{
  "docId": "019dd923-622c-750b-8b98-f1acfdee233e",
  "docSlug": "a458f84d7f69",
  "documentTitle": "Forescout Technologies (FSCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 26,
  "pageCount": 55,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a timeline-based narrative to highlight discrepancies in disclosure.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-f1acfdee233e/26",
  "deckHref": "/decks/019dd923-622c-750b-8b98-f1acfdee233e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f1acfdee233e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f1acfdee233e#slide-26",
  "components": [
    {
      "bbox": {
        "h": 0.18,
        "w": 0.18,
        "x": 0.81,
        "y": 0.65
      },
      "kind": "callout",
      "text": "Jan 2020: Management prepared an amended (3) Alternative Plan and (4) Illustrative Guidance, but submitted only the (3) Alternative Plan to potential acquirers?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "064bfd94-918b-4a41-be74-8d19dc0ef22c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.18,
        "x": 0.81,
        "y": 0.41
      },
      "kind": "callout",
      "text": "Nov 2019: Management had prepared a (1) Target Plan and (2) Preliminary Alternative Plan, but submitted only the (1) Target Plan to potential acquirers?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edbdacab-732e-4c81-8dee-7d27b01a4d42",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes that any failure by management to disclose its full financial outlook to prospective buyers could, at the very least, provide sufficient grounds for Advent to ask Forescout to renegotiate the deal price.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a85d-de3848a86efd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "In the acquisition timeline provided in the proxy statement issued following the deal's announcement, Forescout discusses its preparation of four different sets of long-term financial forecasts...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11402c34-b8c3-466b-a2f2-4e2eb3dff461",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "paragraph",
      "text": "Spruce Point believes that any failure by management to disclose its full financial outlook to prospective buyers could, at the very least, provide sufficient grounds for Advent to ask Forescout to renegotiate the deal price.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68b3e985-156a-421e-aaf1-cc41c88cbda7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.75,
        "x": 0.05,
        "y": 0.37
      },
      "kind": "table",
      "text": "FSCT: Deal Proxy Statement",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a4c14f9-7986-423e-848c-200ec433c483",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.32,
        "y": 0.03
      },
      "kind": "title",
      "text": "Were All Financial Forecasts Prepared By Management Provided To Prospective Buyers?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1fba93b-ea18-49eb-8318-7f07a8e05319",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "9bfbef43-10bb-4c85-b16e-828768f4212a",
      "evidence": "The slide explicitly frames the selective disclosure as a potential breach of representations and warranties.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 13,
      "beatId": "2d6d1bbe-fc3f-4812-8f4d-46da0a87bd2b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Spruce Point presents its case for why Advent should reconsider the deal.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}