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      "text": "WSP should overhaul its Audit Committee, which is stacked with a club of Montreal-based business executives and form an independent committee to evaluate Spruce Point’s findings.",
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      "text": "1. WSP is challenged by high employee turnover... 2. WSP uses non-standard definitions... 3. Revenue reporting has become more opaque... 4. We estimate free cash flow conversion is ~38%... 5. WSP recorded an enormous provision account...",
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      "text": "After conducting a forensic financial and accounting review of WSP Global Inc. (TSX: WSP or “the Company”), a $27 billion roll-up acquiror of engineering service companies, Spruce Point has significant concerns about the accuracy of its accounting choices and financial reporting, durability of its growth prospects, and sustainability of its extreme valuation multiple.",
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