Callouts & quotes from 195+ activist slides

"“Now, the integration value [of Speedway] is, I would say, proprietary. I can't give out a number from a competitive reason of that integration value, but I can say it is very significant...” — Gary Heminger, July 28, 2016; “So we look at the integration value [of Speedway]. We look at kind of the dis-synergy if we were to do something different with Speedway, and we still believe that it has a very strong fit in our system.” — Gary Heminger, October 27, 2016; “There have been some questions about a sale of Speedway and we have such a low tax basis in Speedway. We would find that hurdle hard to overcome...” — Gary Heminger, February 14, 2017; “The bottom line is that there is no compelling valuation opportunity in separating our retail business, and that any potential separation will cause loss of integration synergies, additional cash needed to maintain appropriate balance sheet strength, increase volatility in the remaining business, and, we believe, result in long term value disruption.” — Gary Heminger, September 5, 2017; “As part of this exploration process, MPC and Speedway negotiated a potential post-spin supply agreement. Our analysis indicates any supply agreement structured in pursuit of a tax-free spin would be market-based and arm's length. Such a conventional supply agreement would be limited in term and in volume. As a result, the supply agreement only temporarily and partially mitigates the loss of integration synergy, and the synergy value lost beyond the term of an initial supply agreement is substantial. In short, such a transaction, even with the supply agreement, would destroy significant value.” — Gary Heminger, September 5, 2017; “...we completed the very comprehensive review of Speedway and the conclusion, the unanimous conclusion by the board was that Speedway would remain in the vertical integration of MPC.” — Gary Heminger, February 13, 2018"

"“Now, the integration value [of Speedway] is, I would say, proprietary. I can't give out a number from a competitive reason of that integration value, but I can say it is very significant...” — Gary Heminger, July 28, 2016; “So we look at the integration value [of Speedway]. We look at kind of the dis-synergy if we were to do something different with Speedway, and we still believe that it has a very strong fit in our system.” — Gary Heminger, October 27, 2016; “There have been some questions about a sale of Speedway and we have such a low tax basis in Speedway. We would find that hurdle hard to overcome...” — Gary Heminger, February 14, 2017; “The bottom line is that there is no compelling valuation opportunity in separating our retail business, and that any potential separation will cause loss of integration synergies, additional cash needed to maintain appropriate balance sheet strength, increase volatility in the remaining business, and, we believe, result in long term value disruption.” — Gary Heminger, September 5, 2017; “As part of this exploration process, MPC and Speedway negotiated a potential post-spin supply agreement. Our analysis indicates any supply agreement structured in pursuit of a tax-free spin would be market-based and arm's length. Such a conventional supply agreement would be limited in term and in volume. As a result, the supply agreement only temporarily and partially mitigates the loss of integration synergy, and the synergy value lost beyond the term of an initial supply agreement is substantial. In short, such a transaction, even with the supply agreement, would destroy significant value.” — Gary Heminger, September 5, 2017; “...we completed the very comprehensive review of Speedway and the conclusion, the unanimous conclusion by the board was that Speedway would remain in the vertical integration of MPC.” — Gary Heminger, February 13, 2018"

"Clients have fired us because of performance -- yes, of losing clients. That's the danger, the worst thing that could happen. And so there's always, always the most stressful part as a part of the team, as a leadership team because you always want to have good client reviews. And so that's kind of what drives the performance up over time because the expectations of clients always change. And then when it's not good for a particular week, then everyone just kind of panics and does what they need to do to get it up for the next business review, which is a week later. So over time, it usually gets better or else, we get fired — Former Executive. They would leave TaskUs because we weren't able to meet the performance that they required, or usually, clients come to TaskUs, when they start off with TaskUs, TaskUs is the only vendor, and that's good for us. But then, eventually, they would want to get another vendor for business continuity purposes, right? Because you don't want to put all your eggs in one basket. We get fired in some cases because the new vendor outperformed us. And over a span of a certain period of time, we are not able to cope up with that. And that's when they decide to move more of the volume to that other vendor and then get a third vendor to be the business continuity site which was TaskUs before. So then like most clients always have at least one more client -- I mean, one more BPO and there's always competition between the two BPOs. Sometimes there's even more. I've had instances where there were 20 vendors but that wasn't TaskUs, it was at my previous company. We're 20 vendors, and it was really hard to keep up. As to the firing rate, for me, I was handling 11 total clients, and 2 of them, I lost. So it's about 15% or so, 10% to 15% that I lost clients. — Former Executive."

