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  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "notes": "Uses Wayback Machine screenshot and 10-Q/A filing as evidence of past association and financial misstatements.",
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      "text": "Fritz also had an accounting scandal and its stock fell 55% in one day, giving rise to various shareholder lawsuits.",
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      "text": "CEO Gerstel previously disclosed his role on the advisory board of Fritz, Inc. but it is unclear exactly when he became affiliated with the Company. Fritz also had an accounting scandal and its stock fell 55% in one day, giving rise to various shareholder lawsuits.(1) Fritz had overstated gross and net revenue by $26m and $8m. Furthermore, it disclosed that $2.0m of software development costs had been improperly capitalized.",
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      "text": "The Company recorded adjustments which represent the effect of consolidating certain subsidiaries... The effect of these adjustments was to reduce revenue by approximately $26 million, net revenue by approximately $8 million and pre-tax income by approximately $0.9 million... Further, the Company recorded additional operating expenses of approximately $2.0 million primarily related to software development costs that previously had been capitalized.",
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      "kind": "paragraph",
      "text": "Co-founder Doron Gerstel... Presently, Gerstel serves on the advisory board of Fritz, Inc., the third largest logistics provider in the US.",
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      "text": "Source: 10-Q/A, 8/12/96",
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      "kind": "source-note",
      "text": "Source: Casetex.com, Small v. Fritz Cos., Inc",
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      "text": "Fritz Accounting Scandal Involved Misstated Revenue And Improper Cost Capitalization",
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      "text": "CEO Gerstel Also Advised Fritz Which Had An Accounting Scandal",
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      "text": "Gerstel Biography Previously Disclosed His Advisory Board Role At Fritz, The Third Largest U.S. Logistics Provider",
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