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  "docSlug": "68bd393edc75",
  "documentTitle": "Kratos Defense & Security Solutions (KTOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-03-16 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 12,
  "pageCount": 49,
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  "slideType": "expose_contradiction",
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  "nDataPoints": 12,
  "notes": "The slide uses a dual-timeline approach: a long-term historical view (1999-2017) and a zoomed-in view (2015-2017) to highlight specific red flags.",
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      "kind": "callout",
      "text": "Investors should be very concerned that a clawback for financial misstatement was adopted right before its stock price increased, allowing the Company to raise nearly $350m of equity.",
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      "text": "Historical stock price chart from 1999 to 2017",
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      "text": "Zoomed-in view of 2015-2017 stock performance with red callout boxes for negative events",
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      "kind": "paragraph",
      "text": "Long-term Kratos investors have been burned, but a repositioning of the Company as a play on unmanned aerial systems (aka Drones) has sparked a nearly 4x increase in its share price from 2015 - near all time lows. Investors should be very concerned that a clawback for financial misstatement was adopted right before its stock price increased, allowing the Company to raise nearly $350m of equity. During this period, its Chief Accounting Officer resigned, a Director was indicted in a $20m fraud by the Dept. of Justice and the Company made its first disclosure of a large contract loss accrual.",
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      "kind": "title",
      "text": "Kratos: A Long-Term Loser",
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