"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)"

""I can state unequivocally that the insight Mr. Fahmy has provided to our senior management has been exceptionally valuable and has already translated into millions of dollars of costs savings to CSX." — James M. Foote, CSX President and CEO – Jul. 23, 2018; "Sameh's focus, energy and passion for outstanding performance played a key role in KCS' success, and he is leaving behind a strong and capable cross-functional team that he helped to recruit, develop and mentor." — Patrick J. Ottensmeyer, KCS president and chief executive officer – Oct. 13, 2021; "He contributed to our successful Tier4 launch strategy, helped define a RailConnect360 vision built on railroads' processes and needs, and was part of the team behind our Movement Planner win with BNSF. Sameh also had the thought leadership for the 'self-aware train' concept, and helped build partnerships with other industry vendors to start delivering on its components. We've relied on Sameh as a trusted advisor and expert in railroad operations, costing and value." — Dave Tucker, VP Commercial at GE Transportation – Jan. 15, 2016; "[His] role was integral to the company and involved his review of vendor relationships, cost containment, inventory reductions and the overall revamp of the supply chain process. [...] in addition to supply chain, he gained responsibility for both the engineering and mechanical aspects of the business. In this new role as SVP, Engineering, Mechanical and Supply Management, he quickly undertook substantial efforts to further improve CN's performance." — E. Hunter Harrison, former CSX President and CEO and former Canadian National Railway COO and CEO – Aug. 2, 2017"

"Like I said, a pretty healthy guy otherwise. He was at dinner with his wife, and all of a sudden, he got diaphoretic, sweaty. Kind of said, I'm not feeling very good, clammy and diaphoretic. His wife happened to be a nurse. And she said, if you don't feel well, let's go home. So, on their way home, he was really just somnolent, not feeling good. They get home, and she happens to have a BP machine at home that also checks heart rate and sats. She checks it and his heart rate is just off, and she's checking his pulse, and it's irregular. And so, she's worried that he's having a heart attack. Obviously, she calls 911. They take him into the hospital, hook him up, and it's clear as day that he's got an arrhythmia, and they thought maybe he was a-fib because his dad had a history of a-fib but upon further review by cardiology and electrophysiologist saw him, and they're like, oh yeah, he's got a long QT. And so, with the family history of a-fib, they're like, well, this is not a-fib. And they were going through all the medicines like that, anything new, medical history. They kind of said, hey, this is a newer medicine that you said. The cardiologist was pretty astute. He kind of looked up the info and said, hey, this medication can actually cause that, and I don't know necessarily that that's what caused it, but certainly something to talk to your neurologist about. So, they work him up. He gets discharged and follows up with me. He's like, hey doc, this is what happened. And then I'm like, whoa, okay. In that case, the first thing is we're going to stop that medicine and see how things play out. So, obviously, we did. — Prescriber #15"

""I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." (1Q19 Earnings Call, 5/8/19) — Marathon Management. "The gasoline supply to these locations serves as the foundation for our assured product placement strategy... This automatic placement is the key enabler to the overall optimization of our integrated supply and distribution network." (Analyst Day, 12/4/18) — Marathon Management. "When you look at the connectivity of our gathering systems with our intermediate and long-haul pipelines, we have that ability to provide reliable intake to our refineries and our processing facilities." (Investor Day, 12/4/18) — Marathon Management. "There's no bright line, there's no specific guidance that the IRS or parties whatever specifically provide. I think the key is that it is an arm's length agreement, and things that would incorporate full requirements contracts for extended periods of time are not arm's length agreements." (Speedway Review Call, 9/5/17) — Marathon Management. "Our strong position in company retail presents many opportunities to continue to grow organically with mid-teen rate of return type projects, as well as the national footprint gives us an opportunity to look at acquisition opportunities as they present themselves." (Investor Day, 12/4/18) — Marathon Management. "Fosters further growth opportunities", "Enhances projects via volume commitments", and enables MPLX to "Provide logistics solutions to MPC's nationwide refining footprint." (MPLX Presentation, 8/14/19) — Marathon Management."

"“They're going to have to get their act together to make sure that they understand what the customer needs and what they need to deliver...Honestly, I don't see how—they might get lucky, but in my experience right now, if you don't have, from the customer side of things, if they don't have someone that understands synthetic biology and understands the process and can really review the data, review the project, the advancement of the project is going to be difficult to be successful, unless Ginkgo hires really amazing program directors.” — Current Motif executive; “A lot of them are pretty much fresh out of Ph.D. So, this is their first job...at the speed they're growing right now, it's difficult for them to recruit senior people.” — Current Motif executive; “I think it just really comes back to having a very young, inexperienced team. We would give them a statement of work and a proposal for what we wanted to have done, and they would just seem to not be able to execute on it. Or we had them try to develop an assay for us, and we kept getting no results back from it. The assay just wasn't done; it wasn't developed. They kept dragging on, or would give us something that we thought should be done, and we would test it and find that it didn't work the way it was supposed or they hadn't used the proper controls...the mindset around customer service didn't seem to be there. It was very casual about, oh well, we can just keep fiddling around with this and charging you for it.” — Senior employee at Joyn"

""The problem with AST SpaceMobile is the structural dynamics of their spacecraft – the way they intend to build a giant phased array antenna is really poorly thought out...their knowledge of structural dynamics is so positively infantile; I don't know how they got as far as they did. I think their approach to making a giant antenna just won't work. I think even if you could talk directly to a handset from space, they wouldn't be able to do it." — Physicist and Former Senior Engineer, NASA’s Jet Propulsion Laboratory; "The size of the antenna is terrifying...there’s only a handful of entities that have deployed a foldable thing in space that big and they’re NASA and intelligence entities...it’s an extremely difficult thing to do and it’s also more or less impossible to accurately test on the ground." — Former Director of Engineering at SpaceX, led team of 150 engineers across multiple disciplines; "Some of the preliminary engineering that I’ve seen did not have the same tolerances I would expect in a zero gravity deployment space environment and the number of single point failures in the articulation on deployment; all of those factors...talking about risk to the company, you’re betting everything on that one demonstration...all of that is riding on a hundred different opportunities for the phased array to not deploy." — Former Director of Supply Chain for leading defense prime who reviewed engineering designs for the phased arrays of BW3 and BlueBird-1"

