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  "docSlug": "a458f84d7f69",
  "documentTitle": "Forescout Technologies (FSCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-13 00:00:00",
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  "notes": "Includes two tables comparing actual vs consensus performance and a callout box highlighting management's awareness of the negative impact on offer prices.",
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      "kind": "callout",
      "text": "Management was aware that its Q4 results would likely depress offer prices",
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      "text": "Stock Price Response -37%",
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      "kind": "paragraph",
      "text": "While the deal announcement spared management from having to disclose its poor Q1 and full-year FY20 guidance, its Q4 FY19 numbers came in well below Street expectations across the board.",
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      "kind": "paragraph",
      "text": "Further, in light of Advent's decision to revise its offer downwards in response to its Q4 forewarning, we believe that the likely consequences of the ongoing pandemic for the business would only make Advent more reluctant to follow through with its final offer of $33 per share.",
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      "kind": "paragraph",
      "text": "On January 3, 2020, the Strategic Committee met... Management reviewed Forescout's preliminary results for the fourth quarter of 2019. These results reflected revenue below Forescout's public guidance...",
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      "text": "FSCT: Q3 FY19 Preannouncement table",
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      "text": "FSCT: Q4 FY19 Earnings Results table",
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      "kind": "title",
      "text": "All Signs Suggest That Fundamental Headwinds Were Not Improving",
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