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  "docSlug": "c54d9b8bb206",
  "documentTitle": "Verint Systems, Inc. (VRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-05-23 00:00:00",
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  "notes": "The slide uses a comparison framework to draw a direct line between past corporate governance failures and present-day concerns.",
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      "text": "Spruce Point is concerned that significant parallels exist between the misconduct described by the Audit Committee ten years ago and business practices which we observe at Verint today.",
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      "kind": "paragraph",
      "text": "Following the Comverse options backdating scandal, Verint - a Comverse subsidiary at the time - conducted an internal investigation into the Company's accounting practices and associated business behavior. While no similar options backdating issues were identified, the Audit Committee found numerous instances of questionable business practices designed to improve Verint's reported financial results. President and CEO Dan Bodner was specifically reprimanded for overseeing these behaviors. Spruce Point is concerned that significant parallels exist between the misconduct described by the Audit Committee ten years ago and business practices which we observe at Verint today.",
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      "text": "“...delivery decisions [were] influenced by revenue recognition factors” — Audit Committee Report",
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      "text": "Comparison table of Audit Committee observations vs Spruce Point observations across four categories: Revenue Recognition, Business Practices, Reserve Management, and Adoption of Standards.",
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      "kind": "title",
      "text": "Management Falling Back Into The Same Patterns?",
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