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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-04-28 00:00:00",
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      "text": "This response does not address the core question and is a non-answer.",
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      "text": "As stated previously in this analysis, this response feigns moral outrage and righteous indignation while attacking the accuser. It should also be noted as a significant change in baseline from the previous “This claim by Muddy Waters Capital is incorrect!”",
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      "text": "MWC: Müller and Dirk Ströer Buy a Business and Flip it to Ströer.",
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      "text": "Ströer SE: We have not changed our revenue recognition policies over the last few years. We act as principal for most of our online business and therefore account for the revenue as net figures.",
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      "text": "This response does not address the core question and is a non-answer (1). Ströer SA is being given opportunity to explain how revenue improved so dramatically and does not.",
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      "text": "MWC: We understand that digital agencies generally keep only approximately 30% of the advertising revenue paid. Ströer does not disclose, or otherwise make it possible to determine, what its payments to content owners are.",
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      "text": "Ströer SE: The entire claims regarding insider trading made by Muddy Waters Capital in this context are completely unfounded, slanderous and the conclusions Muddy Waters Capital comes to on the basis of these claims are downright wrong!",
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      "text": "The entire claims regarding insider trading made by Muddy Waters Capital in this context are completely unfounded, slanderous and the conclusions Muddy Waters Capital comes to on the basis of these claims are downright wrong! — Ströer SE",
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