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  "docSlug": "0a0319cd79cc",
  "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": 76,
  "pageCount": 113,
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  "slideType": "expose_contradiction",
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  "notes": "Uses a red flag icon to signal a warning/risk. The slide contrasts internal employee sentiment with the company's public-facing narrative.",
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      "kind": "callout",
      "text": "We believe investors underestimate the importance of this episode, both because it occurred before the IPO and because the Company continued to post strong results. Beyond the insights it provides about FIGS management, the controversy seemingly ensured some portion of the FIGS target customer base will never buy its products.",
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      "text": "Source: Tegus, Glassdoor, Goldman Sachs Research FIGS report dated 6/21/2021",
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      "text": "Former Employee Comments Regarding Ad Controversy",
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      "text": "Goldman Sachs Research Risk Factor",
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      "text": "Employee and Analyst Commentary Suggests Tangible Brand Damage",
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