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  "docId": "019dd923-622c-750b-8b96-a79a828f1e2b",
  "docSlug": "be28a8f1faf0",
  "documentTitle": "IQE plc (IQE)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-02-08 00:00:00",
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  "pageNumber": 10,
  "pageCount": 17,
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  "nextPage": 11,
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  "density": "balanced",
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  "notes": "The slide uses a 'fraud-exposure' or 'alter-ego theory' narrative to suggest corporate obfuscation.",
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      "kind": "callout",
      "text": "The answer could be that CSC employees see themselves as working for IQE, supporting our alter ego theory.",
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      "text": "LinkedIn profile screenshot of Beth Williams showing IQE employment.",
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      "kind": "paragraph",
      "text": "From our and our researcher's phone calls it appears that IQE employees serve as staff for CSC. Our researcher called the CSC contact number listed on CSC's website to see if an employee might be able to explain how CSC was separate/different from IQE.",
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      "kind": "paragraph",
      "text": "Indeed, although CSC claims a headcount of 74 people and reportedly spent £2.6 million on staff in 2016, outside of CSC's non-executive chairman, we can only find a single individual on LinkedIn who claims to work (or to have worked) for CSC while not simultaneously working for IQE.",
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      "kind": "quote",
      "text": "He was greeted with, \"Hello, IQE.\" — Muddy Waters Capital",
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      "kind": "source-note",
      "text": "Source: LinkedIn",
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      "evidence": "The report highlights several contradictions and issues with IQE's accounting practices.",
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      "evidence": "The report highlights IQE's dominance over CSC and the lack of substance in their transactions.",
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      "objective": "What is the relationship between IQE and CSC?",
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