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  "docSlug": "81a891429a42",
  "documentTitle": "Super Micro Computer, Inc. (SMCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-01-10 00:00:00",
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  "pageCount": 36,
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  "notes": "Uses a red arrow to visually connect the ownership table to the calculation table, emphasizing the discrepancy.",
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      "kind": "callout",
      "text": "Spruce Point raises concerns about the manner in which CEO Liang recently disposed of more than 528,000 SMCI shares.",
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      "text": "SEC Form 4 filing snippet",
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      "kind": "metric",
      "text": "insider shares: 528,010",
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      "text": "Spruce Point raises concerns about the manner in which CEO Liang recently disposed of more than 528,000 SMCI shares. At some point between the end of February and March 2022, he exercised and disposed of a large block of stock without proper and separate disclosures within his Form 4 filing. These large sales took place in the ~$42/share range (~50% lower).",
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      "text": "Source: Proxy Statement and Form 4",
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      "text": "Insider Ownership As of Feb 28, 2022",
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      "text": "Calculation of implied option sales",
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      "kind": "title",
      "text": "And Why Have The CEO's Recent Stock Sales Been Oblique And Non-Transparent?",
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      "evidence": "The document emphasizes the risks of not selling SMCI stock, including financial restatement risk",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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