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  "documentTitle": "TAL Education Group (TAL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-13 00:00:00",
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  "notes": "The slide uses a narrative timeline to expose potential fraud and misrepresentation regarding VIE agreements and investment amounts.",
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      "text": "We conclude that TAL involved itself with Shunshun for the primary purpose of inflating earnings through parking DFRL.",
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      "text": "Chronological events from June 1, 2015 to August 3, 2015 detailing the merger and share transfer process.",
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      "text": "December 31, 2016, DFRL apparently had 277 employees, versus Shunshun’s 49 employees. In CY2016, DFRL also provided 67.5% of Shunshun’s deferred revenues as of December 31, 2016, which as we explain below, appear to be largely fraudulent.",
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      "text": "Footnotes 29-35 detailing SAIC filings and media reports.",
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      "text": "Timeline: Reality vs. TAL’s Fiction",
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