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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2016-04-28 00:00:00",
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  "notes": "The slide uses a point-by-point rebuttal structure to expose how the company avoids addressing specific accusations regarding segment reclassification.",
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      "text": "Deceptive persons often respond with moral outrage and bewilderment when confronted with an accusation of wrong-doing. This reaction is meant to convince the observer that they couldn't be guilty of the alleged actions.",
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      "text": "Ströer SE: Allocating public video products to the Digital segment has nothing to do with the question of whether these products are accessed via computers or mobile devices...",
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      "text": "The collection of these statements are attacking statements (1) designed to re-direct the accusation back at the accuser. It should be noted that they all conspicuously contain an exclamation mark (!) at the end, which is intended to convey conviction and moral outrage.",
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      "text": "10) This assertion by Muddy Waters Capital is wrong in its substance and intended implications! The implied assertion by Muddy Waters Capital that our guidance relating to the profitability of this product group is questionable is grossly incorrect!",
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      "text": "Ströer SE: In the context of the strategic development and operational management of the Company, it was a transparent, objectively logical decision that was welcomed by the capital market to report Public Video in the newly created Digital segment.",
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      "text": "MWC: Ströer made its Digital segment appear to be growing 3.9% points faster by reclassifying public video as digital in 2015. We argue this is disingenuous.",
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      "text": "MWC: When Ströer reclassified Public Video into the Digital segment in 2015, it appears not to have correspondingly carried over into Digital 5.4 million expenses that used to be attributed to Public Video.",
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      "text": "10) This assertion by Muddy Waters Capital is wrong in its substance and intended implications! The implied assertion by Muddy Waters Capital that our guidance relating to the profitability of this product group is questionable is grossly incorrect! — Ströer SE",
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