"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 was seen by this clinic several times, a different person each time, and only on the last visit did I get to see the lauded Dr. [redacted]. He stormed into the room, introduced himself, and told me, without hearing a word from me, what he had determined I needed to do next, which was another procedure. When I told him I was not interested at this point in that procedure, and tried to discuss what I had come to talk about, which was concerns about contraindication with the medicine he had prescribed, he raised his voice and began telling me about how his way is the only way that works, and all my other doctors are incompetent. The longer I tried to get back to what I needed to speak with him about, the nastier/louder he got, until he was literally standing in front of me, yelling at me. In the end, he yelled he wouldn't treat me any more, and yelled from down the hall for me to leave. He absolutely did not care about anything I had to say. Please beware of this clinic and this man." — Patient review, 11/11/2019; "I felt he was trying to SELL me a spinal stimulator, rather than explain what it is. He blatantly lied about the size of battery and the pain level associated with it."- Patient review 6/26/2018; "Dr. [redacted] is the greatest doctor in the world, and if you don't believe it just ask him. His explanations are poor, doesn't seem to want to listen to the patient." — Patient review 11/1/17"

""We cannot believe that CEO Andrew Mackenzie will be considering any medium to large-scale M&A... which management has been questioned on at previous conference calls and have said they look at, is to collapse the DLC structure." — Barclays, August 19, 2013; "By combining portfolio simplification (asset sales) with structural change (dismantle the DLC), we believe BHP can kill two birds with one event stone, providing modest structural upside (10%+) while also enhancing long term strategic flexibility." — Credit Suisse, June 17, 2014; "DLC Structures are not permanent. Based on our analysis we have seen that DLC structures are not intended to be permanent structures and nor are they beneficial for shareholders forever. We believe that now is an appropriate time for BHP to consider unifying the DLC structure." — UBS, July 14, 2014; "New proposal will lead to wastage of future franking credits... We believe certain Australian shareholders may consider the leakage of franking credits to plc shareholders, which they are unable to monitise, as disadvantaging Ltd shareholders." — JP Morgan, September 22, 2015; "Given it no longer supports itself and it has lost it strategic purpose, sure then the time has come to think very seriously, and with firm purpose, about consolidation." — Australian Financial Review, January 26, 2016"

"<Q - Conrad Werner>: Hi, there. It's Conrad calling from Macquarie. Just a couple of quick questions, please. The issue that you had with Territory Resources, which impacted the operating income from supply chains in Metals, are there any other risks like that still sitting there on the balance sheet, if you like, whether in Metals or in Energy? I mean you mentioned in Yancoal that you didn't see much incremental further write-down risk, but are there any more issues like Territory in there? And then, could you just split the fourth quarter loss from associates into how much came from Agri and how much came from Yancoal? Thank you. <A - Yusuf Alireza>: Thank you, Conrad, for your question. So Territory is, just to clarify, is an iron ore mine in Australia. We put it on care and maintenance because of the price falls. As you know, we're an asset light firm, but that doesn't mean we don't have any assets on our balance sheet. We've gone through as part of our year-end process and reviewed in great detail the operating assets that we have on our balance sheet and have [ph] felt (35:45) we have impaired them as we did in previous quarters. So looking at what we have, looking at the amount of exposures that we have in associates, at this point, we don't see any other issues on any of the other exposures that we have."

""As an international entity, one would expect a nuanced understanding of regional markets. However, the track record of disastrous business decisions stemming from this ignorance is deplorable. It's disheartening to witness a company that fails to adapt to diverse market dynamics, making it challenging for employees to thrive in their respective regions. Secondly, the CEO's leadership is archaic and out of touch with modern business practices... Moreover, the company's apparent disregard for constructive feedback is alarming. Despite multiple negative Glassdoor reviews, there seems to be no initiative to introspect and address the root causes. Instead, employees are coerced into writing positive reviews, painting a false image of the company's internal atmosphere." - Dec 18, 2023; "The CEO often discusses plans and strategies, but these talks rarely translate into concrete actions, leading to frustration among employees. This has resulted in a high turnover rate, with experienced staff leaving and new hires struggling to piece together the remaining knowledge, ultimately starting from scratch." - July 12, 2024; "Driven by one man's ego. No strategy beyond acquisitions" - July 28, 2022; "CEO is a power crazed tyrant with absolutely no regard for employee wellbeing." - April 12, 2023"

"“Joke – A Playground for Fake Reviews, Shady Tactics And Scammers” — Australian tech journalist. “Last year I emailed them many times regarding a company by the name of Maxen Power, they employ staff based in Pakistan whose sole job was to write fake and bogus reviews (their own employee told me this).” — Blog commenter. “For years, we tolerated Trustpilot’s shady practices, robotic customer service, and overpriced subscription model in the hope that they might evolve into a fair, transparent platform. But after seeing firsthand how they’ve enabled malicious, fake, defamatory reviews, extorted small businesses, and used AI to silence legitimate complaints—we’re done. Finished.” — ADVICIFAS. “Trustpilot promises to be ‘free and open’—in reality, they are the exact opposite, holding companies at ransom, and outright violating their own terms, as well as the law.” — Ryan Badger. “Trustpilot has become a joke. Spam reviews, fake claims. They don’t care about small businesses anymore.” — Rishi Chowdhury. “Flagged fake reviews that were clearly spam. Got auto-responses and nothing removed. Meanwhile, legitimate reviews were taken down.” — James Williams. “All those website that advertise ‘2000 reviews on TrustPilot’ ‘5 star rating out of 10,000 reviews’ THEY ARE ALL PAID FOR” — RSH."

