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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
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  "pageNumber": 89,
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  "notes": "The slide uses the decline in ownership to imply a misalignment of incentives between management and shareholders.",
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      "text": "Insider ownership now stands at a paltry 1.5%, meaning that insiders have little at risk if the Company fails.",
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      "text": "Insider Ownership: 1.5%",
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      "text": "Insiders have sold heavily since the Company first went public in 1998, profiting heavily from the IPO and from subsequent stock sales. Insider ownership now stands at a paltry 1.5%, meaning that insiders have little at risk if the Company fails. This could also incentivize management to engage in aggressive accounting and deal-making to keep the stock afloat, collect higher salaries, and preserve its lifestyle. We will detail one such example related to our concerns about options appearing to be granted in-the-money.",
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      "text": "Source: DOX Annual 20-F",
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      "text": "Insider Ownership Near All-Time Lows",
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