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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 'fraud playbook' narrative, comparing the subject to Enron's asset parking schemes.",
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      "text": "We estimate that TAL has fraudulently overstated its FY2016 – FY2018 results.",
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      "text": "Operating Profit, overstated by at least 21.6%\nPre-tax Profit, overstated by at least 39.8%\nNet Income, overstated by at least 43.6%",
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      "text": "The reality is that TAL’s margins have deteriorated more than have been reported. To cover this up, the company has resorted to fraud.",
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