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  "docSlug": "0a0319cd79cc",
  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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  "pageNumber": 45,
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      "kind": "callout",
      "text": "While it is important to view disparaging comments by former employees in the appropriate context, we have been troubled by both the consistency and severity of feedback regarding the founders and the company culture they have fostered. Based on everything we have heard, the problems at FIGS unquestionably start at the top.",
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      "kind": "callout",
      "text": "Given the issues we have identified with founders Hasson and Spear and the deleterious impact they have had on FIGS' culture, we believe FIGS has succeeded, to date, in spite of itself.",
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      "kind": "list",
      "text": "FIGS Founders: Unethical, Unprofessional, Poor leaders, Bizarre, Paranoid",
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      "kind": "list",
      "text": "FIGS Culture: High turnover, Dysfunctional, Lack of trust, Environment of fear, Lack of transparency",
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      "kind": "paragraph",
      "text": "Given the issues we have identified with founders Hasson and Spear and the deleterious impact they have had on FIGS' culture, we believe FIGS has succeeded, to date, in spite of itself. We believe these issues create material execution risks that cannot be underestimated. Culture issues can create serious headwinds to long term success.",
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      "kind": "title",
      "text": "In Stark Contrast To FIGS' Carefully Crafted Media Image, Former Employees Note A Terrible Culture",
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      "matchId": "2397581e-e50d-483b-b601-6eba0af6ccae",
      "evidence": "Employee commentary and Glassdoor reviews",
      "position": 1,
      "objective": "To expose an unhealthy company culture and high turnover",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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