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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-04-21 00:00:00",
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  "notes": "The text contains detailed footnotes referencing specific annual reports and legal filings to support the allegations of financial misstatement.",
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      "text": "The former employee alleges that Ströer reported the misstated numbers in its filings.",
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      "kind": "disclaimer",
      "text": "124 Turkish Gazette, 24t January 2014 Number: 8493, p. 459... 131 Id.",
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      "kind": "paragraph",
      "text": "Reklamz's assets (see the section on Project Zero below). Furthermore, Ballroom founded a new subsidiary called Digital Partners Reklam Hizmetleri A.S. (Digital Partners) in January 2014, taking a 90% stake in the new entity.",
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      "text": "Despite being Ballroom's most profitable subsidiary in 2014, Ströer disposed of Digital Partners in 2015 for no consideration. It seems odd that Ströer would not have been able to realize at least a few million euro for Digital Partners.",
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      "text": "What happened in Turkey in the approximately two years Ströer controlled Ballroom is not clear; however, Ballroom Turkey appears to have generated some internal controversy at Ströer.",
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      "text": "An investigator found a former Ballroom Turkey employee through social media, and spoke with him by telephone. The former employee alleges that Ballroom's Turkey revenue and EBITDA were materially overstated.",
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      "text": "\"[n]o significant purchase price or significant gain on disposal.\" — Ströer 2015 Annual Report",
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