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  "documentTitle": "FleetCor Technologies (FLT)",
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  "authorName": "Citron Research",
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  "presentationDate": "2019-06-01 00:00:00",
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  "notes": "The slide uses a 'villain' narrative, comparing the CEO to Valeant's leadership to frame the investment as a 'falling knife'.",
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      "text": "Committing the largest clean energy fraud in US history will quickly end the legacy business model of FleetCor using its cookie jar of excessive fees to drive earnings.",
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      "text": "FleetCor has not made their clients zero emission, FleetCor has not significantly reduced carbon footprints, and FleetCor has not proportionately invested into environmental initiatives. FleetCor has exploited a worldwide concern in order to unjustly reward its executives.",
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      "text": "Much like we saw with Valeant, when an aggressive CEO that is well-liked by hedge funds moves from aggressive tactics to illegal tactics and regulators get involved, it is impossible to operate business as usual.",
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      "text": "Citron cautions any investor that is trying to catch a falling knife. With the potential for the resignation of CEO Ronald Clarke, significant multiple contraction, loss of customers, massive fines, material slowdown in growth, and regulatory scrutiny of its entire business model, the downside for FleetCor’s stock price is massive and the stock will no longer be investable.",
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