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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": "2018-07-25 00:00:00",
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  "notes": "This is a research note page focusing on fraud exposure and management credibility.",
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      "kind": "callout",
      "text": "TAL needs to stop playing games with its disclosures and clearly tell investors what respective Peiyou online and offline enrollments and ASPs were FY2017-FY2019 by quarter.",
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      "kind": "paragraph",
      "text": "Background: TAL's disclosures are opaque, which fits the pattern of a fabricator. It is significantly harder to defraud investors when providing consistent, granular data.",
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      "text": "In addition to reporting fraudulent profits, TAL has been misleading investors about the health of its core Peiyou business. TAL's core Peiyou business appears to be in decline.",
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      "text": "TAL FY2018 20-F, p. F-75, TAL FY2017 20-F, p. F-78, TAL FY2011 20-F, p. F-39, etc.",
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      "text": "TAL Education: A Real Business With Fake Financials Part IV Management is Misleading About Peiyou Performance",
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