""Now, the integration value [of Speedway] is, I would say, proprietary. I can't give out a number from a competitive reason of that integration value, but I can say it is very significant..." — Gary Heminger, July 28, 2016; "So we look at the integration value [of Speedway]. We look at kind of the dis-synergy if we were to do something different with Speedway, and we still believe that it has a very strong fit in our system." — Gary Heminger, October 27, 2016; "There have been some questions about a sale of Speedway and we have such a low tax basis in Speedway. We would find that hurdle hard to overcome..." — Gary Heminger, February 14, 2017; "The bottom line is that there is no compelling valuation opportunity in separating our retail business, and that any potential separation will cause loss of integration synergies, additional cash needed to maintain appropriate balance sheet strength, increase volatility in the remaining business, and, we believe, result in long term value disruption." — Gary Heminger, September 5, 2017; "...we completed the very comprehensive review of Speedway and the conclusion, the unanimous conclusion by the board was that Speedway would remain in the vertical integration of MPC." — Gary Heminger, February 13, 2018"

"“Among other people in the field, it’s a running joke. We had a national conference; it’s like, come talk to me about your TransMedics story. It’s laughable. When it comes down to equipment issues, like dealing directly with, let’s say, a malfunction of a panel or blood getting into one of them or something happening to the device mid-flight, but there’s no backup, you can’t flush the organ—I kind of go, ‘What’s your backup?’ And how is there not a backup to the backup as well? And then months go by, and they say, ‘Well, we reviewed it internally. It was a malfunction of the panel. We’re going back and making some changes.’ And I’m going, ‘Okay, so what about all the other devices that are currently out there? Are you going to recall those because of a known issue?’ And then they say, ‘This is actually nothing. It’s outside of the norm of how many we’re doing. There’s a certain defect rate that is allowable, and this does not fall within that defect rate. We’re a trusted partner. We appreciate you.’ That’s the extent of it.” — Veteran transplant administrator at Massachusetts General Hospital"

"During 2017, sales and operating profit performance for Garden Fresh Gourmet... were well below expectations, and we lowered our outlook for the second half of 2017 due to customer losses and failure to meet product distribution goals. Based upon the business performance in 2017, our reduced near-term outlook, and reduced expectations for sales, operating margins and discounted cash flows, we performed an interim impairment assessment in the second quarter, which resulted in a $64 million impairment charge. — Campbell Soup (FY18 10-K); In 2018, sales and operating performance were well below expectations due in part to competitive pressure and reduced margins. In the fourth quarter of 2018, as part of a strategic review initiated by a new leadership team and based on recent performance, we lowered our long-term outlook for future sales. In the fourth quarter of 2018, as part of our annual review of intangible assets, we recognized an impairment charge of $54 million. — Campbell Soup (FY18 10-K)"

""Do not be fooled by these 5-star ratings, they recently asked all employees to write positive reviews on their Glassdoor to hopefully increase the overall rating, even though most will leave this organization within a few months." — Oct 15, 2023; "They recently received a terrible employee satisfaction survey, but rather than listen to staff and make meaningful changes, they've continued to ignore the concerns. If you're thinking of working here, don't. This company doesn't value or respect its employees, and things aren't getting better anytime soon." — Sep 23, 2024; "You are led by someone whose middle name should be 'toxic'. Trust me, you don't want to be part of this shambles of an organisation. Before you consider joining ask yourself why so many top brass have left in the past year." — Sep 24, 2024; "The workplace culture leaves much to be desired, with frequent reports of the company trying to maintain positive financial appearances by making large-scale redundancies." — July 12, 2024"

""The more my team and I talked about it, the more we saw the franchisees as our primary customers...Our market share grew from the teens to the mid-20s [and we] attracted franchisees who owned other fast-food restaurants and wanted to open a Popeyes" — Cheryl Bachelder, Popeyes CEO, Harvard Business Review, October 2016; "[T]he beauty of a franchise business is they run their stores more efficiently in most cases than Corporate folks do. And that's consistent not just at any Denny's, but in any franchise brand you see" — Denny's at Bank of America Merrill Lynch Consumer Conference, 3/9/11; "So the whole concept of refranchising [is] a result of a certain level of impatience and a certain level of frustration over the fact that we just need to operate better at the local level with some of our franchisees...we think it's time for us to be more aggressive in terms of transforming the composition of our franchise system to a higher performing group" — Domino's, Q4'07 Conference Call, 2/26/08"

