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  "docSlug": "49a0a0f158f5",
  "documentTitle": "Premier, Inc. (PINC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "The chart shows a clear downward trend in Class B share concentration over time, supporting the 'insider selling' narrative.",
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      "kind": "callout",
      "text": "Note that the pace of Class B sales accelerates each Q1, when another tranche of Class B shares vest. Spruce Point expects sales of Class B shares to accelerate once again this quarter...",
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      "text": "Sales of Class B shares should also be interpreted as a form of insider selling, which sends a concerning signal to other Premier investors.",
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      "text": "Class B Shares as a Percent of Class A and Class B Shares",
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      "text": "Class B share percentage: 51%",
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      "text": "Source: Premier SEC Filings",
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      "kind": "paragraph",
      "text": "Some investors believe that member owner hospitals are strongly incented to remain within the Premier GPO network by the Class B share tax distributions and TRA payments, which Spruce Point estimates to be worth ~$1.28 per share per year as of FY19...",
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      "text": "Member Owner Hospitals Dumping Shares",
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