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  "documentTitle": "WSP Global Inc. (WSP)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "There is a case study for creative acquisition accounting in the engineering sector that famously foretold problems ahead of a major stock collapse.",
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      "text": "Prescience Point Research Highlights: Creative Acquisition Counting Conceals Financial Problems, Inflates Profitability",
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      "text": "Class Action Settlement: Chicago Bridge & Iron, Investors Reach $44M Class Settlement",
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      "text": "There is a case study for creative acquisition accounting in the engineering sector that famously foretold problems ahead of a major stock collapse. In June 2014, Prescience Point released a report on Chicago Bridge & Iron (NYSE: CBI) which argued that CBI's frequent changes to the purchase price accounting for the acquisition of Shaw Group were used to create reserves that were used to bolster margins. Notably, Prescience Point observed liability accounts increasing and offset largely with goodwill increasing to create a \"cookie jar\". This is similar to what we see occurring at WSP. CBI was ultimately acquired by McDermott International, Inc. (NYSE: MDR) which was later dragged into bankruptcy in 2020.",
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      "text": "Source: Bloomberg, Buffet Discloses CBI Investment, Case Settlement, Prescience Point report, CBI CFO retirement, McDermott acquires CBI and later files for bankruptcy",
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      "text": "Case Study: Chicago Bridge & Iron (CBI)",
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