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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": "This slide serves as a concluding summary of a research note, highlighting specific allegations of corporate misconduct.",
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      "text": "The management of Ströer SA have displayed multiple behaviors associated with deception.",
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      "text": "Ströer SE’s management has exercised excessive influence over the Board(s) to approve questionable transactions. A dysfunctional culture exists on the Board which appears to be dominated by the will or personality of the founding members. This poses a risk to investors. Ströer SE’s management has stretched the ethical boundaries of their financial reporting and methodology to paint a better picture of company performance. Müller and Dirk Ströer have designed and executed multiple complex transactions to obfuscate their personal profits, and they are particularly concerned about the allegations made in Section VIII of the MWC Report.",
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      "text": "The management of Ströer SA have displayed multiple behaviors associated with deception. Their rebuttal, ostensibly designed to increase confidence in their actions and methods has achieved the opposite.",
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      "text": "But if you want to have information, surely you will get it from us. — Udo Müller",
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