{ "docId": "019dd923-622c-750b-8b96-6800aa48ecaa", "docSlug": "00a06aa2dfda", "documentTitle": "Stroer SE & Co. KGaA (SAX)", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2016-04-28 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 8, "pageCount": 25, "prevPage": 7, "nextPage": 9, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "This is a research note page focusing on corporate governance concerns and potential insider trading/deception.", "elementsJson": [ "paragraph", "headline_text" ], "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b96-6800aa48ecaa/8", "deckHref": "/decks/019dd923-622c-750b-8b96-6800aa48ecaa", "deckJsonHref": "/decks/019dd923-622c-750b-8b96-6800aa48ecaa.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-6800aa48ecaa#slide-8", "components": [ { "bbox": null, "kind": "callout", "text": "We engaged a former CIA behavioral analyst and polygrapher to analyze Ströer’s written response and the transcript of the call. He found numerous indicia of deception.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6e9-749a-ba75-5712a1b21ab1", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "paragraph", "text": "We engaged a former CIA behavioral analyst and polygrapher to analyze Ströer’s written response and the transcript of the call. He found numerous indicia of deception. Below are three excerpts from his report.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "086bfe94-e2bd-4c6a-89e4-d4f27db6ccde", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "paragraph", "text": "In addition, it should be worth for Ströer to scrutinize whether the \"temporary retirement\" of Dirk Ströer might relate to the massive disposal of shares of Ströer's insiders in fall 2015 and the late notifications of by then undisclosed insider deals in 2013.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "59c20140-5b47-4d0b-b433-0df6779f5780", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "paragraph", "text": "Ströer announced that the retirement of Dirk Ströer from the supervisory board was intended all along to be temporary, and solely related to \"appointment rights\" of Deutsche Telekom AG. However, in its latest annual report the company did not describe Dirk Ströer's retirement from the supervisory board as \"temporary\".", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9843eb75-d25f-4348-b274-4072bb3eba0a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "paragraph", "text": "There was no discussion of why Matthias Rumpelhardt, who is a former Ströer executive, received financial instruments overlying this stock; and, why Mr. Müller waited approximately two and one-half years to notify Ströer of this transaction.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f7a02dca-7fc1-4a22-b770-0e86c3d078c4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Third-party reviews, we are more than happy to do that. So we're more than happy to do that, so if there's really demand for a third-party review of what we're saying today, we're", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ca90e559-99e7-4ef4-801d-feed8ef2d6cd", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Third-party reviews, we are more than happy to do that. So we're more than happy to do that, so if there's really demand for a third-party review of what we're saying today, we're — Udo Müller, Ströer SE", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6e9-749a-ba75-5b45c6599906", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "a3bd10fe-09f8-452b-91f2-3d1772b1aac1", "evidence": "The slide explicitly discusses 'indicia of deception' and questions the legitimacy of corporate board changes and insider trading.", "confidence": 0.9 } ], "arcBeats": [ { "to": 11, "from": 3, "beatId": "f4b3de75-5002-446b-89ef-1612d2eb4608", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The document presents a series of contradictions and potential misdeeds in Ströer's financial reports and management responses.", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "loops": [ { "to": 9, "from": 5, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "d29f57ce-cd48-48d8-bac1-abb1a9810c34", "evidence": "The document presents a series of contradictions and potential misdeeds in Ströer's financial reports and management responses.", "position": 0, "objective": "What is the implication of Ströer's operational EBITDA justification?", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.7, "description": "Establish a tension, present data, then deliver the insight that changes everything" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }