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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The slide uses excerpts from an SEC legal complaint to substantiate the claim of past misconduct.",
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      "text": "Excerpts from SEC complaint against Kohavi, Shamir, and Yaron",
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      "text": "Current Amdocs director Giora Yaron was named in a 2008 SEC complaint alleging that he and two other directors of Mercury Interactive (\"Mercury\") approved backdated stock option grants. The case was settled \"without admitting or denying the allegations in the SEC's complaint\" and resulted in Yaron being fined. Yaron's association with Mercury Interactive is conveniently omitted from his public biography on DOX's website. The SEC alleged that, between 1997 and 2002 – the same years through which Yaron served on Mercury's audit and compensation committees – the Board approved options which were backdated to times at which Mercury stock had reached a relative low point. Yaron's association with Amdocs, for which he has served as a director since 2009, is concerning to us.",
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