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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-23 00:00:00",
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  "notes": "Uses a direct quote from a 2006 10-K to undermine the credibility of the business being discussed.",
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      "text": "It is also worth noting that, when KANA traded publicly in the mid-2000s, the company disclosed a number of material weaknesses related to its financial reporting, and was subsequently delisted from the NASDAQ.",
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      "text": "It is also worth noting that, when KANA traded publicly in the mid-2000s, the company disclosed a number of material weaknesses related to its financial reporting, and was subsequently delisted from the NASDAQ. It was acquired by Accel-KKR in 2009 for just $41M (~0.9x sales) after its sales more than halved from $54M in 2006 to $26M in 2008. KKR subsequently acquired a number of other customer service software providers and bundled them into KANA before selling the business to Verint for $514M in 2014 (~3.5x sales). KANA itself was little more than a jumble of unrelated BPO software applications when it was acquired by Verint, accumulated over the course of ~4 years by a private equity owner. We are not surprised that this deal failed to support lasting organic growth for Verint.",
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      "text": "Our independent registered public accounting firm has identified material weaknesses in our internal controls that, if not remediated, could affect our ability to prepare timely and accurate financial reports...",
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      "text": "Our independent registered public accounting firm has identified material weaknesses in our internal controls that, if not remediated, could affect our ability to prepare timely and accurate financial reports, which could cause investors to lose confidence in our reported financial information and have a negative effect on the trading price of our stock. — KANA 2006 10-K",
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      "text": "Looking To Advance Technologically On The Back Of A Weak Business",
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