{
  "docId": "019dd923-622c-750b-8b99-58801594b94c",
  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 72,
  "pageCount": 127,
  "prevPage": 71,
  "nextPage": 73,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses SEC Form 144 data to cast doubt on management's public outlook.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/72",
  "deckHref": "/decks/019dd923-622c-750b-8b99-58801594b94c",
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      "kind": "callout",
      "text": "Despite its stock decline post a downgrade by Stifel, and PERI raising its outlook, investors should be spooked to see that both the CFO and President of Undertone sold stock around the time of earnings.",
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      "kind": "paragraph",
      "text": "Despite its stock decline post a downgrade by Stifel, and PERI raising its outlook, investors should be spooked to see that both the CFO and President of Undertone sold stock around the time of earnings. These forms disclose that both executives enacted 10b5-1 programs in November 2022.",
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      "kind": "source-note",
      "text": "Source: Form 144 (Dan Aks) and Form 144 (Maoz) and amendment",
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      "kind": "table",
      "text": "Stock Sale By President of Undertone",
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      "text": "Large Stock Sale By CFO",
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      "kind": "title",
      "text": "Insiders Voting With Stock Sales After Q1 Results",
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      "matchId": "a75fac23-e3e3-4b39-bfde-d52f94975511",
      "evidence": "Using SEC filings to highlight suspicious insider behavior contradicting public narrative.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
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      "evidence": "The deck spends most of its pages exposing contradictions and inconsistencies in PERI's financials, partnerships, and growth story.",
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      "name": "Logic Chain",
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      "matchId": "e972ccdf-c217-46cb-9470-ba2f8b94de5a",
      "evidence": "The deck presents a series of logical and coherent arguments to build a case against PERI.",
      "position": 0,
      "objective": "To present a logical chain of evidence and reasoning to support the conclusion of significant downside risk to PERI's share price.",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
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