{
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  "docSlug": "cd566ab57f86",
  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
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  "pageNumber": 30,
  "pageCount": 57,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "expose_contradiction",
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  "density": "balanced",
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  "notes": "Uses direct quotes from the company's 10-K to expose internal control failures.",
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      "kind": "callout",
      "text": "Before we present evidence of growing accounting and financial strain at Aerojet, it’s worth considering that in the most recent past, the Company acknowledged material weaknesses tied to every single key income statement and balance sheet account...... but of course the problems have been solved!",
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      "kind": "paragraph",
      "text": "Failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002 could negatively impact the market price of our common stock. We identified material weaknesses in our internal controls due to the following matters...",
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      "kind": "quote",
      "text": "management believes that as of November 30, 2015, our internal control over financial reporting was not effective based on the Committee of Sponsoring Organizations of the Treadway Commission criteria. — Aerojet Rocketdyne 10-K",
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      "text": "Source: FY ended Nov 2015 10-K",
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      "kind": "title",
      "text": "Consider That Aerojet Has A Recent History of Material Weaknesses...",
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      "evidence": "Uses company's own 10-K disclosures to highlight material weaknesses and potential for restatements.",
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      "arcName": "Overcoming the Monster",
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