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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 21,
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  "notes": "Uses primary source excerpts from 10-Q and 8-K filings to establish a pattern of past governance issues.",
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      "kind": "callout",
      "text": "Warning: Many of the same people in key management are still at Mettler today!",
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      "text": "Item 1. Financial Statements... Source: Q1'2004 10-Q/A",
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      "kind": "image",
      "text": "METTLER-TOLEDO INTERNATIONAL INC. COMPLETES FINANCIAL INVESTIGATION... Source: 8-K",
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      "text": "In 2004, MTD delayed its 10-Q citing unspecified “allegations” from an employee. This allegation came weeks after current CEO Olivier Filliol was promoted to Head of Sales, Service, and Marketing. Months later Mettler elaborated that an investigation into its information systems, inventory write-downs, and reserves affecting financial reporting were conducted. While claiming no need for financial restatement, Mettler stated further “the Audit Committee and the Board have determined that it would be in the best interests of the Company to make changes in the leadership for the oversight and control of its financial operations to correct the \"tone at the top\" and ensure it is consistent with the Board's commitment to maintaining strong corporate governance. The Company will enhance the accounting organization, both by adding personnel to that function and by increasing training for all members of the organization.”",
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      "kind": "quote",
      "text": "the Audit Committee and the Board have determined that it would be in the best interests of the Company to make changes in the leadership for the oversight and control of its financial operations to correct the \"tone at the top\" and ensure it is consistent with the Board's commitment to maintaining strong corporate governance. The Company will enhance the accounting organization, both by adding personnel to that function and by increasing training for all members of the organization.",
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      "text": "Extreme Caution: Past Allegations of Improprieties At Mettler",
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