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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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      "text": "K2M Group’s UK subsidiary was audited by KPMG. Upon acquisition, Stryker’s auditor E&Y issued a “Qualified Opinion” and pointed out it was unable to satisfy itself regarding the stated inventory value of GBP 23.1m (US$ 30.3m). Stryker has since moved to liquidate the subsidiary. This finding calls into question why Stryker essentially eliminated K2M’s inventory reserve and marked its inventory close to its gross value.",
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      "text": "Basis for qualified opinion: We were not appointed as auditor of the company until after 31 December 2018 and thus did not observe the counting of physical stocks at the end of that year. We were unable to satisfy ourselves by alternative means concerning the stocks quantities of £23,140,336 held at 31 December 2018 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2018 was necessary or whether there was any consequential effect on the cost of sales amounting to £10,673,590 for the 18 month period ended 30 June 2020.",
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      "text": "Basis for qualified opinion: We were not appointed as auditor of the company until after 31 December 2018 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the quantity of inventory held at 31 December 2018 totalling £23,140,336 in the balance sheet.",
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      "text": "Source: K2M UK Limited filed October 25, 2019",
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      "text": "Source: K2M UK Limited filed March 31, 2021",
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      "text": "Warning: \"Qualified\" Audit Opinion On Inventory Later Emerges In K2M Foreign Filings",
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