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  "documentTitle": "WD-40 Company (WDFC)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-02 00:00:00",
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  "notes": "The slide uses a combination of text-based evidence and photographic proof to undermine the company's narrative regarding its China operations.",
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      "kind": "callout",
      "text": "2019: \"Recently, under the unified command of Changzhou Public Security Bureau... two large criminal gangs of counterfeiting \"WD-40\" rust removers were cracked... valued at over 50 million yuan in total\".",
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      "kind": "callout",
      "text": "Spruce Point believes part of WD-40's international challenges, and why it will continue to disappoint expectations, is rampant counterfeiting.",
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      "text": "Comparison of real vs fake WD-40 cans",
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      "kind": "list",
      "text": "1) \"WD-40 tries can shaping to foil counterfeiters\", Packworld, 10/31/2003\n2) \"Fake WD-40 intercepted in Puerto Rico\", Securingindustry.com, 11/18/16",
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      "kind": "quote",
      "text": "WD-40 has estimated 50% market share in China. Counterfeit product in China has an additional 25% market share. — Mike Freeman (2003)",
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      "text": "China Reality: Never-Ending Counterfeit Challenges",
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