"By proceeding to comprehensive and in-depth research, investigation and analysis on the issue of standardization of the current transaction flow in sawn wood and major wood-based panel, making reference to the relevant information in domestic and overseas timber trade standardization as well as conducting on-site investigation and study, the following five sets of standards to China’s timber trading activities were proposed by the Study and being reviewed by experts of the National Technical Committee 41 on Timber of Standardization Administration of China, which served to lay the foundation in facilitating related industry standards in the future and in establishing a well-regulated timber trading market: 1. Standardization in trading of sawn wood; 2. Standardization in trading of medium density fibreboard; 3. Standardization in trading of particle board; 4. Standardization in trading of joinery board; and 5. Standardization in trading of plywood;” — June 19, 2008 announcement"

""Confidence of our distributors is paramount. It is absolutely the number one thing... We are going through a whole process of making sure that every single thing that we do inside this company has deeper and further substantiation for the distributors, for the web, for anybody in the science industry, anybody in the health community, to make sure that they understand what this company is all about and what we’re doing. This is a company that’s out there at the University of Mississippi, University of Bonn, the University of California at Los Angeles, UCLA. We’re involved in research, development of products, we have our own research facility now in our offices in Southern California. We have doctors dedicated – this nutrition advisory board that’s unlike any other company in our field. We meet with experts on a global basis to review, to study, to understand, to build confidence and substantiation in our products on a global basis." — Michael Johnson, Herbalife CEO, 12/16/08"

"“BlackRock was a founding member of the Task Force on Climate-related Financial Disclosures (TCFD)...This year, we are asking the companies that we invest in on behalf of our clients to... disclose climate-related risks in line with the TCFD’s recommendations, if you have not already done so.” — 2020 Letter to the CEOs, BlackRock. “In 2021, we initiated a review of the Task Force on Climate-related Financial Disclosures (TCFD) disclosure requirements, and we are evaluating additional disclosures in the future that will align with TCFD.” — Huntsman Corporation 2021 Proxy Statement. “In 2021, we completed an analysis of the Task Force for Climate-Related Disclosures (TCFD) and will begin to disclose along the TCFD in our next Sustainability Report...We believe moving to a low-carbon economy will make both society and the environment more sustainable. Accordingly, we announced our goal to achieve carbon neutrality by 2050.” — Huntsman Corporation 2022 Proxy Statement."

""BlackRock was a founding member of the Task Force on Climate-related Financial Disclosures (TCFD)...This year, we are asking the companies that we invest in on behalf of our clients to... disclose climate-related risks in line with the TCFD’s recommendations, if you have not already done so." — 2020 Letter to the CEOs, BlackRock. "In 2021, we initiated a review of the Task Force on Climate-related Financial Disclosures (TCFD) disclosure requirements, and we are evaluating additional disclosures in the future that will align with TCFD." — Huntsman Corporation 2021 Proxy Statement. "In 2021, we completed an analysis of the Task Force for Climate-Related Disclosures (TCFD) and will begin to disclose along the TCFD in our next Sustainability Report...We believe moving to a low-carbon economy will make both society and the environment more sustainable. Accordingly, we announced our goal to achieve carbon neutrality by 2050." — Huntsman Corporation 2022 Proxy Statement."

""With specific regard to the [short-seller] Report, the Committee concluded that the allegations were either factually incorrect or that there were reasonable explanations as to their non-materiality." — China Agritech, Inc. press release. "FTI independently obtained and reviewed documents which state that as of June 30, 2011, ChinaCast had cash, cash equivalents and term deposit balances reported in the Company's form 10-Q for the second quarter ended June 30, 2011." — ChinaCast Education Corp. press release. "We believe the findings contained in the FTI report should provide some comfort to shareholders as to the integrity of the Company's financial reporting and should serve to distinguish the Company from other Chinese companies that have received adverse publicity after failing to provide adequate verifications with respect to their financial statements." — Daniel Tseung, Chairman of the Audit Committee, ChinaCast Education Corp."

"Yeah, it is inappropriate, and they weren’t granted access, thankfully. But I think what they wanted to see was—because every time a new potential donor becomes available, someone at the OPO is entering that data into this computer system. You can see at any given time which donors are in the pipe, which ones are in the cue. And so, they probably, I would imagine they wanted to go and review their clinical information to see if they might be a good candidate for the device. I don’t know what they were going to do with that information, like try to persuade the OPO or try to persuade the surgeon at the transplant center that accepted it; I don’t know. ... I’m sure they have a code. Anyone could look and see who they have access to. It’s not something that’s transparent. Although, I suppose an OPO could give a vendor access through their own login. — Transplant administrator"

""Being a part of LivePerson right now is like watching a plane crash in slow motion. The CEO is investing in the most random stuff like a health app to test for COVID despite no need for it anymore and a whole BANK? It's a chatbot company, we have no business being in those fields." — Anonymous Glassdoor Review (April 14, 2022); "Sometimes I have to just tell friends about how this company is run and the incredibly bizarre things that happen here to make sure I'm not going crazy." — Anonymous Glassdoor Review (August 11, 2021); "And then there is the CEO. Oh...man. Here's his deal...he is a very good salesman. Could sell bottled saltwater to native Hawaiians. Except the problem is, HE would have been the one who came up with the idea to actually bottle saltwater, which is a TERRIBLE business idea!" — Anonymous Glassdoor Review (September 27, 2021)"

