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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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      "text": "Former investment banker and private equity investor Chris Varelas joined the FIGS Board effective with the IPO in May 2021 and was appointed lead independent director and chair of the audit committee. He resigned less than three months later, and FIGS buried the news on the last page of its 10-Q filed 8/12/21.",
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      "text": "We find the qualifying language in Varelas’ resignation disclosure unconventional and concerning. No mention of his FIGS involvement in his Riverwood Capital bio or under his past investments? No reference on his LinkedIn bio?",
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      "text": "Chris Varelas is a Co-founding Partner of Riverwood Capital... [bio details]",
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      "text": "Item 5. Other Information. On August 8, 2021, Christopher Varelas notified FIGS, Inc. (the “Company”) of his resignation from the Board of Directors (the “Board”) of the Company, effective immediately. Mr. Varelas’ resignation was not a result of any disagreement with the Company, known to an executive officer of the Company, on any matter relating to the Company’s operations, policies or practices. On August 8, 2021, Sheila Antrum was appointed to the Audit Committee of the Board and Michael Soenen was appointed lead independent director of the Board.",
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      "kind": "quote",
      "text": "I just can’t see [Trina and Heather] in a boardroom with adults, you know, having conversations, having to answer to someone. That's why it's so interesting to me that they have managed to have a board with so few outsiders.",
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      "kind": "source-note",
      "text": "Source: FIGS 10-Q filed 12/8/2021, Riverwood Capital website, Spruce Point research",
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      "text": "What Happened To Chris Varelas?",
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