{
  "docId": "019dd923-622c-750b-8b95-d82cd94cf28f",
  "docSlug": "8db914091b66",
  "documentTitle": "Spreadtrum Communications (SPRD)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-06-28 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 7,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "This is a classic activist short-seller 'expose' letter, using logical questioning to highlight potential financial irregularities.",
  "elementsJson": [
    "paragraph",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/esAcQuSGTWVY2W2UWPH55VE-HU5HLeyTLeidqmAUfc4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZGI5MTQwOTFiNjYvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622c-750b-8b95-d82cd94cf28f/1",
  "deckHref": "/decks/019dd923-622c-750b-8b95-d82cd94cf28f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-d82cd94cf28f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-d82cd94cf28f#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We have identified a number of issues in SPRD's filings, and we believe that there is a high risk of material misstatement in the reported financials since the time of Dr. Ping Wu's resignation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-854c-54534be4e816",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.7,
        "x": 0.15,
        "y": 0.45
      },
      "kind": "list",
      "text": "SPRD reported that revenue increased 229.6% in 2010. Founder Ping Wu resigned in Feb 2009. Revenue grew 136.6% in Q3 2009. CFO Richard Wei resigned in April 2009 before a $44 million financing.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b9b292d-e92e-4f90-b6f6-3fca088219e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.15,
        "y": 0.3
      },
      "kind": "paragraph",
      "text": "Muddy Waters, LLC has begun researching SPRD, and we have taken a short position in it. We have identified a number of issues in SPRD's filings, and we believe that there is a high risk of material misstatement.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97a2da04-60b0-43dc-8e72-45bdcab7f952",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.15,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "1 http://news.hexun.com/2010-07-12/124224431_3.html. 2 SPRD 2010 20-F p. 11.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c32745a-0481-40ef-b1a7-52f9bb6206d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.25,
        "y": 0.23
      },
      "kind": "title",
      "text": "Open Letter to SPRD Chairman re Muddy Waters' Concerns",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afbc22f4-c369-47ba-a113-e02fa54a415c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "fd2fcded-7de3-407d-af96-088d56b2d8bf",
      "evidence": "The document uses logical questioning of management turnover and financial performance to imply potential fraud.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/CJadCaxpCkC-WJdCeO9z8ZsL-h2Cf1xyOzqGrZaZkhc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZGI5MTQwOTFiNjYvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/EV8lV8DG35FWv7dts7Q6rFBCqKBJWOixUplj0rOgnZ4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZGI5MTQwOTFiNjYvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/JKLazsDnpWnCgrttLKDIXQwkkPXBwHOxbn34-EyA3o8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZGI5MTQwOTFiNjYvcDAwMS5qcGc"
}