""Our vision for the future is simple. We are building Hims & Hers into the new front door to healthcare, a new front door that will span dozens of medical specialties, welcoming customers of all demographics into a unified consumer platform that looks and feels and talks to them in a way that gives them confidence they're in the right hands." — CEO Dudum (Q2 2021 Earnings Call); "...we feel confident in our abilities to lead in innovating, visualizing and ultimately creating the future of healthcare." — CEO Dudum (Q3 2021 Earnings Call); "Our vision is a world where being treated through Hims & Hers is equivalent to accessing the collective minds of the top specialists across the nation to review each customer's needs, and provide timely recommendations made possible through the power of machine learning." — CEO Dudum (Q4 2022 Earnings Call)"

"“...The turnaround would be astonishing in any industry, but especially in the beverage-marketing business, where short-lived brands are depressingly common...Snapple's durability raises a number of questions. How did Triarc restore most of that value in less than three years? What did Triarc do with such apparently effortless grace that Quaker, with all its resources, could not?...I posed those questions to Triarc's top executives: chairman and majority owner Nelson Peltz, CEO Mike Weinstein...Their answers led me to a conclusion that many marketing professionals are likely to resist: There is a vital interplay between the challenge a brand faces and the culture of the corporation that owns it. When brand and culture fall out of alignment, both brand and corporate owner are likely to suffer...” — John Deighton, Harvard Business Review"

"On a portion of the fixed price-completion contracts, revenue is recognized in accordance with Topic 605 using the percentage-of-completion method based on the ratio of total costs incurred to date compared to estimated total costs to complete the contract. Estimates of costs to complete include material, direct labor, overhead, and allowable indirect expenses for government contracts. These cost estimates are reviewed and, if necessary, revised on a contract-by-contract basis. If, as a result of this review, management determines that a loss on a contract is probable, then the full amount of estimated loss is charged to operations in the period. As of December 25, 2016 and December 27, 2015, accrued expenses included the accrual for losses on contracts of $17.7 million and $3.5 million, respectively. — 10-K, F-8"

"In accordance with our accounting practices, we review the estimated useful lives of our property and equipment on an ongoing basis. In the third quarter of fiscal 2025, management determined that the estimated useful lives of our test and infrastructure equipment and assets supporting our Evergreen//One offerings should be revised from 4 years to a range of 5 to 7 years. The change in estimated useful lives was recognized on a prospective basis effective at the beginning of the third quarter of fiscal 2025. The effect of this change in estimate resulted in an aggregate reduction to depreciation expense and corresponding increase in net income of $20.1 million, or $0.06 per basic and diluted share, during fiscal 2025. — Pure Storage FY2025 10-K"

"Performance Metric Selected: Our Compensation Committee periodically reviews the appropriateness of the performance measures used in our incentive plans (including the 2016 Plan), the degree of difficulty in achieving the targets based on these measures, as well as certain strategic and nonfinancial objective criteria. In 2016, the Compensation Committee again selected Total Adjusted EBITDA as the performance measure used for determining whether bonuses would be paid under the 2016 Plan. The Compensation Committee also reviewed the target level of Total Adjusted EBITDA under the 2016 Plan and adjusted it as appropriate to account for strategic acquisitions throughout 2016. — 2017 Proxy Statement"

"‘The BoD regularly reviews its leadership structure’: failure to correct confirms lack of independent oversight — BlackRock Board of Directors. ‘BlackRock has delivered industry-leading growth’: this is no longer the case since 2009, at least from a TSR perspective — BlackRock Board of Directors. ‘One-size-fits-all approach to board leadership may not suit each company’s circumstances’: our request is based on an in-depth analysis of BlackRock’s governance — BlackRock Board of Directors. ‘Independent oversight is carried out by the Board’: according to BlackRock’s BoD, even Ms. Susan Wagner, (BlackRock’s co-founder with Mr. Fink and Mr. Kapito) is independent — BlackRock Board of Directors."

"“You bring up a very good points, but if you review the studies and look at the studies, this information is not suggested in the study. Correct. I have that correct. You are hearing information that a lot of people haven't heard. Having noted that, I always am a benefit-risk person in terms of prescribing a drug. I've spoken to — I know the study people as well, and maybe it's biased.. Maybe that's a biased impression that I'm getting. Maybe that's a biased impression that I'm getting. If they have an issue with the study, they really should be publishing a letter about it in the journal that published the study.” — Division Chief for pediatric endocrinology at a major NE academic center"

"The Board also approved annual base salary increases for the Company's executive officers as part of its annual performance review, including Ernie Garcia III, the Company's Chief Executive Officer, whose annual base salary was increased from $400,000 to $885,000, Mark Jenkins, the Company's Chief Financial Officer, whose annual base salary was increased from $375,000 to $735,000, and Benjamin Huston, the Company's Chief Operating Officer, whose annual base salary was increased from $375,000 to $735,000. The salary increase were approved retroactively to January 1, 2019, consistent with the Company's practices for annual merit increases. — Carvana Co. (implied from context)"

