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  "documentTitle": "Align Technology, Inc. (ALGN)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "The slide uses a 'before-after' or 'causal-chain' logic to link poor performance to insider selling and buyback activity.",
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      "kind": "callout",
      "text": "...And Insiders Exiting The Stock (While Buying On Shareholders' Behalf)",
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      "text": "Spruce Point frequently sees insider selling paired with accelerated buybacks among companies under increasing strain.",
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      "text": "1.2% of shares",
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      "text": "Spruce Point observes that, just as Align's performance has begun to deteriorate with the emergence of new competition, insiders have steadily and consistently trimmed their exposure to the stock. Today, insiders own just over 1% of outstanding shares. Meanwhile, the Company has expanded its buyback from just under $100M in FY14 to $400M in FY19. Spruce Point frequently sees insider selling paired with accelerated buybacks among companies under increasing strain. We worry that this is a signal that Align's insiders are heading for the exits ahead of renewed pressures with an explosion of new competitors.",
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