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  "docSlug": "3471d675fd68",
  "documentTitle": "OSI Systems, Inc. (OSIS)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-12-06 00:00:00",
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  "notes": "The slide highlights a discrepancy between corporate filings and local registry/financial data.",
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      "kind": "callout",
      "text": "While it could be unclear to an OSIS shareholder whether you own all, or part, of S2 Albania, it seems pretty clear in Albania that someone else owns 49%.",
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      "kind": "list",
      "text": "American Science and Engineering, Inc. (Massachusetts)\nRapiscan Systems Mexico, S. de R.L. de C.V. (Mexico)\nRapiscan System Limited (UK)\nOSI Optoelectronics, Inc. (California)\nSpacelabs Healthcare LLC (Washington)\nOSI Electronics Pte Ltd (Singapore)\nS2 Albania (Albania)\nS2 Services Puerto Rico, LLC (Puerto Rico)",
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      "kind": "paragraph",
      "text": "(ix) Good Standing of Subsidiaries. Each \"significant subsidiary\" of the Company... is duly authorized and validly issued, and is fully paid and non-assessable and is owned by the Company...",
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      "text": "While it could be unclear to an OSIS shareholder whether you own all, or part, of S2 Albania, it seems pretty clear in Albania that someone else owns 49%. On December 7, 2013 – prior to ICMS even formally receiving its interest in S2 Albania – ICMS entered into a pledge agreement with National Commercial Bank for a €1.9 million loan.",
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      "kind": "paragraph",
      "text": "underwriters, OSIS warrants that except as disclosed in the General Disclosure Package and the Final Offering Memorandum, it owns all of the shares of each Subsidiary:",
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      "kind": "paragraph",
      "text": "OSIS then includes S2 Albania SHPK in its list of Subsidiaries in Schedule D of the Agreement (see below). We have found no documents other than on the Albanian corporate registry that disclose the minority interest.",
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      "kind": "source-note",
      "text": "20 OSIS February 15, 2017 8-K, Exhibit 1.1, p. 5.\n21 OSIS February 15, 2017 8-K, Exhibit 1.1, Sch E-1.",
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      "kind": "title",
      "text": "The Albanians are Getting Paid Though",
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      "text": "SCHEDULE D\nSubsidiaries",
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      "arcName": "Overcoming the Monster",
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