and misleading campaign and "consent solicitation" filled with half-truths and unsubstantiated statements regarding management, the Board and the Company. TPG-Axon has repeatedly made inflammatory and false statements with one simple goal – they want to distract you from the facts regarding SandRidge and its strategy for creating value..." — SandRidge Energy"

""The report issued by Muddy Waters contains many inaccuracies, omissions, fabrications, and unsubstantiated claims..." — Orient Paper. "We are committed to a high level of corporate governance and stand by the integrity of our company..." — Allen Chan, Chairman and CEO of Sino-Forest. "We categorically reject their allegations as inaccurate, unreliable and misleading." — Noble Group."

"“…We find many of your responses to the shareholders’ concerns to be misleading, self serving, and defensive…Given the inconsistencies in many of your recent communications, we expect that the shareholders would welcome Elliott’s nominees to the Board to ensure proper and timely execution and to avoid risk of backsliding.” — David H. Batchelder, Relational Investors LLC, March 2013"

""As the SEC's order finds, by making misleading statements about order management practices, VMware deprived investors of important information about its financial performance," said Mark Cave, Associate Director in the Division of Enforcement. "Such conduct is incompatible with an issuer's disclosure obligations under the federal securities laws." — SEC Press Release"

"19. Throughout the Relevant Period, the Individual Defendants breached their fiduciary duties by causing the Company to make materially false and misleading public statements and/or fail to disclose material information to investors concerning the true nature of the Company's business, operations and prospects. — Brandon Boll v. Darren R. Jamison, et al."

"“intentionally misleading” and “sneaky,” — Two consultants (a pharmacology specialist and a leading figure in drug-induced cardiotoxicity). “The postmarketing data should also be monitored for sudden deaths and cardiovascular and respiratory adverse reactions.” — The FDA."

"A composite outcome consists of two or more component outcomes. Patients who have experienced any one of the events specified by the components are considered to have experienced the composite outcome... Unfortunately, composite outcomes can be misleading."

""The SEC maintains an enforcement task force to examine ESG practices and disclosures by public companies and investment managers and identify inaccurate or misleading statements, often referred to as 'greenwashing.'" — Blackstone 2023 10K"

""The SEC maintains an enforcement task force to examine ESG practices and disclosures by public companies and investment managers and identify inaccurate or misleading statements, often referred to as 'greenwashing.'" — Blackstone 2023 10K"

"The fact that the Company would refer to this deal as being done at 9x EBITDA demonstrates management and the Board’s fundamental lack of understanding of the assets they sold and a predilection for misleading shareholders."

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

""Filed false and misleading financial statements." "Artificially inflated its revenue and gross margin recognition by fraudulently recognizing revenue on barter transactions..." — The North Face (SEC Filing Quote)"

"In conversations with investors, Dr. Kleinfeld insisted that Arconic/Alcoa had never shared its utilization figures and, further that utilization was an unimportant and misleading metric."

"Defendant Victor Lee (“V. Lee”) is Chief Financial Officer and Secretary of Leadis. V. Lee signed the false and misleading Registration Statement. — Litigation"

"enforce sanctions to deter businesses that try to benefit from fake reviews and sanction those that write fake or misleading reviews. — Google"

"We are concerned the Company is perpetuating a misleading narrative that “all is well” at Autodesk in order to maintain the status quo."

"The TAM numbers that BLI promotes are "ridiculous" and implied the company is misleading investors — Ex-employee."

"SEC Charges Former Biotechnology Company CEO for Misleading Investors — SEC Press Release"

"misleading investors by obscuring financial performance — SEC (regarding VMware)"

"Lightspeed denied our report as “misleading.” — Spruce Point Capital Management"

"“a number of false and misleading allegations” — Groupe Casino"