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  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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  "pageNumber": 112,
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  "notes": "Uses legal discovery documents to highlight a lack of contemporaneous records for FIGS's donation claims.",
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      "text": "As part of its false advertising lawsuit against FIGS, SPI alleges that FIGS misrepresented the volume of its donations. We note the challenges faced by a start-up giving away half its product and believe FIGS' responses in discovery lack credibility.",
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      "text": "Sets Donated: 610,000",
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      "kind": "paragraph",
      "text": "Review of FIGS Discovery Regarding History of Threads for Threads Donations",
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      "kind": "quote",
      "text": "It is a one-for-one model. We literally, we are accountable - and we're a B corp, by the way which keeps us accountable - um, so every three months we see how many units were sold, and you know, basically calculate how many units we gave during that time period. — Spear",
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      "kind": "source-note",
      "text": "Source: Strategic Partners, Inc. v. FIGS, Inc., et al., case no. 2:19-cv-02286-JWH-KSx documents 193-5, 306-2, 307-2\nNote: Red emphasis Spruce Point",
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      "kind": "table",
      "text": "Left column: Legal argument regarding lack of source documents. Right column: Excerpts from legal filings and discovery.",
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      "kind": "title",
      "text": "However, the Feel-Good Story Behind \"Threads for Threads\" Has Been Called Into Question by SPI",
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