"We do not have sufficient, qualified personnel to prepare and review complex technical accounting issues and effectively design and implement systems and processes that allow for the timely production of accurate financial information in accordance with internal financial reporting timelines to support the current size and complexity (e.g., acquisitions, divestitures and financings) of the Company. This material weakness could result in a misstatement of substantially all of our accounts or disclosures that would result in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or detected — Porch Warning"

"As a [redacted], your firm implemented a transmission limit on how many times the Zio AT System transmits data. As a result, the device is only able to transmit 100 patient-triggered and 500 automatically detected arrhythmia events. Once the transmission limit is reached, the patient's data stops being transmitted for review/reporting. Thus, when the transmission limit is hit, the device can no longer be used for its intended purpose of transmitting patient ECG for reporting. Further, when the transmission limit is hit, the device can no longer provide near-real time monitoring for high-risk patients. — FDA Warning Letter Dated 5/25/23 (CMS 643474)"

"In each case, the misrecorded item was due to errors as a result of data migration and system configuration arising from our new European business structure during our ERP system conversion in Europe in April 2017. Our review controls and our user acceptance testing controls were not sufficiently designed to identify these items on a timely basis. Though there was no impact on the financial statements for the nine-month period ended September 30, 2017, we concluded that our disclosure controls and procedures were ineffective as of September 30, 2017 and that this deficiency constituted a material weakness. — Source: 2017 10-K"

"They [Kratos] could never pay their bills during the time I was there. Terms were net 90 for every vendor expect ones like SDG&E, etc. It was stressful because of this, causing non stop credit holds, non stop emails from vendors wanting payment, statements to review that had months of bills entered but not paid. I couldn't wait to leave. The office supply area was completely bare and empty. It was hard to order supplies. Many temps would buy their own supplies and bring them in. Supplies such as inboxes, file folders, etc, that should have ben provided by the company — Accounts Payable Specialist, Glassdoor Review"

""Right now I can't believe that this bid is true and I haven't received either from the independent financial review or city staff enough reassurance that I should trust this number," said Councillor Gord Perks. "If they can't deliver on price, we are going to find ourselves two or three years from now with them holding a gun to our heads because we will have laid off our staff, sold our trucks and will be completely dependent on them," he said. "I have particular concerns with this contract because it is so far off the mark that the rest of the marketplace has set." — Councillor Gord Perks"

"During the year ended 31 March 2014, a PRC subsidiary obtained the qualification of being a high technology enterprise for a consecutive three years from year 2012 to 2014. With such qualification, the subsidiary is approved to enjoy the preferential tax rate of 15% (subject to annual review by PRC tax authority) for its profits earned from July 2012 to December 2014, resulting in an overprovision of income tax expense amounted to HK$13,899,000, credited to the consolidated statement of profit or loss and other comprehensive income for the year ended 31 March 2016. — MWH 2017 AR, p. 105."

"Party B shall at the time of execution of this agreement provide to Party A for its review records and reports including a copy of the school's registration certificate, a copy of the private non-enterprise legal person registration certificate, a copy of the certificate stating the organization's code, a copy of the permit, a copy of the tax registration certificate, the capital verification report certificate, the school's articles of incorporation, a photograph of the school, the organization's organizational chart, name list of the staff and rules and regulations, etc."

"“We believe this proxy fight boils down to a simple question: Do you trust the judgment of Elliott, a hedge fund without the benefit of full information and with no fiduciary duty to you or to any other Arconic shareholder, or do you trust 12 experienced business executives who have thoroughly reviewed Elliott’s assertions and unanimously support the continued leadership of Mr. Kleinfeld? We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders.” — Arconic Board"

""The danger of diazoxide in the neonatal intensive care unit" — Desai et al, 2021. "...three of eight patients received diuretics throughout the period of time that they developed respiratory deterioration and fluid overload"; "however, they did not show any signs of improvement until the diazoxide was discontinued." — Desai et al, 2021. "been working a month now to get the fluid off with Lasix and pt." — Report #3. "Development of Pulmonary Hypertension During Treatment with Diazoxide: A Case Series and Literature Review" — Timlin et al, 2017."

"“I’ve consulted at length for Boston Scientific, Abbott, Nuvectra, and of course Nevro over the course of my career. I have been doing implants for 20 years. I’ve put in probably several thousand over the years and probably do about 5 or more per month. I actually am [role redacted] at [medical journal name redacted] which is kind of the bible for neuromodulation. I would review papers on stimulation every month as a peer-reviewer so I’m quite versed with the field.” — Ex-Nevro consultant/speaker and one of the most prominent KOL’s in the space"

"“Despite the Investigation Team’s extensive review of documents and data provided by sources both within and outside the Company, the Investigation Team could not verify that the devices it collected and copied contained all responsive information at the time the copies were made. On many devices, the Investigation Team observed indications that some information might be missing, and the Company’s management and staff were unable to provide a credible explanation for what the Investigation Team observed.” — NQ Mobile Investigation Team report"

""The Company’s loss reserve committees estimate expected loss to be paid for all contracts by reviewing analyses that consider various scenarios with corresponding probabilities assigned to them. Depending upon the nature of the risk, the Company’s view of the potential size of any loss and the information available to the Company, that analysis may be based upon individually developed cash flow models, internal credit rating assessments, sector-driven loss severity assumptions and/or judgmental assessments" — AGO 10-K, February 23, 2018"

