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  "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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  "notes": "Uses a red flag icon to signal warning/risk.",
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      "kind": "callout",
      "text": "We believe this provides disturbing context for the inconsistencies we found with FIGS' historical public disclosures.",
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      "text": "Former employees have clearly framed FIGS management as prone to be aggressive regarding, if not knowingly misrepresenting, key operating metrics. For that reason, we find it troubling that the FIGS IPO prospectus contained a risk factor that does not often appear in other DTC company disclosures that we reviewed.",
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      "kind": "disclaimer",
      "text": "Certain of our key operating metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in our metrics or the underlying data may cause a loss of investor confidence in such metrics and the market price of our Class A common stock may decline.",
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      "text": "FIGS Risk Factor On Potentially Inaccurate Metrics",
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      "text": "Commentary On Founder's Involvement with Key Metrics",
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      "text": "I would say transparency wise, it was always a little bizarre. Trina and Heather were really cagey about sharing any numbers internally. I would say, like for numbers, the general respect for the truth was low. Trina's mindset is more like, 'I'll do whatever the hell I want. I'm Teflon.' I kind of describe her as like, she kind of has a Donald Trumpian mindset a little bit. Like she kind of gets away with stuff and she has the confidence to do so. I would say that if there is a number where there's an opportunity to kind of be aggressive with something, they probably will be.",
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      "text": "Source: FIGS 424B filed 5/28/21",
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      "text": "FIGS' Risk Factor Regarding Key Metrics is Concerning",
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