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  "documentTitle": "TAL Education Group (TAL)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2018-07-02 00:00:00",
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  "notes": "This is a research note/investor letter. It uses aggressive, confrontational language to frame the company's management as fraudulent.",
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      "text": "TAL's reaction to our 70-page exposé is stunning and affirming. Its response... has wholly failed to address our conclusions that a) its reported profits are fraudulently inflated...",
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      "text": "TAL's directors claim to have carried out an investigation... Given there has been no attempt to convince investors there was any investigation, it's hard to even label this one a 'sham'.",
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      "text": "Our next report in the series will detail our conclusion that TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of Peiyou revenue of approximately 25% to 30%.",
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      "kind": "paragraph",
      "text": "We continue our series of reports with a look at another transaction with a quantifiable above-the-line impact, Firstleap.",
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      "text": "We began our series discussing two transactions... The fraudulent inflation was not limited to below-the-line (i.e., non-operating) income inflation.",
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      "text": "The Internal Audit team as directed by and under the supervision of the Audit Committee of the Board of Directors (the \"Audit Committee\") uncovered no evidence that supports the allegations mentioned. The Audit Committee has reviewed the result of the investigation and concurred with the conclusion that the allegations were baseless. — TAL Education Group",
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      "text": "1 The Internal Audit team as directed by and under the supervision of the Audit Committee... 2 Estimated profit and margins in Part I already include adjustments for Firstleap.",
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      "text": "TAL Education: A Real Business With Fake Financials Part II",
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