""Quintis has not amended its profit guidance for 2016-17 because it had not factored any Galderma sales into its expectations, and its contract with the Swiss group did not specify any fixed volume. The company is predicting 2016-17 sandalwood product sales in the range of $45 million to $55 million for the full financial year, up from $29.9 million, it said at its half-year results in February and reiterated in March. Also, "cash EBITDA" will increase by at least 25 per cent on 2015-16, it has stated." — The Australian Financial Review"

""These covenants apply to Darden and to certain of its subsidiaries but do not apply to Darden's subsidiaries that are not corporations." — Final Prospectus Supplement to Darden Restaurants, Inc. 3.350% Senior Notes due 2022, October 1, 2012; "Accordingly, Darden can contribute its real estate assets to a new subsidiary and designate that subsidiary as an Unrestricted Subsidiary. That Unrestricted Subsidiary could then sell and lease back its real estate portfolio, without having to repay debt." — Covenant Review, February 28, 2014"

"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 of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of fiscal 2005 should not be relied upon as an accurate reflection of our financial results for these periods. — Stratus Technologies prospectus"

"“…new competitors are coming in with more or less the same offering, but with lower prices…You invested millions of dollars in generating [peer-reviewed articles]…Because any of these new guys, like Beat2Phone, CAM patch from Bardy, Bittium, can easily beat you by putting the same thing, data on filing, and reducing the price by 30%…I’m not saying that Philips is in this, but the smaller ones are definitely very aggressive, let’s put it like this, or the newcomers.” — Tegus Interview with Director at Philips Healthcare, 6/27/24"

"“Our group is actually one of the primary groups that publish on this, and we have a really hard time getting our publications through peer review because people are skeptical, and rightfully so, of the work that we do on Beacon because it is unusual, it is a foreign environment, and it is a very different approach to things. So, we have to do a lot of extra validation, a lot of really convincing reviewers that what we're showing is actually real. I think that's a big challenge.” — Leading academic institution/ex-BLI scientist"

"“The turnaround would be astonishing in any industry, but especially in the beverage-marketing business, where short-lived brands are depressingly common... I posed those questions to Triarc’s top executives: chairman and majority owner Nelson Peltz, CEO Mike Weinstein... There is a vital interplay between the challenge a brand faces and the culture of the corporation that owns it. When brand and culture fall out of alignment, both brand and corporate owner are likely to suffer...” — John Deighton, Harvard Business Review"

"Our inspection revealed that your firm knew that the device’s transmission limit, which was explained in the previous section, was resulting in data not being transmitted. Records reviewed during our inspection indicate that your firm has been aware of customer complaints related to this issue since at least 2019. Specifically, our inspection found a significant number of complaints regarding this issue, which revealed two deaths as well as significant arrythmias that were not reported to physicians. — FDA Warning Letter"

"Our residual assets are subordinate to investors' interests, and their values are subject to credit, prepayment and interest rate risks on the transferred financial assets. The investors and the securitization trusts have no recourse to our other assets for failure of debtors to pay when due. In computing gains and losses on securitizations, we use the same 8% discount rate for the fair value calculation of residual assets, which is determined based on a review of comparable market transactions. — HASI 2021 10-K, p. 96"

""the review process is already ongoing, if your proposal requires urgent consideration, we kindly ask that you promptly submit specific candidates the Nomination Committee." — Kao (November 22). "We feel it's important for us to make the announcement... there's nobody else from our end that we'd recommend as candidates that's going through any of the procedures." — Nomination Committee (December 5). "decision was made before Oasis Management proposed any director candidates" — Kao press release dated December 12."

"One company, NCR Corporation, made a distinct effort to ensure its declassification proposal surpassed the 80 percent of outstanding shares supermajority vote requirement. ... NCR took the extraordinary step to adjourn its meeting twice in order to solicit additional votes for the declassification proposal. When the annual meeting convened for a third time, the declassification proposal had received the requisite votes of outstanding shares for passage at 80.1 percent. — ISS Post Season Review, October 12, 2016"

"“The gray line is something every lab can produce, and I would say it’s the real data because you can clearly see the data points. The blue line, I think, is wishful. It’s not real. There's no variation in the data. I cannot see any data points. It’s just a randomly drawn line. It's not actual data. That's my interpretation for slide 17. If they were going to peer review like in science journals or publications, a reviewer like me would definitely ask for the original data set.” — Leading solid-state expert"

"“The gray line is something every lab can produce, and I would say it’s the real data because you can clearly see the data points. The blue line, I think, is wishful. It’s not real. There’s no variation in the data. I cannot see any data points. It’s just a randomly drawn line. It’s not actual data. That’s my interpretation for slide 17. If they were going to peer review like in science journals or publications, a reviewer like me would definitely ask for the original data set.” — Leading solid-state expert"

"“Strategy is creating fit among a company’s activities. The success of a strategy depends on doing many things well – not just a few – and integrating among them. If there is no fit among activities, there is no distinctive strategy and little sustainability. Management reverts to the simpler task of overseeing independent functions, and operational effectiveness determines an organization’s relative performance.” — Michael Porter, “What is Strategy?”, Harvard Business Review, November-December 1996 Issue"