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      "text": "We are confident that the import data is substantially complete and accurate because: Multiple independent databases substantially mirror each other; Three of ELF's four largest suppliers confirm what the import data show – that their exports to ELF have declined in CY24 (our data shows a decline of ~60% YTD for the group)",
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      "text": "We learned that ELF's claim its inventory grew by $36.9 million in Q2 FY24 because ELF changed its sourcing practices is most likely a false statement: A former China manager familiar with ELF sourcing and three ELF suppliers confirm ELF has taken ownership in China for years; The real reason for the elevated inventory is likely a result of overstated revenue and profit",
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