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  "docSlug": "0a0319cd79cc",
  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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  "pageNumber": 18,
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  "notes": "This slide establishes the 'before' or the 'crafted narrative' of the founder's backstory before exposing contradictions in subsequent slides.",
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      "kind": "callout",
      "text": "We believe FIGS has crafted an alternative narrative around the past successes of its founders. We believe this is particularly important because that narrative has become a central tenet underlying the FIGS brand.",
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      "kind": "callout",
      "text": "The FIGS origin story is remarkably consistent, and inspirational. Nearly every telling of the FIGS origin story references Hasson's past successes as an entrepreneur, and having exited a profitable handbag company sale.",
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      "kind": "source-note",
      "text": "Source: FIGS 424B filed 5/28/21, RXART website bio, Inc. article, Forbes article, Strategic Partners, Inc. v. FIGS, Inc., et al., case no. 2:19-cv-02286-JWH-KSx document 193-1",
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      "kind": "table",
      "text": "Hasson's Carefully Crafted Backstory: A Successful Fashion Entrepreneur Who Spent Seven Years in Italy",
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      "kind": "title",
      "text": "A Central Element of The FIGS Origin Story Is Heather Hasson's Past Success In Fashion",
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      "evidence": "Establishing the 'Carefully Crafted Backstory' of the target company's founder to challenge it later.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
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      "evidence": "Detailed critique of FIGS' business practices and financials",
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