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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",
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  "slideType": "expose_contradiction",
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  "notes": "Uses legal document excerpts as primary evidence to link the CEO to past accounting fraud.",
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      "kind": "image",
      "text": "Excerpts from legal filings",
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      "kind": "paragraph",
      "text": "Litigation brought against CEO DeMarco while an executive at Titan Corp suggested that confidential witnesses knew he played an active role in fraud and was the source of “the Andersen school of accounting” – a reference to the disgraced Arthur Andersen firm where Kratos’ current CFO Lund worked (though she omits it from her biography). The shareholder litigation case was settled for $61.5m and Titan paid $28.5m in FCPA fines.",
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      "kind": "source-note",
      "text": "Source: Titan Inc Securities Litigation and Settlement for $61.5m\nSource: Titan Pays $28.5m to settle Foreign Bribery",
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      "text": "Kratos CEO DeMarco",
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      "evidence": "The deck presents Spruce Point's solution, a strong sell rating with 40-70% downside risk.",
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